Investments and Business

WASHINGTON D.C. — The United Auto Workers (UAW) officially endorsed Vice President Kamala Harris in the upcoming presidential race on Wednesday, opposing Republican nominee and former President Donald Trump. The endorsement by the UAW, led by President Shawn Fain, is in line with the union’s historic support for Democratic candidates, including now-President Joe Biden. Fain has been a vocal critic of Trump, and that stance has been reinforced with the recent endorsement. “Our mission in this election is to defeat Donald Trump and support Kamala Harris, who has a proven track record of standing up for the working class,” Fain…

TOKYO — Official data released Wednesday confirmed that Japanese authorities spent 5.53 trillion yen ($36.8 billion) in July to support the yen. The move follows a period of significant volatility in the currency. Japan's Ministry of Finance provided data covering the period from June 27 to July 29, revealing that the amount of intervention met market expectations. The move came after several warnings from Japanese officials about potential measures to address the currency's erratic movements. Japan's recent foreign exchange intervention follows the yen's plunge to a 38-year low against the U.S. dollar. In late May, the government acknowledged the first…

TOULON — The European Union's statistics agency reported on Wednesday that headline inflation in the euro zone unexpectedly rose to 2.6% in July, despite a slight slowdown in the services sector. Inflation stood at 2.5% in June, down slightly from 2.6% in May. Economists polled by Reuters had expected July's inflation rate to hit June's 2.5%. Core inflation, which excludes volatile items such as energy, food, alcohol and tobacco, hit 2.9% in July, slightly above the Reuters estimate of 2.8% and in line with June's core inflation rate. Services inflation, a closely watched indicator, fell to 4% in July from…

Las Vegas — Qualcomm’s fiscal third-quarter earnings beat Wall Street forecasts, delivering solid results and an upbeat outlook for the next quarter. In a press conference during CES 2022, Qualcomm Chairman and CEO Cristiano Amon discussed the company's performance. Following the earnings report, Qualcomm shares jumped more than 6% in after-hours trading. For the quarter ended June 23, Qualcomm's results were as follows versus LSEG consensus estimates: Earning per share: $2.33 (adjusted) vs. $2.25 expected Income: $9.39 billion (adjusted) vs. $9.22 billion expected Net income for the quarter reached $2.13 billion, or $1.88 a share, up from $1.8 billion, or…

DETROIT – Stellantis, the global automaker, is launching a large-scale voluntary buyout program for its U.S. workforce as part of its ongoing efforts to reduce costs and increase profitability. In an email to employees Tuesday morning, the company revealed plans to offer a voluntary severance package to non-union U.S. employees at the vice president level and below in specific departments. Stellantis, which recently announced disappointing first-half financial results, has indicated that involuntary layoffs may be necessary if the buyout program fails to reach sufficient participation. Eligible employees will receive detailed emails in mid-August with instructions on how to access their…

The Paris Olympics are approaching, and the U.S. men's basketball team got off to a flying start, defeating Serbia 110-84 in their opening game. The odds are heavily in favor of Team USA winning the gold medal, with the Americans as the favorites. Additionally, there are betting options on who will be the team's top scorer. You can also bet on which players will have the most rebounds and assists for the USA team during their Olympic campaign. Let's take a look at the betting odds at DraftKings Sportsbook. Most assists for Team USA: LeBron James: -550 (bet $10 to…

Shares of Diageo, the renowned spirits maker behind Johnnie Walker, fell more than 10% on Tuesday after it reported its first annual sales decline since the pandemic began. By the end of the trading day, the shares had recovered some losses but still closed down 5.08%. The London-based company reported a 0.6% decline in organic net sales for the fiscal year ended June 30, attributed primarily to underperformance in Latin America and the Caribbean markets. Reported net sales fell 1.4%. Despite the overall downturn, Guinness emerged as a bright spot for Diageo. The iconic Irish stout, which has seen a…

A key inflation gauge for the Federal Reserve showed a modest increase in June from a year earlier, potentially setting the stage for an expected interest rate cut in September. The personal consumption expenditures (PCE) price index, a key measure of inflation, rose 0.1% in June and is up 2.5% year over year, matching Dow Jones estimates, the Commerce Department reported Friday. That follows a 2.6% year-over-year increase in May, with the monthly measure unchanged. The Federal Reserve relies heavily on the PCE index to measure inflation, which remains above the central bank's long-term target of 2%. Core inflation, which…

PARIS — In a modest gym north of Paris, U.S. team coach Cheryl Reeve pondered what gave her team the upper hand at the Olympics. “Depth,” she mused. “No, size. 1A, 1B.” Reeve’s assessment isn’t far off the mark. With three players over 6 feet 4 inches tall and several guards around 6 feet 1 inch, Team USA boasts a significant height and length advantage over most opponents. Their depth is equally formidable; while other nations might field competitive starting lineups, few can match the talent of the U.S.’s reserves. It’s a scenario where bench players like the WNBA All-Stars…

The eurozone economy posted a stronger-than-expected growth rate of 0.3% in the second quarter of 2024, overcoming fears of a broader slowdown despite Germany’s unexpected contraction. Economic performance overview According to preliminary data released by the European Union's statistical office, eurozone gross domestic product (GDP) rose 0.3% from April to June, beating the 0.2% growth forecast by economists polled by Reuters. That follows a confirmed 0.3% increase in the first quarter of the year. Context and analysis The revised figures suggest that the eurozone experienced a technical recession in the latter part of 2023, with GDP declining in both the…