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Companies AT&T Inc FollowDec 3 (Reuters) - AT&T Inc. (T.N) has agreed to pay a $6.25 million penalty to settle a Securities and Exchange Commission lawsuit accusing the phone company of selectively leaking financial information to Wall Street analysts, the SEC said in a court filing. "We are committed to following all applicable laws and pleased to have resolution with the SEC. With this settlement, the company and its employees neither admitted nor denied the SEC’s allegations," AT&T told Reuters in an emailed statement. In a March 2021 lawsuit, the SEC accused Dallas-based AT&T and three investor relations executives of leaking details about its smartphone business to 20 firms. Reporting by Akanksha Khushi; Additional reporting by Sneha Bhowmik in Bengaluru; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.
Companies AT&T Inc FollowDec 3 (Reuters) - AT&T Inc. (T.N) has agreed to pay a $6.25 million penalty to settle a Securities and Exchange Commission lawsuit accusing the phone company of selectively leaking financial information to Wall Street analysts, the SEC said in a court filing. AT&T did not immediately respond to a Reuters' request for comment outside business hours. In a March 2021 lawsuit, the SEC accused Dallas-based AT&T and three investor relations executives of leaking details about its smartphone business to 20 firms. read moreThe SEC said it violated fair disclosure which it adopted in 2000 to bar companies from disclosing material non-public information privately, helping level the playing field for investors. Reporting by Akanksha Khushi in Bengaluru; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.
Property records from Smyth County, Virginia, list Austin Lee Edwards as the owner of the home on Allison Gap Road. “It still doesn’t feel real," Gordon told NBC affiliate WCYB of Bristol, Virginia. A fire that authorities believe was intentionally set broke out at their home and Edwards allegedly drove off with the teen. Gordon said Edwards told him that he moved to the area because he'd grown up in the region and wanted to return. The last time Gordon said he saw Edwards was Tuesday, Nov. 22, three days before the Wineks were killed.
Average 30-year fixed mortgage rates have dropped below 6% for the first time since late September. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year fixed mortgage ratesThe current average 30-year fixed mortgage rate is 6.49%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.76%, a decrease from the prior week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022.
Dec 3 (Reuters) - Russia said on Saturday it would continue to find buyers for its oil, despite what it said was a "dangerous" attempt by Western governments to introduce a price cap on its oil exports. A coalition of Western countries led by the G7 group of nations agreed on Friday to cap the price of Russian seaborne oil at $60 a barrel, as they aim to limit Moscow's revenues and curb its ability to finance its invasion of Ukraine. Russian President Vladimir Putin and high-ranking Kremlin officials have repeatedly said that they will not supply oil to countries that implement the price cap. "Regardless of the current flirtations with the dangerous and illegitimate instrument, we are confident that Russian oil will continue to be in demand." The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap.
Chinese cities this week loosened COVID restrictions in the wake of mass protests, lifting Chinese stocks. China's top pandemic official this week appeared to signal a softening in the zero-COVID policy but the government has yet to pledge a comprehensive step-down. Retail investors should be prepared to move defensively should Beijing's decisions on zero-COVID policy go against their respective positions, Martin said. Here's what some market experts are looking at as global investors watch for developments surrounding the Chinese government's zero-COVID stance. "You have to understand that nobody has an edge as to predicting China policy anymore.
With Americans predicted to spend nearly $1,000 each on gifts, Christmas is coming at a bad time. A Gallup poll published in October suggested US households will spend an average of $932 on gifts alone. Add to that increased travel and socializing, and you could be putting yourself in financial peril at the worst possible time. Push gift-giving back a few daysIf you want to carry on gifting, but aren't committed to tradition, you could try gifting in January. Huddleston suggested getting each guest to bring a dish or bottle to share costs.
Germany to force energy providers to justify future price hikes
  + stars: | 2022-12-03 | by ( ) www.reuters.com   time to read: +1 min
Dec 3 (Reuters) - The German government plans to allow energy providers to raise prices next year only if objectively justified, the economy ministry said on Saturday, denying a media report that Berlin planned a ban on all energy price hikes for consumers. "Not every price increase is automatically illegal," an economy ministry spokesperson said, but added that the ban would apply to unjustified price hikes that exploited consumers. Mass-selling Bild newspaper reported the government wants to ban all electricity and gas suppliers from increasing prices next year. Energy suppliers in Germany would have to prove that the price increases they plan are justified, for instance if they have rising procurement costs, the ministry added. The cabinet approved a cap on gas and electricity prices in an expedited process last month as part of efforts to tackle soaring energy bills for households and businesses.
Prince William awarded five Earthshot Prizes of $1.2 million on Friday to fund climate innovation. The prestigious Earthshot Prizes were awarded on Friday in Boston. Each winner will receive £1 million ($1.2 million) to develop their climate innovations. The star-studded ceremony, hosted by Prince William and Kate Middleton, had various celebrities in attendance including Billie Eilish, Ellie Goulding, Annie Lennox, Rami Malek, Catherine O'Hara, and David Beckham. The Earthshot Prizes were launched in 2020 by Prince William and Sir David Attenborough.
Ukraine urges tougher Western squeeze on Russian oil prices
  + stars: | 2022-12-03 | by ( ) www.cnbc.com   time to read: +1 min
The office of Ukrainian President Volodymyr Zelenskyy called Saturday for a lower price cap on Russian oil than the one agreed to by Ukraine's Western supporters, while Russian authorities called the $60-per-barrel cap harmful to free, stable markets. The cap is set to take effect Monday, along with an EU embargo on Russian oil shipped by sea. "It would be necessary to lower it to $30 in order to destroy the enemy's economy faster," Yermak wrote on Telegram, staking out a position also favored by Poland — a leading critic of Russian President Vladimir Putin's war in Ukraine. The Russian Embassy in Washington insisted that Russian oil "will continue to be in demand" and criticized the price limit as "reshaping the basic principles of the functioning of free markets." A post on the embassy's Telegram channel predicted the per-barrel cap would lead to "a widespread increase in uncertainty and higher costs for consumers of raw materials."
Georgia voters on Friday cast over 350,000 ballots, setting a one-day statewide early voting record. The previous one-day early voting record was on Tuesday when nearly 310,000 voters cast ballots. On Friday night, Sterling praised the efforts of election officials and precinct workers who had prepared for early voting, which began in some localities last week. Before Friday, the one-day record for early voting in Georgia was set during the 2018 midterm cycle, when 233,000 people voted on the last day of early voting that year. Headed into Election Day on Tuesday, turnout among Georgia voters sat at 26.4% as of December 3, per the secretary of state's office.
Russia has a "shadow fleet" of oil tankers to bypass western sanctions, the Financial Times reported. The EU has agreed on a $60 a barrel price cap on Russian oil after Poland wanted it set at just $30. Russia assembled what the industry described as the "shadow fleet" in a bid to counter new sanctions. Analysts estimate a shortfall as Russia still needs more tankers to maintain its export levels, according to the report. Rystad analyst Viktor Kurilov told the newspaper: "Russia needs more than 240 tankers to keep its current exports flowing."
Knitowski borrowed $375,000 from crypto lender Celsius over several years and posted $1.5 million in bitcoin as collateral. Knitowski and thousands of other loan holders had more than $812 million in collateral locked on the platform, and bankruptcy records show Celsius failed to return collateral to borrowers even after they repaid their loans. Adler said he's representing a group of 75 borrowers who have approximately $100 million in digital assets on Celsius' platform. In the crypto world, a borrower can ask for a loan and pledge bitcoin as collateral. The crypto platform also failed to provide borrowers with a complete federal Truth in Lending Act (TILA) disclosure, according to former employees and an email sent to customers on July 4.
Stocks fell on Friday after the Bureau of Labor Statistics announced a robust November jobs report. But with the economy resilient, the Fed could continue to cause more pain for stocks going forward. November's jobs report, however, puts a pin the hopes of those anticipating easier policy sooner. He added: "Chairman Powell's speech earlier in the week was interpreted with a dovish lens, but that spin is likely to be reassessed based on the jobs report. Even before Friday's jobs report, some Wall Street strategists and money managers have been warning of further trouble ahead.
On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets. OPEC virtually met on Saturday without allies such as Russia and discussed mostly administrative matters, sources said. The ministers did not discuss the Russian price cap. Five OPEC+ delegates said on Saturday the OPEC+ meeting on Sunday would likely approve a policy rollover. On Friday, two separate OPEC+ sources said a further output cut was not completely off the table given concern about economic growth and demand.
Why 2022 is the year of the espresso martini
  + stars: | 2022-12-03 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
New York CNN Business —It might be 2022, but people are still ordering espresso martinis like it’s the 90s. The espresso martini has even displaced the classic Manhattan, a bourbon-based cocktail, in the top 10. “The elegance of the espresso martini elevates your cocktail experience at a bar or restaurant, and it also serves as an impressive after-dinner cocktail when entertaining guests at home.”2022 was the year of the espresso martini. Adobe StockThe espresso martini is a mix of vodka, coffee liqueur and espresso. Espresso martinis have also made the 86-year-old brand more appealing to younger drinkers, according to Rima Sawaya, Kahlúa’s brand director.
An app that offers unsold food saw a 100% month-on-month rise in the first half of the year. Jenny Holden, who runs a PR firm in Staffordshire, told Insider that she's started having a pea protein shake for dinner once a week. More Brits are buying unsold food through appsToo Good To Go lets users buy unsold food for one-third of the price. One user of such unsold food apps is Penny Moyses, the founder of the Clean and Tidy Home Show, which offers household budgeting tips. The energy price cap has been extended by one year, but will increase by £500 ($613) from April 2023.
LONDON, Dec 3 (Reuters) - Bank of England rate-setter Swati Dhingra said in an interview published on Saturday that higher interest rates could lead to a deeper and longer recession, adding there were few signs that demands for higher wages risked a wage-price spiral. While most of her colleagues backed a 75 basis-point hike to 3% last month, Dhingra voted for a half-percentage-point increase in interest rates last month, and later told lawmakers the central bank could deepen an expected recession if it pushed up borrowing costs further. "You do see a much deeper and a longer recession with rates being much higher," she told the Observer newspaper. "A wage-price spiral would mean wages should be above inflation," Dhingra told the paper. She said that those expecting further large hikes in interest rates were not taking in account BoE surveys suggesting a fall in investment and employment in the next two years.
The price cap will prohibit G7 companies dealing with the insurance, re-insurance or financing of oil trade or to handle Russian crude oil cargoes to third countries unless the oil was sold at or below the $60 per barrel price cap. From Monday, the EU itself will not be buying any Russian seaborne crude, which had made up 94% of all Russian crude imports by the 27-nation EU. A G7 price cap on the petroleum products will also be set at a later date, using exactly the same mechanism as for crude oil, the Commission said. Because the world's key shipping and insurance firms are based in G7 countries, the price cap would make it very difficult for Moscow to sell its oil at a higher price. The price cap review is an EU-specific mechanism that will require unanimity among the 27 countries that make up the bloc for any changes to the price level.
Peter Kern, CEO of online travel company Expedia Group , sees the cloud as an area where his company can reduce its fixed costs. Amazon leads the market in cloud computing, with an estimated 39% share. Selipsky said that moving IT jobs to the cloud could help budget-strapped organizations save money, citing customers Agco and Carrier Global . It offers Graviton computing instances based on energy-efficient Arm-based chips, a less expensive alternative to instances using standard AMD and Intel processors. He said AT&T 's DirecTV unit was able to eliminate 20% of computing costs by adopting current-generation Graviton chips.
Three major Wall Street banks expect the S&P 500 to tank over 20% at some point next year. Here's what Morgan Stanley, Bank of America and Deutsche Bank say about what could drag stocks lower. For Bank of America, a Federal Reserve-induced liquidity crisis could put pressure on the S&P 500 stock index. Here's where the S&P 500 is headed, and why, according to the major banks. He added lower earnings will cause intense pain for larger-cap stocks, and not just tech stocks.
Analysts at Goldman Sachs named a slew of stocks this week that the firm said are well positioned if market conditions deteriorate. They include Yeti, Yum China , Keysight Technologies , Capri Holdings and Taiwan Semiconductor Manufacturing . Yum China Yum China is a stock made for these times, according to analyst Michelle Cheng. Keysight Technologies "Strong results despite weakening macro. Yum China "YUMC delivered a strong margin beat in its 3Q22 results reinforcing its leading execution & business resiliency amid market volatility.
However, several cities, including San Francisco, Los Angeles and Sacramento, have all seen home prices fall by more than 5% from peak sale prices. Additionally, Stockton has seen its median sale price drop 4.8% from its peak. That brings California's total to seven metros out of the top 20 for the nation that have seen the most severe drop in housing prices. So far it appears that 2023 is likely to be an even slower year for the state's housing market, especially if locals continue to leave and move to more affordable states. The pullback in demand could ultimately result in the state's median home price declining 8.8% to $758,600, the report adds.
Rocket Mortgage's November report ranked the best states to raise a family based on data from U.S. News and WalletHub. A new report from Rocket Mortgage used data from U.S. News and WalletHub to rank states according to several criteria: family funhealth and safety concernseducation and childcare possibilitiesoverall affordabilitysocial and economic factors Overall, the report found that the best states in the U.S. to raise a family are home to major cities that are continuing to grow in population size and emerging industries. 1 best state to raise a family if you make over $70,000 a year: MassachusettsTotal score: 65.21 Massachusetts is a state that offers everything from the Berkshire Mountains to the beaches of Cape Cod and a major city like Boston. Boston is home to two of the best hospitals in the country: Massachusetts General (rank: 5) and Brigham and Women's (rank: 14). 5 best U.S. states to raise a family if you make over $70,000/year
KYIV, Dec 3 (Reuters) - The price cap on Russian seaborne crude oil agreed to by the Group of Seven nations and Australia on Friday should be lowered to $30 per barrel to hit Russia's economy harder, a senior Ukrainian presidential aide said on Saturday. "This was everything that was proposed by the McFaul-Yermak group, but it would be necessary to lower it to $30 to destroy the enemy's economy quicker," Andriy Yermak, head of Ukraine's presidential administration, wrote on Telegram referencing an international working group on sanctions. The G7 and Australia have agreed a $60 per barrel price cap. Reporting by Dan Peleschuk; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
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