Hong Kong's Status as an International Financial Center at Crossroads
Hong Kong lost its status as a global financial hub amidst shifting rankings and regulatory hurdles. Read the implications of China's tightening grip and cross-border capital flow uncertainties.
May 15, 2024 11:59 PM EDT
Hong Kong's Financial Status Plummets EUI from Fourth to Ninth Place Amidst Global Rankings and China's Grip
Hong Kong's business ecosystem has caused the EIU to downgrade it to ninth place and the Global Financial Centers Index to rank it fourth.
Can Taxing the Rich Save Social Security?
Due to a budget deficit, Social Security may not be able to provide retired Americans with their full payments in around ten years.
Trump Allies Gather as Cohen Testifies on 'Hush Money' Allegations
House Speaker Mike Johnson was among a group of close Republican allies of Donald Trump who showed up in the Manhattan criminal courthouse on Tuesday to express support for the former president while his attorneys tried to discredit the key witness in the "hush money" trial.
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El Niño's Weather Woes Could Make Your Holiday Desserts Costly
A specialized agricultural and agribusiness bank predicts that customers will likely see a massive price increase for raw commodities affected by El Niño in 2023. Thus far this year, soft commodities have seen enormous gains.
Dec 25, 2023 09:38 PM EST
Nike & Foot Locker Crumble as Growth Projections Shrink
Nike's stock fell on Friday after the sportswear manufacturer reduced its forecast for fiscal year sales, citing Foot Locker as a major source of income.
Dec 23, 2023 09:45 AM EST
Karuna Soars 47% After $14B Bristol Myers Buyout
On Friday, Bristol Myers Squibb said that it has reached a deal to purchase Karuna Therapeutics, a biopharmaceutical business, for $14 billion in cash, or $330 per share.
Dec 23, 2023 11:03 AM EST
US Inflation Crashes, Easing Economic Pressure
Another indication that inflation is abating and that Americans should profit from lower interest rates and be spared from excruciating price shocks in 2024 is the Federal Reserve's preferred price index, which decreased last month.
Dec 23, 2023 10:32 AM EST
Wall Street Gets Shaken: First-Ever Major Bank Unionization Vote Rocks Wells Fargo
Employees at a Wells Fargo bank in New Mexico have voted to unionize, marking the first time in modern history that workers at a major U.S. bank have sought to organize.
Dec 22, 2023 08:34 AM EST
SEC Ready to Unleash Spot Bitcoin ETF, Potentially Reshaping Crypto Landscape
Large money management businesses are growing increasingly hopeful that the Securities and Exchange Commission (SEC) will create crypto history in early January by authorizing the first "spot" bitcoin exchange-traded fund.
Dec 21, 2023 09:44 PM EST
Forget Crypto FOMO, This $35 Stock Could Be the Real Gold Rush
In addition to having a sizable digital entertainment (gaming) sector and a developing digital financial services platform, Sea Limited's primary business is e-commerce, much like Amazon's.
Dec 21, 2023 11:10 AM EST
TikTok Takes on Recession: Viral "Silent Depression" Claim Shakes Up Economic Experts
Some social media users claim that although the U.S. economy has stayed amazingly robust, affordability is at an all-time low, even when compared to the Great Depression.
Dec 21, 2023 10:03 AM EST
'Vanilla' Gift Cards Accused of Fueling Easy Holiday Scams
A prominent prepaid card issuer is being sued for allegedly failing to prevent one of the most prevalent scams from using its cards.
Dec 21, 2023 09:09 AM EST
IRS Delivers $1 Billion Penalty Gift, Check Your Eligibility Now!
For the tax years 2020 and 2021, the IRS is waiving penalty penalties for taxpayers who failed to pay back taxes totaling less than $100,000 annually. The IRS said on Tuesday that the relief plan will waive $1 billion in fees for tax returns submitted for those years.
Dec 21, 2023 06:09 AM EST
Dow Swings Wildly, Closing Sharply Lower in Sudden Turnaround
Stocks in the United States finished down on Wednesday after a sharp mid-afternoon drop stopped Wall Street's remarkable run, which had been fueled by lowering interest rates and the Federal Reserve's dovish tilt.
Dec 20, 2023 10:25 PM EST
US and China Debt Woes Could Shake Up Global Ratings in 2024
The year 2024 may mark significant changes in several sovereign credit ratings due to the U.S. and China being on downgrade alerts, Turkey expecting to receive an upgrade after a ten-year hiatus, Israel facing its first drop, and more than fifty elections to be managed.
Dec 20, 2023 10:01 AM EST