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Fed’s Barkin: ‘remains to be seen’ if more tightening is needed

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Fed's Barkin: 'remains to be seen' if more tightening is needed
© Reuters. FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses in the lobby of Jackson Lake Lodge in Jackson Hole, where the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S., August 24, 2023. REUTERS/Ann Saphir

(Reuters) – Richmond Federal Reserve Bank President Thomas Barkin on Thursday said that while there’s been “real progress” on inflation, it is yet unclear if the U.S. central bank will need to push its policy rate higher to finish the job.

“I do anticipate some sort of a slowdown, as I just have to believe the net impact of all this tightening will eventually hit the economy harder than it has,” Barkin said in remarks prepared for delivery on an MNI Webcast. “Whether a slowdown that settles inflation requires more from us remains to be seen, which is why I supported our decision to hold rates at our last meeting.”

The Fed last week left its policy rate in the 5.25%-5.50% range, where it has been since July, and Fed Chair Jerome Powell said he isn’t certain if more tightening will, or will not, be needed. Economic growth has surprised most analysts with its strength despite the Fed’s aggressive rate hikes, and while inflation is down from its peak last year it is still running at 3.4% by the Fed’s preferred measure, well above the 2% goal.

Yet in conversations with business leaders and banks, Barkin said, it’s clear the economy is slowing.

Barkin said that the Fed will need to “walk a fine line” as it navigates between doing too much and doing too little, and that regardless any external shock has the potential to waylay policy.

“With rates restrictive and financial conditions tightened, we have time to reconcile competing narratives on demand and to test different views on the trajectory of inflation,” Barkin said.

Though he is not yet convinced inflation is on a smooth glide path down to 2%, Barkin said that as labor supply and demand come into better balance and supply chains heal, “perhaps inflation could return to target without more help from us and without too much damage to demand.”

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American Express Global Business Travel to Report Second Quarter 2024 Financial Results on August 6, 2024

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NEW YORK–(BUSINESS WIRE)–American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) (Amex GBT or the Company), a leading software and services company for travel, expense, and meetings & events, today announced that it will report second quarter 2024 financial results on August 6, 2024, before the market opens followed by a live audio webcast at 9:00 a.m. ET. Paul Abbott, Chief Executive Officer, and Karen Williams, Chief Financial Officer, will discuss Amex GBT’s financial performance and business outlook.

The webcast is expected to last approximately one hour and will be accessible by visiting the Investor Relations section of Amex GBT’s website at investors.amexglobalbusinesstravel.com. A replay of the webcast will be available on the website for at least 90 days following the event.

About American Express (NYSE:) Global Business Travel

American Express Global Business Travel (Amex GBT) is a leading software and services company for travel, expense, and meetings & events. We have built the most valuable marketplace in travel with the most comprehensive and competitive content. A choice of solutions brought to you through a strong combination of technology and people, delivering the best experiences, proven at scale. With travel professionals and business partners in more than 140 countries, our solutions deliver savings, flexibility, and service from a brand you can trust “ Amex GBT.

Visit amexglobalbusinesstravel.com for more information about Amex GBT. Follow @amexgbt on X (formerly known as Twitter), LinkedIn and Instagram.

Media:
Martin Ferguson
Vice President Global Communications and Public Affairs
martin.ferguson@amexgbt.com

Investors:
Jennifer Thorington
Vice President Investor Relations
investor@amexgbt.com

Source: Global Business Travel Group, Inc.

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Assure Holdings hits 52-week low, trading at $2.54

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Assure Holdings Corp. (IONM) has reached a new 52-week low, with shares trading at $2.54. This marks a significant downturn for the company, which has seen its stock price steadily decline over the past year. The 52-week low of $2.54 is a stark contrast to previous performance, indicating a challenging period for the company. Over the past year, Assure Holdings has experienced a substantial decrease in its stock value, with a 1-year change of -81.73%. This significant drop reflects the company’s struggle to maintain its market position amidst various challenges.

In other recent news, Assure Holdings Corp. has rescheduled its special meeting of stockholders to August 21, 2024. The company also faced a compliance issue with Nasdaq due to a delay in filing its quarterly report for the period ending March 31, 2024, resulting in a noncompliance with Nasdaq Listing Rules. However, the Nasdaq Listing Qualifications Panel granted Assure Holdings an extension to regain compliance with the continued listing requirements.

In addition to these developments, Assure Holdings is planning a transaction with Danam Health Inc., which is expected to enhance its service offerings and market reach. This proposed merger is pending closing conditions, including stockholder approval.

These are recent developments and investors are urged to review the materials filed with the SEC once they become available. It’s important to note that Assure Holdings has not disclosed the specific reasons for the meeting postponement but assures stockholders that further details are available in the definitive proxy statement. Lastly, despite the Nasdaq compliance issue, the trading of Assure’s common stock continues on the NASDAQ Capital Market.

InvestingPro Insights

As Assure Holdings Corp. (IONM) faces a daunting 52-week low, the InvestingPro data paints a detailed picture of the company’s financial landscape. With a market capitalization of just $1.62 million, the company is navigating through rough waters. The stock’s price-to-earnings (P/E) ratio stands at a negative -0.06, reflecting investor skepticism about future earnings. Additionally, the revenue growth of 23.26% in the last twelve months as of Q1 2024 offers a glimmer of hope amidst a generally negative outlook.

From an analytical perspective, InvestingPro Tips suggest that the stock is currently in oversold territory according to the Relative Strength Index (RSI), which could indicate a potential rebound or at least a pause in the downward trend. Moreover, the stock has been identified to trade with high price volatility, which could mean opportunities for nimble traders but also increased risk for the average investor. For those considering a deeper dive into Assure Holdings, there are over 13 additional InvestingPro Tips available, which could provide further insights into making an informed decision. Interested readers can explore these tips and utilize the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.

While the current metrics may seem discouraging, the dynamic nature of the market suggests that the company’s fortunes can change. Investors looking to capitalize on such changes should keep a close watch on the company’s next earnings date on September 6, 2024, and consider the InvestingPro Fair Value of $4.18 as a benchmark for the stock’s potential.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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SABESP announces new tariff structure and bylaws

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São Paulo-based Companhia de Saneamento Básico do Estado de São Paulo – SABESP (B3: SBSP3; NYSE: SBS) has implemented a new tariff structure and company bylaws, according to a report filed with the U.S. Securities and Exchange Commission today.

Following the completion of its shares’ secondary public offering and the company’s privatization on Monday, SABESP has established a revised tariff structure effective immediately.

The new tariffs include a 1% reduction in residential tariffs, a substantial 10% cut for social and vulnerable tariffs, and a 0.5% decrease for all other tariffs.

These adjustments apply solely to the first consumption tier, as stipulated in the Concession Agreement dated May 24, 2024, between SABESP and the Regional Unit for Drinking Water Supply and Sewage Services of the Southeastern region, with the São Paulo State Public Services Regulatory Agency’s consent.

In addition to the tariff changes, SABESP’s new bylaws, which were approved in an Extraordinary Shareholders’ Meeting on May 27, 2024, and policies regarding related party transactions, duties and responsibilities, and the allocation of results and dividend distribution, approved by the company’s Board of Directors, have also come into effect. The bylaws were previously submitted to the SEC on June 19, 2024.

The adjustments come as part of the company’s broader strategy to streamline operations and enhance service provision under the new Concession Agreement. SABESP, classified under the Water Supply industry, is headquartered in São Paulo, Brazil, and provides basic sanitation services across the state of São Paulo. The company’s Chief Financial Officer and Investor Relations Officer, Catia Cristina Teixeira Pereira, confirmed the implementation of these changes.

This press release statement serves as the basis for the information provided, which is a reflection of SABESP’s ongoing commitment to its customers and stakeholders in the wake of its privatization.

In other recent news, Brazilian utility company, Companhia de Saneamento Básico do Estado de São Paulo, also known as Sabesp, has successfully finalized a public offering of shares. This included 220,470,000 common shares and the issuance of 1,789,502 American Depositary Shares (ADSs).

The shares were offered globally, including an international segment placed outside Brazil and the United States. The State of São Paulo owned these shares, and the delivery occurred through The Depository Trust Company in New York and the B3 Central Depository in Brazil.

In recent developments, Sabesp’s share price target has been upgraded to R$137.00 from R$97.00 by financial firm Citi due to new regulatory and concession contract models. Citi’s analysis suggests that Sabesp is currently trading with a 14% real Internal Rate of Return (IRR) under the new regulations, lower than other companies in the same sector.

Still, Citi maintains a Buy rating on Sabesp’s stock and selects it as one of its top picks in the industry, indicating a positive outlook for Sabesp’s shares in the new regulatory environment.

The successful settlement of the offering and the upgraded share price target highlight recent key developments for Sabesp, reflecting investor confidence and providing additional capital for its ongoing operations and future initiatives.

InvestingPro Insights

In the wake of SABESP’s recent privatization and tariff restructuring, real-time data from InvestingPro provides a financial perspective on the company’s current market position. With a market capitalization of $10.61 billion and a Price to Earnings (P/E) ratio of 16.51, SABESP appears to be trading at a low P/E ratio relative to its near-term earnings growth. Furthermore, the company’s PEG ratio, which stands at 0.68, suggests that it may be undervalued based on its earnings growth potential.

The company has also shown a commitment to its shareholders, having raised its dividend for 3 consecutive years, and maintained dividend payments for 13 consecutive years. This, coupled with a strong return over the past year of 37.16%, indicates a positive trend for investor returns.

For those interested in deeper analysis, there are additional InvestingPro Tips available, which can be explored at: https://www.investing.com/pro/SBS. To enhance your investment research on SABESP, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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