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London Stock Exchange parent exploring 24-hour trading launch, FT reports
New York Post· 2025-07-20 20:05
Group 1 - The London Stock Exchange Group (LSEG) is considering the possibility of launching 24-hour trading and extending its trading hours, engaging in discussions about commercial, policy, and regulatory aspects [1][2] - The exploration of extended trading hours includes evaluating technology upgrades, regulatory implications, and the potential impact on liquidity, which is currently concentrated during the opening and closing auctions [2] - LSEG's parent company has faced challenges in attracting new listings, leading to reforms aimed at enhancing competitiveness with exchanges in New York and the European Union post-Brexit [5][7] Group 2 - In March, Nasdaq announced plans for 24-hour trading, joining other exchanges like Cboe Global Markets and Intercontinental Exchange in extending trading hours [3] - LSEG reported stronger than expected first-quarter income, driven by robust growth in its markets division and strong performance across other business segments [4]
China EV brands Zeekr, Neta inflated car sales with insurance scheme
New York Post· 2025-07-19 18:04
Core Viewpoint - Chinese electric vehicle brands Neta and Zeekr have inflated sales figures through early booking practices, raising concerns about the integrity of their sales reporting and the overall health of the industry [1][5][10]. Company-Specific Summary - Neta has reportedly booked early sales of at least 64,719 cars from January 2023 to March 2024, which constitutes more than half of its reported sales of 117,000 vehicles over the same period [2][19]. - Zeekr, owned by Geely, utilized a similar method to inflate sales figures in late 2024, particularly in Xiamen, through its main dealer [3][28]. - Neta's sales peaked in 2022 at 152,000 vehicles but fell to 87,948 in the following year, with the company facing financial difficulties leading to bankruptcy proceedings for its parent company [24][27]. Industry Context - The practice of booking vehicles as "zero-mileage used cars" has emerged due to intense competition and a price war in the Chinese auto market, which is characterized by chronic overcapacity [4][5]. - State media and government bodies are increasingly scrutinizing these practices, with plans to regulate the sale of zero-mileage cars and prevent reselling within six months of registration [6][17]. - Analysts have raised concerns about the impact of these practices on the industry's credibility and the potential for misleading financial reports [13][14].
FedEx tech executive departs after probe into claims his unit inflated its performance: report
New York Post· 2025-07-18 17:31
FedEx’s head of its tech department is leaving the company after a monthslong investigation into claims that his unit was inflating its performance, according to a report.Sriram Krishnasamy, the company’s chief digital and information officer, and FedEx had “mutually agreed” that he would immediately step down from his role, according to a securities filing late Thursday.The longtime executive, who started at FedEx in 1997, will stay with the company as an executive adviser through October or potentially ea ...
Netflix profit, revenue lifted by final ‘Squid Game' season — but shares drop
New York Post· 2025-07-17 20:55
Core Insights - The final season of "Squid Game" contributed to Netflix exceeding Wall Street earnings targets for Q2, prompting an increase in revenue guidance for the year [1][3] - Netflix's diluted earnings per share for Q2 were $7.19, surpassing the consensus estimate of $7.08 [3][4] - The company raised its revenue guidance for 2025 to between $44.8 billion and $45.2 billion, up from a previous forecast of up to $44.5 billion, attributing this to the weakening US dollar and strong member growth [3][4] Financial Performance - For the second quarter, Netflix reported a net income of $3.1 billion, slightly above the forecast of $3.06 billion, with total revenue of $11.08 billion, exceeding the analyst projection of $11.07 billion [4][12] - The company anticipates revenue of $11.5 billion and net income of nearly $3 billion for the upcoming quarter, compared to analyst projections of $11.3 billion and $2.9 billion [12] Subscriber Growth and Content Strategy - Netflix has stopped disclosing quarterly subscriber numbers, focusing instead on profit as a key success metric, with member growth exceeding forecasts but occurring late in the quarter [9] - The company is developing an ad-supported service to attract price-sensitive viewers and has introduced live events to enhance advertising revenue [10] - Upcoming releases include new seasons of popular shows like "Wednesday" and "Stranger Things," which are expected to drive further engagement [11]
Peacock hiking streaming prices again— but will test cheaper $8 tier
New York Post· 2025-07-17 20:11
Peacock, a streaming service by Comcast-owned NBCUniversal, said on Thursday it will raise prices by $3 later this month and begin testing a new narrowed-down tier for users.The price for Peacock’s ad-supported premium plan will increase to $10.99 per month, while the premium plus plan will now be priced at $16.99 per month, starting July 23, according to a statement by the streaming service.Peacock will begin testing a “Select” tier, targeting TV lovers, featuring current seasons of shows on NBC and Bravo ...
Amazon slashing hundreds of jobs at AWS cloud unit — month after CEO says AI will spur layoffs: report
New York Post· 2025-07-17 18:08
Amazon cut at least hundreds of jobs in its Amazon Web Services cloud computing unit on Thursday, two sources said, just a month after CEO Andy Jassy warned that adoption of generative AI tools would trigger a workforce reduction.An Amazon spokesperson confirmed it had cut jobs but did not provide a number.Amazon, which employed 1.6 million full- and part-time workers globally as of the end of March, has joined a growing list of firms, including Microsoft, Meta, and CrowdStrike in announcing layoffs this ye ...
FDA authorizes Juul's e-cigarettes for sale in US after 3-year ban
New York Post· 2025-07-17 16:35
Juul Labs said Thursday the Food and Drug Administration has authorized the sale of its e-cigarette device and refill cartridges in tobacco and menthol flavors, after years of struggle with heightened regulatory scrutiny.The decision will offer a new lease of life to the vape maker, which came close to filing for bankruptcy following a federal ban in 2022.The FDA’s 2022 ban on Juul’s four varieties of tobacco and menthol-flavored pods and the e-cigarette device was stayed a month later after an appeal by th ...
Volvo CEO urges EU to slash its tariffs on US vehicles: ‘Absolutely unnecessary'
New York Post· 2025-07-17 16:06
Volvo CEO Hakan Samuelsson urged the European Union to slash its auto tariffs on the US — an apparent bid to sway President Trump to lower his own hefty duties on foreign vehicles.The automaker, which is majority-owned by China’s Geely Holding, currently faces a steep 27.5% tariff on its imports. The EU, meanwhile, has a 10% tariff on American-made cars. 3 Volvo CEO Hakan Samuelsson urged the EU to slash its auto tariffs on the US. via REUTERS“If Europe is for free trade, we should be the ones showing the ...
Mark Zuckerberg, Sheryl Sandberg spared from testifying after settling Meta shareholders' $8B privacy lawsuit
New York Post· 2025-07-17 15:33
Mark Zuckerberg and current and former directors and officers of Meta Platforms agreed on Thursday to settle claims seeking $8 billion for the damage they allegedly caused the company by allowing repeated violations of Facebook users’ privacy, a lawyer for the shareholders told a Delaware judge on Thursday.The parties did not disclose details of the settlement and defense lawyers did not address the judge, Kathaleen McCormick of the Delaware Court of Chancery. McCormick adjourned the trial just as it was to ...
United Airlines warns profit still suffering from Newark chaos — but travel demand picking up
New York Post· 2025-07-16 23:39
United Airlines said Wednesday travel demand has picked up since the beginning of July, thanks to less geopolitical and macroeconomic uncertainty.The Chicago-based airline, however, expects its earnings to suffer in the current quarter due to operational constraints at Newark airport near New York City — one of its largest hubs and among the busiest in the country.United reported a 6 percentage point acceleration in overall travel demand and a double-digit acceleration in business bookings in the third quar ...