Seoul, South Korea CNN — As China continues to grow what is already the world’s largest navy, a professor at the US Naval War College has a warning for American military planners: In naval warfare, the bigger fleet almost always wins. Pentagon leaders have identified China as the US military’s “pacing threat.” But fleet size numbers show that the US military can’t keep pace with China’s naval growth. The People’s […]
New York CNN — Elon Musk’s wealth destruction has become historic. The CEO of Tesla (TSLA), SpaceX and Twitter is worth $137 billion, according to the Bloomberg Billionaires Index, good enough for second place on the list of the world’s richest behind LVMH (LVMHF) Chairman Bernard Arnault. But at its peak in November 2021, Musk’s net worth was $340 billion. That makes Musk the first person ever to lose $200 […]
CNBC's Jim Cramer on Monday told investors that a key labor report could help drive the Federal Reserve's inflation strategy."We need to see the unemployment rate go higher, while wages remain stable and we get meaningful layoffs in some industries. If that doesn't happen, if the numbers are truly strong, then the Fed heads will come out of the woodwork and start talking about how we need more enormous rate […]
The president of the tech firm behind Avalanche (AVAX) says that the implosion of a major digital asset lender would have more severe consequences for the crypto markets than the recent FTX fiasco. In a new Bloomberg interview, Ava Labs president John Wu says that the possible meltdown of Genesis Global Capital poses a bigger risk in the digital asset markets than the bankruptcy of the FTX exchange. “In my […]
Foxconn Zhengzhou plant's Nov shipments to fall further - sourceWorker unhappiness at plant escalated into protests this weekOver 20,000 workers, mostly new recruits, have left - sourceTAIPEI, Nov 25 (Reuters) - Foxconn's (2317.TW) flagship iPhone plant in China is set to see its November shipments further reduced by the latest bout of worker unrest this week, a source with direct knowledge of the matter said on Friday, as thousands of […]
By Yimou LeeTAIPEI (Reuters) - Foxconn's flagship iPhone plant in China is set to see its November shipments further reduced by the latest bout of worker unrest this week, a source with direct knowledge of the matter said on Friday, as thousands of employees left the site.The company could now see more than 30% of the site's November production affected, up from an internal estimate of up to 30% when […]
Investors who have been unsure about the Fed’s no-mercy inflation policy, have likely got the message now. And as markets adjust to the prospect of more hikes from a central bank that plans to “keep at it until it’s done,” with threats of an escalating war in Europe and energy crisis hovering in the background, the S&P 500 SPX, -1.71% may struggle to revisit the summer nadir. “Given today’s [Wednesday’s] […]
Traders on the floor of the NYSE, July 12, 2022.Source: NYSEInvestors are likely to switch their focus to earnings season, after the market's wild ride on rising and falling expectations for Federal Reserve rate hikes.Stocks were volatile in the past week. The three major indexes posted sharp gains Friday, after worries the Fed would raise rates by a full point this month faded. Still, stocks notched weekly losses, with the […]
Drivers caught a rare midyear break from the Internal Revenue Service when the agency raised the standard mileage deduction for the rest of the year in response to higher gas prices. The rate change will benefit self-employed taxpayers who drive for work. Effective July 1, the rate used for calculating business tax deductions for driving on the job was increased to 62.5 cents a mile, for the final six months of […]
