US expands sanctions against Iran’s ‘ghost fleet’ of oil tankers

WASHINGTON (Reuters) -The United States expanded sanctions against Iran’s petroleum and petrochemical sectors on Friday in response to an Iranian missile attack on Israel, the administration of President Joe Biden said. The U.S. move adds petroleum and petrochemicals to an executive order that targets key sectors of Iran’s economy with the aim of denying the government funds to support its nuclear and missile programs. “The new designations today also include measures against the ‘Ghost Fleet’ … Read more…

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Exclusive-CVS to exit core infusions services business, job cuts possible

By Amina Niasse NEW YORK (Reuters) -CVS Health is exiting its core infusion services business and plans to either close or sell 29 related regional pharmacies in the coming months, a company spokesperson confirmed to Reuters on Friday. Details of the strategic shift were announced in a CVS corporate memo dated Oct. 8 and seen by Reuters. The company on Oct. 8 stopped taking new patients seeking antibiotics, drugs supporting muscular health, and intravenous nutrition … Read more…

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Stocks rise on lift from bank earnings, US yields dip

By Chuck Mikolajczak NEW YORK (Reuters) -Global stocks rose on Friday, powered by U.S. bank earnings, on track for a weekly gain while U.S. Treasury yields dipped after inflation and consumer confidence reports solidified expectations for the path of Federal Reserve interest rate cuts. The U.S. producer price index for final demand was unchanged in September, slightly below the forecast of economists polled by Reuters for a gain of 0.1%. It followed an unrevised 0.2% … Read more…

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Trump says generators will be tax deductible if he wins

WASHINGTON (Reuters) – Donald Trump said on Friday that if he wins the Nov. 5 U.S. presidential election, he will allow the cost of home generators purchased in states hit by natural disasters between September 1, 2024, and August 31, 2025, to be tax deductible. “We are going to allow you, retroactive to September 1st, 2024, to purchase a Generator for your Home, which will, in so doing, entitle you to fully deduct the TOTAL … Read more…

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Tech Wakes Up the Market – by Justin Vaughn

(Justin Vaughn, Editor, Options Trading Report) The September Jobs report was better than expected, surprising economists and even the Fed and snuffing out any speculation of another half percent rate cut. Recession thoughts are disappearing as the labor market charges ahead. The unemployment rate has remained steady at near 4.1%, with 254,000 jobs added in September. As the Labor Market continues to ‘chug-along’ with no signs of weakening, and inflation cooling, prospects for Mr.Powell’s hopes … Read more…

Tesla gambles on ‘black box’ AI tech for robotaxis

By Norihiko Shirouzu and Chris Kirkham (Reuters) – Tesla aims to stun investors Thursday night with its long-awaited “robotaxi unveil,” a potential milestone after a decade of Elon Musk’s unfulfilled promises to deliver self-driving vehicles. The automaker is widely expected to showcase a prototype called the “Cybercab” rather than a road-ready driverless taxi. Convincing regulators and passengers of the vehicle’s safety could prove much harder and take much longer — while its main competitors, such … Read more…

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Shares of Trump media company hit highest in six weeks

NEW YORK (Reuters) – Shares of former U.S. President Donald Trump’s media company hit their highest level in six weeks on Thursday and were last up about 16% as the stock extended recent gains. Trump Media & Technology Group, which is 57% owned by the Republican presidential nominee running against Vice President Kamala Harris, is up roughly 45% for the week so far. The stock was last at $23.85. Trump’s odds of winning the Nov. … Read more…

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TD Bank pleads guilty to US charges, will pay $3 billion and face asset cap

By Nivedita Balu, Chris Prentice and Karen Freifeld TORONTO/NEW YORK (Reuters) -TD Bank became the largest bank in U.S. history to plead guilty to violating a federal law aimed at preventing money laundering, and agreed to pay $3 billion in penalties to resolve the charges, government authorities said on Thursday. The plea deal, which includes a rare imposition of an asset cap and other limitations to its business, arises from multiple government investigations into what … Read more…

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Fed officials signal more rate cuts, Bostic open to a skip

By Ann Saphir and Michael S. Derby (Reuters) -Slowly cooling inflation and a U.S. job market that remains strong but at risk of deteriorating give a green light for more interest-rate cuts in coming months, Federal Reserve policymakers indicated in remarks on Thursday, even as one suggested that skipping a move in November may be in order. Data showed consumer price inflation edged down to 2.4% in September from a 2.5% pace the prior month, … Read more…

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Goldman Sachs has derivatives positions worth 6.7% stake in UniCredit, filing shows

MILAN (Reuters) – Goldman Sachs has derivative positions in UniCredit equivalent to a 6.7% stake in the Italian bank as of Sept. 30, mostly swap and future contracts as well as call options, a regulatory filing showed on Monday. The position, held through Goldman Sachs International and another nine subsidiaries, if exercised would make the U.S. bank a top investor in UniCredit whose single biggest shareholder is fund manager BlackRock with 7.02%. Filings with Italian … Read more…