U.S. charges British billionaire Joe Lewis with ‘brazen’ insider trading
U.S. prosecutors have called offsides on the British billionaire owner of the Tottenham Hotspur soccer...
U.S. prosecutors have called offsides on the British billionaire owner of the Tottenham Hotspur soccer team, charging him with a “brazen insider-trading scheme,” in which he passed secret stock tips worth millions to his girlfriends, private pilots and assistants for years.
Joe Lewis, 86, who is one of the richest people in the United Kingdom, is accused of taking inside information about companies in which he was a large investor and handing it out to people around him for them to use to get rich.
“Notwithstanding his vast personal wealth, Lewis provided the inside information to his employees, romantic partners, and friends as a way to give them compensation and gifts,” federal prosecutors wrote in an indictment filed in New York.
U.S. stocks end higher as Dow industrials log 12th straight day of gains
U.S. stock indexes finished higher on Tuesday with the Dow Jones...
U.S. stock indexes finished higher on Tuesday with the Dow Jones Industrial Average extending its winning streak to a 12th session while hitting its highest close since February 2022. Investors awaited the Federal Reserve’s policy decision on Wednesday and will assess Chair Jerome Powell’s comments for forward guidance on further interest-rate moves. The central bank is expected to raise the benchmark interest rates by 25 basis points to a range of 5.25%-5.5%, resuming its campaign to raise borrowing costs and curb inflation after a brief pause in June. The Dow Industrials DJIA gained 27 points, or less than 0.1%, to end at 35,438. The S&P 500 SPX rose 0.3%, while the Nasdaq CompositeCOMP advanced 0.6%.
UPS averts strike, as Teamsters union announces tentative agreement
The International Brotherhood of Teamsters announced Tuesday...
The International Brotherhood of Teamsters announced Tuesday that it has reached a tentative agreement with United Parcel Service Inc. UPS, -1.39% on a new contract, which includes “lucrative” wage increases, more jobs and workplace protections, and improvements.
Included in the contract, which would extend through 2028, existing full- and part-time union members will get $2.75 more per hour in 2023 and $7.50 more per hour over the length of the contract. Existing part-time workers will be paid a minimum of $21 per hour, and the average top rate for full-time workers will increase to $49 per hour. The contract would also include the creation of 7,500 new full-time union jobs and the fulfillment of 22,500 open positions.
U.S. consumer confidence hits its highest level in two years
The numbers: A...
The numbers:Asurvey of U.S. consumer confidence climbed to a two-year high of 117.0 in July, a sign that Americans are growing more optimistic about the economy.
The closely followed index rose 6.9 points from a revised WAS 110.1 in June, the Conference Board said Tuesday.
Consumer confidence tends to signal whether the economy is getting better or worse. The index has rebounded from a weak spell early in the year, though it still lags well below pre-pandemic levels.
Market volatility has Granholm calling for oil supply boost
Energy Secretary Jennifer Granholm has renewed calls for increased oil supplies to counter prevailing...
Energy Secretary Jennifer Granholm has renewed calls for increased oil supplies to counter prevailing oil market volatility and reaffirmed the Biden administration's commitment to bringing down energy costs. "There is a lot of emotion in these markets and so we have deep concern about trajectories of where things are headed," Granholm said.
