9 days ago
On this day in 1988, it was announced that Sunderland made more than £250,000 in profit during the previous year on the way to clinching the Third Division Championship.
The year before saw a loss of around £125,000 – when the club was relegated from the Second Division for the first time in its history – the accounts released on this day in 1989 showed a turnaround of £375,000.
Increased match receipts of £450,482 and an interest-free loan of £600,000 by chairman Bob Murray were mostly responsible for the club showing a profit for the first time since 1985.
Average gates increased by around 4,000 to 17,426 to provide match receipts of £1,212,118, and though transfer fees were down on the previous year, the turnover increased by £233,273. The **** ets of the club stood at £39,224, the first positive figure since 1974, and this was a far healthier position than the previous year when net liabilities stood at £860,818. This pleased the chairman:
It's been worked for. There is still a long way to go despite turning a £½m loss in a period of 13 months ago into a profit of £250,000. I don't want to see Sunderland Football Club financially embarrassed again. I have been there when the hotel bill had to be paid before the players arrived. I don't want the club to be **** ociated with that sort of thing.
#year #increased #first
The year before saw a loss of around £125,000 – when the club was relegated from the Second Division for the first time in its history – the accounts released on this day in 1989 showed a turnaround of £375,000.
Increased match receipts of £450,482 and an interest-free loan of £600,000 by chairman Bob Murray were mostly responsible for the club showing a profit for the first time since 1985.
Average gates increased by around 4,000 to 17,426 to provide match receipts of £1,212,118, and though transfer fees were down on the previous year, the turnover increased by £233,273. The **** ets of the club stood at £39,224, the first positive figure since 1974, and this was a far healthier position than the previous year when net liabilities stood at £860,818. This pleased the chairman:
It's been worked for. There is still a long way to go despite turning a £½m loss in a period of 13 months ago into a profit of £250,000. I don't want to see Sunderland Football Club financially embarrassed again. I have been there when the hotel bill had to be paid before the players arrived. I don't want the club to be **** ociated with that sort of thing.
#year #increased #first
20 days ago
From Resy to Empathy Wines, VaynerX chairman Gary "GaryVee" Vaynerchuk knows how to build a profitable business. But up until now, the serial entrepreneur and YouTube star's work has been based largely on impersonal ideas.
Enter VeeFriends, the business that Vaynerchuk has wanted to own since he was a kid.
More from Variety
As New York Comic Con Turns 20, Organizer Teases Coney Island Team-Up, After 3 p.m. Ticket and Possibility of Expanding to Five Days Next Year
Eminem Teams With NERDS Clothing for Original Video Game, New Streetwear Collab Out of New York Comic Con (EXCLUSIVE)
#comic
Enter VeeFriends, the business that Vaynerchuk has wanted to own since he was a kid.
More from Variety
As New York Comic Con Turns 20, Organizer Teases Coney Island Team-Up, After 3 p.m. Ticket and Possibility of Expanding to Five Days Next Year
Eminem Teams With NERDS Clothing for Original Video Game, New Streetwear Collab Out of New York Comic Con (EXCLUSIVE)
#comic
21 days ago
WASHINGTON (AP) — Most Federal Reserve officials expect that another interest rate increase will likely be needed this year to combat inflation, according to minutes released Wednesday from the central bank's most recent meeting.
The officials unanimously agreed that inflation was still elevated and had not made much progress toward their 2% target in recent months, the minutes said. The Fed increased its key interest rate at the Sept. 15-16 meeting by a quarter-point to about 3.9%, its first increase in three years.
The increase defied President Donald Trump's repeated calls for the Fed to cut rates and prompted the president to criticize the Fed's rate-setting committee, though he still expressed support for Chairman Kevin Warsh, whom he appointed earlier this year. The rate increase comes as Americans are already struggling with high costs for groceries, gas and housing, and as affordability has taken on a leading role in the upcoming midterm elections, just seven weeks away.
Longer-term interest rates for mortgages and other borrowing have also jumped in the past few months for a range of reasons, including rising government debt, heavy borrowing by tech firms to finance data center construction, climbing oil and gas prices, and signs that growth and inflation remain elevated. The Fed's rate hike has likely played only a limited role in the increase.
Still, key policymakers have said since the meeting that the Fed can take some time to monitor the economy and the impact of last month's rate hike before making another move. Wall Street investors now forecast the Fed will keep its rate unchanged at its next meeting Oct. 28-29, according to futures pricing, and raise it when they meet in December.
#officials
The officials unanimously agreed that inflation was still elevated and had not made much progress toward their 2% target in recent months, the minutes said. The Fed increased its key interest rate at the Sept. 15-16 meeting by a quarter-point to about 3.9%, its first increase in three years.
The increase defied President Donald Trump's repeated calls for the Fed to cut rates and prompted the president to criticize the Fed's rate-setting committee, though he still expressed support for Chairman Kevin Warsh, whom he appointed earlier this year. The rate increase comes as Americans are already struggling with high costs for groceries, gas and housing, and as affordability has taken on a leading role in the upcoming midterm elections, just seven weeks away.
Longer-term interest rates for mortgages and other borrowing have also jumped in the past few months for a range of reasons, including rising government debt, heavy borrowing by tech firms to finance data center construction, climbing oil and gas prices, and signs that growth and inflation remain elevated. The Fed's rate hike has likely played only a limited role in the increase.
Still, key policymakers have said since the meeting that the Fed can take some time to monitor the economy and the impact of last month's rate hike before making another move. Wall Street investors now forecast the Fed will keep its rate unchanged at its next meeting Oct. 28-29, according to futures pricing, and raise it when they meet in December.
#officials
22 days ago
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Amazon founder Jeff Bezos once challenged Rep. Alexandria Ocasio-Cortez's (D-N.Y.) argument that billionaires cannot legitimately earn their fortunes.
During a May 2026 interview with CNBC's Andrew Ross Sorkin at Blue Origin's rocket factory in Florida, Bezos responded to Ocasio-Cortez's statement that no one can earn $1 billion without exploiting workers, abusing market power or breaking rules.
The Amazon executive chairman rejected the premise, illustrating his argument with a hypothetical burger restaurant that starts with 10 employees and gradually expands to 1,000 locations as customers embrace its products.
Don't Miss:
#alexandria
Amazon founder Jeff Bezos once challenged Rep. Alexandria Ocasio-Cortez's (D-N.Y.) argument that billionaires cannot legitimately earn their fortunes.
During a May 2026 interview with CNBC's Andrew Ross Sorkin at Blue Origin's rocket factory in Florida, Bezos responded to Ocasio-Cortez's statement that no one can earn $1 billion without exploiting workers, abusing market power or breaking rules.
The Amazon executive chairman rejected the premise, illustrating his argument with a hypothetical burger restaurant that starts with 10 employees and gradually expands to 1,000 locations as customers embrace its products.
Don't Miss:
#alexandria
22 days ago
Google and Constellation Energy announced a 20-year power purchase agreement on Tuesday to bring 890 megawatts of new nuclear capacity onto the PJM Interconnection grid, with Constellation committing more than $4.3 billion to fund the build-out.
The capacity will be generated through turbine, steam generator, and digital control system upgrades at 11 Constellation nuclear units in Illinois, Pennsylvania, and New Jersey, the companies said. The first uprate is expected to be delivered by 2028. The agreement is expected to sustain roughly 4,400 existing jobs and create approximately 7,200 new construction jobs during the building period.
Alongside the power purchase agreement, the companies entered into a separate 15-year energy supply agreement covering an additional 2,700 megawatts from Constellation's existing fleet in the PJM market, the company said.
"We're committed to meeting our growth responsibly by actively investing in clean, reliable power that brings new capacity to our nation's grids," Amanda Peterson Corio, global head of energy and power at Google, said in a statement. "Our agreement with Constellation to fund nuclear reactor uprates will strengthen the PJM grid, which serves 67 million people, all while protecting energy affordability and supporting local union jobs."
Joe Dominguez, chairman, president and CEO of Constellation, said in a statement that the collaboration "can serve as a model for how technology companies and the energy industry can work together to responsibly develop the digital economy."
#energy #capacity #Jobs
The capacity will be generated through turbine, steam generator, and digital control system upgrades at 11 Constellation nuclear units in Illinois, Pennsylvania, and New Jersey, the companies said. The first uprate is expected to be delivered by 2028. The agreement is expected to sustain roughly 4,400 existing jobs and create approximately 7,200 new construction jobs during the building period.
Alongside the power purchase agreement, the companies entered into a separate 15-year energy supply agreement covering an additional 2,700 megawatts from Constellation's existing fleet in the PJM market, the company said.
"We're committed to meeting our growth responsibly by actively investing in clean, reliable power that brings new capacity to our nation's grids," Amanda Peterson Corio, global head of energy and power at Google, said in a statement. "Our agreement with Constellation to fund nuclear reactor uprates will strengthen the PJM grid, which serves 67 million people, all while protecting energy affordability and supporting local union jobs."
Joe Dominguez, chairman, president and CEO of Constellation, said in a statement that the collaboration "can serve as a model for how technology companies and the energy industry can work together to responsibly develop the digital economy."
#energy #capacity #Jobs
22 days ago
Over his career, Warren Buffett established himself as one of the world's best investors. However, after 60 years at Berkshire Hathaway, he finally stepped away for good. After relinquishing the CEO **** le at the start of the year, he also stepped down as Chairman last month.
In a farewell letter to shareholders on Sept. 18, Buffett said his goodbyes. In it were the only four words that investors need to be successful: "Father Time always wins." While Buffett was talking about his age and retirement, these words also hold true for investing and can help investors build a $10 million portfolio.
Missed AI's "Act 1"? Act 2 Could Be 14x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our **** ysts, we're only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
The most powerful force in investing is time. It's not necessarily about picking the best stocks or timing the market correctly; it's about time in the market. Over time, the stock market, as represented by the S&P 500 (SNPINDEX: ^GSPC), has always gone up in the long term.
The longer you are in the market, the greater your wealth will grow. This is due to compounding, where in later years your gains start generating gains of their own. While early growth may seem slow, it's the late-stage growth that will eventually turn even a small investment into millions of dollars.
#market #years
In a farewell letter to shareholders on Sept. 18, Buffett said his goodbyes. In it were the only four words that investors need to be successful: "Father Time always wins." While Buffett was talking about his age and retirement, these words also hold true for investing and can help investors build a $10 million portfolio.
Missed AI's "Act 1"? Act 2 Could Be 14x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our **** ysts, we're only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
The most powerful force in investing is time. It's not necessarily about picking the best stocks or timing the market correctly; it's about time in the market. Over time, the stock market, as represented by the S&P 500 (SNPINDEX: ^GSPC), has always gone up in the long term.
The longer you are in the market, the greater your wealth will grow. This is due to compounding, where in later years your gains start generating gains of their own. While early growth may seem slow, it's the late-stage growth that will eventually turn even a small investment into millions of dollars.
#market #years
23 days ago
Lord Jeffrey Archer has died at the age of 86.
The British author and former politician's death was confirmed by his publisher, HarperCollins, who noted that the Kane & Abel writer had died "suddenly and peacefully at home" on Monday.
"Jeffrey's career is the stuff of publishing legend," a statement to BBC News read. "He was the master storyteller and an editor's dream: phenomenally hard-working, utterly committed to completing draft after draft to get every word as perfect as possible, and a true champion of the 'team' nature of great publishing."
A cause of death was not disclosed.
Archer, a former Conservative Party deputy chairman, sold more than 300 million books during a writing career that spanned five decades.
His work was adapted for the screen on many occasions, including the 1985 CBS miniseries based on Kane & Abel, starring Peter Strauss and Sam Neill.
#death #lord
The British author and former politician's death was confirmed by his publisher, HarperCollins, who noted that the Kane & Abel writer had died "suddenly and peacefully at home" on Monday.
"Jeffrey's career is the stuff of publishing legend," a statement to BBC News read. "He was the master storyteller and an editor's dream: phenomenally hard-working, utterly committed to completing draft after draft to get every word as perfect as possible, and a true champion of the 'team' nature of great publishing."
A cause of death was not disclosed.
Archer, a former Conservative Party deputy chairman, sold more than 300 million books during a writing career that spanned five decades.
His work was adapted for the screen on many occasions, including the 1985 CBS miniseries based on Kane & Abel, starring Peter Strauss and Sam Neill.
#death #lord
23 days ago
As Houthi militants in Yemen attacked ships with missiles and drones in the Red Sea early last year, top U.S. officials gathered at the Pentagon to prepare military options for President Donald Trump. Their meetings repeatedly grew tense.
On one side were Gen. Michael “Erik” Kurilla, then overseeing U.S. operations in the Middle East, and other hawks ready for action. The general was keen on military action not only against the Houthis but also against Iran, which had backed the Yemeni paramilitary group for years with weapons and training, according to people familiar with the matter. Like others, they spoke on the condition of anonymity to discuss internal government deliberations.
On the other side were officials hesitant to launch military strikes so early in the second Trump administration, including the Joint Chiefs chairman, Gen. Charles Q. Brown Jr., who suggested that new U.S. **** sments of what military action might yield would be wise before presenting the president with military options.
That triggered an abrupt response from Kurilla, people familiar with the matter said.
“General,” Kurilla said, “the time for **** sments is over.”
#military #Trump #president #options
On one side were Gen. Michael “Erik” Kurilla, then overseeing U.S. operations in the Middle East, and other hawks ready for action. The general was keen on military action not only against the Houthis but also against Iran, which had backed the Yemeni paramilitary group for years with weapons and training, according to people familiar with the matter. Like others, they spoke on the condition of anonymity to discuss internal government deliberations.
On the other side were officials hesitant to launch military strikes so early in the second Trump administration, including the Joint Chiefs chairman, Gen. Charles Q. Brown Jr., who suggested that new U.S. **** sments of what military action might yield would be wise before presenting the president with military options.
That triggered an abrupt response from Kurilla, people familiar with the matter said.
“General,” Kurilla said, “the time for **** sments is over.”
#military #Trump #president #options
25 days ago
President Donald Trump on Saturday pressured Republican Sen. Tom Cotton of Arkansas to support a bill to make daylight saving time permanent, urging Americans to call what appeared to be the personal cellphone number of Cotton, the chairman of the Senate Intelligence Committee.
The Sunshine Protection Act passed the House in July, but it faces roadblocks in the Senate where some Republicans are strongly opposed. Proponents, including the White House, argue that the change would provide more daylight during the times that Americans are most active. Detractors said permanent daylight saving time would lead to darker and potentially more hazardous winter mornings when children will be waiting for school buses and parents will be driving to work in darkness.
It was a remarkable escalation on Trump's part of a longstanding fixation shared by both men — with Trump supporting making daylight saving time permanent, and Cotton vociferously opposed — at a time just weeks before the midterms, when Republicans would prefer that the president focus on talking about affordability issues and the party's achievements. Cotton is also up for reelection this November, although that race is not expected to be competitive.
Daylight saving time is that period between spring and fall when clocks in most parts of the United States are set one hour ahead of standard time. Not all states observe it — and under the bill, states can opt out of the change if their respective legislatures act to do so before the bill's enactment.
"It's a lot of work for a lot of people, running around for two days, changing all the clocks in the house," Trump told reporters as his left the White House on Saturday for a rally in Vandalia, Ohio. "It discombobulates everybody," he said.
#House #Trump #saving #states
The Sunshine Protection Act passed the House in July, but it faces roadblocks in the Senate where some Republicans are strongly opposed. Proponents, including the White House, argue that the change would provide more daylight during the times that Americans are most active. Detractors said permanent daylight saving time would lead to darker and potentially more hazardous winter mornings when children will be waiting for school buses and parents will be driving to work in darkness.
It was a remarkable escalation on Trump's part of a longstanding fixation shared by both men — with Trump supporting making daylight saving time permanent, and Cotton vociferously opposed — at a time just weeks before the midterms, when Republicans would prefer that the president focus on talking about affordability issues and the party's achievements. Cotton is also up for reelection this November, although that race is not expected to be competitive.
Daylight saving time is that period between spring and fall when clocks in most parts of the United States are set one hour ahead of standard time. Not all states observe it — and under the bill, states can opt out of the change if their respective legislatures act to do so before the bill's enactment.
"It's a lot of work for a lot of people, running around for two days, changing all the clocks in the house," Trump told reporters as his left the White House on Saturday for a rally in Vandalia, Ohio. "It discombobulates everybody," he said.
#House #Trump #saving #states
26 days ago
In a first for the Kennedy Center Honors, the annual event will not take place at the John F. Kennedy Memorial Center for the Performing Arts this year. Instead, the 49th Kennedy Center Honors will be held at Capital One Arena in downtown Washington, DC, a venue with a significantly larger capacity of 20,000. Deadline reports that the ceremony will happen off-site on December 7, with the event's broadcasting partner to be announced later, according to a center spokesperson. The venue change isn't especially surprising. The center has been the subject of dispute for the past couple of years thanks to self-appointed chairman Donald Trump, who threatened to demolish the building unless his name was added to the exterior. His name was added in December 2025, and the addition has been consistently challenged in court for legal reasons. After a judge ruled that he couldn't just slap his name on the front of it, the waterfront center's main building was abruptly closed to the public because of purported structural damage and safety concerns that prompted renovations.
At the 2025 event, which was hosted by Trump, George Strait, KISS, Michael Crawford, Gloria Gaynor, and Sylvester Stallone were honored for their lifetime achievements in the arts. The CBS broadcast of the awards hit an all-time low in ratings, according to TheWrap. The honorees for this year's Kennedy Center Honors haven't been announced yet. Maybe Tom Cruise, who reportedly declined the honor last year due to scheduling conflicts, might get a second chance this time.
#arts
At the 2025 event, which was hosted by Trump, George Strait, KISS, Michael Crawford, Gloria Gaynor, and Sylvester Stallone were honored for their lifetime achievements in the arts. The CBS broadcast of the awards hit an all-time low in ratings, according to TheWrap. The honorees for this year's Kennedy Center Honors haven't been announced yet. Maybe Tom Cruise, who reportedly declined the honor last year due to scheduling conflicts, might get a second chance this time.
#arts
1 month ago
On September 9, 2026, Independence Realty Trust, Inc. (NYSE:IRT) and Centerspace announced a definitive all-stock merger agreement. It creates a combined middle-market apartment REIT with a pro forma equity market capitalization of about $5.0 billion and a total enterprise value of approximately $8.1 billion, encompassing more than 44,000 units.
The combined company will retain the Independence Realty Trust name and NYSE ticker "IRT." IRT's Scott Schaeffer continues as Chairman and CEO. The management projects the deal will be roughly 5% accretive to 2027 Core FFO per share for shareholders of both companies.
The merger gives Independence Realty Trust, Inc. (NYSE:IRT) higher scale and significantly broader geographic diversification. The combined company will own 44,354 apartment units across 163 communities in 17 states, with 58% of pro forma NOI coming from Sunbelt markets, 27% from the Midwest, and 15% from the Mountain West. The overall footprint reduces reliance on any single regional apartment market while keeping substantial exposure to markets with strong population and employment growth.
IRT can apply its existing value-creation strategy across a much larger portfolio. Its value-add renovation program has delivered about a 16% historical return on investment. The firm expects to grow its Wi-Fi initiative and other technology and income-generating programs across Centerspace's properties. Management also expects approximately $24 million in annualized synergies. It supports roughly 5% accretion to 2027 Core FFO per share on a leverage-neutral basis.
The all-stock structure allows the companies to chase greater scale without adding acquisition debt. IRT and Centerspace expect the combined company to retain BBB/BBB investment-grade credit ratings and maintain a well-laddered debt maturity profile. Centerspace shareholders will receive IRT shares and own approximately 22% of the combined company. It gives them exposure to the larger platform. Management also expects the transaction to improve access to capital markets and reduce the combined firm's cost of capital over time.
#management
The combined company will retain the Independence Realty Trust name and NYSE ticker "IRT." IRT's Scott Schaeffer continues as Chairman and CEO. The management projects the deal will be roughly 5% accretive to 2027 Core FFO per share for shareholders of both companies.
The merger gives Independence Realty Trust, Inc. (NYSE:IRT) higher scale and significantly broader geographic diversification. The combined company will own 44,354 apartment units across 163 communities in 17 states, with 58% of pro forma NOI coming from Sunbelt markets, 27% from the Midwest, and 15% from the Mountain West. The overall footprint reduces reliance on any single regional apartment market while keeping substantial exposure to markets with strong population and employment growth.
IRT can apply its existing value-creation strategy across a much larger portfolio. Its value-add renovation program has delivered about a 16% historical return on investment. The firm expects to grow its Wi-Fi initiative and other technology and income-generating programs across Centerspace's properties. Management also expects approximately $24 million in annualized synergies. It supports roughly 5% accretion to 2027 Core FFO per share on a leverage-neutral basis.
The all-stock structure allows the companies to chase greater scale without adding acquisition debt. IRT and Centerspace expect the combined company to retain BBB/BBB investment-grade credit ratings and maintain a well-laddered debt maturity profile. Centerspace shareholders will receive IRT shares and own approximately 22% of the combined company. It gives them exposure to the larger platform. Management also expects the transaction to improve access to capital markets and reduce the combined firm's cost of capital over time.
#management
1 month ago
Americans have paid about $97 billion more for fuel since the Iran war started in late February, roughly $740 extra per household, according to CNN. President Trump says prices will come down after the midterms. The CEO of Chevron just said publicly he does not see how that happens quickly.
Mike Wirth, Chevron's chairman and chief executive, spoke at a University of Texas at Austin energy conference on September 11. He told the audience that the mechanisms that helped absorb the oil supply shock earlier in the conflict have largely been used up, and that prices are more likely to rise than fall over the next few months.
When the U.S.-Iran conflict began, the oil market had several ways to handle the disruption. Countries could release crude from strategic reserves. Commercial inventories could be drawn down. The U.S. eased restrictions on sanctioned crude stored on vessels at sea. Those measures helped limit the initial price spike.
"Those have largely now played out," Wirth said. The energy system no longer has the buffers it had when the war began.
The loss of flexibility became more acute after attacks knocked out a major Saudi crude pipeline that had been bypassing the Strait of Hormuz. That single disruption put an estimated 2.5 million barrels of oil per day in limbo, tightening a market that was already running short on supply.
#crude #prices #energy #conflict
Mike Wirth, Chevron's chairman and chief executive, spoke at a University of Texas at Austin energy conference on September 11. He told the audience that the mechanisms that helped absorb the oil supply shock earlier in the conflict have largely been used up, and that prices are more likely to rise than fall over the next few months.
When the U.S.-Iran conflict began, the oil market had several ways to handle the disruption. Countries could release crude from strategic reserves. Commercial inventories could be drawn down. The U.S. eased restrictions on sanctioned crude stored on vessels at sea. Those measures helped limit the initial price spike.
"Those have largely now played out," Wirth said. The energy system no longer has the buffers it had when the war began.
The loss of flexibility became more acute after attacks knocked out a major Saudi crude pipeline that had been bypassing the Strait of Hormuz. That single disruption put an estimated 2.5 million barrels of oil per day in limbo, tightening a market that was already running short on supply.
#crude #prices #energy #conflict
1 month ago
Morgan Stanley met privately with Gilead Sciences (GILD) leadership at its 2026 Global Healthcare Conference this month, and the feedback strengthened the bank's positive view on the stock.
Morgan Stanley's biopharma team hosted a meeting and a management dinner with Gilead Chairman and CEO Daniel O'Day and Chief Commercial and Corporate Affairs Officer Johanna Mercier. According to a Morgan Stanley research note shared with me, the discussion reinforced its Overweight rating on Gilead and singled out one franchise as the biggest reason to stay positive.
Gilead trades around $150.89, up about 24% year to date and roughly 111% over five years. That kind of run in a biotech stock usually needs a catalyst, and Morgan Stanley points to HIV prevention. The bigger question for investors now is whether the new HIV prevention business built around Yeztugo can keep growing at the pace of the last few quarters.
Terence Flynn, a Morgan Stanley equity **** yst who covers Gilead and other healthcare stocks has held an Overweight rating on the stock since January 2025.
According to the note, Gilead management described the company as being at "an important inflection point, supported by what it views as the most robust portfolio in the company's history," with no patent expiring until 2036.
#gilead #healthcare #management #note
Morgan Stanley's biopharma team hosted a meeting and a management dinner with Gilead Chairman and CEO Daniel O'Day and Chief Commercial and Corporate Affairs Officer Johanna Mercier. According to a Morgan Stanley research note shared with me, the discussion reinforced its Overweight rating on Gilead and singled out one franchise as the biggest reason to stay positive.
Gilead trades around $150.89, up about 24% year to date and roughly 111% over five years. That kind of run in a biotech stock usually needs a catalyst, and Morgan Stanley points to HIV prevention. The bigger question for investors now is whether the new HIV prevention business built around Yeztugo can keep growing at the pace of the last few quarters.
Terence Flynn, a Morgan Stanley equity **** yst who covers Gilead and other healthcare stocks has held an Overweight rating on the stock since January 2025.
According to the note, Gilead management described the company as being at "an important inflection point, supported by what it views as the most robust portfolio in the company's history," with no patent expiring until 2036.
#gilead #healthcare #management #note
1 month ago
NextEra Energy, Inc. (NYSE:NEE) announced on September 8 that it had secured a loan of up to $1.9 billion from the U.S. Department of Energy to support the restart of a shuttered nuclear power plant in Iowa. The Duane Arnold Energy Center ceased operations in 2020 after 45 years of service. The plant is now expected to resume operations in early 2029, pending regulatory approvals.
The federal funding is intended to help restore the facility and add reliable generation capacity as the US electricity demand soars to record levels amid the AI boom. To help meet the growing demand, President Trump is making efforts to accelerate the expansion of nuclear energy. He has signed an executive order to get 10 large conventional reactors under construction by 2030 and has also called for federal funding to support the restart of shuttered nuclear plants.
John Ketchum, Chairman, President, and CEO of NextEra Energy, commented:
"Restarting Duane Arnold is about delivering new power to meet new demand while generating billions of dollars in economic value for Iowans. Just as importantly, it shows how America can support rapid economic growth and rising electricity demand while helping keep power affordable for existing customers. By bringing new generation online to serve new demand, we can strengthen the grid, create hundreds of good-paying jobs and help ensure Iowa families and businesses are not asked to bear the costs of growth. We appreciate the Administration's leadership in advancing America's nuclear renaissance and share its commitment to an all-of-the-above energy strategy that expands supply, strengthens energy security and keeps America competitive."
Photo by Frédéric Paulussen on Unsplash
#duane #arnold
The federal funding is intended to help restore the facility and add reliable generation capacity as the US electricity demand soars to record levels amid the AI boom. To help meet the growing demand, President Trump is making efforts to accelerate the expansion of nuclear energy. He has signed an executive order to get 10 large conventional reactors under construction by 2030 and has also called for federal funding to support the restart of shuttered nuclear plants.
John Ketchum, Chairman, President, and CEO of NextEra Energy, commented:
"Restarting Duane Arnold is about delivering new power to meet new demand while generating billions of dollars in economic value for Iowans. Just as importantly, it shows how America can support rapid economic growth and rising electricity demand while helping keep power affordable for existing customers. By bringing new generation online to serve new demand, we can strengthen the grid, create hundreds of good-paying jobs and help ensure Iowa families and businesses are not asked to bear the costs of growth. We appreciate the Administration's leadership in advancing America's nuclear renaissance and share its commitment to an all-of-the-above energy strategy that expands supply, strengthens energy security and keeps America competitive."
Photo by Frédéric Paulussen on Unsplash
#duane #arnold
1 month ago
On September 14, NextEra Energy, Inc. (NYSE:NEE) and Dominion Energy, Inc. (NYSE:D) announced a "transformational" Virginia benefits package to address concerns regarding their proposed $66.8 billion merger. The Virginia supplier program, worth up to $1 billion annually for five years, will direct spending toward contractors, suppliers, and service providers in the state.
Additionally, the companies also proposed doubling residential bill credits to four years, protecting retail customers from grid costs tied to Northern Virginia's rapidly expanding AI data centers, and committing $100 million toward directly supporting workforce development in the Commonwealth. NextEra also stated that it plans to add 600 new energy jobs in Virginia, while expecting suppliers to create another 400 positions.
The updated package comes after the proposed merger attracted a great deal of political scrutiny due to the impact it can have on everyday consumers. Virginia Governor Abigail Spanberger also stated last month that she would formally intervene in the regulatory review to press for commitments on electric bill affordability, job protections, and clean-energy investments.
John Ketchum, Chairman, President, and CEO of NextEra Energy, commented:
"This is a Virginia-first package, and it starts with customers. We are proposing to double residential bill relief from two years to four years, along with expanded low-income financial ******* istance and long-term affordability benefits. We are also reaffirming our support for the State Corporation Commission, Governor and General ******* embly's efforts to protect residential and small business customers from costs ******* ociated with serving data centers. Just as important, this package would help Virginia build more of the clean energy and infrastructure it needs faster, so the Commonwealth can reduce its reliance on expensive imported power. And it would do that while positioning Virginia as a major energy leader, bringing NextEra Energy jobs, good-paying supplier jobs, workforce investment, economic development and national-scale energy technology and innovation to Virginia. This is the kind of customer-focused, job-creating package this combination makes possible."
#energy #years #Jobs
Additionally, the companies also proposed doubling residential bill credits to four years, protecting retail customers from grid costs tied to Northern Virginia's rapidly expanding AI data centers, and committing $100 million toward directly supporting workforce development in the Commonwealth. NextEra also stated that it plans to add 600 new energy jobs in Virginia, while expecting suppliers to create another 400 positions.
The updated package comes after the proposed merger attracted a great deal of political scrutiny due to the impact it can have on everyday consumers. Virginia Governor Abigail Spanberger also stated last month that she would formally intervene in the regulatory review to press for commitments on electric bill affordability, job protections, and clean-energy investments.
John Ketchum, Chairman, President, and CEO of NextEra Energy, commented:
"This is a Virginia-first package, and it starts with customers. We are proposing to double residential bill relief from two years to four years, along with expanded low-income financial ******* istance and long-term affordability benefits. We are also reaffirming our support for the State Corporation Commission, Governor and General ******* embly's efforts to protect residential and small business customers from costs ******* ociated with serving data centers. Just as important, this package would help Virginia build more of the clean energy and infrastructure it needs faster, so the Commonwealth can reduce its reliance on expensive imported power. And it would do that while positioning Virginia as a major energy leader, bringing NextEra Energy jobs, good-paying supplier jobs, workforce investment, economic development and national-scale energy technology and innovation to Virginia. This is the kind of customer-focused, job-creating package this combination makes possible."
#energy #years #Jobs
1 month ago
Warren Buffett propelled Berkshire Hathaway to six decades of market-beating returns, so it's no surprise that retail investors around the world look to him for advice. The billionaire aims to select quality companies when they're undervalued, then benefit over time as their earnings grow and the stock prices take off. Buffett has invested throughout market environments, from bull markets to bear markets, and has experienced market crashes -- and over time, he's scored a clear win by sticking to his investing principles.
Buffett no longer leads the investing decisions at Berkshire Hathaway -- he handed that role over to his hand-picked successor, Greg Abel, at the start of the year and just this week turned the chairman position over to his son, Howard Buffett. However, Warren Buffett, now chairman emeritus, has continued to speak publicly about investing. And we also may refer to his past words of advice, which continue to ring true today.
Missed AI's "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our ****** ysts, we're only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
In fact, one comment from Buffett looks particularly interesting right now, given certain elements of uncertainty that have weighed on the market recently, from higher inflation to worries about spending on artificial intelligence (AI). Buffett says many investors make this one mistake. Let's find out what it is and consider how to avoid this common -- and costly -- error.
Image source: The Motley Fool.
#investors #warren #missed
Buffett no longer leads the investing decisions at Berkshire Hathaway -- he handed that role over to his hand-picked successor, Greg Abel, at the start of the year and just this week turned the chairman position over to his son, Howard Buffett. However, Warren Buffett, now chairman emeritus, has continued to speak publicly about investing. And we also may refer to his past words of advice, which continue to ring true today.
Missed AI's "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our ****** ysts, we're only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
In fact, one comment from Buffett looks particularly interesting right now, given certain elements of uncertainty that have weighed on the market recently, from higher inflation to worries about spending on artificial intelligence (AI). Buffett says many investors make this one mistake. Let's find out what it is and consider how to avoid this common -- and costly -- error.
Image source: The Motley Fool.
#investors #warren #missed
1 month ago
California entrepreneur Eric Schiffer warned that the state's proposed billionaire wealth tax could drive some of its most successful business leaders out of California, predicting a "giant sucking sound" of entrepreneurs heading for the exits if voters approve the measure.
Schiffer, chairman of family office Patriarch and CEO of Reputation Management Consultants, told FOX Business he works with several billionaire clients, including some in California, and said many are unhappy about the proposal.
"I think the impact of this passing in California is a giant sucking sound of all of these entrepreneurs being sucked out of California because they're just not going to want to stay," Schiffer said.
"Why would anyone stay if they have spent their life building wealth that they were already taxed on?
Mark Cuban Tells Ro Khanna 'You Don't Understand Business,' Threatens Investment Shift Over Billionaire Tax
#california #billionaire
Schiffer, chairman of family office Patriarch and CEO of Reputation Management Consultants, told FOX Business he works with several billionaire clients, including some in California, and said many are unhappy about the proposal.
"I think the impact of this passing in California is a giant sucking sound of all of these entrepreneurs being sucked out of California because they're just not going to want to stay," Schiffer said.
"Why would anyone stay if they have spent their life building wealth that they were already taxed on?
Mark Cuban Tells Ro Khanna 'You Don't Understand Business,' Threatens Investment Shift Over Billionaire Tax
#california #billionaire
1 month ago
When President Donald Trump’s name was ordered removed from the Kennedy Center this spring, it seemed that an opening to move on from his reign over the performing arts center might have emerged.
“I have instructed the Department of Commerce to make all necessary arrangements with Congress to allow a full and complete transfer of this Institution, giving them the responsibility for its Operation, Maintenance, and Management,” the president wrote in a late-May Truth Social post, seemingly relinquishing the control he’d seized a year prior.
Speculation even bubbled up among some of the more than a dozen “ex-officio,” board members — who don’t get a vote but are not allied with Trump — over whether the former board chairman, billionaire philanthropist David Rubenstein, could be brought back to help restore the center’s fundraising and programming, two sources familiar with the matter told CNN. (CNN has asked Rubenstein for comment.)
But after Trump said he would remain chairman, “it kind of all squelched pretty quickly,” one of the sources said. The hope that his crusade to rename a monument dedicated to the memory of John F. Kennedy had ended turned out to be wishful thinking.
Instead, nine months from a cold December day when cranes first placed Trump’s name on the marble façade, the institution has been brought to the brink by the president still very much engaged in a fight: lights have been turned off inside, infrastructure is crumbling and protests swirl while legal battles mount.
#center
“I have instructed the Department of Commerce to make all necessary arrangements with Congress to allow a full and complete transfer of this Institution, giving them the responsibility for its Operation, Maintenance, and Management,” the president wrote in a late-May Truth Social post, seemingly relinquishing the control he’d seized a year prior.
Speculation even bubbled up among some of the more than a dozen “ex-officio,” board members — who don’t get a vote but are not allied with Trump — over whether the former board chairman, billionaire philanthropist David Rubenstein, could be brought back to help restore the center’s fundraising and programming, two sources familiar with the matter told CNN. (CNN has asked Rubenstein for comment.)
But after Trump said he would remain chairman, “it kind of all squelched pretty quickly,” one of the sources said. The hope that his crusade to rename a monument dedicated to the memory of John F. Kennedy had ended turned out to be wishful thinking.
Instead, nine months from a cold December day when cranes first placed Trump’s name on the marble façade, the institution has been brought to the brink by the president still very much engaged in a fight: lights have been turned off inside, infrastructure is crumbling and protests swirl while legal battles mount.
#center
1 month ago
Federal Reserve Chair Kevin Warsh has revealed himself. If not a card-carrying monetarist, he is at least a camp follower. This represents a dramatic change at the Fed, where the past Chairman Jerome Powell repeatedly rejected the basic tenets of monetarism.
This is a welcomed earthquake. After all, there are almost no monetarists left in the world (except for us, and we've been fighting a lonely rearguard action for over 40 years). The Federal Reserve has rejected monetarism consistently — and on the record — because it preferred other models for understanding the economy. In academia, monetarism has been out of fashion for decades. But by his own words, a monetarist is now leading the central bank.
Just what is monetarism? It's a doctrine which holds that money has a major influence on both the level of ***** et prices, economic activity, and the price level. Any discussion of national income determination must, therefore, center on the quantity of money and the banking system, since banks produce most of the money in modern economies. When it comes to monetary policy, its objectives are best met by targeting the rate of growth of the money supply.
Today, most economists pooh-pooh monetarism. Money and banking are nowhere to be found in their macroeconomic models, or their discourses about the course of ***** et prices, economic activity, and prices. Indeed, their forecasting exercises are typically based on elaborations of Keynesian income-expenditure models that exclude money and banking.
If that's not enough, we think that the Fed's backroom staff, mostly Keynesian-leaning Democrats, don't want alignment with a philosophy usually affiliated with Milton Friedman, but that's another story. Just look at what Joe Biden said in 2020 about how the dean of monetarism wasn't "running the show anymore."
#monetarist
This is a welcomed earthquake. After all, there are almost no monetarists left in the world (except for us, and we've been fighting a lonely rearguard action for over 40 years). The Federal Reserve has rejected monetarism consistently — and on the record — because it preferred other models for understanding the economy. In academia, monetarism has been out of fashion for decades. But by his own words, a monetarist is now leading the central bank.
Just what is monetarism? It's a doctrine which holds that money has a major influence on both the level of ***** et prices, economic activity, and the price level. Any discussion of national income determination must, therefore, center on the quantity of money and the banking system, since banks produce most of the money in modern economies. When it comes to monetary policy, its objectives are best met by targeting the rate of growth of the money supply.
Today, most economists pooh-pooh monetarism. Money and banking are nowhere to be found in their macroeconomic models, or their discourses about the course of ***** et prices, economic activity, and prices. Indeed, their forecasting exercises are typically based on elaborations of Keynesian income-expenditure models that exclude money and banking.
If that's not enough, we think that the Fed's backroom staff, mostly Keynesian-leaning Democrats, don't want alignment with a philosophy usually affiliated with Milton Friedman, but that's another story. Just look at what Joe Biden said in 2020 about how the dean of monetarism wasn't "running the show anymore."
#monetarist
1 month ago
By Exec-Edge Editorial Staff
Sir Lynton Crosby has spent four decades reading public opinion for people who couldn't afford to get it wrong — prime ministers, presidents, and the boards of some of the world's largest companies. As Executive Chairman of CT Group, the research and strategy firm he co-founded, Crosby has built one of the most quietly influential shops in political and corporate consulting, with offices across eight countries and a client roster that spans government, industry, and advocacy. In recent years, CT Group has turned its research apparatus toward a subject closer to home for the business community it serves: capitalism itself, and why the system's public standing hasn't kept pace with its performance. We spoke with Crosby about what the firm's research found, and what it means for how business leaders talk about the system they operate in.
Exec Edge: CT Group ran a large-scale study on public attitudes toward capitalism. What prompted that?
We had seen a number of signals that some of the trending narratives on how the public felt about the predominant economic system were misleading. But we don't operate on feelings, but instead we respond to data, so we tested it. There's a narrative that's taken hold since the financial crisis — that the public has simply given up on capitalism, that a decade of scandals and populist politics has turned the average voter against the system outright. We fielded a nationally representative survey of 3,000 people, backed by focus groups, to find out if that was actually true or if something more specific was going on. It turned out to be the latter.
Exec Edge: What did the research actually find?
#edge #Research #turned
Sir Lynton Crosby has spent four decades reading public opinion for people who couldn't afford to get it wrong — prime ministers, presidents, and the boards of some of the world's largest companies. As Executive Chairman of CT Group, the research and strategy firm he co-founded, Crosby has built one of the most quietly influential shops in political and corporate consulting, with offices across eight countries and a client roster that spans government, industry, and advocacy. In recent years, CT Group has turned its research apparatus toward a subject closer to home for the business community it serves: capitalism itself, and why the system's public standing hasn't kept pace with its performance. We spoke with Crosby about what the firm's research found, and what it means for how business leaders talk about the system they operate in.
Exec Edge: CT Group ran a large-scale study on public attitudes toward capitalism. What prompted that?
We had seen a number of signals that some of the trending narratives on how the public felt about the predominant economic system were misleading. But we don't operate on feelings, but instead we respond to data, so we tested it. There's a narrative that's taken hold since the financial crisis — that the public has simply given up on capitalism, that a decade of scandals and populist politics has turned the average voter against the system outright. We fielded a nationally representative survey of 3,000 people, backed by focus groups, to find out if that was actually true or if something more specific was going on. It turned out to be the latter.
Exec Edge: What did the research actually find?
#edge #Research #turned
1 month ago
Warren Buffett began buying shares of Berkshire Hathaway (NYSE:BRKA)(NYSE:BRKB) in 1962. He took complete control in 1965.
In the decades to come, Buffett led Berkshire on a truly historic run. The stock averaged 19.7% annual returns -- roughly double what the S&P 500 Index garnered over the same time period.
Missed AI's "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our ***** ysts, we're only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
At the end of last year, Buffett relinquished his role as CEO. Greg Abel took the reigns at the start of 2026. Now, Buffett is stepping down as Chairman of the board. Though, he is retaining a position as Director, as well as the ***** le of Chairman Emeritus.
"Father Time always wins," Buffett explained in a letter to investors. "He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead."
#chairman
In the decades to come, Buffett led Berkshire on a truly historic run. The stock averaged 19.7% annual returns -- roughly double what the S&P 500 Index garnered over the same time period.
Missed AI's "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our ***** ysts, we're only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
At the end of last year, Buffett relinquished his role as CEO. Greg Abel took the reigns at the start of 2026. Now, Buffett is stepping down as Chairman of the board. Though, he is retaining a position as Director, as well as the ***** le of Chairman Emeritus.
"Father Time always wins," Buffett explained in a letter to investors. "He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead."
#chairman
1 month ago
Kansas City Federal Reserve president Jeff Schmid said Friday that he supported the central bank's decision to raise interest rates this week and suggested that more rate hikes could be warranted, a view that was echoed by the rest of the central bank and Fed Chairman Kevin Warsh.
"The Fed has work to do on inflation, and this week's action was a step in that direction," Schmid said in a speech in Vail, Colo.
Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments
The Federal Open Market Committee voted on Wednesday in a unanimous decision to raise its benchmark interest rate to the range of 3.75% to 4% from 3.5% to 3.75%, the first rate hike since July 2023
Schmid noted that inflation has run above the central bank's 2% target for over five years, and the most recent price readings suggest a pace trending above 3%. Inflation has jumped this year as oil and overall energy prices have leapt higher amid the conflict with Iran. Even when stripping out energy and food prices, so-called "core" inflation has also been sticky.
#interest
"The Fed has work to do on inflation, and this week's action was a step in that direction," Schmid said in a speech in Vail, Colo.
Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments
The Federal Open Market Committee voted on Wednesday in a unanimous decision to raise its benchmark interest rate to the range of 3.75% to 4% from 3.5% to 3.75%, the first rate hike since July 2023
Schmid noted that inflation has run above the central bank's 2% target for over five years, and the most recent price readings suggest a pace trending above 3%. Inflation has jumped this year as oil and overall energy prices have leapt higher amid the conflict with Iran. Even when stripping out energy and food prices, so-called "core" inflation has also been sticky.
#interest
1 month ago
On September 15, Arthur J. Gallagher & Co. (NYSE:AJG) announced that it had bought McMillan Insurance & Bonding Inc., an Englewood, Colorado, firm that operates as Innovise Business Consultants. Gallagher did not say what it paid. On its own, the deal is a footnote. But it is one of many, and the way those deals show up in earnings is where the debate over this stock really lives.
On July 30, Gallagher reported results for the quarter ended June 30, and the top line was hard to argue with. Revenue from its combined Brokerage and Risk Management businesses grew 24%, and organic growth, which leaves out acquisitions, was 6%. That second number shows clients are staying and spending. It was not confined to one corner, either, since organic fees in the risk management arm rose 12%. Management adds that retention is strong and customers want broader help from the platform. Adjusted earnings per share climbed to $2.84 from $2.30, which means growth is reaching profit once one-time acquisition costs are set aside.
Innovise fits the pattern. It sells surety bonds and commercial insurance brokerage with a focus on manufacturing, energy, construction and real estate, and Chairman and CEO J. Patrick Gallagher, Jr. said that niche expertise adds depth in Colorado. Jason McMillan's team will move into Gallagher's Denver office and work under Bret VanderVoort, who oversees retail property/casualty brokerage for the Western Zone. Buying specialists and folding them into existing offices is a repeatable playbook, and Gallagher closed 14 brokerage acquisitions in the first six months of 2026.
Now look at reported earnings, because that is where you see the cost. Diluted earnings per share fell to $1.25, from $1.40 in the second quarter of 2025, even though revenue jumped. Much of the gap between reported and adjusted results is the price of buying growth. Amortization of acquired intangibles alone weighs on brokerage net earnings by $218 million, up from $130 million a year ago, and integration costs rose as well. Adjusted figures set those aside, but they are real expenses, and they keep landing as long as Gallagher keeps buying.
Margins tell a similar story. The brokerage segment's adjusted EBITDAC margin, a stand-in for operating profit, slipped to 33.3% from 36.1%. Gallagher points to last year's interest income on cash raised for the ***** uredPartners deal, which closed in the third quarter of 2025, plus seasonality and newly added tuck-ins. That is a fair explanation. But the debt behind the deal is still here, including $9.55 billion of public debt, plus more in private placements and on a credit line. And the deal flow is thinner: brokerage acquisitions closed in the first six months of 2026 carried $107 million of annualized revenue, versus $354 million a year earlier, which puts more weight on organic growth.
#Growth
On July 30, Gallagher reported results for the quarter ended June 30, and the top line was hard to argue with. Revenue from its combined Brokerage and Risk Management businesses grew 24%, and organic growth, which leaves out acquisitions, was 6%. That second number shows clients are staying and spending. It was not confined to one corner, either, since organic fees in the risk management arm rose 12%. Management adds that retention is strong and customers want broader help from the platform. Adjusted earnings per share climbed to $2.84 from $2.30, which means growth is reaching profit once one-time acquisition costs are set aside.
Innovise fits the pattern. It sells surety bonds and commercial insurance brokerage with a focus on manufacturing, energy, construction and real estate, and Chairman and CEO J. Patrick Gallagher, Jr. said that niche expertise adds depth in Colorado. Jason McMillan's team will move into Gallagher's Denver office and work under Bret VanderVoort, who oversees retail property/casualty brokerage for the Western Zone. Buying specialists and folding them into existing offices is a repeatable playbook, and Gallagher closed 14 brokerage acquisitions in the first six months of 2026.
Now look at reported earnings, because that is where you see the cost. Diluted earnings per share fell to $1.25, from $1.40 in the second quarter of 2025, even though revenue jumped. Much of the gap between reported and adjusted results is the price of buying growth. Amortization of acquired intangibles alone weighs on brokerage net earnings by $218 million, up from $130 million a year ago, and integration costs rose as well. Adjusted figures set those aside, but they are real expenses, and they keep landing as long as Gallagher keeps buying.
Margins tell a similar story. The brokerage segment's adjusted EBITDAC margin, a stand-in for operating profit, slipped to 33.3% from 36.1%. Gallagher points to last year's interest income on cash raised for the ***** uredPartners deal, which closed in the third quarter of 2025, plus seasonality and newly added tuck-ins. That is a fair explanation. But the debt behind the deal is still here, including $9.55 billion of public debt, plus more in private placements and on a credit line. And the deal flow is thinner: brokerage acquisitions closed in the first six months of 2026 carried $107 million of annualized revenue, versus $354 million a year earlier, which puts more weight on organic growth.
#Growth
1 month ago
Concerned about an AI bubble? Sign up for The Daily Upside for smart and actionable market news, built for investors.
The SEC isn't waiting for clarity with a capital C to give tokenized stocks the go-ahead.
On Thursday, Wall Street's watchdog issued a five-year order allowing trading venues to offer digital representations of company shares. The move ushers in a 24/7 type of trading that proponents say reduces counterparty risk through faster settlement. It also comes just days after the Senate blocked the Clarity Act, which would have provided a regulatory framework for cryptocurrency. The new rule is "designed to resolve challenges that have prevented responsible innovation from taking root in the United States while providing investor protections and market integrity standards," SEC Chairman Paul Atkins said.
The "Innovation Exemption," which has been in the works for more than a year, shows the SEC is willing to set rules that could push crypto-related offerings forward without lawmakers' buy-in at a time when investors are hungry for digital ****** ets and trading firms are eager to meet their demand. That's good news for Robinhood and Coinbase, which both offer tokenized stocks overseas and whose own stocks climbed 5% and 6% respectively on Thursday.
Sign up for The Daily Upside at no cost for premium ****** ysis on all your favorite stocks.
#upside #clarity #market
The SEC isn't waiting for clarity with a capital C to give tokenized stocks the go-ahead.
On Thursday, Wall Street's watchdog issued a five-year order allowing trading venues to offer digital representations of company shares. The move ushers in a 24/7 type of trading that proponents say reduces counterparty risk through faster settlement. It also comes just days after the Senate blocked the Clarity Act, which would have provided a regulatory framework for cryptocurrency. The new rule is "designed to resolve challenges that have prevented responsible innovation from taking root in the United States while providing investor protections and market integrity standards," SEC Chairman Paul Atkins said.
The "Innovation Exemption," which has been in the works for more than a year, shows the SEC is willing to set rules that could push crypto-related offerings forward without lawmakers' buy-in at a time when investors are hungry for digital ****** ets and trading firms are eager to meet their demand. That's good news for Robinhood and Coinbase, which both offer tokenized stocks overseas and whose own stocks climbed 5% and 6% respectively on Thursday.
Sign up for The Daily Upside at no cost for premium ****** ysis on all your favorite stocks.
#upside #clarity #market
1 month ago
Ecopetrol has named Carlos Augusto Suárez Rojas as chairman of its board of directors as Colombia's largest company refreshes the leadership overseeing its sprawling oil, gas and electricity businesses.
The board elected Suárez Rojas at a September 17 meeting, with Claudia Margarita Lafaurie Taboada appointed vice chair, Ecopetrol said.
Suárez Rojas replaces Luis Felipe Henao Cardona as chairman. Henao remains on the board and will chair Ecopetrol's Corporate Governance and Sustainability Committee.
The company also reorganized the membership and leadership of its six main board committees covering audit and risk, business strategy, corporate governance and sustainability, compensation and nominations, health and safety, and technology and innovation.
Ricardo Rodríguez Yee will chair the Audit and Risk Committee, while José Camilo Manzur Jattin will head the Business Committee. Suárez Rojas will also chair the Compensation, Nomination and Culture Committee.
#rojas #committee #board
The board elected Suárez Rojas at a September 17 meeting, with Claudia Margarita Lafaurie Taboada appointed vice chair, Ecopetrol said.
Suárez Rojas replaces Luis Felipe Henao Cardona as chairman. Henao remains on the board and will chair Ecopetrol's Corporate Governance and Sustainability Committee.
The company also reorganized the membership and leadership of its six main board committees covering audit and risk, business strategy, corporate governance and sustainability, compensation and nominations, health and safety, and technology and innovation.
Ricardo Rodríguez Yee will chair the Audit and Risk Committee, while José Camilo Manzur Jattin will head the Business Committee. Suárez Rojas will also chair the Compensation, Nomination and Culture Committee.
#rojas #committee #board
1 month ago
Most crypto wallets have functioned as a home for buying and selling speculative tokens. Caroline D. Pham, CEO of MoonPay Institutional and former acting chairman of the Commodity Futures Trading Commission (CFTC), thinks they are about to do something far more important for most investors.
"I do think that wallets are going to become the future, where you're going to have almost everything in your wallet," Pham said. "It's going to be your checking account, your savings account, your stablecoin wallet, your tokenized fund wallet. It's going to be your brokerage account."
Related: Duolingo beats Netflix by 80 spots in new power ranking
The first step came Sept. 17, when WisdomTree and MoonPay announced a collaboration to expand U.S. access to WTGXX, the WisdomTree Treasury Money Market Digital Fund, which holds short-term Treasuries.
WisdomTree said it is building an access point for its tokenized funds on MoonPay's technology, which reaches more than 35 million users. MoonPay also plans to use the fund in its stablecoin reserves.
#wisdomtree
"I do think that wallets are going to become the future, where you're going to have almost everything in your wallet," Pham said. "It's going to be your checking account, your savings account, your stablecoin wallet, your tokenized fund wallet. It's going to be your brokerage account."
Related: Duolingo beats Netflix by 80 spots in new power ranking
The first step came Sept. 17, when WisdomTree and MoonPay announced a collaboration to expand U.S. access to WTGXX, the WisdomTree Treasury Money Market Digital Fund, which holds short-term Treasuries.
WisdomTree said it is building an access point for its tokenized funds on MoonPay's technology, which reaches more than 35 million users. MoonPay also plans to use the fund in its stablecoin reserves.
#wisdomtree
1 month ago
US stocks rebounded on Thursday as oil prices edged lower and a Fed rate hike on Wednesday offered some relief that the central bank was working to contain inflation.
The Dow Jones Industrial Average (^DJI) rose 0.6%, while the S&P 500 (^GSPC) climbed 1.1%. The tech-heavy Nasdaq Composite (^IXIC) jumped 1.7%, rebounding from a post-Fed-hike slump on Wednesday.
Stocks recovered as investors **** sed Federal Reserve Chairman Kevin Warsh's hawkish rhetoric, which **** ysts said helped restore the Fed's credibility on inflation. On Wednesday, the Federal Reserve raised interest rates by 25 basis points for the first time in three years and projected one more rate hike this year.
The decision drew the ire of President Trump, who called for lower interest rates and said he had spoken with Warsh ahead of the FOMC meeting. "You might as well vote with the board because it's not going to matter," Trump said he told Warsh.
Oil prices, meanwhile, ticked lower as US Energy Secretary Chris Wright said Saudi Arabia's East-West pipeline, which has become a key alternative route for oil stuck in the Strait of Hormuz, would be restored soon. Brent crude (BZ=F), the global benchmark, changed hands at $104 per barrel.
#reserve #Trump
The Dow Jones Industrial Average (^DJI) rose 0.6%, while the S&P 500 (^GSPC) climbed 1.1%. The tech-heavy Nasdaq Composite (^IXIC) jumped 1.7%, rebounding from a post-Fed-hike slump on Wednesday.
Stocks recovered as investors **** sed Federal Reserve Chairman Kevin Warsh's hawkish rhetoric, which **** ysts said helped restore the Fed's credibility on inflation. On Wednesday, the Federal Reserve raised interest rates by 25 basis points for the first time in three years and projected one more rate hike this year.
The decision drew the ire of President Trump, who called for lower interest rates and said he had spoken with Warsh ahead of the FOMC meeting. "You might as well vote with the board because it's not going to matter," Trump said he told Warsh.
Oil prices, meanwhile, ticked lower as US Energy Secretary Chris Wright said Saudi Arabia's East-West pipeline, which has become a key alternative route for oil stuck in the Strait of Hormuz, would be restored soon. Brent crude (BZ=F), the global benchmark, changed hands at $104 per barrel.
#reserve #Trump
1 month ago
President Trump was photographed this week on board Air Force One examining a large poster with the words "Kennedy Center DEMOLISHED" printed above a rendering of a construction site, heightening concerns that his administration wants to raze Washington, D.C.'s iconic performing arts venue if his name is not added to its facade.
"I think that the Trump administration should certainly have recognition," the president told reporters before he boarded the plane Wednesday in North Carolina. "Because frankly, if we don't do that, it's going to close. It'll end up being ripped down."
Trump's comments and the photographs that followed are the latest developments in a convoluted saga that started when he dismissed the center's trustees in February 2025 — just days after returning to office — and replaced them with loyalists who elected him chairman.
Despite several legal setbacks, Trump's handpicked board has been pushing ever since to rename the John F. Kennedy Center for the Performing Arts, which was built as a "living memorial" to the slain 35th president, after the White House's current occupant.
The day before Trump was photographed with the "Kennedy Center DEMOLISHED" poster, his appointees voted to close the center's main building for renovations. Does this mean Trump will bulldoze the Kennedy Center if he doesn't get the "recognition" he wants? Here's what we know — and what we don't.
#performing
"I think that the Trump administration should certainly have recognition," the president told reporters before he boarded the plane Wednesday in North Carolina. "Because frankly, if we don't do that, it's going to close. It'll end up being ripped down."
Trump's comments and the photographs that followed are the latest developments in a convoluted saga that started when he dismissed the center's trustees in February 2025 — just days after returning to office — and replaced them with loyalists who elected him chairman.
Despite several legal setbacks, Trump's handpicked board has been pushing ever since to rename the John F. Kennedy Center for the Performing Arts, which was built as a "living memorial" to the slain 35th president, after the White House's current occupant.
The day before Trump was photographed with the "Kennedy Center DEMOLISHED" poster, his appointees voted to close the center's main building for renovations. Does this mean Trump will bulldoze the Kennedy Center if he doesn't get the "recognition" he wants? Here's what we know — and what we don't.
#performing
1 month ago
The final change of the guard at the storied Berkshire Hathaway (BRK-B).
Berkshire Hathaway said Friday that Warren Buffett, 96, will step down as chairman effective immediately. He will move to the chairman emeritus role.
In his place as chair will be his son Howard G. Buffett, as has been telegraphed would happen for years.
Board life will now look much different for Howard, who has a striking resemblance to his legendary investor dad.
And Howard Buffett knows the transition will change his life, which has long consisted of frequent world travel for philanthropic ventures alongside a daily routine of being a farmer who tills his own land.
#chairman #life #Friday #board
Berkshire Hathaway said Friday that Warren Buffett, 96, will step down as chairman effective immediately. He will move to the chairman emeritus role.
In his place as chair will be his son Howard G. Buffett, as has been telegraphed would happen for years.
Board life will now look much different for Howard, who has a striking resemblance to his legendary investor dad.
And Howard Buffett knows the transition will change his life, which has long consisted of frequent world travel for philanthropic ventures alongside a daily routine of being a farmer who tills his own land.
#chairman #life #Friday #board
