Kawhi’s Olympic Dreams Dashed by Team USA, Clippers Left Displeased
17Jul By Ricky B CollinsNo Comments
Sports

Kawhi’s Olympic Dreams Dashed by Team USA, Clippers Left Displeased

Kawhi Leonard's hopes of competing for gold at the Paris Olympics were dashed last week, leaving the Los Angeles Clippers frustrated with Team USA's decision. Despite Leonard's desire to play and the Clippers' assurances of his health, USA Basketball decided to remove him from the roster, citing concerns about his recent knee injury. Clippers general manager Lawrence Frank expressed disappointment with the decision, revealing that Kawhi looked "really good" during early practice sessions. Leonard’s history of injuries, as he missed the final stretch of the Clippers’ season, likely played a role in USA Basketball’s decision. With the Olympics featuring a rigid 12-man roster with no mid-tournament substitutions, the risk of a re-injury may have been deemed too high. Team USA’s cautious appr...
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Burberry stumbles as profit warning triggers stock plunge, CEO resigns
16Jul By Ricky B CollinsNo Comments
News

Burberry stumbles as profit warning triggers stock plunge, CEO resigns

Luxury fashion house Burberry faces turbulence after a disappointing first quarter. The company's shares fell 11% in early trading on Monday following a series of announcements, including a profit warning, CEO replacement and dividend suspension. Financial outlook bleak Burberry painted a bleak picture of its near-term future. Citing a deepening sales slowdown, the company warned of potential operating losses for the first half of the year and a lower-than-current-expectations full-year profit. The gloomy outlook comes as sales fell significantly across its regions: Europe, the Middle East, India and Africa (EMEIA), Asia Pacific and the Americas, with comparable store sales down 21% in the last three months. Management reorganization and strategic change In response to these challenges, B...
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Goldman Sachs in the spotlight: Q2 results
16Jul By Ricky B CollinsNo Comments
Business

Goldman Sachs in the spotlight: Q2 results

Goldman Sachs is set to report its second-quarter results on Monday, sparking excitement on Wall Street. With the financial sector recovering after a slow 2023, analysts are eager to see how the investment giant will fare. Goldman Sachs Market Forecast Earnings: Analysts polled by LSEG expect earnings per share of $8.34. Income: LSEG estimates revenue will reach $12.46 billion. Trading revenue: StreetAccount expects fixed income revenue of $2.96 billion and equity revenue of $3.17 billion. Banking Investment: StreetAccount forecasts investment banking revenue to reach $1.80 billion. Goldman Sachs: A heavy dependence on volatile markets Goldman Sachs relies heavily on investment banking and trading to generate revenue compared to its major U.S. banking peers. This makes the firm particul...
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Mixed reactions in Asia: US inflation cools, yen rises
15Jul By Ricky B CollinsNo Comments
News

Mixed reactions in Asia: US inflation cools, yen rises

Asia-Pacific markets were mixed on Friday following the release of US inflation data for June. The news, which showed inflation hitting a three-year low of 3%, gave the Federal Reserve more leeway for potential rate cuts in the coming months. Core inflation data also came in slightly lower than expected. Yen Strengthens on Suspected Intervention The Japanese yen surged against the U.S. dollar after the release of U.S. inflation data. The unexpected move prompted analysts and traders to suspect intervention by Japan's Ministry of Finance. The currency jumped from around 161.52 on Thursday evening to 158.55 at noon Tokyo time, and further strengthened to 158.23. Japan's top currency diplomat Masato Kanda acknowledged the rapid move and said authorities would take appropriate measures in the...
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Cooling prices pave the way for possible rate cuts
15Jul By Ricky B CollinsNo Comments
Business

Cooling prices pave the way for possible rate cuts

The Federal Reserve’s path to lower interest rates gained clarity after a key inflation report Thursday. The consumer price index (CPI), a gauge of consumer goods and services, fell 0.1% in June from May, marking the first monthly decline in more than four years. The welcome news brings the annual inflation rate to 3%, near a three-year low. Creating momentum for policy change June data reinforces the case for the Fed to ease borrowing costs later this year. Stock markets reacted positively, with futures rising while Treasury yields fell. Analysts now believe a September rate cut is a strong possibility, barring a significant change in economic data. Broader signs of easing price pressures In addition to the headline number, the report offered some encouraging details. A significant decli...
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