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Growing Calls for Biden to Withdraw from 2024 Election
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Growing Calls for Biden to Withdraw from 2024 Election

A growing wave of congressional Democrats and former national security officials are urging President Joe Biden to step down from the 2024 presidential race. On Friday afternoon, 34 Democratic lawmakers publicly called on Biden to reconsider his candidacy. Biden’s campaign co-chair said the president is considering who would be the strongest candidate to uphold Democratic values ​​and win in November. In addition, more than 50 former U.S. national and foreign security officials, including Anthony Lake, former national security adviser under President Bill Clinton, have also advised Biden to end his campaign. They have expressed concerns about Biden's ability to secure a victory against Donald Trump, potentially jeopardizing Biden's record and national security legacy. The group s...
Dow Jones falls nearly 300 points as S&P 500 heads for worst week in months
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Dow Jones falls nearly 300 points as S&P 500 heads for worst week in months

Stocks fell on Friday as Wall Street braced for the close of a tumultuous week dominated by shifting expectations about the Federal Reserve’s interest rate policies. The S&P 500 and the tech-heavy Nasdaq Composite both fell about 0.3%. Meanwhile, the Dow Jones Industrial Average fell 278 points, or 0.7%, signaling a broader market pullback. The decline marks another day of widespread losses. However, the market is trending toward sectors that stand to benefit most from potential Federal Reserve rate decisions, such as small-cap stocks. The S&P 500 is down more than 1% this week, on pace for its worst performance since April. The Nasdaq is down nearly 3%, jeopardizing a six-week winning streak. By contrast, the Dow is up about 1% and the small-cap-focused Russell 2000 is up more than 2% th...
Tech sell-off drags Nasdaq lower
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Tech sell-off drags Nasdaq lower

New York – A broad-based selloff in technology stocks weighed heavily on the Nasdaq Composite on Wednesday, overshadowing gains in other sectors. The broader market also came under downward pressure, with the S&P 500 closing lower. The tech-heavy Nasdaq fell 2.2%, marking a continuation of the recent rotation away from high-growth stocks. Mega-cap tech companies, including Apple, Netflix and Alphabet, contributed significantly to the index's losses. The semiconductor sector was hit particularly hard, with shares plummeting after reports of potential new export controls on advanced chip technology to China. The VanEck Semiconductor ETF (SMH) and Nvidia Corporation, a leading chipmaker, suffered substantial declines. In contrast, the Dow Jones Industrial Average managed to eke out a modest ...
HSBC Appoints Georges Elhedery as New CEO, Succeeding Quinn
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HSBC Appoints Georges Elhedery as New CEO, Succeeding Quinn

London – HSBC Holdings Plc today announced the appointment of Georges Elhedery as its next Group Chief Executive, effective September 2. Elhedery, currently the bank’s Chief Financial Officer, will take over the reins from outgoing CEO Noel Quinn. Quinn’s departure, announced in April, marks the end of a nearly five-year tenure guiding the bank through the COVID-19 pandemic and geopolitical complexities. He will officially step down on April 30, 2025, after a 12-month gardening leave. Elhedery, who joined HSBC in 2023, brings with him extensive experience in Asia, Europe and the Middle East. The bank’s Board of Directors expressed confidence in his ability to lead HSBC towards sustainable growth and deliver value to shareholders. A successor to Elhedery’s current CFO role has yet to be na...
IMF raises UK growth forecast, signalling economic recovery
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IMF raises UK growth forecast, signalling economic recovery

London – The International Monetary Fund (IMF) has raised its growth projections for the UK in 2024, a positive indicator for the newly elected Labour government. The global financial institution now expects the UK economy to expand by 0.7% this year, up from its previous estimate of 0.5%. The updated forecast comes as a welcome relief after two years of economic stagnation and a brief recession at the end of 2023. Recent data showing GDP growth of 0.4% in May and expected economic boosts from events such as the Euro 2024 football championship and Taylor Swift concerts have contributed to the optimistic outlook. Major financial institutions, including Goldman Sachs and Deutsche Bank, also expressed confidence in the UK's economic trajectory. These firms raised their growth forecasts, citi...
UNESCO warns European cities: tackle overtourism or face wider protests
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UNESCO warns European cities: tackle overtourism or face wider protests

European cities are on alert: if the negative impacts of mass tourism on residents are not addressed, there is a risk of widespread protests, a UNESCO official warns. “The situation is becoming increasingly tense,” said Peter Debrine, Senior Project Officer for Sustainable Tourism at UNESCO. “Public pressure for change is crucial because these are elected officials who are accountable for the needs of their citizens.” Debrine pointed to Venice, Italy, as a cautionary tale. Protests erupted over environmental and structural damage caused by massive cruise ships sailing through the Grand Canal. The city eventually banned large cruise ships in 2021. A step in the right direction, but not enough While cruise ships are now docking further away, the influx of tourists remains. Venice is expecte...
Burberry stumbles as profit warning triggers stock plunge, CEO resigns
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Burberry stumbles as profit warning triggers stock plunge, CEO resigns

Luxury fashion house Burberry faces turbulence after a disappointing first quarter. The company's shares fell 11% in early trading on Monday following a series of announcements, including a profit warning, CEO replacement and dividend suspension. Financial outlook bleak Burberry painted a bleak picture of its near-term future. Citing a deepening sales slowdown, the company warned of potential operating losses for the first half of the year and a lower-than-current-expectations full-year profit. The gloomy outlook comes as sales fell significantly across its regions: Europe, the Middle East, India and Africa (EMEIA), Asia Pacific and the Americas, with comparable store sales down 21% in the last three months. Management reorganization and strategic change In response to these challenges, B...
Wells Fargo: Profits beat estimates, but net interest margin lower
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Wells Fargo: Profits beat estimates, but net interest margin lower

Wells Fargo posted mixed financial results on Friday, beating analysts’ expectations for earnings and revenue but falling short of net interest income, a key measure of bank profitability. Profits and revenues exceed forecasts Despite a decline in net interest income, Wells Fargo managed to beat Wall Street projections for both earnings per share and total revenue. Earnings per share reached $1.33, beating the forecast of $1.29. Revenue rose to $20.69 billion, beating the forecast of $20.29 billion. Net interest income disappoints The San Francisco-based lender reported a significant 9% year-over-year decline in net interest income to $11.92 billion. That fell short of analysts' forecasts of $12.12 billion. The bank attributed the decline to the impact of rising interest rates on borrowin...
EU reprimands X for misleading users and violating content
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EU reprimands X for misleading users and violating content

The European Union (EU) has accused Elon Musk’s social media platform X of deceptive practices and failing to comply with the bloc’s online content regulations. The move marks the first major enforcement action under the EU’s recently enacted Digital Services Act (DSA). A deceptive verification system The EU takes particular issue with X’s verification system, which allows anyone to purchase a coveted blue checkmark along with their username. This, the EU says, undermines the original purpose of verification: to identify legitimate accounts of public figures and organizations. The misleading nature of the paid checkmark could confuse users and potentially expose them to misinformation or harmful content. Transparency concerns The EU also flags X for a lack of transparency regarding its ad...
Delta fails to make profit despite strong demand, shares plunge
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Delta fails to make profit despite strong demand, shares plunge

Delta Air Lines kicked off airline earnings season Thursday with a mixed bag of results. While the company reported strong travel demand and met analysts’ expectations for second-quarter earnings, its third-quarter revenue forecast fell short, sending shares down nearly 9% premarket. The culprit? An excess of flights that is driving down fares despite high enthusiasm for travel. Delta expects third-quarter sales to rise no more than 4%, below analysts’ estimates of 5.8%. As a result, the airline has revised its earnings per share projections to $1.70-$2.00, below $2.05 expected. The news underscores the pressure airlines are facing from rising costs and increased capacity. While Delta, known as the industry’s most profitable airline, managed to stay afloat in Q2 with adjusted ear...