In recent times, there has been growing momentum behind the idea of implementing a wealth tax as a means to combat wealth inequality and increase revenue for public services. This movement gained traction when U.S. President Joe Biden proposed a “billionaire tax” that would impose a 25% tax on Americans with assets exceeding $100 million.
Finance
Adobe recently saw its stock plummet by 10% in after-hours trading due to disappointing guidance for the current quarter’s revenue. Despite this setback, the company managed to exceed analysts’ expectations for both the top and bottom lines in its fiscal first quarter. To appease investors, Adobe also announced a $25 billion share buyback program to
Tracy Britt Cool, a former protege of Warren Buffett at Berkshire Hathaway, has embarked on a new venture with her private equity firm Kanbrick. Kanbrick focuses on acquiring midsize companies with earnings between $5 million to $50 million in various industries. Cool’s approach mirrors that of Buffett’s, with an emphasis on family or founder-owned businesses
Despite current economic headwinds, HSBC’s Chief Financial Officer, Georges Elhedery, remains “very positive” about the mid- to long-term outlook for the Chinese economy. The growth in China has been hampered by a downturn in real estate, infrastructure, and exports, prompting Beijing to focus on bolstering manufacturing and domestic technology to modernize the economy and increase
Dick’s Sporting Goods saw a significant 14% increase in shares following the release of fourth-quarter results that surpassed expectations. With earnings per share of $3.85 and revenue of $3.88 billion, the sporting goods retailer outperformed analyst predictions of $3.35 per share on revenue of $3.80 billion. Lennar Faces Decline Due to Revenue Miss On the
The global dividend payouts to shareholders reached an all-time high of $1.66 trillion in 2023, as reported by British asset manager Janus Henderson. This represents a 5% increase year-on-year, with a 7.2% rise in the fourth quarter compared to the previous three months. The underlying basis of this growth accounts for the impact of exchange
Ken Griffin, the founder and CEO of Citadel, has expressed his opinion on the Federal Reserve’s strategy in combating inflation. He believes that the Fed should proceed cautiously when it comes to cutting interest rates, warning against hasty decisions that could have negative consequences in the long run. Griffin emphasized the importance of not rushing
Southwest Airlines saw a nearly 14% drop in its shares after announcing a reevaluation of its full-year 2024 guidance. The airline cited delivery delays from Boeing as the primary reason for this reevaluation. Additionally, Southwest revealed that its first-quarter leisure bookings were weaker than anticipated. The company also forecasted a flat to slightly up unit
Oracle, an information technology stock, saw a 13.3% increase in premarket trading due to its strong per-share earnings. The company posted adjusted earnings per share of $1.41, surpassing analysts’ expectations of $1.38. This positive performance contributed to the surge in Oracle’s stock price. Contrary to Oracle’s success, On Holding witnessed a more than 14% plunge
Recent statements from Chinese authorities have indicated that struggling real estate developers in China will not be receiving a major bailout. Minister of Housing and Urban-Rural Development, Ni Hong, made it clear that companies that are seriously insolvent and have lost the ability to operate should either go bankrupt or be restructured according to the