Despite recent reports suggesting a scaling back of plans for Saudi Arabia’s $1.5 trillion NEOM megaproject, the kingdom’s economy minister, Faisal Al Ibrahim, has vehemently denied any such claims. In an interview with CNBC’s Dan Murphy at the World Economic Forum‘s special meeting in Riyadh, Al Ibrahim emphasized that all projects are moving full steam
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In a move reminiscent of a scene from a high-stakes drama series, Paramount Global is set to oust Chief Executive Officer Bob Bakish in a strategic maneuver to shape the company’s future direction. The decision, expected to be announced just before the company reports earnings, is part of a larger plan to accelerate Paramount’s trajectory,
The recent flurry of earnings reports has led to significant volatility in the stock market, with traders quickly reacting to both positive and negative surprises. According to John Butters at FactSet, companies with negative earnings surprises are experiencing an average stock decline of 2.5%, slightly higher than the usual 2.3% for this time of the
The U.S. dollar faced a decline on Monday as investors awaited the outcome of the latest Federal Reserve meeting. At 04:45 ET (08:45 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.2% lower at 105.630. Despite the drop, the dollar had still seen strong gains of
The cryptocurrency world is no stranger to controversy, and the rise of community-driven memecoins has only added fuel to the fire. ChainwireStooges, a new memecoin project on the Solana blockchain, has recently announced its upcoming presale for $STOG coins on Pinksale. With the backing of BitMart Exchange, the project has already garnered significant attention from
The sudden jump in the yen against the dollar on Monday took traders by surprise, with many attributing it to yen-buying intervention by Japanese authorities. The currency, which has been near 34-year lows, saw a sharp decline in the dollar to 156.55 yen from its earlier high of 160.245. Trade sources reported that Japanese banks
The Japanese yen has continued to weaken, facing little relief after signals from the Bank of Japan and increased expectations of higher U.S. interest rates. The USDJPY pair, which measures the amount of yen needed to purchase one U.S. dollar, experienced a significant surge beyond the 160 level after what analysts referred to as a
McDonald’s is set to report earnings before the bell, with a call scheduled at 8:30 a.m. Last quarter, the company missed on revenue due to the conflict in the Middle East, putting pressure on its top line. For this quarter, the fast–food giant is expected to report single-digit earnings and revenue growth compared to the
The first stock favored by the Street’s top pros is Netflix (NFLX). The streaming giant recently reported better-than-expected results for the first quarter of 2024. Despite the positive earnings report, investors were disappointed with the company’s decision to stop reporting quarterly subscriber numbers. Netflix emphasized a shift in focus towards revenue and operating margin metrics.
The American economy is facing significant challenges as the Federal Reserve continues to raise interest rates, leading to fears of slower growth and inflation. However, Jose Rasco, chief investment officer of the Americas at HSBC’s wealth division, believes that certain key drivers will help sustain economic growth. One such driver is technology deflation. While advancements