Tesla’s market value surpassed $1 trillion on Friday, driven by growing speculation that CEO Elon Musk’s support for President-elect Donald Trump could lead to favorable treatment for his companies. Tesla’s shares rose over 6%, reaching a two-year high. Analysts believe Musk could influence regulations on autonomous vehicles and secure delays in safety enforcement for Tesla’s driver-assistance systems, The Guardian has reported. Tesla’s profitability has been … Continue reading Tesla hits $1tn market value after Musk-backed Trump win

Toyota has warned that California’s electric vehicle (EV) mandates, which require 35% of 2026 model-year vehicles to be zero-emission, are “impossible” to meet. The company’s COO, Jack Hollis, stated that demand for EVs is not sufficient to meet the mandate, which could limit customer choice in several states. The regulations, part of California’s push for all new vehicle sales to be zero-emission by 2035, have … Continue reading Toyota says California-led EV mandates are ‘impossible’ as states fall short of goal

The International Association of Machinists and Aerospace Workers Local 751, representing 33,000 members in Seattle, ended its nearly two-month strike after accepting Boeing’s contract proposal. The deal, approved by 59% of union members, includes a 38% pay raise over four years, boosting salaries from $75,608 to $119,309, along with bonuses. However, Boeing did not reinstate the company pension plan, offering only 401(k) matching contributions instead. … Continue reading Boeing strike ends after labor union accepts contract offer, announces return to work

Stellantis announced plans to cut one manufacturing shift and lay off approximately 1,100 workers at its Toledo South Assembly Plant in Ohio, effective January 5. The move is part of the company’s strategy to reduce high inventory levels and align production with the demand for the Jeep Gladiator pickup. Stellantis is facing lower earnings and a decline in U.S. sales, particularly for the Jeep brand, … Continue reading Stellantis to indefinitely lay off 1,100 workers at Jeep plant in Ohio

Brazil’s central bank raised its key interest rate by 0.5 percentage points to 11.25% on Wednesday, marking the second consecutive increase. This move contrasts with the U.S. and EU, where central banks have started cutting rates. Brazil’s inflation in September was 4.42%, above the 3% target, driven by factors like a drought affecting food and electricity prices. The market predicts inflation will be 4.59% in … Continue reading Brazil Central Bank Hikes Key Interest Rate To 11.25%

Prosecutors and police investigating financial crimes raided Netflix offices in France and the Netherlands on Tuesday as part of a probe into suspected tax fraud and off-the-books work. The investigation, which began in November 2022, involves allegations of money laundering and financial wrongdoing. French police, assisted by national prosecutors, searched Netflix’s French headquarters, while Dutch authorities conducted a raid at Netflix’s European office in Amsterdam … Continue reading Netflix under tax fraud investigation as offices in France and Netherlands raided

Treasury yields rose sharply overnight as investors reacted to early election results showing former President Donald Trump gaining an edge over Vice President Kamala Harris. The 10-year Treasury yield jumped to 4.431%, its highest since July, while the 2-year yield rose to 4.285%. Traders speculated that a potential Trump win, especially with a Republican sweep, could drive yields higher due to expectations of tax cuts … Continue reading 10-year Treasury yield rises

Bitcoin surged overnight to a new all-time high of $75,000 as investors speculated that former President Donald Trump was gaining an edge in the U.S. election. The cryptocurrency’s price rose 7% after Trump took an early lead in key states, with expectations that a victory for him could boost Bitcoin, while a win for Vice President Kamala Harris might lead to price declines. Bitcoin’s price … Continue reading Bitcoin surges to $75,000, a new record

Oil prices rose nearly 3% on Monday after OPEC+ postponed a planned output increase, while markets prepared for a week of significant events, including the U.S. presidential election and a key Chinese policy meeting. Brent crude rose 2.71% to $75.08 per barrel, and U.S. West Texas Intermediate gained 2.85% to $71.47. OPEC+ extended its 2.2 million bpd production cut into December, delaying an increase due … Continue reading Oil gains nearly 3% after OPEC+ delays output hike

Canada will announce its draft plan to cap greenhouse gas emissions from the oil and gas sector on Monday, aiming for a 38% reduction from 2019 levels by 2030 through a cap-and-trade system. While the Trudeau government, prioritizing climate action, emphasizes the cap will target pollution rather than production, oil-producing provinces like Alberta and Saskatchewan oppose it, the Boe Report has reported. The oil and … Continue reading Canada to unveil long-awaited plan for emissions cap on oil and gas sector

Australia’s central bank kept its benchmark interest rate at 4.35%, marking the eighth consecutive hold, in line with expectations. While headline inflation fell to 2.8% in Q3 due to temporary declines in fuel and electricity costs, underlying inflation remains high at 3.5%. The Reserve Bank of Australia (RBA) doesn’t expect inflation to reach its 2%-3% target midpoint until 2026, CNBC has reported. The RBA noted … Continue reading Australia’s central bank keeps rates unchanged at 4.35%

Nvidia will replace Intel in the Dow Jones Industrial Average on November 8, marking a significant shift in the blue-chip index amid the growing influence of artificial intelligence in the semiconductor industry. Nvidia’s shares have surged over 170% in 2024 and approximately 240% last year, driven by high demand for its AI graphics processing units (GPUs) from major companies like Microsoft and Amazon. In contrast, … Continue reading Nvidia to join Dow Jones Industrial Average, replacing rival chipmaker Intel

Job creation in October fell to its lowest level since late 2020, with nonfarm payrolls increasing by just 12,000, far below expectations of 100,000. The unemployment rate held steady at 4.1%, and a broader measure of unemployment remained unchanged at 7.7%. The Bureau of Labor Statistics noted the Boeing strike likely accounted for a loss of 44,000 manufacturing jobs, while hurricanes Helene and Milton impacted … Continue reading U.S. economy added just 12,000 jobs in October, impacted by hurricanes, Boeing strike

TGI Fridays Inc. filed for Chapter 11 bankruptcy protection on Saturday, citing the financial impact of the Covid-19 pandemic as the main reason for its struggles. The bankruptcy affects the parent company, which operates 39 restaurants, while franchise locations remain unaffected. TGI Fridays has secured financing to continue operations during the restructuring process and has halted rent payments to gain time for a turnaround. The … Continue reading TGI Fridays files for bankruptcy

Ford will pause production of its electric F-150 Lightning from mid-November until early January to manage high inventory levels and reduce losses on the vehicle. The Rouge Electric Vehicle Center in Michigan will undergo a seven-week shutdown, including holiday downtime. Around 730 workers will be temporarily laid off, though not all for the full period. Despite an 86% sales increase, Ford’s electric vehicle (EV) division … Continue reading Ford to halt production of electric F-150 Lightning next month until January

Inflation edged up in September, nearing the Federal Reserve’s 2% target, with the personal consumption expenditures (PCE) index showing a 0.2% monthly increase and a 2.1% annual rate. Core inflation, excluding food and energy, rose 2.7% year-over-year. Service prices increased by 0.3%, while goods saw a 0.1% drop. Despite inflation concerns, income rose 0.3%, consumer spending increased 0.5%, and the personal savings rate dropped to … Continue reading Key inflation rate hits 2.1% in September

Boeing workers on strike since September 13 will vote Monday on a new contract offer, which includes a 38% pay raise over four years, a $12,000 signing bonus, and an annual bonus plan. Represented by the International Association of Machinists and Aerospace Workers (IAM), over 30,000 factory workers have already rejected two prior offers, seeking a 40% wage increase and a return of a defined-benefit … Continue reading Striking Boeing workers to vote on 38% pay rise deal on Monday

The euro zone economy grew by 0.4% in Q3, surpassing expectations of 0.2%, with Spain and Ireland leading growth. Germany also posted slight growth, avoiding a forecasted recession despite manufacturing struggles. Analysts anticipate a cautious recovery in business activity and consumer confidence amid lower interest rates and cooling inflation. The ECB, which cut rates in October to 3.25%, is expected to reduce rates further in … Continue reading Euro zone growth hits two-year high of 0.4%, beating expectations

Reddit’s stock surged after posting a rare Q3 profit of nearly $30 million and surpassing revenue expectations with $348.4 million. Daily users rose 47% to over 97 million, driven partly by a new AI-powered translation tool that quadrupled usage. CEO Steve Huffman noted Reddit’s growing role as a community resource, including during recent hurricanes. Reddit’s stock, debuting at $34 in March, reached $113.50, reflecting strong … Continue reading Reddit stock price soars after social media player reports profit milestone

Starting November 7, Starbucks will remove its surcharge for dairy substitutes, a move anticipated to save U.S. customers over 10% on drinks with milk alternatives. This change follows customer demand and comes amid a sales dip linked to higher prices. CEO Brian Niccol, who joined in September, aims to revitalize the brand by simplifying menus and adjusting pricing. The timing coincides with the launch of … Continue reading Starbucks will stop charging extra for dairy alternatives

Retail investing platform Robinhood launched a program on Monday allowing users to bet on the outcome of the U.S. presidential election, entering a market that currently favors former President Donald Trump. Robinhood joins other prediction market firms like Polymarket, Kalshi, and PredictIt in this growing trend. However, the Commodity Futures Trading Commission has raised concerns about the potential impact of election betting on election integrity, … Continue reading Robinhood Launches Presidential Election Betting Market Allowing Users To Wager On Harris And Trump

McDonald’s is reinstating Quarter Pounders at locations where sales were paused due to an E. coli outbreak that sickened dozens and resulted in one death, as beef has been ruled out as the source of contamination. Colorado’s Department of Agriculture found no E. coli in beef patties tested from affected restaurants. McDonald’s is now allowing its beef suppliers to resume production, with Quarter Pounders expected … Continue reading McDonald’s bringing back Quarter Pounder after its ruled out as source of E. coli outbreak

U.S. crude oil prices fell over 6% on Monday, marking their worst day in more than two years, after Israeli strikes on Iranian military facilities left Iran’s energy infrastructure unscathed. West Texas Intermediate futures dropped 6.13% to $67.38 per barrel, while Brent futures fell 6.09% to $71.42 per barrel. The Israeli attacks, in response to Iranian missile launches, reportedly caused limited damage, with Iran’s oil … Continue reading U.S. oil posts worst day in two years after Israel spares Iran crude facilities

Nvidia briefly surpassed Apple as the world’s most valuable company with a market value reaching $3.53 trillion, driven by soaring demand for its AI chips. Nvidia’s stock is up nearly 190% this year, fueled by the rapid adoption of AI technologies. While it ended the day at $3.47 trillion, just below Apple’s $3.52 trillion, the surge reflects strong AI-driven growth, bolstered further by OpenAI’s recent … Continue reading Nvidia overtakes Apple as world’s most valuable company

Spirit Airlines announced plans to raise cash by selling 23 aircraft for $519 million and implementing layoffs to cut costs by $80 million annually, according to an SEC filing. Facing financial challenges after its proposed merger with JetBlue was blocked by regulators, Spirit anticipates reducing its workforce and lowering flight capacity, with fourth-quarter capacity expected to drop by 20% year over year. Spirit has also … Continue reading Spirit Airlines plans to sell planes, cut jobs