Wealthy investors and family offices shied away from stocks leading up to market swings this week, but many saw the drop in prices as an opportunity for tax savings and estate planning, according to wealth advisors. Private banks and wealth managers say their clients have been reducing their stock holdings for over a year as part of a broader shift ...
Trump Media, the social media company whose majority shareholder is former President Donald Trump, on Friday reported a net loss of more than $16 million for the most recent financial quarter, mostly due to legal expenses, as well as consulting and licensing expenses. Trump Media, which owns the Truth Social app often used by the former president, also reported that its already meager revenue dropped by ...
DETROIT — General Motors on Monday revealed redesigned versions of its entry-level GMC Terrain crossover, including a new standard “Elevation” model. The compact crossover features a more rugged exterior design. It also has a new interior with 26 inches of screens, including a 15-inch center touchscreen and an 11-inch driver information cluster. Those screens are part of a group of new standard ...
The Biden Administration on Monday unveiled a new, multi-agency regulatory initiative to target corporate practices that officials claim are designed to waste consumers’ time and needlessly burden them with red tape, in order to maximize profits. “I think we can all relate to this,” White House domestic policy advisor Neera Tanden told reporters Friday. “For example, you want to cancel your ...
Stocks ticked up Friday as the stock market built on its incredible comeback from Monday’s violent rout. The broad market index ended the week just shy of completely reversing its weekly losses. The S&P 500 advanced 0.47% to finish at 5,344.16. The Nasdaq Composite added 0.51% to close at 16,745.30. The Dow Jones Industrial Average inched up 51 points, or 0.13%, to end at 39,497.54. Week ...
The Federal Reserve is gearing up to cut interest rates as soon as next month, which could bring relief to people with mortgages, credit cards and car loans. But it could be a bumpy ride until then. A weaker-than-expected jobs report Friday triggered a sell-off on Wall Street this week from which markets are struggling to recover. And there’s still ...
DETROIT — Automaker Stellantis plans to indefinitely lay off up to 2,450 U.S. factory workers later this year as it discontinues production of an older version of its Ram 1500 pickup truck in Michigan. The truck has been largely used as a low-cost pickup to sell to entry-level buyers and fleet customers since the automaker introduced a new generation of the Ram ...
Delta Air Lines on Thursday said last month’s CrowdStrike outage and subsequent mass flight cancellations cost it some $550 million and reiterated that it is pursuing legal claims against the company as well as Microsoft. The financial impact includes a $380 million revenue hit in the current quarter “primarily driven by refunding customers for cancelled flights and providing customer compensation in the form of cash and ...
LONDON — E-commerce giant Amazon’s multibillion-dollar investment in the U.S. artificial intelligence firm Anthropic is formally being investigated by a U.K. competition regulator. The Competition and Markets Authority said Thursday that it has begun a “Phase 1” investigation into Amazon’s investment and partnership with Anthropic to assess whether the deal has resulted in a relevant merger situation that may harm competition in the ...
Aerospace veteran Robert “Kelly” Ortberg becomes Boeing’s new CEO on Thursday with a singular mission: restoring the reputation of a U.S. manufacturing icon. That enormous goal will involve thousands of daily decisions that will determine whether Boeing can earn back the trust of regulators, airlines and the public; end persistent production defects; deliver aircraft on time and consistently to customers large and small; ...