This report is from this week’s CNBC’s “Inside India” newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribe here.Maremagnum | Corbis Documentary | Getty ImagesThe big storyIndia’s economic map is being redrawn.While the nation’s mega cities — or metropolises as they are known — like Bengaluru, Hyderabad, Chennai, New Delhi and Mumbai continue to grow, a subtle, yet pronounced wave of opportunity has been sweeping through its tier 2 and 3 cities.These cities — which include Chandigarh, Coimbatore, Kochi and Jaipur…
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US National Security Advisor Jake Sullivan shakes hands with China’s President Xi Jinping (R) during their meeting at the Great Hall of the People in Beijing on August 29, 2024. Trevor Hunnicutt | Afp | Getty ImagesBEIJING — U.S. national security advisor Jake Sullivan said he raised concerns about the country’s focus on economic security in meetings with Chinese President Xi Jinping and other officials this week.Just as the U.S. has cited national security concerns for its own restrictions on Chinese tech imports, China has increasingly emphasized the need to protect its economic security.Foreign businesses in China have complained of vague…
American Eagle missed Wall Street’s sales targets for a second quarter in a row on Thursday, but profit grew by nearly 60% thanks in part to lower product costs. The company’s shares fell roughly 3% in early trading Thursday.Here’s how the apparel company did in its fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:Earnings per share: 39 cents vs. 38 cents expected Revenue: $1.29 billion vs. $1.31 billion expected The company’s reported net income for the three-month period that ended Aug. 3 was $77.3 million, or 39 cents per share, compared with $48.6…
While traders were focusing on Nvidia’s results Thursday , something big was happening in the bond market. The inverted spread between the 2- and 10-year Treasury yields, considered a classic recession indicator, is nearly back to normal. In Thursday trading, the 10-year yield was less than 2 basis points below the 2-year rate , narrowing an inversion that began in June 2022. An inverted curve has been the harbinger of most every recession in the U.S. since World War II, as it indicates that traders see growth over the longer term slowing. (1 basis point equals 0.01%.) 10Y2YS 3M mountain…
The final trades of the day with CNBC’s Leslie Picker and the Fast Money traders. Source link
Morsa Images | Digitalvision | Getty ImagesRetirees who are worried about the high costs of prescription drugs are set to get new relief starting in 2025.Starting in January, Medicare drug plan enrollees will have their annual out-of-pocket drug costs capped at $2,000.Between 2025 and 2029, on average, about 1.4 million participants in Medicare drug coverage (also known as Medicare Part D) who reach the new out-of-pocket cap will see an estimated annual savings of $1,000 or more, according to a new report from AARP.More than 420,000 will see savings of more than $3,000 during that time.More from Personal Finance:When children…
Mixetto | E+ | Getty ImagesIf you’re self-employed, hiring your kids could provide tax benefits — provided you follow labor laws and IRS rules, experts say. Small businesses hiring their own children is a popular topic among social media influencers on platforms such as TikTok, Instagram and YouTube. But tax professionals say they are often battling misinformation from such posts.”Most of the videos on TikTok have a kernel of truth to them, but they’re embellished or it only makes sense in very specific situations,” Matt Metras, a Rochester, New York-based enrolled agent and owner of MDM Financial Services, previously told CNBC.More…
Republican presidential nominee, former U.S. President Donald Trump lays a wreath alongside Marine Cpl. Kelsee Lainhart (Ret.) and and U.S. Marine Corps. Sergeant Tyler Vargas-Andrews (Ret.) who were injured at the Abbey Gate Bombing, during a wreath-laying ceremony at the Tomb of the Unknown Soldier at Arlington National Cemetery on August 26, 2024 in Arlington, Virginia. Anna Moneymaker | Getty ImagesAn aide to Republican presidential nominee Donald Trump “abruptly pushed aside” an Arlington National Cemetery employee who tried to ensure that Trump and his entourage adhered to federal laws and policies that “clearly prohibit political activities on cemetery grounds,” a U.S.…
A Goldman Sachs trader work on the floor of the New York Stock Exchange in New York.Ramin Talaie | Getty ImagesThe speedy return of market confidence following a dramatic global sell-off in risky assets should be seen as a cause for concern, according to the head of asset allocation research at Goldman Sachs.Speaking to CNBC’s “Squawk Box Europe” on Wednesday, Goldman’s Christian Mueller-Glissmann said investors could think about the early August stock slump as something akin to “a warning shot.”Stock markets kicked off the month under intense pressure, as concerns over a possible U.S. recession and the unwind of popular…
A floating apartment. A residential yacht. A holiday home that travels the globe.The World, a luxury liner, has many descriptions, but “cruise ship” is not one of them, said resident Jim Minarik.”The only thing that’s similar between the world and a cruise ship is they float on the water,” he said. “If our ship was a cruise ship, there’d probably be 1,500 passengers. When we’re really busy, we have between 200 and 300.” The World has 165 privately owned apartments, ranging from 290-square-foot studios to 3,240-square-foot four-bedroom residences.Minarik and his wife bought their apartment in 2020 with plans to spend…
