Investments and Business

Paramount Global has announced a 15% reduction in its U.S. workforce, in line with a global cost-cutting strategy in anticipation of its upcoming merger with Skydance Media. The company disclosed plans to achieve $500 million in cost savings, contributing to a larger $2 billion in synergies expected from its merger with Skydance. The upcoming layoffs, scheduled to begin soon and be completed by the end of the year, will primarily affect departments such as marketing, communications, finance, legal, technology and other support roles, the company noted in its recent earnings conference call. Last month, Paramount confirmed its merger with Skydance…

In a recent interview, JPMorgan Chase CEO Jamie Dimon reiterated his view that a U.S. recession remains a likely outcome, assigning a 35% to 40% chance for a mild economic downturn. That reflects his consistent stance since February, when he expressed skepticism about the market’s overly positive sentiment on recession risks. In his conversation with CNBC’s Leslie Picker, Dimon stressed that his assessment remains unchanged, highlighting ongoing global and domestic challenges that could impact economic stability. These include geopolitical tensions, housing market fluctuations, government deficits, and policy actions such as quantitative tightening and upcoming elections, all of which are contributing…

Officials examined a serious malfunction involving a door mechanism on a nearly new Boeing 737 Max 9 at a major federal safety hearing Tuesday. The investigation, led by National Transportation Safety Board (NTSB) chair Jennifer Homendy, was held at NTSB headquarters in Washington, D.C. The focus was on a distressing incident on Alaska Airlines Flight 1282 on Jan. 5, 2024, that prompted urgent discussions about aviation safety and manufacturing practices. The hearing revealed that Boeing is actively developing design changes to improve the reliability of the 737 Max 9 following the door failure. Elizabeth Lund, Boeing’s commercial airplane safety manager,…

Mary Daly, president of the Federal Reserve Bank of San Francisco, spoke at the National Association of Business Economics (NABE) economic policy conference in Washington, DC, on February 16, 2024, announcing potential interest rate cuts by the end of the year, without specifying the timing or size of those measures. Daly indicated that improvements in inflation metrics and a notable slowdown in hiring could prompt the Federal Reserve to adjust monetary policy. "There will be some policy adjustments that need to be made in the next quarter. How much and when they are needed, I think, will depend very much…

Millions of U.S. viewers are tuning in to watch the Summer Olympics in Paris, and one of the biggest attractions is none other than Snoop Dogg. The hip-hop artist has become a key figure in NBC’s Olympic coverage, interacting with athletes and their families and offering a unique perspective on the Games. Since the opening ceremony, the five-day average viewership between daytime and primetime coverage has reached 34 million, up 79% from the 2021 Tokyo Olympics, according to NBC Sports. Executives at ComcastNBCUniversal, the U.S. broadcaster of the Games, have highlighted the success of their coverage and the impact of…

Washington DC — Sports streaming service Venu, priced at $42.99 a month, faces a major marketing challenge: finding its audience. Venu, jointly owned by Disney, Fox and Warner Bros. Discovery, announced Thursday that it will launch this fall. While it’s more expensive than services like NetflixMax and Peacock, it costs less than YouTube TV at $73 a month or a standard cable package, but those include a wider variety of entertainment, not just sports. Venu will provide access to a selection of networks: ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, ABC, Fox, FS1, FS2, BTN, TNT, TBS, and truTV. Subscribers will…

Here are some of the stocks that saw significant mid-day fluctuations: Shake Shack: The popular fast food chain saw a significant move in its stock price as investors reacted to its recent earnings reports and market trends. Italian: The logistics company's shares have seen some volatility, influenced by industry developments and financial performance updates. Mobileye Global: The technology company's shares have seen considerable activity, driven by new product announcements and strategic partnerships. Stay tuned for more updates on these and other key headlines throughout the trading day.

The U.S. labor market is expected to show signs of cooling in July, due to the gradual economic slowdown and the impact of Hurricane Beryl on hiring rates. The Labor Department’s July nonfarm payrolls report, due Friday at 8:30 a.m. ET, is expected to reflect this slight decline. However, the expected decline is in line with the Federal Reserve’s strategy for a controlled economic slowdown. “If the Fed was aiming for a soft landing, it looks like it’s done it,” said Mike Reynolds, vice president of investment strategy at Glenmede. “We’re seeing some weakness in the labor market, but nothing…

ALBA, FLORIDA — Private sector employment growth slowed in July, with wage increases hitting a three-year low, according to a report released Wednesday by payroll processing firm ADP. Employment numbers The private sector added just 122,000 jobs in July, marking the slowest growth since January and falling short of June’s revised figure of 155,000. That figure also fell short of the 150,000 job gains forecast by economists polled by Dow Jones. Wage growth trends ADP also revealed that wages among those who remained employed rose 4.8% year over year, the lowest increase since July 2021 and a slight decline from…

Starbucks on Tuesday reported quarterly revenue that missed analysts’ expectations as both its U.S. and international locations saw weaker demand. Despite the lack of revenue, the company's shares rose more than 2% in after-hours trading. Here are the financial data reported versus Wall Street expectations, based on a survey conducted by LSEG: Earning per share: 93 cents adjusted vs. 93 cents expected Income: $9.11 billion versus $9.24 billion expected The coffee giant reported third-quarter net income of $1.05 billion, or 93 cents a share, down from $1.14 billion, or 99 cents a share, in the same period last year. Excluding…