Author: Press Room
Union households have a significantly higher median wealth than nonunion families, Fed data showed.Being in a union also helps to reduce racial and educational wealth gaps.However, union membership rates have been declining for years and hit a record low in 2023. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app It pays to be in a union, according to a new analysis of Americans’ household finances.The Center for American Progress, a left-leaning think tank, looked at just how much better union workers are faring. By analyzing the Federal Reserve’s…
Elon Musk is raising funds for xAI at a $15 billion pre-money valuation.Some investors are being offered access to the deal through SPVs with high fees.xAI is a project that emerged out of Twitter. Its only product so far is the Grok chatbot. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Elon Musk’s new AI startup is luring more investors through special purpose vehicles that charge hefty fees, according to an email sent this week.The message offers a chance to get in on a funding round for xAI,…
Vertex Pharmaceuticals (NASDAQ:VRTX) announced yesterday it will acquire Alpine Immune Sciences (NASDAQ:ALPN) for $65 per share, which translates to $4.9 billion market value or $4.6 billion net of cash. Vertex is gaining povetacicept, a phase 3-ready clinical candidate for the treatment of IgA nephropathy with pipeline in a drug potential for rare kidney diseases and also in autoimmune cytopenias. Vertex is also getting Alpine’s protein engineering and autoimmune expertise that it claims can be used to develop treatments for diseases Alpine was working on and also for diseases of Vertex’s ongoing and potential interest. And finally, Vertex is also inheriting…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Mexico has asked the UN to expel Ecuador over the police raid on its embassy in Quito last week, the latest escalation in a diplomatic feud that has erupted between the two Latin American countries.Mexican officials said on Thursday that they had filed a complaint at the International Court of Justice, the UN’s top court, asking the organisation to suspend Ecuador pending a public apology for the raid last Friday on the Mexican embassy, in which officials captured Ecuador’s former vice-president, Jorge…
Three months ago, Donald Trump took the stand before a jury of nine in a New York courtroom without his typical bombast or ranting. The former president’s complaints about the case and his sparring with the judge took place out of the jury’s sight in the E. Jean Carroll defamation case, and he gave quick, scripted testimony lasting about three minutes. The following day, however, Trump found a way to protest the trial with the jury’s eyes on him, storming out during the closing argument delivered by Carroll’s lawyer. “The record will reflect that Mr. Trump just rose and walked…
In a recent transaction, Srinivas Tallapragada, the President and Chief Engineering Officer of Salesforce, Inc. (NYSE:), sold shares of the company’s stock. The sale, which took place on March 22, 2024, involved 2,890 shares at a price of $309.32 each, totaling approximately $893,934. This transaction was conducted under a pre-arranged 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information. On the same day, Tallapragada also exercised options to acquire the same number of shares, 2,890, at a price of $154.14 per…
Investing.com– Most Asian currencies kept to a tight range on Monday, while the dollar steadied near two-week highs as focus turned squarely to a swathe of central bank meetings helmed by the Bank of Japan and Federal Reserve. Strong U.S. inflation readings from last week put traders on guard over any hawkish sentiments from the Fed, while positive wage data and sticky inflation spurred mass speculation over whether the BOJ will end its ultra-loose policies this week. USDJPY steady, BOJ rate hike in focus The Japanese yen moved little on Monday after clocking a volatile week on speculation over an…
By Alasdair Pal SYDNEY (Reuters) – New Zealand will report “significantly slower” economic growth for the next few years when it releases a pre-Budget update in two weeks’ time, Finance Minister Nicola Willis said on Friday, as slower productivity growth hampers the country’s economy. New Zealand’s economy unexpectedly contracted in the third quarter and significant downward revisions were made to economic growth in earlier quarters, leading the market to pull back on bets of further interest rate hikes next year. That, combined with recent data continuing to be weaker than forecast, has led Treasury officials to reassess growth projections for…
This week is America Saves Week, a time to focus on actions Americans can take to successfully save. When it comes to saving for retirement, Americans are feeling pessimistic. In a recent nationwide survey of working age Americans, 79 percent agree that the nation faces a retirement savings crisis, up from 67 percent in 2020. And more than half of Americans (55 percent) are concerned that they cannot achieve financial security in retirement. But is this worry about retirement savings warranted? Afterall, people worry about many things, and some worries are not necessarily justified. For example, up to 40 percent…
February added 275,000 jobs, posting another consecutive month of solid job growth, according to the latest Employment Situation Summary from the U.S. Bureau of Labor Statistics (BLS). Job growth was short of January’s original tally of 353,000 jobs but above the revised number, which showed job growth was just 229,000. December and January combined were 167,000 lower than previously reported. February’s job growth was seen across several industries, including health care, government, food services and drinking places, social assistance, and transportation and warehousing.The unemployment rate increased by 0.2 percentage points from the previous month to 3.9%, pushing the number of unemployed people in the…
