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US appeals court rejects Nasdaq's diversity rules for company boards

An appeals court in Louisiana has ruled that Nasdaq can't require diversity on the boards of companies that list on the exchange. The decision comes more than three years after the Securities and Exchange Commission approved Nasdaq’s proposal to boost the number of women, racial minorities and LGBTQ people on U.S. corporate boards. The proposed policy — which was to be the first of its kind for a U.S. securities exchange — would have required most of the nearly 3,000 companies listed on Nasdaq to have at least one woman on their board of directors, along with one person from a racial minority or who identifies as gay, lesbian, bisexual, transgender or queer.

Carlyle Raises $5.7 Billion for Opportunistic Credit Fund

(Bloomberg) -- Carlyle Group Inc. raised $5.7 billion for its latest flagship credit fund, as it seeks to catch up with rivals in the fast-growing business.Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersHong Kong's Expat Party Hub Reshaped by Chinese InfluxAmerican Institute of Architects CEO ResignsCity Hall Is HiringCloud Computing Tax Threatens Chicago’s Silicon Valley DreamThe alternative asset manager hoped to gather as much as $6.5 billion when it began rai

US producer price increase exceeds expectations in November

U.S. producer prices rose more than expected in November amid a surge in the cost of food, but a moderation in the prices of services offered hope that the disinflationary trend remains in place. The producer price index for final demand jumped 0.4% last month after an upwardly revised 0.3% increase in October, the Labor Department's Bureau of Labor Statistics said on Thursday. Economists polled by Reuters had forecast the PPI gaining 0.2% following a previously reported 0.2% rise in October.

Financial Group Oddo Plans Foray Into Swelling Stablecoin Market

(Bloomberg) -- Oddo BHF SCA is working on a euro-denominated stablecoin, people familiar with the matter said, an initiative that would bring it into an increasingly crowded market. Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersHong Kong's Expat Party Hub Reshaped by Chinese InfluxAmerican Institute of Architects CEO ResignsCity Hall Is HiringCloud Computing Tax Threatens Chicago’s Silicon Valley DreamThe Paris-based financial group has been working with crypto

Rate cuts come thick and fast in Europe and Canada as Trump tariffs loom

Central banks in the euro area and Switzerland cut rates on Thursday, a day after Canada slashed rates by a hefty 50 bps. Australia, meanwhile, eased its previously dovish tone this week, while Japan remains an outlier. The Swiss National Bank, which has been at the forefront of monetary easing, cut rates by an unexpectedly large 50 basis points (bps) to 0.5% on Thursday, the lowest since November 2022 and the bank's biggest reduction in almost a decade.

Cartesia claims its AI is efficient enough to run pretty much anywhere

It's becoming increasingly costly to develop and run AI. OpenAI's AI operations costs could reach $7 billion this year, while Anthropic's CEO recently suggested that models costing over $10 billion could arrive soon. So the hunt is on for ways to make AI cheaper. Some researchers are focusing on techniques to optimize existing model architectures — i.e. the structure and components that make models tick. Others are developing new architectures they believe have a better shot of scaling up afford

Google says feedback shows old search result format is bad for hotels

A return to the format of 10 blue links in search results from years ago could reduce user traffic to hotels, Google said on Thursday, as it seeks to balance demands from price comparison websites and hotels in trying to comply with EU tech rules. The Alphabet unit has announced a series of changes in search result formats in recent months to address conflicting demands from price-comparison sites, hotels, airlines and small retailers. Last month it tested its old format of 10 blue links per page in Germany, Belgium and Estonia, an option which it said it may have to choose if it cannot agree with its rivals.

Exclusive-Iberdrola plans UK smart meter unit sale, sources say

LONDON (Reuters) -Spanish utility Iberdrola is planning to sell its smart metering business in the UK and has lined up advisers, according to three sources with knowledge of the situation. Iberdrola is looking to raise around 1 billion pounds ($1.27 billion), one of the people said. The sources, speaking on condition of anonymity as the deal is private, cautioned that the sale process is at an early stage and no deal is guaranteed.

Archer Aviation raises $430 million through equity offering, partners with Anduril

(Reuters) -Air-taxi maker Archer Aviation said on Thursday it has raised $430 million in fresh capital, part of which will be used to develop a hybrid aircraft with defense tech company Anduril Industries. Shares of Archer were down 4% in early trading. Existing investors United Airlines and Stellantis as well as new backers such as Wellington Management and Abu Dhabi investment holding company 2PointZero participated in the fundraising, which was through an equity offering.

Climate Tech Funds See Cash Pile Rise to $86 Billion as Investing Slows

(Bloomberg) -- The amount of new capital for climate tech investing climbed globally in 2024, a hopeful sign that the sector is poised to grow despite still-high interest rates and likely regulatory changes ahead in the US.Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersHong Kong's Expat Party Hub Reshaped by Chinese InfluxAmerican Institute of Architects CEO ResignsCity Hall Is HiringCloud Computing Tax Threatens Chicago’s Silicon Valley DreamClimate funds added

The opportunity to earn yield on Bitcoin is getting easier with Stacks

As Bitcoin's market cap continues to climb, the opportunity to unlock Bitcoin's value is only getting bigger and bigger

Amid lawsuits and criticism, Character AI unveils new safety tools for teens

Character AI is facing at least two lawsuits, with plaintiffs accusing the company of contributing to a teen's suicide and exposing a 9-year-old to “hypersexualized content”, as well as promoting self-harm to a 17-year-old user. Amid these ongoing lawsuits and widespread user criticism, the Google-backed company announced new teen safety tools today: a separate model for teens, input and output blocks on sensitive topics, a notification alerting users of continuous usage, and more prominent disc

Lagarde comments at ECB press conference

The European Central Bank cut interest rates for the fourth time this year on Thursday and kept the door open to further easing in 2025 as growth takes a hit from political instability at home and the risk of a fresh trade war with the United States. Following are highlights of ECB President Christine Lagarde's comments at a news conference after the policy meeting. "We do not target exchange rate, and I repeat that gladly and obviously, exchange rate and variations have an impact on inflation, and we are attentive to that and we will continue to be attentive to that in the next few weeks and months."

Watch These Adobe Price Levels as Stock Slides After Disappointing Revenue Outlook

Adobe shares fell sharply in premarket trading on Thursday after the multimedia software provider issued a weaker-than-expected revenue outlook. Monitor these key post-earnings price levels.

PPI shows wholesale inflation jumped more than expected amid 'extended and bumpy journey' to Fed's target

Thursday's wholesale inflation reading follows a string of releases that have shown price increases aren't rapidly falling toward the Fed's 2% target.

Traders add to bets the Fed will keep cutting rates next year

Traders of interest-rate futures that settle to the Federal Reserve's policy rate added to bets the central bank rate will cut borrowing costs next week and follow up next year with further reductions, after economic data showed weekly claims for unemployment insurance unexpectedly rose. Traders now see the probability of a rate cut next week at about 97%, up from about 94% before the report, and are pricing in another three quarter-point rate cuts in 2025.

Warner Bros Discovery plans two-way split aiming for potential cable deal

Its shares rose about 7% in early trading as the company said the new corporate structure will provide more options for further value creation at both the divisions. Media companies are considering options for their cable TV businesses as a large-scale shift by consumers toward streaming has slammed growth in traditional TV, which has long been the industry's cash cow. Comcast last month plans to split most of its NBCUniversal cable networks into a new public company, while Comedy Central and Nickelodeon owner Paramount Global had earlier this year agreed to merge with streaming-era upstart Skydance Media.

US applications for jobless benefits rise to highest level in 2 months but remain relatively low

U.S. applications for unemployment benefits jumped to their highest level in two months last week but remain low relative to historical standards. Jobless claim applications climbed by 17,000 to 242,000 for the week of Dec. 7, the Labor Department reported Thursday. This week’s report also showed that continuing claims, the total number of Americans collecting jobless benefits, rose by 15,000 to 1.89 million for the week of Nov. 30.

US wholesale inflation accelerated in November in sign that some price pressures remain elevated

Wholesale costs in the United States picked up sharply last month, signaling that price pressures are still evident in the economy even though inflation has tumbled from the peak levels it hit more than two years ago. The Labor Department reported Thursday that its producer price index — which tracks inflation before it reaches consumers — rose 0.4% last month from October, up from 0.3% the month before. Higher food prices pushed up the November wholesale inflation reading, which came in hotter than economists had expected.

US weekly jobless claims unexpectedly rise

The number of Americans filing new applications for jobless benefits unexpectedly rose last week and more people continued to collect unemployment checks at the end of November relative to the beginning of the year as demand for labor cools. Initial claims for state unemployment benefits increased 17,000 to a seasonally adjusted 242,000 for the week ended Dec. 7, the Labor Department said on Thursday. Last's week jump in claims likely reflected volatility after the Thanksgiving holiday and likely does not mark an abrupt shift in labor market conditions.

US applications for jobless benefits jump to highest level in 2 months but remain low

US applications for jobless benefits jump to highest level in 2 months but remain low.

Bosch Nears Deal to Sell Security Assets to Triton, Sources Say

(Bloomberg) -- Robert Bosch GmbH agreed to sell its security and communications technology product business to private equity firm Triton Partners, as the German parts supplier trims its portfolio.Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersHong Kong's Expat Party Hub Reshaped by Chinese InfluxAmerican Institute of Architects CEO ResignsCity Hall Is HiringCloud Computing Tax Threatens Chicago’s Silicon Valley DreamThe transaction includes three business units

ECB cuts interest rates for fourth time this year

The European Central Bank cut interest rates for the fourth time this year on Thursday and kept the door open to further easing ahead as inflation closes in on its goal and the economy remains weak. The central bank for the 20 countries that share the euro reduced the rate it pays on bank deposits, which drives financing conditions in the bloc, to 3.0% from 3.25%. "Financing conditions are easing, as the Governing Council’s recent interest rate cuts gradually make new borrowing less expensive for firms and households," the ECB said.

European Central Bank cuts rates a quarter point amid concern about tepid growth, impact of Trump trade policies

European Central Bank cuts rates a quarter point amid concern about tepid growth, impact of Trump trade policies.

TEXT-Statement from the ECB following policy meeting

Following is the statement from the European Central Bank following its policy meeting. The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which the Governing Council steers the monetary policy stance – is based on its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission.

China Vows Bigger Fiscal Spending to Boost Consumption Next Year

(Bloomberg) -- China signaled more public borrowing and spending in 2025 with a shift of policy focus to consumption, stepping up stimulus to recharge growth ahead of looming US tariffs. Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersHong Kong's Expat Party Hub Reshaped by Chinese InfluxAmerican Institute of Architects CEO ResignsCity Hall Is HiringCloud Computing Tax Threatens Chicago’s Silicon Valley DreamTop officials led by President Xi Jinping vowed to raise

SNB Surprises With Half Point Rate Cut to Stem Gains in Franc

(Bloomberg) -- The Swiss National Bank delivered a bigger-than-expected 50 basis-point interest-rate cut as it sought to head off gains in its currency.Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersHong Kong's Expat Party Hub Reshaped by Chinese InfluxAmerican Institute of Architects CEO ResignsCity Hall Is HiringCloud Computing Tax Threatens Chicago’s Silicon Valley DreamOfficials lowered their key benchmark to 0.5% on Thursday, a step predicted by only a small

J.W. Mays: Fiscal Q1 Earnings Snapshot

BROOKLYN, N.Y. (AP) — J.W. Mays Inc. MAYS) on Thursday reported net income of $27,000 in its fiscal first quarter. On a per-share basis, the Brooklyn, New York-based company said it had net income of 1 cent.

Mobile services startup Gigs raises $73 million in rare non-AI-centered funding

Gigs has raised $73 million in a series B funding round led by Ribbit Capital, the mobile services startup said on Thursday, marking one of the few investments this year not centered around artificial intelligence. All existing investors including Google's Gradient, prominent Silicon Valley incubator Y Combinator and venture capital firm Speedinvest participated in the round, Gigs said. WHY IT'S IMPORTANT San Francisco, California-based Gigs helps clients including neobanks, or online financial institutions, launch mobile services such as subscription management and phone payment plans.

Harvard and Google to release 1 million public-domain books as AI training dataset

AI training data has a big price tag, one best-suited for deep-pocketed tech firms. This is why Harvard University plans to release a dataset that includes in the region of 1 million public-domain books, spanning genres, languages, and authors including Dickens, Dante, and Shakespeare, which are no longer copyright-protected due to their age. The new dataset isn't available yet, and it's not clear when or how it will be released. However, it contains books derived from Google's longstanding book

Unsupported price hikes added $815 million to US drug spending in 2023

Price increases for five of the 10 drugs that contributed the most to a rise in U.S. medical spending in 2023 were not supported by clinical evidence and drove costs higher by $815 million, an influential drug pricing watchdog said on Thursday. The Institute for Clinical and Economic Review (ICER) said that half of the drugs assessed had price increases based on new evidence of additional benefits or reduced harm, while the other half lacked such evidence. Johnson & Johnson's cancer drug Darzalex was on the list of price increases not backed by clinical evidence for the second time this year.

5 Things to Know Before the Stock Market Opens

News of the day for Dec. 12, 2024

DoorDash steps up driver ID checks after traffic safety complaints

DoorDash will require its drivers to verify their identity more often as part of a larger effort to crack down on unauthorized account sharing. DoorDash has been under pressure to ensure its drivers are operating legally. Over the summer, it pledged to do a better job identifying and removing dangerous drivers after a flood of complaints of dangerous driving from cities.

A US Bitcoin Reserve could push Bitcoin to $500,000, says Fundstrat

Fundstrat's Sean Farrell has been right all year — but how possible is $500K?

Alaska Air cargo profits set to blossom with international expansion

Alaska Airlines plans to transfer some of Hawaiian’s A330s out of Honolulu and base them in Seattle to fly new routes to Asia, creating a big opportunity for increased cargo business. The post Alaska Air cargo profits set to blossom with international expansion appeared first on FreightWaves.

MetLife targets double-digit earnings per share gains in new growth plan

MetLife is aiming for double-digit growth in its adjusted earnings per share over the next five years by doubling down on investments in core areas such as group benefits and asset management, its chief executive told Reuters. Unveiling its New Frontier strategic plan to shareholders at its investor day on Thursday, the insurer aims to build on the resilience established in its previous five-year program and capture tailwinds from macroeconomic conditions and demographic change in its key markets. New Frontier is more evolution than revolution, but will give greater priority to growth, MetLife Chief Executive Michel Khalaf told Reuters in an interview.

Nvidia Boosts China Hiring for AI-Driven Cars, Report Says

Nvidia has reportedly added hundreds of staff in China this year to beef up its research capabilities and focus on autonomous driving technologies

Volkswagen's board leaning away from closing big plants in Germany, media report says

Board members discussed stopping production at the 300-person Dresden plant and selling the plant in Osnabrueck which employs around 2,300 people, the German magazine reported, citing an unspecified number of participants at a meeting in mid-November. A potential buyer for the Osnabrueck plant, where capacity utilisation is just 30%, was far from being found, the magazine's report added.

Microsoft Expects $800M Impairment Charge After GM Axes Cruise Robotaxis

Microsoft will take an $800 million impairment charge in its second quarter earnings report related to its investment in robotaxi startup Cruise after General Motors announced this week that it would halt the development of Cruise's autonomous vehicles.

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