The threat to global trade in the Red Sea remains a significant concern, despite efforts to protect commercial vessels from attacks by Iranian-backed Houthi militants based in Yemen. Danish shipping giant Maersk’s recent decision to suspend Red Sea and Gulf of Aden transits until further notice highlights the ongoing challenges faced by the U.S.-led initiative,
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The landscape of professional golf is on the verge of a major transformation as the PGA Tour and LIV Golf work to extend their proposed merger deadline. Commissioner Jay Monahan’s recent memo to players highlighted the progress made so far and the goal to bring on board key investors, namely Strategic Sports Group (SSG), the
Elon Musk’s SpaceX has surpassed all expectations and shattered its previous annual record for orbital rocket launches in 2023. With an astonishing 96 successful missions, SpaceX has achieved an average launch pace of approximately one launch every four days. This remarkable feat includes 91 launches utilizing the Falcon 9 rocket and an additional five with
In a surprising turn of events, Altice USA has announced the sale of the financial news streaming service, Cheddar News, to media company Archetype. This deal, which is said to be structured as an “earn out” deal, has caught the attention of many in the industry, as it marks a significant shift for Cheddar News
Warner Bros. Discovery had a very Merry Christmas indeed with the release of their latest film, “The Color Purple.” The movie made a splash at the box office, raking in an impressive $18.15 million on its Christmas Day opening. This achievement marks the highest Christmas Day opening since 2009 and the second-largest Christmas Day opening
Nike, one of the leading athletic apparel makers, faced a significant blow recently as its shares plunged following a cut in its revenue outlook for the fiscal year. This not only affected Nike but also had implications for sneaker retailer Foot Locker, which heavily depends on Nike products in its stores. The market response was
After weathering a tumultuous period due to the ongoing COVID-19 pandemic and supply chain disruptions, the U.S. automotive industry is anticipating a slight increase in new vehicle sales in 2024. Forecasts from various automotive data firms suggest a year-over-year growth ranging from 1% to 4%, leading to an estimated total of 15.6 million to 16.1
In the midst of dropping interest rates, mortgage demand has surprisingly fallen in the last week, as reported by the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages also decreased, reaching its lowest level since June 2023. However, the response from borrowers has been lackluster, with applications to
In a disappointing turn of events, FedEx shares plunged more than 9% in after-hours trading on Tuesday. This steep decline came after the renowned package delivery giant revised its revenue forecast due to a significant decrease in demand, ultimately impacting its sales. Previously anticipating flat sales year over year, FedEx now expects a low-single-digit decline
The recent attacks carried out by Iran-backed Houthi militants on ships in the Red Sea have had a significant impact on global trade. These attacks have caused major shipping lines and oil transporters to suspend their services through the Red Sea, leading to disruptions in the shipment of goods and fuel. As a result, there