TJ Maxx parent says holiday shopping is off to a 'strong start,' but its guidance tells another storyTJX Cos. is continuing to grow sales as competitors like Target and Macy's struggle to win over shoppers.[Collection]
Delta CEO says Trump administration's approach to regulation could be 'breath of fresh air'Delta CEO Ed Bastian said the Trump administration could address governmental "overreach" in regulation.[Collection]
Cleveland launches formal bid for a WNBA teamThe Cavs said Thursday they and Rock Entertainment Group had formally submitted a proposal for a WNBA expansion team.[Collection]
The NHL has strict rules for how much teams can spend. Here's how it worksThe NHL is one of two of the big four North American sports leagues with a hard salary cap.[Collection]
COP29 Focus On Climate Migration as Hotter Planet Pushes Millions Out of Homes
BAKU, Nov 20 (IPS) - Migration is growing as the planet gets even hotter. Climate change is fuelling a migration crisis and millions of people in vulnerable nations are continually being uprooted from their homes. The climate and migration nexus are undeniable and the global community has turned to the Baku climate talks for urgent and sustainable solutions.
https://www.globalissues.org/news/2024/11/20/38346 [Collection]Saint Kitts and Nevis: Leading the Charge for Climate Justice, Renewable Energy
BAKU, Nov 20 (IPS) - At COP29, Saint Kitts and Nevis, the smallest independent nation in the Western Hemisphere, stands as a beacon of climate action and renewable energy ambition.
https://www.globalissues.org/news/2024/11/20/38341 [Collection]Comcast to spin off cable networks as subscribers flee the bundleComcast on Wednesday announced the spinoff of its cable networks, including CNBC, MSNBC and E!.[Collection]
Target shares plunge 20% after discounter cuts forecast, posts biggest earnings miss in two yearsTarget missed on earnings and revenue even as it cut prices on thousands of items, including milk, diapers and toys, to try to attract discerning shoppers.[Collection]
Mike Tyson, Jake Paul fight was the most-streamed sporting event ever, Netflix saysNetflix said 108 million global viewers tuned in for the fight between Tyson and Paul, a major test for the streamer in the live sports realm.[Collection]
NHL looks beyond U.S., Canada for league growthInternational expansion means more robust recruiting, a bigger audience and more revenue and sponsorship opportunities.[Collection]
Bitcoin ETF options go live in busy trading. Most bets are on gainsInvestors can now trade options for the first time ever in the biggest Bitcoin ETF, iShares Bitcoin Trust, which mature in mid December and January. The fund has been on a tear.
Investors are positioning themselves to benefit from a continued rally in the price of Bitcoin on the first day of options trading in the iShares Bitcoin Trust, the biggest exchange-traded fund focused on the cryptocurrency.
Around midday on Tuesday, about 100,000 options on the ETF, which trades with the ticker IBIT, had changed hands. Calls, giving holders the right to buy the fund at a set price, accounted for 85% of the volume.
The ETF, which totals more than $40 billion, was up 1.6% at $53 after hitting a new high earlier in the session. Bitcoin rose about 1.6% to $92,800. The IBIT ETF totals more than $40 billion.
BITCOIN ETF WHALE SOARS TO ALL-TIME HIGHS
The IBIT options, the first available on a Bitcoin ETF, mature in mid December and mid January. There have been some notable trades of 10,000 contracts in the January $53 calls, 15,000 contracts for the January $55 call, and 10,000 contracts in the December $65 calls.
Trading in IBIT is the 15th highest among all listed equity options, according to Chris Murphy, co-head of derivatives strategy at Susquehanna International Group.
TRUMP MEDIA IN TALKS TO BUY CRYPTO MARKETPLACE
There has been much more options trading in such stocks as Nvidia and Tesla, which are normally among the most actively traded option contracts. As of near midday, 1.7 million Nvidia contracts and 1.6 million Tesla contracts had changed hands.
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Write to Andrew Bary at andrew.bary@barrons.com
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https://www.foxbusiness.com/markets/bitcoin-etf-options-tradingTrump Media group reportedly in talks to buy crypto marketplace Bakkt as bitcoin approaches $100KPresident-elect Trump's social media company is reportedly in advanced talks to purchase cryptocurrency exchange Bakkt as digital assets continue to soar.
Trump Media and Technology Group (TMTG) is reportedly in advanced talks to purchase cryptocurrency exchange Bakkt at a time digital assets are soaring since President-elect Trump — majority shareholder of the social media company — secured a second term in the White House.
Citing two sources, the Financial Times reported Monday that TMTG, which operates Truth Social, is finalizing an all-share purchase of Bakkt, but details on a valuation were not clear.
Bakkt said Tuesday it was aware of "the rumors that appeared in the financial press regarding a potential transaction involving the company," but the company "does not comment on market rumors or speculation."
THE ‘NO. 1 POLICY’ INVESTORS WANT ACTION ON ASAP IS CRYPTO: MARKET EXPERT JAMES LUORIO
Shares of Bakkt, backed by NYSE-owner Intercontinental Exchange, which closed up 162.5% on Monday after FT's report, were up another 14.8% in premarket trading Tuesday.
TMTG shares, which closed up 16.7% on Monday, were down more than 7% in afternoon trading on Tuesday.
MARKET EXPERT SAYS NO TO BONDS BUT YES TO CRYPTO AS BITCOIN SOARS AFTER TRUMP'S WIN
A TMTG purchase of Bakkt would help consolidate Trump's involvement with an industry he championed in the run-up to the U.S. presidential election.
Bitcoin has skyrocketed over 32% since Nov. 5 to an all-time high of more than $93,000 as traders bet Trump's promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into bitcoin after a listless few months.
But the market gains go beyond bitcoin. The total cryptocurrency market value has soared to an all-time high of $3.16 trillion, according to CoinGecko. Open interest on derivatives exchanges is at a record high of over $102 billion, Coinglass data showed.
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Ethereum has jumped about 32% since the election, while the market value of decentralized finance-focused tokens touched a five-month high of $93 billion.
Trump previously launched a new crypto venture, World Liberty Financial.
Reuters contributed to this report.
https://www.foxbusiness.com/markets/trump-media-group-talks-buy-crypto-marketplace-bakkt-bitcoin-approaches-100kFuture of Children in 2050 Will Be Shaped Through Global Trends
NEW YORK, Nov 20 (IPS) - The future of childhood will be fundamentally shaped by the interventions taken in the present that can determine how children's rights are protected amid compounding issues. As a new report from UNICEF shows, global trends that are already influencing children's welfare and development will continue to shape them and be a further reflection of overall global development.
https://www.globalissues.org/news/2024/11/20/38344 [Collection]Women in Africa are Better Off Today but Gender Equality Remains Out of Reach
ADDIS ABABA, Ethiopia, Nov 20 (IPS) - Today, women in Africa generally have better access to education, healthcare, and opportunities than ever before. Yet, as they step into the world, a gap between them and their male counterparts persists, a reminder that gender equality remains out of reach.
https://www.globalissues.org/news/2024/11/20/38345 [Collection]CNBC's Official NHL Team Valuations 2024: Here's how the 32 franchises stack upThe average NHL team is worth $1.92 billion, and recent transactions are commanding revenue multiples that rival deals done in the MLB.[Collection]
Disney debuts its latest cruise ship, Treasure, as part of a plan to double its fleet by 2031The Disney Treasure will make its maiden voyage in December, officially becoming the sixth ship in the company's cruise line.[Collection]
Baksheesh, Kisses and Cabbies in Beautiful Baku
BAKU, Nov 20 (IPS) - The cab driver, identified as Akad, growled, "Cash, cash," as we boarded our booked app-based taxi. I show him my phone, where the app clearly points to the payment confirmation. "No, no! Cash, cash!"
Read the full story, “Baksheesh, Kisses and Cabbies in Beautiful Baku”, on globalissues.org →
https://www.globalissues.org/news/2024/11/20/38342 [Collection]One in Three Women Experiences Gender-based Violence
UNITED NATIONS, Nov 20 (IPS) - Every year, the 16 Days of Activism against Gender-Based Violence (GBV) campaign led by UN Women serves as a powerful reminder of the widespread violence women and girls face worldwide.
Read the full story, “One in Three Women Experiences Gender-based Violence”, on globalissues.org →
https://www.globalissues.org/news/2024/11/20/38343 [Collection]Comcast will announce the spinoff of cable networks Wednesday, sources sayComcast is planning to announce the spinoff of its cable networks, including CNBC, MSNBC and E!, on Wednesday, according to a source familiar with the matter.[Collection]
Kim Kardashian experiences Tesla's robot, cybercab firsthandBusinesswoman and reality TV star Kim Kardashian recently got to experience some of Tesla’s upcoming technology — the Optimus robot and Cybercab robotaxi — firsthand.
Kim Kardashian recently got to experience some of Tesla’s upcoming technology firsthand.
The businesswoman and reality TV star on Monday afternoon posted video of her talking to one of Tesla’s humanoid Optimus robots, writing, "Meet my new friend."
In the video, the white Optimus robot stood in a grassy area while Kardashian was off screen. It offered her a wave when she said hello to it.
Kardashian formed the shape of half a heart with one of her hands, and the robot did the other half with its own, the video showed.
KIM KARDASHIAN'S SKIMS INTRODUCES LINE FOR MEN
"You know how to do that?" she reacted.
Kardashian sounded amused when the Optimus robot then made running gestures with its arms.
It also moved its arms like waves, prompting her to say, "Oh, you are Hawaiian."
The video, which had racked up 8.1 million views as of Tuesday afternoon, was reposted on X by billionaire Tesla CEO Elon Musk. He also replied to it with a sunglasses-wearing emoji.
Other footage posted Monday evening by Kardashian captured an Optimus robot sitting in the driver’s seat of an open Cybercab.
"Hey guys, my ride is here, the new Tesla Cybercabs," she said in the second video, before acknowledging the robot — this one gold — with a "Hi, sir."
She panned the camera to the wheels of the Cybercab.
"Oh my god, look at these rims," she said.
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The video was captioned, "Optimus is here to take [me] for a ride in the Cybercab."
Both the Cybercab and Optimus are technology that Tesla has been developing.
Musk introduced the world to two versions of Tesla’s Robotaxi vehicles — the Cybercab sedan and the larger "Robovan" — last month during an event called "We, Robot."
Later in October, while speaking on Tesla’s third quarter earnings call, Musk guessed the steering wheel-free Cybercab would be "reaching volume production in ‘26."
"We’re aiming for at least 2 million units a year of Cybercab," he said. "That’ll be in more than one factory, but I think it’s at least 2 million units a year, maybe 4 million ultimately."
MUSK UNVEILS ROBOTAXI, UNSUPERVISED FULL SELF-DRIVING FUTURE: ‘THAT’S WHAT WE WANT'
Meanwhile, Musk has been bullish about the potential of Optimus.
He said in October that he believes the Tesla robot "has a good chance of being the most valuable product ever made."
His company has been leaning more and more into autonomous technology, including for its Tesla vehicles and Optimus.
Tesla’s current lineup of electric vehicles includes the Model S, Model 3, Model X, Model Y and Cybertruck. It also makes an electric semi truck.
https://www.foxbusiness.com/technology/kim-kardashian-experiences-tesla-robot-cybercab-firsthandDelta passengers get stuck trying to leave airport loungeA Delta Air Lines passenger aired their frustrations on Reddit, claiming they had to wait between 15 to 20 minutes just to leave one of the carrier's airport lounges in Atlanta.
A Delta passenger was outraged after allegedly facing a long line when attempting to leave one of their carrier's airport lounges in Atlanta.
The passenger claimed on a Reddit thread, "Line to leave T-terminal Sky Club in ATL," that it was taking upward of 20 minutes to leave the Sky Club at the Hartsfield-Jackson Atlanta International Airport.
"We as a human race have lost our way," the user wrote alongside an image showing the string of individuals allegedly attempting to leave the lounge.
DELTA CEO SAYS AIRLINE WILL MODIFY SKYMILES CHANGES: 'PROBABLY WENT TOO FAR'
"Absolutely insane. No stair access as it’s only allowed for emergencies. Apparently city won’t let them add another set of stairs or elevator," the user continued.
Delta Air Lines told FOX Business that its T Concourse Delta Sky Club may have exit wait times due to limited access points in the lounge.
DELTA AIR LINES RESTRICTS ACCESS TO AIRPORT LOUNGES, CHANGES RULES TO EARN ELITE STATUS
"During peak periods, our lounge attendants work diligently to assist customers and advise on departure times," Delta said. "We apologize for the inconvenience and thank our Sky Club guests for their patience."
Delta has been working on adjusting access to its lounges after facing issues with overcrowding. In recent years, the carrier has seen strong demand for its lounges, prompting the company to reassess its loyalty program last year.
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The company made it harder to gain entry into its Sky Club and earn elite frequent flyer status, but CEO Ed Bastian walked back some of the proposed changes after backlash from customers.
"It’s been a challenge to balance the growth of our membership with our need to deliver premium service experiences," Bastian said in October 2023. "We made some difficult program decisions to address this issue and ensure we are delivering elevated service to our Members. But your response made clear that the changes did not fully reflect the loyalty you have demonstrated to Delta."
At the beginning of the year, Delta announced new premium options, aiming to enhance the benefits for its most loyal customers and maintain its competitive edge.
https://www.foxbusiness.com/lifestyle/delta-passengers-get-stuck-trying-leave-airport-loungeBlackstone buys Jersey Mike's sandwich chainAsset management firm Blackstone will become the majority owner of sandwich chain Jersey Mike’s in a deal that values the company at a reported $8 billion.
Blackstone announced Tuesday it will acquire sandwich chain Jersey Mike's Subs.
The asset management firm said the majority ownership stake will be purchased by its "most recent flagship private equity vehicle" and other funds it manages.
Blackstone aims to complete the purchase early next year.
Reuters reported that the deal values the company at around $8 billion, including debt.
SUBWAY AGREES TO SALE TO ROARK CAPITAL, ENDING NEARLY 6 DECADES OF FAMILY OWNERSHIP
Blackstone said in a press release that the partnership is intended to "help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market, as well as its continued investment in technology and digital transformation."
Blackstone’s private equity strategy for individual investors will also be involved in the deal for the sandwich chain, according to the asset management firm.
"We believe we are still in the early innings of Jersey Mike’s growth story and that Blackstone is the right partner to help us reach even greater heights," Jersey Mike's CEO Peter Cancro said in a statement.
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Cancro will continue leading the sandwich chain and will keep a "significant equity stake," according to Blackstone.
Jersey Mike's, known for its submarine sandwiches, traces its roots to 1956, when Cancro started working at the company's Point Pleasant, New Jersey, location, which was founded as Mike’s Subs.
Cancro acquired the location in 1975 and began franchising sites in 1987. Today, Jersey Mike’s footprint spans over 2,800 sandwich shops, with nearly 300 others "coming soon," according to the company's website.
Some recent franchise investments that Blackstone has made include Tropical Smoothie Cafe and 7 Brew Coffee.
"Blackstone has deep experience helping accelerate the expansion of high-growth franchise businesses, and this area is one of our highest-conviction investment themes," Peter Wallace, Blackstone's senior managing director, said in a statement.
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Other firms have also made moves in the space. One of Jersey Mike’s competitors, Subway, was bought by Roark Capital in a deal that closed earlier this year.
For traditional Jersey Mike’s locations, the average unit volume is $1.3 million, according to the chain’s website.
Reuters contributed to this report
https://www.foxbusiness.com/markets/blackstone-buys-jersey-mikes-sandwich-chainTrump nominates Howard Lutnick as commerce secretaryPresident-elect Trump nominated Cantor Fitzgerald CEO Howard Lutnick to serve as commerce secretary, a source familiar with the process confirmed to Fox News Digital.
President-elect Donald Trump on Tuesday nominated Cantor Fitzgerald CEO Howard Lutnick to serve as commerce secretary.
Lutnick, 63, has served as the co-chair of Trump's transition team and was a key fundraiser for Trump's 2020 and 2024 campaigns. Billionaire and Trump backer Elon Musk endorsed Lutnick for Treasury secretary.
A source familiar with the selection process said that it's a free for all for Treasury secretary and that there's a mad dash to find someone pro-tariff to lead the Treasury with Lutnick being tapped to lead the Commerce Department. They added that Lutnick was offered an ambassadorship but declined that offer.
"I am thrilled to announce that Howard Lutnick, Chairman & CEO of Cantor Fitzgerald, will join my Administration as the United States Secretary of Commerce," Trump said in a statement. "He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative."
TRUMP'S TREASURY SECRETARY PICK: WHO ARE THE CONTENDERS?
"In his role as Co-Chair of the Trump-Vance Transition Team, Howard has created the most sophisticated process and system to assist us in creating the greatest Administration America has ever seen," Trump's statement added.
The statement from the Trump-Vance transition team noted that Lutnick has been a "dynamic force on Wall Street for more than 30 years," and joined Cantor Fitzgerald in 1983 before becoming the firm's president and CEO at the age of 29.
The firm lost 658 of its 960 New York-based employees in the September 11 terror attacks on the World Trade Center, including Lutnick's brother and best friend. In the wake of that tragedy, Lutnick helped rebuild the firm to "honor those lost, support their families, and become a beacon of hope for those who remained," the statement said.
Howard Lutnick and the Cantor Fitzgerald Relief Fund donated $180 million to 9/11 families and has given more than $100 million to other philanthropic endeavors, including victims of terrorism, natural disasters and other emergencies around the world.
TRUMP'S ENERGY ‘DREAM TEAM’: CHRIS WRIGHT AND DOUG BURGUM'S POTENTIAL TO-DO LIST
The Commerce Department plays a key role in regulating international trade with the U.S. as well as promoting economic growth domestically.
There are several notable bureaus within the Commerce Department, including the Census Bureau, the Bureau of Economic Analysis and the Bureau of Industry and Security, which works on issues related to national security and sensitive technologies by enforcing export controls and promoting the health of the U.S. defense industrial base.
The National Oceanographic and Atmospheric Administration (NOAA) and the National Institute of Standards and Technology (NIST) are also subagencies of the Commerce Department. NOAA provides weather forecasting services and plays a role in monitoring fisheries as well as coastal and maritime commerce. The NIST develops technological standards that are used in the development of a variety of products, such as computer chips, electronic health records and the power grid.
The Patent and Trademark Office is also part of the Commerce Department and plays a key role in regulating intellectual property rights.
During Trump's first term, Wilbur Ross served as commerce secretary for nearly the entire four-year administration. Ross was confirmed to the role in late February 2017 and remained until the Biden administration took office.
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Lutnick's nomination is expected to be considered by the Senate after the new session of Congress begins on January 3, 2025.
The Senate is likely to hold committee hearings prior to Trump taking office on Inauguration Day, and it's possible that some Cabinet nominees may be confirmed that day or shortly thereafter.
https://www.foxbusiness.com/politics/politics-trump-nominates-howard-lutnick-commerce-secretaryStuart Varney: Biden's Ukraine decision puts Trump in a tough spotFOX Business' Stuart Varney reacted to President Biden giving Ukraine's military the green light to use American-made missiles inside Russian territory.
During his "My Take," Tuesday, "Varney & Co." host Stuart Varney reacted to President Biden authorizing Ukraine's military to use American-made missiles inside Russian territory, a move that pushed Vladimir Putin to respond and "rattle his nukes."
STUART VARNEY: Presidential decisions have consequences. Even after losing, Joe Biden will stay in office for nearly three months.
He can and will keep making decisions with great consequences.
UKRAINE FIRES FIRST BARRAGE OF US-MADE LONG-RANGE MISSILES INTO RUSSIA, KREMLIN SAYS
Over the weekend, he authorized Ukraine to use American-made missiles to attack deep inside Russia.
Now look what's happened. Last night, some of those missiles were fired into Russia.
Immediately, Putin responded. He revised the rules for using nukes. He has lowered the threshold for first use. This is an escalation.
The trouble is, Biden is not in good shape. His continuing decline is gaining speed. He missed a photo op with world leaders.
BIDEN AWKWARDLY STANDS IN BACK OF APEC PHOTO WITH CHINA'S XI JINPING FRONT AND CENTER
Reporters eventually found him behind a palm tree. He just doesn’t appear to know what's going on.
Putin knows his weakness. So he takes advantage and rattles his nukes.
Donald Trump can't reverse the missile decision. He's not the president yet. Putin is exploiting America's dilemma.
We have an infirm president, in the twilight of his term in office, making it difficult for his successor.
You have to ask. Is Biden making these decisions? Is he competent to make these decisions?
TRUMP ALLIES WARN BIDEN IS RISKING ‘WORLD WAR III’ BY AUTHORIZING LONG-RANGE MISSILES FOR UKRAINE
But it’s done. The missiles have been used. Putin has escalated and President Biden, with only days left in the Oval Office, has made it difficult for his successor.
It really should not be like this in a peaceful, orderly transition.
https://www.foxbusiness.com/media/stuart-varney-bidens-ukraine-decision-puts-trump-tough-spotClif Bar $12M settlement: How to file a claim for compensationConsumers impacted by the $12 million settlement with the Clif Bar & Company still have time to file and potentially receive a cash payment from the protein bar company.
Certain Clif Bar customers now have until next year to file a claim to receive a cash payment as part of a $12 million settlement with the protein bar company.
The United States District Court for the Northern District of California extended the claim deadline for customers who purchased Clif Bars or Clif Kid ZBars between April 2014 and March 2023 to February 2025.
Last week, a proposed settlement was reached with Clif Bar & Company over a lawsuit that alleged that the protein bar company misled consumers with labels on its Clif Bars and ZBars, making the products seem healthier than they were. The suit alleged that the products were unhealthy due to the added sugar content.
MCDONALD'S SPENDS $100 MILLION IN TRUST-BUILDING EFFORT AFTER E COLI OUTBREAK
The suit cited examples, saying the original Clif Bars' labeling or packaging bears the phrase "Nutrition for Sustained Energy" and Clif Kid ZBars' packaging bears claims such as "No High Fructose Corn Syrup" and "Nourishing Kids in Motion."
However, the company denied any wrongdoing. It also maintains that its products are not unhealthy because of the added sugar content and that the statements on its Clif Bars’ and ZBars’ labeling are true and not misleading.
The payouts will range between $5 and $50.
Customers who are eligible to receive payments in California and New York must have purchased the products between April 19, 2014 and March 31, 2023. Customers outside those two states qualify if they purchased the products between March 31, 2019 to March 31, 2023.
KRAFT HEINZ MUST FACE LAWSUIT OVER MAC & CHEESE LABELS, JUDGE RULES
In order to get the payment, claims must be submitted online or by mail. They must be submitted or postmarked no later than Feb. 1, 2025.
Customers had up until the end of October to tell the court why they believed the proposed settlement was unfair, unreasonable or inadequate.
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They also had up until the end of October to ask to be excluded, which meant that they would not be bound by what the court did in this case and will keep any right they have to sue Clif Bar & Company separately about the same legal claims in this lawsuit.
https://www.foxbusiness.com/lifestyle/clif-bar-12m-settlement-how-file-claim-compensationTrump to attend Space X launch with Elon Musk in Texas: reportsPresident-elect Donald Trump is to accompany Elon Musk to watch a SpaceX launch in person from Texas on Tuesday, according to reports.
President-elect Donald Trump is reportedly expected to join Elon Musk in Texas on Tuesday to watch a SpaceX launch.
Reuters reported about the potential visit on Monday, noting that the Federal Aviation Administration issued "Temporary flight restrictions for VIP Movement" over Brownsville, Texas.
Over that same timeframe, flight restrictions are to be temporarily lifted over Trump's property in Palm Beach, Florida.
Politico also reported on Monday that Trump could join Musk in person for the launch on Tuesday, citing a source familiar with the president-elect's plans.
Musk, who founded SpaceX in 2002, became Trump's top donor during the 2024 election. He officially endorsed Trump over the summer, when the 45th and soon-to-be 47th president survived the first assassination attempt on his life, and proceeded to join the campaign trail, most notably in the key battleground state of Pennsylvania.
The tech billionaire has been spending time with Trump's inner circle at Mar-a-Lago and traveled with the president-elect to Washington, D.C., last week, and to New York City over the weekend. Musk appeared ring-side with Trump, Kid Rock and others to watch a UFC event at Madison Square Garden.
Alongside Vivek Ramaswamy, Musk will co-head the new Department of Government Efficiency to slash wasteful government spending during Trump's second term.
Over the weekend, Musk advocated for Trump transition co-chair Howard Lutnick to be named Treasury secretary. He suggested in a post on X that Scott Bessent, who previously worked as chief investment officer for Soros Fund Management, would be a status quo pick.
Musk had also endorsed Sen. Rick Scott, R-Fla., for Senate majority leader, but Republicans in the upper chamber ultimately elected Sen. John Thune, R-S.D., last week.
On the campaign trail and afterward, Trump has championed Musk's SpaceX for providing Starlink internet service for free for those impacted by Hurricane Helene.
"He is a special guy," Trump said of Musk on Election Night. "He's a super genius. We have to protect our geniuses. We don't have that many of them. We have to protect our super geniuses."
SpaceX's Starship rocket is scheduled to launch its sixth test flight to space just before sunset Tuesday evening.
Musk eventually intends to use the Starship rocket system to send humans and cargo to Mars.
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Under its Artemis program, NASA also intends to use Starship to land humans on the moon this decade, according to Reuters.
Fox News' Emma Colton contributed to this report.
https://www.foxbusiness.com/politics/trump-attend-space-x-launch-elon-musk-texas-reportsWalmart raises outlook as consumers spend more on nonessentials, order more deliveriesWalmart, a key indicator of U.S. consumer sentiment, surpassed Wall Street expectations and raised its full year outlook as more shoppers bought discretionary items.
Walmart, on Tuesday, raised its outlook for the year after benefiting from increased spending on nonessential items and an uptick in pick-up and delivery orders.
The company – the largest U.S. retailer and a key indicator of U.S. consumer sentiment – forecast net sales to grow between 4.8% and 5.1%, up from its prior forecast of 3.75% to 4.75% sales growth.
It also continues to get a significant boost from higher earners.
"We had a strong quarter, continuing our momentum," Walmart CEO Doug McMillon said in the company's earnings release. "In the U.S., in-store volumes grew, pickup from store grew faster, and delivery from store grew even faster than that."
WALMART LAUNCHES NATIONWIDE SAME-DAY PRESCRIPTION DELIVERY
The company reported that its third-quarter revenue climbed more than 5% from the prior quarter to $169.6 billion, beating Wall Street's estimate of $167.72 billion. Adjusted earnings per share also beat Wall Street estimates by 5 cents.
In the three-month period that ended Oct. 31, sales at U.S. stores jumped 5.3% due to "strength across merchandise categories and physical and digital channels," Walmart reported.
The increase in discretionary spending marks a reversal of the trend seen in recent years, when inflation squeezed household budgets and forced many shoppers to focus on essential items.
SAM'S CLUB SEES BOOST IN PREMIUM MEMBERSHIPS AS IT KEYS IN ON TECH INNOVATION
For the prior three-month period, U.S. transactions grew 3.1%, and the average ticket increased by 2.1% year over year, according to Walmart. The company said its also gaining more shoppers, primarily from upper-income households.
E-commerce sales rose 22% in the U.S., led in part by store-fulfilled pickup and delivery.
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Telsey Advisory Group Senior Managing Director Joe Feldman projected earlier this month that consumers during the holiday season would be "likely to remain resilient and selective with how they spend, including a gradual shift back toward discretionary product."
However, the National Retail Federation (NRF), the largest retail trade group in the U.S., reported a modest growth in holiday shopping.
The NRF projected that total spending throughout November and December will grow between 2.5% and 3.5% over 2023 to between $979.5 billion and $989 billion.
https://www.foxbusiness.com/lifestyle/walmart-raises-outlook-consumers-spend-more-nonessentials-order-more-deliveriesSpaceX completes sixth Starship flight, splashes down both booster and spacecraftSpaceX launched its sixth Starship test flight to date on Tuesday.[Collection]
Walmart hikes its outlook again as shoppers spend more outside the grocery aislesThe discounter will deliver its latest sales results as inflation cools and the holiday season heats up.[Collection]
Mike Tyson, Jake Paul fight was the most-streamed sporting event ever, Netflix saysNetflix said 108 million global viewers tuned in for the fight between Tyson and Paul, a major test for the streamer in the live sports realm.[Collection]
Lowe's beats on earnings and hikes guidance, but still expects sales to fall this yearLowe's topped quarterly earnings and revenue estimates, but even its raised sales outlook would be a decline from last year.[Collection]
Boeing to lay off roughly 2,200 Washington workers 5 days before ChristmasBoeing workers across the U.S. are learning about a round of layoffs, with most workers impacted currently working in the state of Washington.
Boeing is set to lay off 2,199 workers in the state of Washington just days before Christmas, and workers in other states will be impacted, as well.
The aviation company notified the state of Washington of the cuts, set to happen on Dec. 20, according to FOX 13 Seattle. Another 220 people will lose their jobs in South Carolina, Reuters reported. The two states are where Boeing builds commercial airliners.
The layoffs are part of the debt-heavy U.S. planemaker's plan to cut 17,000 jobs, or 10% of its global workforce, according to a union official and federally required filings posted on Monday.
Boeing employees in Oregon and Missouri are also set to be impacted, according to Reuters, although the exact number was not shared.
BOEING ISSUES LAYOFF NOTICES AS AEROSPACE GIANT CUTS 17,000 JOBS
The aerospace giant started telling affected U.S. workers on Wednesday that they will stay on Boeing's payroll until Jan. 17 to comply with federal requirements to notify employees at least 60 days prior to ending their employment.
The notices come as Boeing tries to restart production of its strongest-selling 737 MAX, after a weekslong strike by more than 33,000 U.S. West Coast workers halted output of most of its commercial jets.
BOEING DOOR PLUG HEARINGS PUT EMBATTLED PLANEMAKER UNDER NTSB SCRUTINY
"As previously announced, we are adjusting our workforce levels to align with our financial reality and a more focused set of priorities. We are committed to ensuring our employees have support during this challenging time," a statement from Boeing to FOX Business said.
Boeing said, "eligible employees will receive severance pay, career transition services, and subsidized health care benefits up to 3 months after exiting the company."
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Boeing shares gained 2.6% to close at $143.87 on Monday.
Boeing is based in Arlington, Virginia. The company has lurched from crisis to crisis this year, kicking off on Jan. 5 when a door panel blew off a 737 Max jet in midair. Since then, its CEO departed, its production has slowed as regulators investigated its safety culture and its largest union kicked off a strike on Sept. 13 that ended on Nov. 5.
FOX Business' Sarah Rumpf-Whitten, Daniella Genovese, Jasmine Baehr and Reuters contributed to this report.
https://www.foxbusiness.com/economy/boeing-lay-offroughly-2200-washington-workers-5-days-before-christmasInflation may not be tamed. How commodities can protect your portfolioLess than 0.5% of the $50T+ market value of the S&P 500 are devoted to commodities. There's an argument that number should be higher, especially after President-elect Donald Trump's historic win.
It may be time to scoop up commodities, as higher inflation potentially looms under a Trump administration and the out-of-favor asset class underperforms stocks for a second year.
The Bloomberg Commodity Index, a leading gauge, is down 2% this year against the 25% gain in the S&P 500 index. That comes after a 13% drop in 2023, when the equity benchmark returned 26%.
Most retail investors have little or no direct exposure to commodities, even as so-called alternatives like private equity, real estate, and private credit prove increasingly popular with wealthy individuals. A Goldman Sachs survey of family offices—ultrahigh-net-worth families that manage their own money—found that they had just a 1% allocation to commodities, against 26% for private equity.
It’s estimated that $250 billion in various strategies, including mutual funds and exchange-traded funds, are devoted to commodities, less than 0.5% of the $50-trillion-plus market value of the S&P 500.
But there are reasons to believe that commodities could perform better in the future, particularly if Donald Trump follows through on election promises regarding tariffs, which could spur higher prices.
BITCOIN WHALE ETF SOARS AS CRYPTO RACES
"Commodities are an inflation hedge and a diversification tool," says Kathy Kriskey, the commodities strategist at Invesco. "We could be entering an inflationary period, and commodities are the most efficient hedge against inflation."
Kriskey doesn’t have to be right about inflation for commodities to be worth owning—that’s the point of a hedge. A 5% allocation, her recommended amount, could have helped in years like 2022, when the S&P 500 was down 19% and the Bloomberg Commodity Index rose 14%. Rather than a standard 60-40 mix of stocks and bonds, a 60-35-5 portfolio that includes commodities could be a good approach in the coming years.
GOLD ETFS ARE FINALLY JOINING THE PARTY
Many investors play commodities through resource producers, mainly energy stocks, but there also is a role for direct commodity exposure. It has been far better, for instance, to buy gold or gold ETFs like SPDR Gold Trust in the past five years than leading miners Barrick Gold and Newmont.
Investors can play commodities through broad ETFs or mutual funds. One benefit of the funds is that they can offer yields of 2% to 4% if they buy futures on margin and then invest the balance in short-term Treasuries or other bonds. The margin requirement can be just 10%, leaving 90% to be invested.
THE LATEST ON ETFS: FOXBUSINESS.COM
The largest ETF is the $4.4 billion Invesco Optimum Yield Diversified Strategy No K-1. As its name suggests, this ETF produces an annual 1099 tax form, like a typical mutual fund, and not a K-1. Many investors dislike K-1s because they can cause delays and additional expenses in preparing taxes. The Invesco DB Commodity Index Tracking ETF produces a K-1.
Different funds and ETFs track different commodity indexes, which have varying exposure to individual commodities. The Pimco CommodityRealReturn Strategy mutual fund tracks the Bloomberg Commodity Index and allocates roughly a third each to energy, agriculture, and metals. The iShares S&P GSCI Commodity Indexed-Trust ETF and the two Invesco commodity ETFs track indexes that are more than 50% energy, reflecting its status as the largest commodity class based on annual sales.
Some of the knocks on commodities are volatility and their poor showing relative to stocks, though gold has topped the S&P 500 return over the past 25 years. The commodity outlook is also clouded by the prospect of Trump tariffs next year that could depress overseas economies.
A lot of bad news, though, may already be factored into commodity markets. Benchmark U.S. oil prices are down 4% this year to under $70 a barrel, and natural gas is down 30% to less than $3 per thousand cubic feet. U.S. gas is one of the cheapest energy sources in the world.
FED CHAIR POWELL NOT GOING ANYWHERE EVEN IF TRUMP HAS ANOTHER IDEA
Greg Sharenow, a co-manager of the Pimco fund, says China’s economic troubles have weighed on commodities, including oil. He senses an opportunity with investors "pricing in a low probability" that China succeeds in boosting its economy.
And for all of the excitement about copper as a "green metal" with growing use in electric cars and renewable energy, it is barely higher this year at just over $4 a pound. That could provide a good entry point for copper, particularly if China, the world’s largest consumer of the metal, continues to stimulate its economy.
Silver remains a key metal for renewable energy as a component in solar panels, and the total amount of silver mined is about $30 billion annually, about a tenth the value of gold mined each year.
Corn and wheat prices are near multiyear lows and close to their cost of production, suggesting that the downside is limited. Corn is trading at just over $4 a bushel and wheat at $5.50 a bushel, roughly half of their 2022 peaks. Jake Hanley, a senior portfolio strategist at Teucrium, which manages ETFs with direct exposure to various grains, says the wheat outlook could be best among the grains because the world has consumed more wheat than it has produced for four of the past five years. And despite the impact of global warming, there hasn’t been a drought-depressed grain harvest in the Midwest for more than a decade. If one comes in 2025, grain prices could rise sharply. The Teucrium Corn and Teucrium Wheat ETFs trade near 52-week lows.
Gold, silver, and many commodities have come under pressure since the election due in part to higher interest rates. The Bloomberg index is down 3% since Trump’s win. Timing is important with commodity investing, and this looks like a good entry point for investors.
It may be time for commodities to shine.
Write to Andrew Bary at andrew.bary@barrons.com
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https://www.foxbusiness.com/markets/inflation-may-not-tamed-how-commodities-can-protect-your-portfolioTrump's energy 'dream team': Chris Wright and Doug Burgum's potential to-do listPresident-elect Trump has tapped Liberty Energy CEO Chris Wright and North Dakota Gov. Doug Burgum as energy czars for his second term in the White House.
President-elect Trump has tapped two energy czars to oversee the expansion of American energy in his second term, and the industry has already handed the incoming administration and Congress a wish list of what they would like to see as the top priorities of leadership's agenda.
On Friday, the incoming commander-in-chief announced in a press release that North Dakota Gov. Doug Burgum will not only be his nominee for Secretary of the Department of Interior, but will head up a new National Energy Council, which "which will consist of all Departments and Agencies involved in the permitting, production, generation, distribution, regulation, transportation, of ALL forms of American Energy."
Then on Saturday, Trump named Liberty Energy founder and CEO Chris Wright as his pick to lead the Department of Energy, noting that Wright will also serve on the National Energy Council.
ENERGY HAS BECOME ‘MORE EXPENSIVE THAN IT NEEDS TO BE,’ SAYS FORMER TRUMP ENERGY HEAD
"He has worked in Nuclear, Solar, Geothermal, and Oil and Gas," Trump's statement said. "Most significantly, Chris was one of the pioneers who helped launch the American Shale Revolution that fueled American Energy Independence, and transformed the Global Energy Markets and Geopolitics."
In reaction to the selections, American Conservation Coalition (ACC) President Christopher Barnard said the combination of Burgum and Wright "is literally the dream team."
Trump made energy independence and bolstering oil and gas production a cornerstone of his campaign. While on the campaign trail, he pledged to expand fracking and lift a pause on liquefied natural gas exports, a sharp contrast from the Biden administration.
TESLA STOCK JUMPS ON REPORT TRUMP PLANS TO EASE REGULATIONS AROUND SELF-DRIVING CARS
The president-elect has also vowed to use his second White House term to exit the Paris climate accord again, undo strict emissions standards for vehicles and power plants and bolster production of U.S. oil and gas, including through fracking.
Those planks on his energy platform appear to align well with the priorities of the American Petroleum Institute, which released a policy roadmap in an open letter to the incoming president and Congress last week, listing top priorities to address in 2025 and beyond aimed at securing American energy leadership.
While Trump's freshly-minted energy nominees have not yet released their to-do lists, API President & CEO Mike Sommers told FOX Business there are specific actions the administration can take to right the ship in Trump’s second term.
"As Governor of a top production state, Doug Burgum has demonstrated a keen understanding of the importance of harnessing America’s energy advantage," Sommers said. "We look forward to working with him once confirmed to implement a pro-American approach to federal energy leasing, starting with developing a new five-year offshore leasing program and removing barriers to onshore leasing to fully leverage our nation’s natural resources."
Sommers said API also looks forward to working with Wright, once he is confirmed, "to bolster American geopolitical strength by lifting DOE’s pause on LNG export permits and ensuring the open access of American energy for our allies around the world."
API’s 5-point policy plan outlines the industry's priorities for the administration and Republican-controlled House and Senate, including:
Protecting consumer choice
HOW TRUMP'S RETURN TO THE WHITE HOUSE COULD IMPACT THE AUTO INDUSTRY
Bolstering America’s geopolitical strength
Leveraging our natural resources
Reforming our permitting system
Advancing sensible tax policy
Phil Flynn, an energy market analyst and FOX Business contributor, says the most important thing is that the Trump administration "bring back sanity" to U.S. energy policy that was, in his view, lacking under the Bidena administration, saying that clarity and vision is what the U.S. oil and gas industry crave.
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He agrees with several points of API's propriety list, and added, "We need to send a message that the Trump administration will not favor one energy source over another, but encourage all forms of energy produced in a clean and efficient way."
FOX News' Emma Colton and Andrea Margolis contributed to this report.
https://www.foxbusiness.com/politics/trumps-energy-team-chris-wright-doug-burgum-top-to-do-listBozeman, Montana home to a booming real estate marketNestled among the mountains in southwestern Montana is Bozeman. The fast-growing city is home to a dynamic real estate market.
Nestled among the mountains in southwestern Montana is the small city of Bozeman.
It has experienced a boom in recent years, with an influx of people moving there.
More than 58,000 people now live in Bozeman, according to the U.S. Census Bureau. Gallatin County, where the city is located, has over 126,000 residents.
Bozeman is also home to a dynamic and lively real estate market.
"Obviously we’ve seen nationally a shift in the real estate market since 2023. I think that, just as you’ve probably heard in other markets, we saw less buyers in the last two years, primarily due to interest rates and also people waiting to see what was happening with the election and understanding their confidence in economics and the future of the country, so I think that affected us as well, but I would say absolutely" it is booming, The Agency Bozeman and The Agency Big Sky Managing Partner Joy Vance told FOX Business.
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"There’s certain parts of the market that we saw take a back seat, but then other parts of the market we saw still record-breaking prices," she said.
The city’s downtown has been "record-setting," according to Vance. She also said that for single-family homes in Bozeman priced over $2-3 million, "we’re still not seeing homes sit on the market for very long," getting purchased in less than 30 days.
Single-family homes and residences that fall within the high-end market have been "in the highest demand and with the lowest inventory," per Vance. She also said luxury homes in Bozeman have been one of the strongest markets in the area.
Meanwhile, the condo market "has been lagging" some and "anything sub-jumbo rate has taken a back seat," she explained. First-time home buyers "are facing limitations in the area due to the median sales price being above [$750,000] and interest rates causing high monthly payments," according to Vance.
Bozeman’s median home price is $761,000, The Agency reported. The value of homes in the area have risen over 59% over the past five years, per Zillow.
The city is located about 30 miles from Big Sky, where the private Yellowstone Club resort can be found and many big names have homes.
Bozeman has "seen the effects of that type of wealth come into the area," according to Vance.
THIS IS THE BEST TIME TO BUY A HOME ACCORDING TO EXPERTS
"There’s only around 4,000 people that live in Big Sky year long, and there’s restaurants there that still have shoulder seasons. And so people will come to Big Sky and ski or come in the summer, and they fall in love and they buy a home, and then after a year, they’re going, ‘I can’t go to the same 10 restaurants," so they’ll come to Bozeman," she said. "Bozeman is a thriving small community, but we’ve got great restaurants, we’ve got entertainment, and so we’re seeing people who own homes in Big Sky then want to purchase a home, like a condo downtown, so that they don’t have to drive the canyon at night after they’ve had dinner and possibly a glass of wine."
"We’re seeing second homes as a result in Bozeman, but I also think that it’s putting Bozeman on the map."
The city is "very sought after" thanks to the lifestyle and quality of life that people get living in the area, Vance said, noting it attracts a "very healthy, active type of person" and a "lot of entrepreneurs."
The area offers an abundance of outdoor recreational activities such as hiking, skiing, biking and fishing. Other aspects like its safety, expanding airport, schools and health care have also drawn people to Bozeman, per Vance.
The lifestyle is "a bit slower paced" but is "attracting some of the amenities that you would get in more urban areas but we still have a small town feel," Vance said.
"People are hearing about it, and once they come here, we see a lot of people who own second, third, fourth homes that are looking in Bozeman because of the lifestyle," she added.
Bozeman’s population jumped nearly 43% between 2010 and 2020, according to the Census Bureau. It also posted a 7% increase from April 2020 to July 2023.
"I think the challenge that any community that goes through rapid growth faces is affordable housing, and that is clearly a topic of conversation for our community," Vance said. "We’re definitely talking about it, and we’re trying to find solutions."
She thinks Bozeman’s real estate market will have a "busy year" come 2025 if interest rates come down.
"I don’t see a surge in prices. We did a course correction over the last year and a half, and it was minor," she said. "We’re going to see probably a lot of sellers put their house on the market in February, March and April that have been holding not because, one, interest rates – they had low interest rates, most of the homeowners – and waiting to see what would happen with the election … and I do think that buyer demand is going to be dramatically different."
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An October report from Mortgage Bankers Association suggested 30-year fixed rate mortgages would become 6.3% in the final quarter of this year and continue to trend down over 2025, hitting 5.9% by the third and fourth quarters next year.
https://www.foxbusiness.com/real-estate/bozeman-montana-home-booming-real-estate-marketCVS, UnitedHealth, Cigna sue to block FTC case over insulin pricesThe complaint is the latest move in a bitter legal fight between the U.S.'s three largest so-called pharmacy benefit managers, or PBMs, and the FTC.[Collection]
Stellantis delays Ram electric pickup truck until 2025Stellantis is delaying the launch of its Ram electric pickup truck from this year until the first half of 2025.[Collection]
Growing number of shoppers facing fraud: what to knowA growing number of shoppers are facing fraud. That issue is many of them aren't recognizing the types of fraud that exist today, according to a recent report from AARP.
A growing number of shoppers are falling victim to some type of fraud, from package theft to identify theft. It highlights how creative criminals are getting as they seek out victims, especially around the holidays.
AARP Fraud Watch NetworkTM report, highlighting the ways criminals are targeting consumers this holiday season, found that 82% of shoppers have been exposed to some type of fraud this year.
Criminals are becoming increasingly creative, moving beyond simple package theft. The issue is that many consumers are unaware of the different scams they may encounter as well as what red flags to look for.
For instance, 64% of respondents said they didn't realize that online retailers wouldn't ask for personal login information to provide them with customer support, according to the survey.
As 2024 holiday shopping continues, Kathy Stokes, Director of Fraud Prevention at AARP Fraud Watch Network, told FOX Business that consumers need to be cautious of emails, texts and ads on social media of great deals on popular items.
"It’s best to shop with a trusted retailer and to go to their website or use the app to make purchases. Don’t click on links because you could be sent to a fake site where their goal is to steal payment information. Or worse, it could place credential-stealing malicious software on your device and use the information to take over accounts, including financial accounts," Stokes said.
AI-ASSISTED FRAUD SCHEMES COULD COST TAXPAYERS $1 TRILLION IN JUST 1 YEAR, EXPERT SAYS
This year, nearly half of those surveyed, 44%, purchased something through an online ad on social media in the past 12 months, compared to 38% in 2023, according to the survey. About 35% of shoppers experienced fraud when making a purchase from an online ad.
At the same time, knowledge of safe online shopping practices regarding online ads dropped significantly this year, with almost half of those surveyed saying they believed ads for merchandise on social media online are trustworthy or were unsure, according to the survey.
However, more than half of those surveyed, around 56%, also reported receiving a notification from someone claiming to be from USPS, FedEx, or UPS and notifying them about a shipment problem which ended up being fraudulent.
That's nearly double the number of people, 29%, that experienced this type of fraud in 2022. It's also a significant uptick from the 53% that came across this fraud in 2023.
About one quarter of adults have either been given or received a gift card with no balance at some point, the survey found.
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The safest way to shop online this holiday season is with a credit card, according to AARP. While two-thirds of people plan to use a credit card this shopping season, about 70% plan to still use their debit card.
Debit cards have the same protections as credit cards. However, the money is taken directly from the victim's bank account and "resolution is a longer process than is the case with credit cards."
Meanwhile, just over 30% are planning to use peer-to-peer payment apps, according to the survey. Many respondents also didn't realize that peer-to-peer payment apps like CashApp or Venmo offer limited or no fraud protection.
https://www.foxbusiness.com/lifestyle/growing-number-shoppers-facing-fraud-what-knowJustice Department to ask judge to force Google to sell Chrome browser: reportsThe Department of Justice is reportedly planning to ask a judge to force Alphabet-owned Google to sell its web browser, Chrome, because of its apparent monopoly on internet searches.
The Department of Justice (DOJ) is expected to request a judge to force Alphabet’s Google to sell its Chrome internet browser, which the DOJ claims has been used to maintain an illegal monopoly on online searches, according to reports.
A federal judge ruled in August that Google had built an illegal monopoly over internet searches, more than 90% of which are processed through the search engine giant.
Bloomberg News reported on Monday that not only will the DOJ ask the judge who ruled against Google for illegally monopolizing the search market to require measures related to artificial intelligence and its Android smartphone operating system, but it will also ask a judge to force the internet giant to sell off its popular Chrome internet browser.
"The DOJ continues to push a radical agenda that goes far beyond the legal issues in this case," Lee-Anne Mulholland, vice president of Google Regulatory Affairs, said in a statement to FOX Business on Monday. "The government putting its thumb on the scale in these ways would harm consumers, developers and American technological leadership at precisely the moment it is most needed."
DOJ CONSIDERS GOOGLE BREAKUP AFTER INTERNET SEARCH MONOPOLY RULING
The DOJ did not respond to FOX Business’s request for comment on the matter.
If successful, the move would likely be one of the most aggressive moves by the Biden administration against what it alleges are Big Tech monopolies.
Still, President-elect Donald Trump may have the biggest impact on the case. Trump initially said he would prosecute Google for what he perceived was bias against him, about two months before the presidential election. He changed his tune about a month later, questioning whether it was a good idea to break up the company.
GOOGLE FACES ANOTHER DOJ ANTITRUST LAWSUIT OVER ALLEGED AD-TECH MONOPOLY
Once U.S. District Judge Amit Mehta makes a final ruling, which Reuters reported could be by August 2025, Google plans to file an appeal.
The DOJ's proposed remedies could have a significant impact on how Americans find information on the internet while shrinking Google's revenues and giving its competitors an opportunity to grow.
In October, the DOJ said that to address the monopoly it may ask the court to require Google to divest its Chrome browser and its Android operating system.
It also may request the court to stop Google's payments to have its search engine preinstalled or set as the default on new devices or require it to share search data with other competing providers.
GOOGLE ANTITRUST RULING MAY POSE A $20 BILLION RISK FOR APPLE
Prosecutors also signaled they will look to prevent Google from dominating the growing field of artificial intelligence (AI), potentially barring Google from entering into agreements that limit its AI rivals' access to content and allowing websites to opt out of Google using their content to train AI models.
Google has made annual payments to Apple and other device manufacturers to ensure its search engine is the default on smartphones and web browsers to preserve its market share. In 2021, Google made $26.3 billion in such payments.
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Google also warned that splitting Chrome and Android from Google "would break them" because Google currently offers them and their code for free on an open-source basis.
FOX Business’ Eric Revell contributed to this report.
https://www.foxbusiness.com/technology/justice-department-ask-judge-force-google-sell-chrome-browser-reportsWalmart may have to raise some prices if Trump tariffs take effect, CFO saysThe discounter's comments are the latest warning from retail leaders about the potential impact of the tariffs.[Collection]
RFK Jr. is Trump's pick to lead HHS — here's what he could do with that powerTrump's selection is sounding the alarm in the public health community and leaving the biotech and pharmaceutical industries cautious of changes to come.[Collection]
LARRY KUDLOW: Trump's victory is a historic celebrationFOX Business host Larry Kudlow explains why President-elect Trump's political comeback is a historic victory on "Kudlow."
The Trump victory dance shows no sign of letting up and that's the subject of the riff. One of the most remarkable parts of Donald Trump's landslide victory is that eleven days later his victory lap continues, in what must be a historic celebration.
Mr. Trump himself continues what is now known as the "Trump dance" – here he is boogying at the Mar-a-Lago AFPI gala this past Thursday night – check it out. We've seen this Trump dance before – and he did it again Saturday night at his hero's welcome at the Madison Square Garden, for the UFC championship fight, where it was pure bedlam as he got a continuous standing ovation, as he and his entourage came into the arena – take a listen!
Then, you see him embracing Joe Rogan, whose 35 million listeners and viewers contributed to Mr. Trump's victory. Also, please notice boxing champ Jon Jones also doing the Trump dance, and giving the president-elect his championship belt. Oh, and now, NFL players are doing the Trump dance in the end zone – wow.
FED'S FAVORED INFLATION GAUGE SHOWED PRICE GROWTH CONTINUED TO SLOW IN SEPTEMBER
The country is in a joyous mood. Voters want Trump to succeed. They yearn for a new golden age. Mr. Trump is not the first president elect to have a victory celebration – but I think he's the first to go eleven days, and still counting.
I think he's the first to have football players do a presidential dance in his honor in the end zone. Let's focus in for a moment on the UFC boxing championship at MSG. This was a hero's welcome by and large by young people.
In today's Wall Street Journal, Patrick Ruffini talks about the young leaving the Democratic Party and going to Mr. Trump's new Republican Party. In 2008, President Obama won the 18-29 year olds by 34 points. Those same voters – who are now roughly 30-44 years old – went for Kamala Harris by only 3 points. Among today's 18-29 year olds, Ms. Harris had only a 4-point edge.
The numbers change, but the Trump working-class landslide included Blacks, Hispanics, Asians, unions, as well as the young – moving from Democrat Kamala to Republican Trump.
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They all want economic growth, a closed border, and an America they can be proud of. Ruffini calls the new Trump coalition "aspirational." I completely agree and, during this eleven-day Trump victory lap, he has managed to appoint 28 Cabinet and other senior positions to staff his administration.
As Newt Gingrich writes, this is the most reform-oriented Cabinet in history. Promises made, promises kept. Success is the best way to end the divisions and unify the country. A new golden age. You don't get a nationally joyous victory celebration like Mr. Trump's – unless the country is truly rooting for you. That's the riff.
This article is adapted from Larry Kudlow’s opening commentary on the Nov. 18, 2024, edition of "Kudlow."
https://www.foxbusiness.com/media/larry-kudlow-trumps-victory-historic-celebrationTrump's Treasury secretary pick: Who are the contenders?President-elect Trump is reviewing candidates for the Treasury secretary role, with the list of contenders getting broader after Elon Musk offered an endorsement and shook up the race.
President-elect Trump is continuing to announce new appointments to his Cabinet and other executive branch positions following his electoral victory nearly two weeks ago, though the Treasury secretary position remains unfilled.
FOX Business Network senior correspondent Charles Gasparino reported Monday, citing two sources with direct knowledge of the matter, that Trump's transition team has "greatly expanded" its search for the Treasury secretary nominee. Gasparino said that one source told him that the transition team is "calling everybody" and that while a dark horse could emerge, former Federal Reserve governor Kevin Warsh appears to be the current leader.
Last week, Key Square Group founder and CEO Scott Bessent was viewed as the frontrunner for the role and had a sizable lead over other contenders in betting markets. However, Elon Musk's subsequent endorsement of Cantor Fitzgerald CEO Howard Lutnick over the weekend and criticism of Bessent as a "business-as-usual choice" contributed to shaking up the race.
The race is continuing to evolve on Monday, as Gasparino reported that Trump's team has reached out to BlackRock CEO Larry Fink along with an unnamed senior BlackRock executive to get insights on their search for the Treasury secretary, though he noted that Fink won't be a candidate for the nomination.
As of Monday afternoon, Kalshi's prediction market for the Treasury secretary nomination has Warsh as the frontrunner with a 44% chance of securing confirmation in the role, ahead of Bessent's 23% and Lutnick's 21%. Billionaire Marc Rowan's chances have declined from 15% to 2%, while Sen. Bill Hagerty, R-Tenn., has a 4% chance.
Polymarket's odds have Warsh with a 40% probability, with Lutnick near 26%, Bessent at 19% and Rowan at 10%.
Here's a look at some of the leading contenders still in the hunt for the Treasury secretary role:
Warsh, 54, served as a member of the Federal Reserve's Board of Governors from 2006 to 2011 after he was initially appointed by President George W. Bush and renominated by President Obama.
At the time he joined the central bank, Warsh was the youngest-ever Federal Reserve governor. During the financial crisis of 2007-2008, he was one of the Fed's main emissaries to Wall Street as well as foreign governments and political leaders.
Warsh is currently a distinguished visiting fellow at Stanford University' Hoover Institution and lectures at the Stanford Graduate School of Business, and he is also a member of the panel of economic advisers that aids the nonpartisan Congressional Budget Office.
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Rowan, 62, is the billionaire co-founder and CEO of asset management firm Apollo Global Management. He said at a recent investment conference that Elon Musk's role leading the Department of Government Efficiency (DOGE) represents a much-needed "wholesale change" to the way the government operates, which he views as necessary to stabilizing the federal government's finances.
"Our financial situation is fixable. It is fixable in a way that is positive for the base that the president-elect has said that he wants to help. But it is not fixable by small amounts of tinkering. It is about wholesale change," Rowan explained.
Rowan was an outspoken critic of the anti-Israel protest movement that emerged following Hamas' terror attack on Israel in 2023. An alumnus of the University of Pennsylvania, he called for donors to "close their checkbooks" to the school and urged the resignation of UPenn leaders over what he viewed as their failure to sufficiently condemn antisemitic events on campus.
CEO MARC ROWAN CALLS ON UPENN LEADERS TO RESIGN, ALUMS TO HALT DONATIONS OVER ALLEGED ANTISEMITISM
Lutnick, 63, is a billionaire who works as the chairman and CEO of investment banking firm Cantor Fitzgerald, is the co-chair of Trump's transition team and is also seeking the Treasury secretary nomination. He was a key fundraiser for Trump's 2020 and 2024 presidential campaigns and was also given a speaking slot at Trump's Madison Square Garden rally in New York City last month.
Musk expressed his support for Lutnick in the role over Bessent in a post on X, formerly Twitter, over the weekend.
"Would be interesting to hear more people weigh in on this for @realDonaldTrump to consider feedback. My view [for what it's worth] is that Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change," Musk posted. "Business-as-usual is driving America bankrupt, so we need change one way or another."
HOWARD LUTNICK MAKING PUSH FOR TREASURY JOB, SETTING UP BATTLE WITH LEADING CONTENDER BESSENT
Bessent, the founder of investment firm Key Square Group who previously taught at Yale University, has been a key adviser to Trump's campaign. He has long supported the economic policies that comprised the Republican Party's platform prior to Trump's rise, but has also been supportive of Trump's use of tariffs in trade negotiations.
At an event hosted by the Manhattan Institute earlier this year, he suggested that Trump should pursue a three-point plan of targeting 3% economic growth, reducing the deficit to 3% of U.S. gross domestic product, and to boost domestic energy production by 3 million barrels of oil a day.
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Bessent was the betting markets' favorite for the Treasury secretary role prior to Lutnick's push last week and could ultimately be the nominee for the role, or he could land in a different economic position in the incoming Trump administration.
https://www.foxbusiness.com/politics/trumps-treasury-secretary-pick-who-contendersEmbedding Education into Climate Finance Will Deliver Desired Learning, Climate Action Outcomes
BAKU, Nov 20 (IPS) - Education is under threat as multiple crises push children out of school and into harms way. COP29 Baku could break historical barriers that hold back education from playing a unique, critical role to accelerate the ambition of nationally determined contributions (NDCs) to the Paris Agreement, protecting people and planet from life-threatening risks of climate change.
https://www.globalissues.org/news/2024/11/20/38340 [Collection]The Overlooked Crisis of Domestic Violence in the Workforce
MONTREAL, Canada, Nov 19 (IPS) - Negar Mohtashami Khojasteh is with the Women's Rights Division at Human Rights Watch.In Indonesia's humid heat, I watched as dozens of men on motorcycles lingered outside the garment factory gates, their children hanging off their shoulders, as they waited for their partners to finish their shift. These men – many without jobs of their own – came to pick up the women who provide for their families.
https://www.globalissues.org/news/2024/11/19/38332 [Collection]1 in 5 Americans get their news from social media influencersWhile previous research found more women consume news on sites like Facebook, Instagram and TikTok, Pew found close to two-thirds of news influencers are men.[Collection]
NBA, Warner Bros. Discovery agree to settle lawsuit over live game rightsThe NBA and WBD have agreed to end all legal disputes, allowing the league to move forward with new media partners Comcast, Disney and Amazon.[Collection]
AAA: Thanksgiving holiday travelers to hit 80 million this yearThanksgiving is often a popular time for travel and, according to newly-released projections from AAA, this year is poised to be another busy holiday period, with 79.9 million expected to travel.
Thanksgiving is often a popular time for travel and, according to newly-released projections from AAA, this year is poised to be another busy holiday period.
Some 79.9 million people will make trips at least 50 miles from where they live in the six-day span from Nov. 26, the Tuesday before Thanksgiving, and Dec. 2, the Monday following the holiday, AAA said on Monday.
Of those expected travelers, 71.7 million will drive, 5.84 million will catch flights, and 2.3 million will use transportation like cruises, buses and trains, according to the organization.
GOBBLE UP SAVINGS: SMART TIPS TO CUT COSTS THIS THANKSGIVING
AAA noted it used a timeframe with two more days for its 2024 projection.
That figure will represent "an increase of 1.7 million people compared to last year and 2 million more than 2019," it said.
In 2023, about 78.18 million people were forecast to travel around Thanksgiving, according to AAA, and 77.78 million were expected for 2019.
The predicted 71.1 million driving and 5.84 million flying this year would Thanksgiving holiday period records, AAA said.
Last year, some 12 million flyers went through security checkpoints between Nov. 22 and 26, according to TSA data.
AAA also noted that demand for cruises helped drive the nearly 9% year-over-year jump for forecasted Thanksgiving travel via methods other than cars and planes.
"Thanksgiving is the busiest holiday for travel, and this year we’re expecting to set new records across the board, from driving to flying and cruising," said Stacey Barber, AAA travel vice president.
Drivers can expect to see roads most jam-packed on the Tuesday and Wednesday afternoons before Thanksgiving, AAA reported, citing INRIX data.
ALDI, WALMART, OTHERS TOUT THANKSGIVING MEAL DEALS
Filling up the gas tank may not hurt drivers’ wallets as much around Thanksgiving this year, something that would come as a relief to many, the organization said.
The average cost of a gallon of gas could be under $3, AAA forecasted. Across the U.S., a gallon of regular gas was $3.071 as of Monday afternoon.
AAA’s projections for holiday travel come as many are making plans for their rapidly approaching Thanksgiving meal.
A Thanksgiving meal for 10 people using name-brand ingredients will have a $90 price tag this year, according to a recent report from Wells Fargo. With solely private-label items, it found the same festive feast could be $17 cheaper.
THANKSGIVING DINNER 2024: HOW MUCH YOU CAN SAVE USING STORE-BRAND PRODUCTS
Thanksgiving weekend is also poised to be a busy shopping time, with the National Retail Federation (NRF) reporting some 183.4 million people are looking to do so either online or at a physical store between Thanksgiving Day and Cyber Monday.
A whopping 131.7 million Americans have plans to shop on Black Friday, according to the NRF.
https://www.foxbusiness.com/lifestyle/aaa-thanksgiving-holiday-travelers-hit-80-million-yearMillennium, Capula, Tudor pile bitcoin ETFs into portfoliosPresident-elect Donald Trump embraced digital assets during his campaign, promising friendly regulation and to accumulate a national stockpile of bitcoin.
Hedge funds including Millennium Management, Capula Management and Tudor Investment increased their exposure to U.S. spot bitcoin exchange-traded funds in the third quarter, securities filings showed, as a popular election-driven arbitrage trade ramped up.
President-elect Donald Trump embraced digital assets during his campaign, promising friendly regulation and to accumulate a national stockpile of bitcoin. The cryptocurrency surpassed the $90,000 level to reach an all-time high earlier this week, although it has pared gains.
During the election price volatility, some hedge funds have been taking advantage of a price difference between spot bitcoin and its derivatives in the futures market in a leveraged trade, according to analysts. Spot ETFs were approved by the Securities and Exchange Commission earlier this year.
BITCOIN WHALE ETF SOARS TO RECORD AS CRYPTO RACES
In the so-called bitcoin basis trade, investors buy spot bitcoin - or its ETFs - and short the cryptocurrency futures, which have been trading at substantially higher prices this year. This gap widened after the election result and on Nov. 11 reached 17% in an annual basis, CF Bitcoin data showed, but pared gains to 12% on Friday.
"Hedge funds are harvesting that spread. It creates a very tactical, opportunistic trade," said Gabe Selby, head of research at Kraken's CF Benchmarks. "It has an uncorrelated return."
Positions unveiled in 13-F filings this week only show long equity bets placed by hedge funds and not wagers on the fall of share prices or derivatives. Reuters could not determine whether specific hedge funds were putting on such an arbitrage bet, only if they have taken long positions.
Among those that increased their exposure to the cryptocurrency was Israel Englander's Millennium, which more than doubled its number of shares in iShares Bitcoin Trust to 23.5 million shares, worth $849 million, from the previous quarter. It also increased its positions in ARK 21Shares Bitcoin and Bitwise Bitcoin funds.
GOLD ETFS ARE FINALLY JOINING THE PARTY
Overall, the New York-based hedge fund ended September with $1.7 billion in crypto ETFs, including spot bitcoin and ethereum funds. The ETFs account for a small portion of the firm's $70 billion in assets under management.
Capula, a London-based macro hedge fund, also added more shares in iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund, according to an SEC filing on Thursday. Those positions totaled roughly $600 million.
Paul Tudor Jones' hedge fund Tudor turbocharged its exposure to iShares Bitcoin Trust fund, increasing its number of shares by five times, to 4.4 million.
Schonfeld Strategic Partners is also a hedge fund that added more shares in bitcoin funds.
Millennium and Tudor declined to comment on their positions. The other hedge funds did not immediately comment on the matter.
If hedge funds kept their positions through the fourth quarter, they could be poised to post big gains. Since the end of September, spot bitcoin ETFs are up roughly 40%, mainly driven by the result of the U.S. presidential election.
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Given bitcoin's more volatile price, many hedge funds prefer more neutral trades that do not take a directional bet on its rise or fall.
David Duong, Coinbase's institutional head of research, said the bitcoin basis trade has climbed for the last few weeks.
"Leading into the election, we had multiple clients actually requesting increases in their credit lines (to trade)," he added.
https://www.foxbusiness.com/markets/millennium-capula-tudor-pile-bitcoin-etfs-portfoliosThe Overlooked Crisis of Domestic Violence in the Workforce
MONTREAL, Canada, Nov 19 (IPS) - Negar Mohtashami Khojasteh is with the Women's Rights Division at Human Rights Watch.In Indonesia's humid heat, I watched as dozens of men on motorcycles lingered outside the garment factory gates, their children hanging off their shoulders, as they waited for their partners to finish their shift. These men – many without jobs of their own – came to pick up the women who provide for their families.
https://www.globalissues.org/news/2024/11/19/38332 [Collection]NBA, Warner Bros. Discovery agree to settle lawsuit over live game rightsThe NBA and WBD have agreed to end all legal disputes, allowing the league to move forward with new media partners Comcast, Disney and Amazon.[Collection]
Musk pegs potential Trump Treasury secretary pick Bessent as 'business-as-usual choice,' backing LutnickElon Musk supports Howard Lutnick over Scott Bessent for the role of Treasury secretary, suggesting that Lutnick would be a change agent.
Business tycoon Elon Musk suggested in a post on X that Scott Bessent, who previously worked as chief investment officer for Soros Fund Management, would be a status quo Treasury secretary pick, but that Trump transition co-chair Howard Lutnick would be a change agent.
Musk posted about his preference on X, the social media company he owns, while waiting for Trump to make an announcement on the Cabinet post
"Would be interesting to hear more people weigh in on this for @realDonaldTrump to consider feedback. My view [for what it's worth] is that Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change," Musk tweeted. "Business-as-usual is driving America bankrupt, so we need change one way or another."
TREASURY SECRETARY CONTENDER DEFENDS TRUMP'S VISION ON TARIFFS: ‘MOST SOPHISTICATED’ ECONOMIC LEADER
Musk made the comments when responding to a post by J. Kyle Bass, Hayman Capital Management founder and chief investment officer, who claimed that Bessent is more qualified for the job.
"Scott Bessent is eminently more qualified than Howard Lutnick to run the U.S. Treasury," Bass wrote. "Scott understands markets, economics, people, and geopolitics better than anyone I’ve ever interacted with. Markets have already anticipated a Bessent choice. Lutnick is not Trump’s answer."
Robert F. Kennedy Jr., who Trump tapped to serve as secretary of the Department of Health and Human Services, also responded to Bass' post.
HOWARD LUTNICK MAKING PUSH FOR TREASURY JOB, SETTING UP BATTLE WITH LEADING CONTENDER BESSENT
"Bitcoin is the currency of freedom, a hedge against inflation for middle class Americans,a remedy against the dollar’s downgrade from the world’s reserve currency, and the offramp from a ruinous national debt. Bitcoin will have no stronger advocate than Howard Lutnick," Kennedy wrote.
Sen. Lindsey Graham, R-S.C., said he believes Bessent would "be outstanding," according to Semafor.
Last week, Trump announced that Musk and former GOP presidential primary candidate Vivek Ramaswamy will work together on an effort to root out government waste, which has been dubbed the Department of Government Efficiency (DOGE).
SCOTT BESSENT REPORTEDLY TOP CANDIDATE FOR TREASURY SECRETARY DURING TRUMP ADMIN
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In a statement, Trump noted that DOGE "will provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget to drive large scale structural reform, and create an entrepreneurial approach to Government never seen before."
https://www.foxbusiness.com/politics/musk-pegs-potential-trump-treasury-secretary-pick-bessent-business-usual-choice-backing-lutnick