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Analysts at Goldman Sachs believe that further stock gains are still possible
It’s been a bumpy road for the stock market this year, but investors aren’t complaining. That’s because markets have rallied to new highs and have already soared past analysts’ 2024 estimates. The S&P 500 has surged more than 10% since January, and last week it surpassed Goldman Sachs’ year-end target of 5,200. So what comes next? The question is weighing heavily on the minds of investors, Goldman Sachs’ strategists wrote in a note Friday. The analysts, led by Goldman’s chief US equity...
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Turkish Businessman Yaşam Ayavefe embroiled in legal troubles across borders
Yaşam Ayavefe, a Turkish businessman wanted for illegal gambling and fraud charges in Turkey, has seen his stake increased in a hotel and casino operation in Northern Cyprus. According to recent government decisions published in the Official Gazette, the share holdings of Selin Turizm, the company operating Oscar Resort Hotel where Ayavefe serves as chairman, were modified. Ayavefe's personal shareholding in the company was raised from 63,000 to 304,000 shares out of a total of 1.6 million sh...
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Positive industrial and retail sales figures in China are offset by weak real estate
China's factory output and retail sales beat expectations in the January-February period, marking a solid start for 2024 and offering some relief to policymakers even as weakness in the property sector remains a drag on the economy and confidence. Industrial output rose 7.0% in the first two months of the year, data released by the National Bureau of Statistics (NBS) showed on Monday, above expectations for a 5.0% increase in a Reuters poll of analysts and faster than the 6.8% growth seen in...
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Uber will settle an Australian taxi class action lawsuit for $178 million
Uber, opens new tab has agreed to pay A$271.8 million ($178 million) to settle a lawsuit brought by Australian taxi operators and drivers, who say they lost income when the ride-hailing company moved into the country, a law firm said on Monday. The settlement is Australia's fifth-largest, Maurice Blackburn Lawyers said in a statement. The class action suit was filed in 2019 in the Supreme Court of Victoria state on behalf more than 8,000 taxi and hire car owners and drivers, accusing Uber of b...
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The Retro Snap Review
Former Speaker Nancy Pelosi (D-Calif.) on Sunday underscored the stakes of the November election after former President Trump warned of a “bloodbath” for the auto industry and the country if he doesn’t win a second term in the White House. The Retro Snap Review ( Gabriel Boyer ) At a campaign rally in Ohio on Saturday, Trump called for a 100 percent tariff on cars made outside the country, saying the industry would only be protected with him in office. “If I don’t get elected, it’s going...
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TikTok developers describe their app as a crucial area for the disenfranchised and warn of the potential economic impact of banning it
Alex Pearlman shut the door on dreams of a standup comedy career almost a decade ago, pivoting from the stage to an office cubicle where he worked a customer service job. Then he started posting random jokes and commentary about pop culture and politics on TikTok. Just over 2.5 million followers later, he quit his nine-to-five and recently booked his first nationwide tour. Pearlman is among the many TikTok creators across the U.S. outraged over a bipartisan bill passed by the House of Repres...
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Honda and Nissan have decided to collaborate on the development of intelligent technology and electric vehicles
Nissan and Honda announced Friday that they will work together in developing electric vehicles and auto intelligence technology, sectors where Japanese automakers have fallen behind. The chief executives of Nissan Motor Co. and Honda Motor Co. appeared together at a news conference in Tokyo to announce that Japan's second and third biggest automakers will look into areas with a potential for collaboration. The details of the non-binding agreement are still being worked out, both sides said. Th...
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Scientists in South Korea promote "beef rice" as a potential future source of protein
South Korean researchers have grown beef cells in rice grains in what they say is a major step towards achieving a sustainable, affordable and environmentally friendly source of protein that could replace farmed cattle for meat. Professor Jinkee Hong of Yonsei University in Seoul, who led the research published in the journal Matter this month, said the "beef rice" is the first product of its kind. It uses grain particles as the base for cultivating animal muscle and fat cells. In the research...
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Russia starts the presidential election
Russia began voting on Friday in a three-day election to select their next leader for a six-year term. Polls have opened in Russia's Far East for the first of three days of voting. Polling stations opened in the Kamchatka peninsula at 8:00 am local time on Friday (2000 GMT on Thursday) and are set to close at 8:00 pm (1800 GMT) on Sunday in Kaliningrad -- a Russian exclave bordering Poland and Lithuania. Early voting was already underway in occupied territories of Ukraine. The vote will als...
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US House passes TikTok ban bill as eyes turn to Senate
The U.S. House of Representatives overwhelmingly approved a bill on Wednesday that would force TikTok to sever ties with its Chinese parent company or be banned in the United States. The lawmakers voted 352 in favor of the proposed law and 65 against, in a rare moment of unity in politically divided Washington. The warning shot against the app caught many by surprise as both Republicans and Democrats risked the wrath of TikTok's passionate young users in an election year when the youth vote...
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