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Business Matters with Don Ma

Epoch Media Group

The latest business updates, expert analysis, and in-depth reports.

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22:25

Tesla Shareholders Approve Musk's $56B Pay Package;...

Business Matters with Don Ma ·

2024/06/13

Tesla shareholders approved CEO Elon Musk's $56 billion pay package, the electric vehicle-maker said on Thursday, a big thumbs-up to his leadership and an enticement for keeping his focus on his biggest source of wealth.The head of the Federal Aviation Administration (FAA) said Thursday the agency was too hands off in oversight of Boeing before a January mid-air emergency in a new Alaska Airlines 737 MAX 9.FAAAdministrator Mike Whitaker's comments at a Senate Commerce Committee hearing mark the

23:14

Consumer Prices Unchanged in May; Fed Holds Rates...

Business Matters with Don Ma ·

2024/06/12

U.S. consumer prices were unexpectedly unchanged in May as cheaper gasoline and other goods offset higher costs for rental housing, butinflationremains too high for the Federal Reserve to start cutting interest rates before September.TheFederal Reserve held interest rates steady on Wednesday and pushed out the start of rate cuts to perhaps as late as December, with officials projecting only a single quarter-percentage-point reduction for the year.The European Commission said it will impose extra

22:37

Musk Threatens to Ban iPhones at His Companies; Small...

Business Matters with Don Ma ·

2024/06/11

Billionaire ElonMusksaid on Monday he would banAppledevices at his companies if the iPhone maker integrates OpenAI at the operating system level.The National Federation of Independent Business has released its latest data. Its Small Business Optimism Index rose and so did its Uncertainty Index, to its highest reading since November 2020. Once again, small business owners named inflation as their single most pressing issue in operating. GeneralMotorscut its annual EV production forecast and announced

31:27

Apple Brings ChatGPT to iPhone; Phone Apps Track...

Business Matters with Don Ma ·

2024/06/10

Apple unveiled a long-awaited AI strategy on Monday, integrating its new "Apple Intelligence" technology across its suite of apps including Siri and partnering with OpenAI to bring ChatGPT to its devices.Certain smartphone apps, some of which aren’t directly related to driving, track driver behavior and send the data to insurance companies. The U.S. Supreme Court agreed on Monday to hear a bid by Meta'sFacebookto scuttle a private securities fraud lawsuit accusing the social media platform of

23:11

‘Labor Market is In Recession': Strategist; GameStop...

Business Matters with Don Ma ·

2024/06/07

The U.S. economy created far more jobs than expected in May and annual wage growth reaccelerated, adding pressure on the Federal Reserve to hold off on interest rate cuts.Stock influencer Keith Gill's first livestream in three years failed to spark enough investor enthusiasm in GameStop on Friday to reverse a nearly 40% slump in the shopping mall retailer's stock after it unveiled a share sale to raise up to $3 billion.A workers' union atSamsungElectronics staged its first walkout on Friday,

23:11

ECB Cuts Interest Rates; Top News App Shows Fake...

Business Matters with Don Ma ·

2024/06/06

One of the most downloaded news app in the United States, named Newsbreak appears to has ties to China, and is allegedly producing fake news using artificial intelligence. In one example, the app published a piece about a small town shooting in Bridgeton, New Jersey, but the shooting never took place. The European Central Bank went ahead with its first interest rate cut since 2019 on Thursday, citing progress in tackling inflation even as it acknowledged the fight was far from over.SpaceX's Starship

23:36

Boeing Starliner Sends Astronauts to Orbit; Walmart...

Business Matters with Don Ma ·

2024/06/05

Boeing's newStarlinercapsule flew its first crew of astronauts to orbit on Wednesday from Florida in a much-delayed test mission to the International Space Station, a milestone in the aerospace giant's ambitions to step up its competition with Elon Musk's SpaceX.Walmart will pay bonuses to its U.S. hourly store workers, including those at its pharmacy and Vision Center stores, the retailer said on Wednesday, in a move that could boost wages for 700,000 front-line staff.Nvidia's rallied to record

23:42

NIH Received $710M in Royalties from Drugmakers:...

Business Matters with Don Ma ·

2024/06/04

Royalty payments from drug companies to the National Institutes of Health (NIH) jumped following the COVID-19 pandemic in 2021, according to a new report from nonprofit government watchdog “OpenTheBooks.com”. It says, in 2022 and 2023, pharmaceutical and healthcare companies paid the NIH over $710 million in third-party royalties. A group of current and former employees at artificial intelligence companies OpenAI and DeepMind posted an open letter on Tuesday, they want artificial intelligence

23:16

Gamestop Climbs as 'Roaring Kitty' Reveals $116...

Business Matters with Don Ma ·

2024/06/03

GameStopshares jumped around 20% on Monday after the stocks influencer known as "Roaring Kitty" returned to Reddit with a post showing a $116 million bet on the embattled video game retailer.Former President Donald Trump gained over 4 million followers within a day of joining TikTok, surpassing the follower count of President Joe Biden’s reelection campaign on the Chinese-owned video-sharing app.Oil prices tumbled by $3 a barrel on Monday to their lowest in nearly four months, as investors worried

23:10

Trump: $39 Million Raised after Conviction;...

Business Matters with Don Ma ·

2024/05/31

Today is the first day after former president Donald Trump’s historic felony conviction in New York. Trump vows to fight the verdict, and we get reactions from a financial analyst and people on Wall Street. U.S. inflation tracked sideways in April and consumer spending weakened, mixed signals for the Federal Reserve that provided little clarity on whether the U.S. central bank will be able to begin cutting interest rates in September.Tesla is recalling 125,227 vehicles in the United States due to a

23:29

U.S. Q1 GDP Revised Down As Consumers Curbed Growth; ...

Business Matters with Don Ma ·

2024/05/30

U.S. regulators will not immediately allow Boeing to increase 737 MAX production as it addresses ongoing safety issues, the agency's administrator said on Thursday, after a three-hour meeting with company officials, including outgoing CEO Dave Calhoun.The U.S. economy grew more slowly in the first quarter than previously estimated, after downward revisions to consumer spending and a key measure of inflation ticked down, keeping the Federal Reserve on track to possibly begin cutting interest rates at

23:33

Conocophillips to Buy Marathon Oil in $22.5 Billion...

Business Matters with Don Ma ·

2024/05/29

Top U.S. independent oil and gas producerConocoPhillipson Wednesday agreed to buy Marathon Oil for $22.5 billion, the latest in a series of mega-deals in the energy industry.Walgreens is cutting prices on 1,500 items, in an effort to lure back inflation-weary shoppers turned off by high prices.A Samsung Electronicsunion in South Korea will begin escalating strike action next week by staging the first ever walkout over demands for higher wages, union officials said on Wednesday.

23:31

T-mobile to Buy Most Of US Cellular for $4.4B; Court...

Business Matters with Don Ma ·

2024/05/28

The Nasdaq crossed 17,000 for the first time ever on Tuesday, boosted by gains in Nvidia, while the S&P 500 closed barely higher and the Dow ended lower as Treasury yields rose.T-Mobile will buy almost all of regional carrier United States Cellular's wireless operations including customers, stores and 30% of its spectrum assets in a deal valued at $4.4 billion, the telecom giant said on Tuesday.A U.S. appeals court on Tuesday set a fast-track schedule to consider the legal challenges to a new

23:22

Expert: China Aims to Dominate Boeing By 2049; New...

Business Matters with Don Ma ·

2024/05/27

Memorial Day weekend is shaping up to offer some of the best deals on new cars in years. The discounts vary widely by manufacturer and type of car, but it’s a good time to be in the market for an electric vehicle.Passenger traffic at US airports is on pace to make this Memorial Day weekend the busiest on record, according to Transportation Security Administration screening data.Chinahas set up its third planned state-backed investment fund to boost its semiconductor industry, with a registered

23:10

Elon Musk Says AI Will Take All Our Jobs; Expert...

Business Matters with Don Ma ·

2024/05/24

Elon Musk says artificial intelligence will take all our jobs. He also told the 2024 VivaTech conference in France that AI may bring universal high incomeas well as a lack of meaning to life. The U.S. Securities and Exchange Commission (SEC) on Thursday approved applications from Nasdaq, CBOE and NYSE to list exchange-traded funds (ETFs) tied to the price ofether, potentially paving the way for the products to begin trading later this year.The U.S. defense department is spending millions of dollars

23:32

House Passes Bill to Ban Central Bank Digital...

Business Matters with Don Ma ·

2024/05/23

The House of Representatives has just passed a bill to stop the federal reserve from issuing a central bank digital currency. The bill passed the chamber pretty much along party lines. Proponents of the bill argue a central bank digital currency would threaten Americans' financial privacy. Meanwhile democrats say the bill will hold back American innovation. The U.S. Justice Department and more than two dozen states on Thursday sued to break upLiveNation, arguing the big concert promoter and its

22:56

Biden Cancels $7.7b Student Loan Debt; China Creates...

Business Matters with Don Ma ·

2024/05/22

President Joe Biden on Wednesday announced the cancellation of another $7.7 billion instudentdebt for 160,000 borrowers, bringing the total number of people to get their debt cancelled to 4.75 million, despite Republican opposition.U.S. existinghomesalesunexpectedly fell in April as higher mortgage rates and house prices weighed on demand, dealing another setback to the housing market.The Consumer Financial Protection Bureau will apply some credit card consumer protection rules

23:28

Trucking Firm VP: Cargo Theft on The Rise; Scarlett...

Business Matters with Don Ma ·

2024/05/21

Trucking companies are reporting more and more theft. Some are happening in new and unusual ways. Co-Owner of J.K.C. Trucking Inc. Mike Kucharski shared one example of thieves posing as the company and trying to book loads in its name. Theft has become so prevalent, Kucharski says thieves are stealing anything. A conservative shareholder has pulled a resolution calling on JPMorgan to report how its policies based on religious or political views affect employees. A representative for the shareholder

22:28

Red Lobster Files for Bankruptcy;...

Business Matters with Don Ma ·

2024/05/20

Restaurant chainRedLobsterhas filed for Chapter 11 bankruptcy protection in a Florida court. It said its restaurants will be open and operate as usual during the proceedings, and plans toreduce its locations as well as pursue a sale of substantially all its assets.Targetis loweringprices on at least 5,000 frequently shopped products across its assortment ranging from milk to diapers, as it looks to attract budget-stretched customers.Goldtouchedrecordhighs, coasting on last week's encouraging

23:31

China Unveils Historic Steps to Rescue Property...

Business Matters with Don Ma ·

2024/05/17

Chinaon Friday announced some of its most sweeping measures yet to stabilize the crisis-hitpropertysector, allowing local governments to buy “some” apartments, relaxing mortgage rules and pledging further efforts to deliver unfinished homes. U.S. workers at a Mercedes-Benz plant in Alabama handed a stinging loss to the United Auto Workers on Friday, rejecting the union in a vote it had expected would build on a win at a Tennessee Volkswagen plant and push it deeper into the U.S. South.A former

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