Author: starbpo

Elon Musk has said that two controversial plans are likely to be approved by shareholders. One would move Tesla to Texas, and the other would pay Musk $56 billion for his work as CEO. Musk wrote on X, which used to be Twitter, that both proposals were passing by large margins and included two charts that showed how many votes each had received so far. Thank you for your help!! It will end at 4:30 p.m. Central Daylight Time (5:30 p.m. ET) on Thursday. This is the same time zone that Tesla’s headquarters in Austin, Texas use. A few months…

At his press conference on Wednesday, Federal Reserve Chair Jerome Powell kept quiet. He had been hurt by too much optimism before. One person who used to work at the top of the Fed said Powell was “disciplined and vague” and “optimistic and cautious” during press conference. Ex-Fed official and founder of the research firm Macropolicy Perspectives Julia Coronado said in an interview, “I think we learned very little and that was the point.” Economists thought that two interest rate cuts this year were a sure thing after the May CPI data came in lower than expected. They were shocked…

Most businesses in Ukraine are still open almost two and a half years after Russia started its full-scale invasion of the country, according to research from the American Chamber of Commerce in Ukraine. The Ukraine Wartime Business Assessment Survey polled 111 CEOs and top managers from member companies of the Chamber. It was done in partnership with Citigroup Inc.’s C, +1.47% Citibank Ukraine. The number of fully operational businesses has gone up from 84% last year to 85% this year. 81% of the companies polled, though, said that their employees’ deployment had an effect on how well their business did.…

In the United States, being an entrepreneur is like a religion. That’s why President Joe Biden’s administration is making a big deal out of the fact that more new businesses are being started lately, right before the election in November. As of Wednesday, data showed that small business owners in the U.S. have officially applied to start 18.1 million new businesses since Biden took office in January 2021. The Census Bureau has been keeping track of this number since 2004 and that is the highest number for any similar time period. Isabel Guzman, who runs the Small Business Administration, told…

The numbers: The U.S. budget deficit has grown to $1.202 trillion, and the government is now two-thirds of the way through its current fiscal year. This is partly because interest payments on the national debt are going up. Wednesday, the Treasury Department said that the deficit for May was $347 billion, which is 44% more than the deficit for the same month last year. Treasury officials say that the increase was only 5% when you take into account the fact that some benefit payments were made earlier in May because June 1 was a holiday. The fiscal year for the…

FedEx Corp. said on Wednesday that it is cutting the number of workers in Europe by 1,700 to 2,000 in order to save money and earn up to $175 million a year. FedEx FDX, -0.51% said it expects the costs of legal and professional fees, as well as severance pay, to range from $250 million to $375 million. FedEx thought the steps to cut costs would save at least $125 million and possibly as much as $175 million a year starting in fiscal 2027. The money would mostly be saved in back-office and business functions. In Wednesday morning trades, FedEx’s…

An awful lot of people are still mad about the high prices, and a lot of them blame the government. That’s what a new working paper from the National Bureau of Economic Research called “People’s Understanding of Inflation” says. About 3,000 people were asked what they thought about the causes, effects, and consequences of a general price increase. People who answered the survey thought that government actions, especially spending on war and foreign aid, were the main cause of inflation. Problems with the supply chain and higher costs of production, such as those caused by the COVID-19 pandemic or changes…

Can a famous meat eater help the fake meat business get back on its feet? Some people are wondering this after hearing that Joey Chestnut, the hot dog eating champion who will always be linked to Nathan’s Famous’s annual July Fourth contest, has become a celebrity endorser for Impossible Foods, a company that makes plant-based hot dogs, hamburgers, and other foods. Chestnut, who has won the event at Nathan’s famous Coney Island location a record 16 times, has been kicked out of the competition by Major League Eating, a company that puts on eating contests all over the country. According…

GameStop Corp. said it raised about $2.14 billion by selling shares. The video game store and meme stock said it might use the money to buy other companies or merge with other companies. Before the market opened, shares of GameStop GME, +22.80% were down 0.7%. On Tuesday, the stock rose 22.8%, which was the biggest gain since June 6, when it rose 47.5%. GameStop said on its website on Tuesday that it had sold all 75 million shares that it had promised to sell on June 7, when it also reported earnings that showed a surprise drop in sales. Also…

On Wednesday, Nelson Peltz’s activist hedge fund Trian Partners confirmed that it had bought a “significant position” in the British pest control company Rentokil Initial. Shares of the company went up by as much as 16%. Trian Partners, an activist fund that Peltz started in 2005, told MarketWatch that it has bought a stake in Rentokil of an unknown size. This makes Trian Partners one of the ten biggest shareholders in Rentokil. Trian also confirms that it has contacted Rentokil to talk about ways to increase the value of its shares. Someone from the hedge fund added, “Trian is excited…