Author: News Room

The UK said Russia’s Black Sea Fleet is ‘functionally inactive’ after Ukraine hit two of its ships.UK Defence Minister Grant Shapps appeared to confirm Ukraine’s most recent strikes on two vessels.Ukraine claims to have taken out a third of Russia’s navy in the waters through a series of attacks. The UK’s defense ministry declared Russia’s Black Sea Fleet “functionally inactive” after Ukraine claimed to have struck another two of its ships.UK Defence Minister Grant Shapps wrote on Sunday that Ukrainian attacks are taking a “massive” toll on the Russian fleet, in a post that appeared to confirm a pair of…

Under Armour’s founder is returning as its CEO after a four-year hiatus.The brand was once a darling of the sportswear world but has struggled since 2017.Here’s the rise and fall of Under Armour. Nearly three decades ago, Kevin Plank founded Under Armour. Now, he’s trying to turn the company around by stepping up for a second stint at its helm.The sportswear brand said March 13 that Plank will take over its CEO role again more than four years after he left the position. In that time, Under Armour has gone through two other chief executives, with the most recent, Stephanie…

(Reuters) – Chicago Federal Reserve Bank President Austan Goolsbee said on Monday that at the Federal Reserve’s policy meeting last week he penciled in three rate cuts for this year. At that meeting, the U.S. central bank kept its benchmark overnight lending rate in a target range of 5.25%-5.5%, while the median estimate for interest rate reductions that policymakers projected for the year was three. “I was at the median for this one,” Goolsbee said in an interview with Yahoo Finance, while declining to say when he thought an easing in borrowing costs might begin. Goolsbee added that price increase…

On Monday, Bernstein adjusted its outlook on Burlington Stores (NYSE:), increasing the price target to $285 from the previous $260. The firm maintained its Outperform rating on the retailer’s shares. This move reflects the analyst’s belief in the company’s growth potential, particularly noting the effectiveness of Burlington’s store expansion strategy. Burlington Stores’ stock has experienced a significant surge, with a 65% increase since the November results and a 17% rise year-to-date. Despite this strong performance, Bernstein sees further growth opportunities that they believe are not yet fully accounted for in the stock price. The firm’s analysis suggests that Burlington’s earnings…

Boeing CEO Dave Calhoun said Monday he intends to leave the beleaguered company by the end of the year in a major shakeup of the company’s leadership. Boeing’s chairman and the head of the commercial airplane unit are also leaving. Boeing’s chairman, Larry Kellner, will not stand for re-election as a board director. The board has elected former Qualcomm CEO Steve Mollenkopf to succeed him. The company also announced that Stan Deal, CEO of Boeing Commercial Airplanes, is retiring. Stephanie Pope, Boeing’s chief operating officer since January, is taking his place effective immediately. Boeing has been buffeted by more than…

WTI Oil finds support at $80.63 and jumps higher. Oil traders see demand possibly picking up and supply risks increasing due to geopolitical woes.  The US Dollar Index trades above 104.00 though is a touch softer. Oil prices are soaring over 1% at the start of the week after finding some technical support on the pivotal $80.63 level.  Prices could be set to rise further due to both supply and demand factors. On the supply side, Russia faces issues from both sanctions and drone attacks from Ukraine on Russian refineries and storage facilities. On the demand side, the projection that the…

Every four years, we experience a bonus day in February, the United States elects a president (ideally one supportive of Bitcoin), the Olympics take place, and we witness a significant event called the Bitcoin halving. In the grand scheme of things, four years may seem relatively short. However, in the realm of Bitcoin mining, where changes in the geographical landscape, hash rate growth, and industry efficiency are big factors, a lot has occurred since the previous halving event. This feature is part of CoinDesk’s “Future of Bitcoin” package published to coincide with the fourth Bitcoin “halving” in April 2024. Amanda…

Boeing CEO Dave Calhoun will step down at the end of 2024 in part of a broad management shake-up for the embattled aerospace giant.Larry Kellner, chairman of the board, is also resigning and will not stand for reelection at Boeing’s annual meeting in May. He will be succeeded as chair by Steve Mollenkopf, who has been a Boeing director since 2020 and is a former CEO of Qualcomm. Mollenkopf will lead the board in picking a new CEO, Boeing said.And Stan Deal, president and CEO of Boeing Commercial Airplanes, is leaving the company effective immediately. Moving into his job is…

Topline Former President Donald Trump will return to a New York City courtroom on Monday for a hearing on further delaying a criminal case brought by Manhattan District Attorney Alvin Bragg for falsifying business records—the same day he faces a deadline to post over $454 million for bond, or face possible immediate consequences. Key Facts Trump’s criminal trial, which is related to alleged hush money payments made to adult film star Stormy Daniels in 2016, was originally scheduled to begin on Monday—but Judge Juan Merchan agreed to delay the start date by 30 days in February. Trump’s attorneys have filed…

Officials in Beijing are pushing Chinese banks to rush loan approvals for property developers stuck in a prolonged downturn, according to Reuters. China’s real estate woes over the last year have spurred concerns of an impending “Lehman moment” amid slumping property values, declining homebuyer sentiment, and a backlog of unfinished construction projects. In February, home prices declined for the eighth consecutive month. Reuters says authorities are testing a “whitelist” mechanism to prop up the sector’s cash-strapped developers in a bid to boost sentiment and confidence.The program, which Reuters said Beijing initiated last week, covers state-backed construction and private developers that require new…