Stock Markets
Biden cancels remarks at teacher’s group convention after strike
By Doina Chiacu
WASHINGTON (Reuters) -U.S. President Joe Biden will no longer speak at gathering of the largest U.S. teacher’s union on Sunday, the White House said after the union’s staff announced a strike.
The National Education Association Staff Union said it would strike on Friday, urging supporters to join them on a picket line outside the NEA’s convention in Philadelphia over the weekend.
“President Biden is a fierce supporter of unions and he won’t cross a picket line. The president is still planning to travel to Pennsylvania this weekend, and we will have more details to share at a later point,” the campaign said.
The union said it filed two unfair labor practice complaints with the National Labor Relations Board this week involving overtime nonpayment and unanswered information requests.
The NEA said misinformation had been shared about the ongoing contract negotiations but it remains committed to a fair bargaining process.
“NEA’s goal is to craft collective bargaining agreements with our staff unions that balance the interests of our members, affiliates, and staff while reflecting our mutual commitment to students, union values and racial and social justice,” a spokesperson said.
The representative did not comment on the Biden decision.
Biden will still travel to Pennsylvania this weekend, with details to be released later, the campaign said.
The National Education Association, with 3 million members, backed the Democratic president in his 2020 and 2024 presidential campaigns.
Biden, whose wife, Jill Biden, is a teacher and NEA member, calls himself the most pro-union president in history. He has supported a variety of measures to strengthen workers rights, including signing legislation to protect union pensions and other pro-union positions, since taking office in 2021.
In September, Biden joined members of the United Auto Workers (UAW) labor union on the picket line outside a General Motors (NYSE:) parts distribution center in Belleville, Michigan, and supported the union’s call for a 40% pay raise.
It was the first visit by a U.S. president to striking workers in modern history. The UAW endorsed him in January.
Biden and Donald Trump, his Republican rival in the Nov. 5 U.S. presidential election, are courting union votes in battleground states including Michigan, Wisconsin and Pennsylvania.
By Chibuike Oguh and Amanda Cooper
NEW YORK/LONDON (Reuters) -Global stocks were lower while U.S. Treasury yields rose on Friday after a stronger-than-expected jobs data reinforced expectations that the Federal Reserve will likely keep interest rates elevated for longer than traders were betting on.
Wall Street’s main indexes were trading lower, with technology, financials, real estate and consumer discretionary stocks driving losses. Energy stocks were trading higher.
The Labor Department data on Friday showed that the U.S. economy created 256,000 jobs in December, beating analyst expectations of 160,000, according to a Reuters poll of economists.
“This one of those classic good-news-is-bad-news types of data point,” said James St. Aubin, chief investment officer at Ocean Park Asset Management in Santa Monica, California. “When I think about the economic data that’s good for growth, but it certainly weighs on the yield picture and kind of puts a bit of a bind when it comes to lowering rates. And I think the market is trying to sort that out.”
Markets are now pricing in a single Fed rate cut no sooner than June. Prior to the jobs report, traders were expecting the Fed to cut rates as early as May with a 50% probability of another rate cut before year end, according to CME’s FedWatch tool.
The yield on benchmark U.S. 10-year notes rose 6.6 basis points to 4.747%. It had reached as high as 4.79%, its highest level since November 2023.
The fell 1.69% to 41,916.63, the fell 1.79% to 5,812.30 and the fell 2.13% to 19,064.05.
Shares in small cap companies, which can be more vulnerable to fluctuations in interest rates, came under the most intense pressure, leaving the down 2.5% on the session.
MSCI’s gauge of stocks across the globe fell 1.59% to 832.14. The pan-European finished down 0.84%, dragged down by utilities, consumer non-cyclical, and real estate stocks.
“Bond yields are climbing today because the ability to cut further is going to be diminished after today’s report even though I always advise to look at January numbers with a grain of salt given seasonality issues that work itself out in the next couple of months,” St. Aubin added.
Government bond yields have jumped higher this week amid a broad market selloff that pushed long-dated borrowing costs to multi-year highs.
The turmoil in the fixed income market has hit UK government bonds particularly hard, pushing 30-year gilt yields to their highest since 1998, as investors grow increasingly worried about Britain’s finances.
The , which measures the greenback against a basket of currencies including the yen and the euro,rose 0.45% to 109.69. It reached as high as 109.97, its highest level since November 2022.
The euro was down 0.59% at $1.0237, dropping to its lowest level since November 2022 on the session. The pound fell for a fourth day, dropping by as much as 0.91% to $1.2189, its lowest since November 2023. It last traded down 0.76% at $1.221.
Oil prices rallied nearly 3% to their highest in three months, as traders braced for supply disruptions from the broad U.S. sanctions package targeting Russian oil and gas revenue.[O/R]
futures were up 3.4% to $79.55 a barrel, after its highest since October. U.S. West Texas Intermediate crude futures advanced 3.29% to $76.35, also a three-month high.
Gold prices rose and were on track for the fourth straight day of gains. rose 0.98% to $2,696.33 an ounce. U.S. rose 0.98% to $2,710.00 an ounce.
LONDON – RBG Holdings plc (AIM: RBGP), a prominent legal services group, has entered into an exclusive negotiation period with its founder, Mr. Ian Rosenblatt, and associated parties for the potential sale of its ‘Rosenblatt’ branded business and certain assets. The talks, initiated on Tuesday, are set to advance a sale to Rosenblatt Law Limited (formerly AWH Acquisition Corp Corporate Limited).
The exclusive period, effective from today until January 24, 2025, aims to facilitate a swift and cooperative discussion regarding the disposal of the business. During this time, both parties have agreed to operate in good faith, abstain from legal actions against one another, and withdraw any ongoing or pending disputes. This includes a winding-up petition issued by Mr. Rosenblatt on January 7 and a general meeting requisition notice dated December 23, 2024.
Mr. Rosenblatt, a significant shareholder in RBG Holdings, has provided evidence of his ownership of Rosenblatt Law Limited since December 19, 2024. Any terms of the potential disposal will be subject to the AIM Rule 13, which pertains to transactions with related parties.
RBG Holdings plans to provide further updates after the discussions have progressed. The company, which includes subsidiaries RBG Legal Services Limited and RBL Law Limited, has been a fixture in the legal services market, with Rosenblatt established in 1989 and Memery Crystal in 1979.
The information about this exclusive negotiation period is based on a press release statement from RBG Holdings plc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Radcom Ltd . (NASDAQ:) shares have surged to a 52-week high, reaching a price level of $12.94, as investors rally behind the company’s strong performance. According to InvestingPro data, the company maintains an impressive “GREAT” financial health score of 3.38, with a robust current ratio of 4.18 indicating strong liquidity. This peak represents a significant milestone for the network software provider, reflecting a robust year-over-year growth of 17.8% in revenue. Over the past year, Radcom’s stock has witnessed an impressive 65.37% increase, underscoring the company’s expanding market presence and investor confidence in its strategic direction. The 52-week high serves as a testament to Radcom’s potential in the competitive tech landscape, as the company continues to innovate and capture market share. InvestingPro subscribers have access to 12 additional key insights about RDCM, including detailed valuation metrics and growth forecasts, essential for making informed investment decisions.
In other recent news, RADCOM Ltd. reported a record revenue of $15.8 million in its third quarter of 2024, a notable 20% increase from the same period last year. The company also announced the appointment of Benny Eppstein as the new CEO, effective December 1st. This growth in revenue is attributed to the strong demand for RADCOM’s cloud-based assurance solutions, particularly in North America and Europe. The company has also raised its full-year 2024 revenue guidance to between $59 million and $62 million, along with a significant increase in profitability, reporting a non-GAAP net income of $3.7 million.
In addition to these financial highlights, RADCOM secured a multi-year contract with a North American operator and anticipates growth in Voice over New Radio (VoNR) technologies by 2025. The company is optimistic about maintaining growth and profitability, with a significant portion of revenue coming from multi-year contracts. RADCOM’s strategy for growth includes investments in AI and analytics to strengthen its market position in cloud assurance. The company is also expecting to capitalize on 5G advancements and VoNR deployments anticipated in 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Forex2 years agoForex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Forex2 years ago
How is the Australian dollar doing today?
- Forex2 years ago
Unbiased review of Pocket Option broker
- Forex2 years ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- Cryptocurrency2 years ago
What happened in the crypto market – current events today
- World2 years ago
Why are modern video games an art form?
- Commodities2 years ago
Copper continues to fall in price on expectations of lower demand in China
- Forex2 years ago
The dollar is down again against major world currencies
