Tag: business news

2024-10-12

Tesla (TSLA) stock drops after Cybercab robotaxi reveal

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Business

Tesla unveils its “Cybercab” on October 10, 2024 in Burbank, California. Source: Tesla  Tesla shares closed down nearly 9% on Friday after the electric vehicle company’s long-awaited robotaxi event failed to impress investors. CEO Elon Musk unveiled the firm’s Cybercab self-driving concept car — a low, silver two-seater, with no steering wheels or pedals — on Thursday night, at the…

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2024-10-12

JPMorgan Chase (JPM) earnings Q3 2024

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Business

JPMorgan Chase posted third-quarter results that topped estimates for profit and revenue as the company generated more interest income than expected. Here’s what the company reported: Earnings: $4.37 a share vs. $4.01 a share LSEG estimate Revenue: $43.32 billion, vs. $41.63 billion estimate JPMorgan said profit fell 2% from a year earlier to $12.9 billion, while revenue climbed 6%…

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2024-10-12

Berkshire slashes Bank of America stake to under 10%

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Business

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024.  David A. Grogen | CNBC Warren Buffett’s Berkshire Hathaway has reduced its stake in Bank of America to below 10% amid a selling spree that started in mid-July. In a Thursday night filing with the U.S. Securities and Exchange…

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2024-10-12

AMD launches MI325X AI chip to rival Nvidia’s Blackwell

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Business

AMD launched a new artificial intelligence chip on Thursday that is taking direct aim at Nvidia’s data center graphics processors, known as GPUs. The Instinct MI325X, as the chip is called, will start production before the end of 2024, Advanced Micro Devices said Thursday during an event announcing the new product. If AMD’s AI chips are seen by developers…

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2024-10-11

Banks aren’t in the clear just yet

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Business

Federal Reserve Board Chairman Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., September 18, 2024. REUTERS/Tom Brenner Tom Brenner | Reuters Falling interest rates are usually good news for banks, especially when the cuts aren’t a harbinger of recession. That’s because lower rates will…

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2024-10-11

TD Bank pleads guilty, will pay $3 billion in fines

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Business

A TD bank stands in Brooklyn on June 04, 2024 in New York City.  Spencer Platt | Getty Images TD Bank pleaded guilty Thursday to multiple criminal charges and agreed to pay a whopping $3 billion in fines and other penalties to the Department of Justice and financial regulators for failing to monitor money laundering by drug traffickers and…

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2024-10-11

Inflation rate at 2.4%, topping expectations

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Business

The pace of price increases over the past year was higher than forecast in September while jobless claims posted an unexpected jump following Hurricane Helene and the Boeing strike, the Labor Department reported Thursday. The consumer price index, a broad gauge measuring the costs of goods and services across the U.S. economy, increased a seasonally adjusted 0.2% for the…

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2024-10-11

7-Eleven’s parent company cuts full-year earnings forecast

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Business

A customer is seen inside a 7-Eleven convenience store along a street in central Tokyo on September 9, 2024.   Richard A. Brooks | Afp | Getty Images Japanese convenience retailer Seven & i Holdings slashed its earnings forecasts and pressed ahead with restructuring plans that include spinning off non-core businesses into a standalone subsidiary. The company slashed its profit…

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2024-10-10

Tributes pour in from industry titans

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Business

Ratan Tata speaks during an interview. Pradeep Gaur | Mint | Getty Images Tributes from industry leaders, politicians and the public at large poured in for Ratan Tata, the former chairman of India’s Tata Sons, who passed away on Wednesday, aged 86. India’s Prime Minister Narendra Modi in a post on X called Tata “a visionary business leader, a…

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2024-10-10

Amazon tests adding robot warehouses to Whole Foods

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Business

An independent contractor wearing a protective mask and gloves loads Amazon Prime grocery bags into a car outside a Whole Foods Market in Berkeley, California, on October 7, 2020. David Paul Morris/Bloomberg via Getty Images Amazon said Wednesday it’s testing adding mini warehouses to Whole Foods supermarkets as part of a bid to attract more shoppers to its stores…

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