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Tesla unveils long-delayed Roadster developed with SpaceX, fueling merger speculation
Source: CNBC
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Our top 10 things to watch in the stock market Friday
Wall Street is headed for a mixed open, as CoreWeave shares tumble again.
The Guardian
IMF suggests UK should cut spending rather than raise taxes on banks, as Healey prepares budget raid – business live
Rolling coverage of the latest economic and financial news John Healey poised to raise taxes on banks in budget Elsewhere in the markets today, South Korea’s Kospi share index has recorded its biggest weekly loss since October 2008, down 14.5% this week. Although the Kospi did rise today (+2%), it was still a bad week for technology stocks – as investors worried about the borrowing, spending commitments and future profitability of AI companies. The reality is that while companies embraced AI aggressively as it first emerged, now they are figuring out how to use it effectively while keeping AI costs under control. A slowing, more careful, path towards corporate adoption has been missed by the market which remained wildly frothy about valuations. “A UK bank tax risk is now a base case. If it is confirmed on 28 October, it’ll be the size and timing that will be key. If Healey does go ahead,
The Guardian
Neet rates higher in England’s smaller cities and towns than in biggest cities
Initiatives to address youth employment crisis and offer training are being launched in towns such as Telford Smaller cities and towns across England have higher rates of young people not in employment, education or training than the nine largest cities, analysis shows. The Centre for Cities, an independent thinktank dedicated to improving the economies of the UK, used 2021 census data to work out the rates across 41 cities and towns in England. Continue reading...
The Guardian
The ultra-rich are spending one million dollars a day fighting California’s proposed billionaire tax
Tech billionaires have raised more than $340m to defeat Prop 40, a one-time 5% wealth tax that will fund healthcare and education Tech billionaires have been dumping hundreds of millions of dollars into the fight against a wealth tax in California. They’ve raised more than $340m, and the campaign they’re funding is spending more than $1m a day to defeat the measure, according to state financial disclosures. With the election less than a month away, those funds are being spent at a stepped-up pace. During the first 19 days of September, according to the most recent campaign filings, the opposition campaign plowed through at least $21.2m to fight the billionaire tax – surpassing $1m per day. Voters are being inundated with robotexts, mailers and advertisements that warn a tax on billionaires would “expose all Californians to higher taxes”, as one ad reads. Continue reading...
CNBC
Stock fixing scandal could see Turkish companies frozen out of global indexes
Turkey's status as an emerging market is also at risk.
CNBC
Fed's Warsh withholds rate signal, praises recent global tightening
Warsh refrained from signaling another interest rate hike this month, pointed to a "synchronous tightening" by central banks in the fight against inflation.