(Adds details in paragraphs 3-5, shares in paragraph 6) Jan 4 (Reuters) – Walgreens Boots Alliance on Thursday reported better-than-expected profit for the first quarter on strength in its pharmacy operations and cut its quarterly dividend in an attempt to save cash. Walgreens said it will cut dividend payment by 48% to 25 cents per […]
Republican Governor Glenn Youngkin’s proposed personal income tax cuts would disproportionately benefit wealthy Virginians while creating a multi-billion-dollar revenue shortfall over the next two years, according to analysis by The Commonwealth Institute. Youngkin included a 12% reduction in income tax across the board in his budget proposal, released in December. That cut would reduce personal […]
Nobody really knows when the Federal Reserve will begin the next cycle of lowering interest rates. But everyone knows it is coming. The Fed will have to begin dropping rates as inflation gets closer to a more normalized level. For investors, that means looking ahead at what sectors and stocks will benefit the most. And […]
Federal Reserve Chair Jerome Powell.Alex Wong/Getty Images The Federal Reserve will slash interest rates by an eye-popping 275 basis points next year, according to UBS. That’s nearly four times as steep a cut as the market is expecting. UBS expects a mid-2024 recession to encourage the central bank to start easing. The US economy will […]
(Left) Kevin Dietsch/Getty Images, (Right) Getty Images Home prices may pick up speed after the Fed cuts rates next year, according to Fitch. The ratings agency see prices rising as much as 3% next year and up to 4% in 2025. That would come after the Fed is expected to cut rates by 75 basis […]
Pershing Square Capital Management Founder and CEO Bill Ackman, a billionaire hedge fund manager with a net worth of $4 billion, is known for his strategic investment bets made by timing the markets. Ackman previously made a 100-fold profit by hedging his investments using credit default swaps after predicting an economic shutdown resulting from the […]
(Reuters) – Morgan Stanley’s outgoing CEO James Gorman said financial markets will “take off” once investors are sure the Federal Reserve has finished raising interest rates, the Financial Times reported on Friday. “The shock of the rate increase recently has put a damper on banking deals (and) capital markets deals. And that is (because) everybody […]
Faster income tax cuts, overhauling state agencies that assist students with disabilities and consolidating dozens of boards and commissions are among the top priorities of Iowa Republicans when lawmakers return to the Capitol in January. Republicans will head into the 2024 legislative session with full control of the House, Senate and governor’s office for the […]
Oil and Gas Drilling Rig over Offshore PlatformGetty No matter how much OPEC cuts oil output, other countries will “fill the hole,” a senior equity trader said. A surge of supply from non-OPEC nations like US, Brazil, and Guyana has surprised oil markets this year. “We’re looking at 2024 and we’re concerned that the market […]
By Lisa Baertlein and Priyamvada C (Reuters) -FedEx cut its full-year revenue forecast and reported quarterly profit that fell far short of analysts’ targets on Tuesday, sending shares tumbling 8.5%, as it battles for business in what is shaping up to be a weak holiday season. The company’s shares fell to $256.20 in extended trading […]
Inflation has been a thorn in the side of central banks worldwide for over two years, but Goldman Sachs’ chief economist Jan Hatzius believes the era of pain for consumers is coming to an end. And Hatzius is someone worth listening to, given his recent track record on the economy. The combined core inflation rate […]
(Bloomberg) — Argentina’s central bank changed its benchmark tool for monetary policy Monday, replacing four-week notes with one-day transactions in a bid to lower borrowing costs. Most Read from Bloomberg The monetary authority will no longer auction its 28-day Leliq notes, which until now were used to determine its policy rate. Instead, the 1-day repo […]