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☆ The Fed confirms that Americans will have to wait longer for interest rate cuts
▼ + stars: | 2024-06-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The nation's central bank is once again leaving interest rates unchanged as it works to lower inflation. On Wednesday, the Federal Open Market Committee announced that it's holding its key interest rate benchmark steady in a range of 5.25% to 5.5%, continuing the pause that first began in September last year. The Summary of Economic Projections, released alongside the FOMC's interest rate decision, penciled in just one rate cut for 2024. "This housing-related inflation is directly driven by high interest rates: reducing rates will reduce the costs of renting, buying, and building housing, lowering Americans' single highest monthly expense," they wrote. "Lowering interest rates will likely also decrease the cost of auto insurance as well, which has risen due to factors completely unrelated to the cost of lending."

Persons: it's, Jerome Powell, We've, Powell, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Brendan Boyle, Sen, Sheldon Whitehouse Organizations: Service, Federal, Market Committee, Business, Fed, European Central Bank Locations: Sens

☆ Key takeaways from the Fed’s latest interest rate decision
▼ + stars: | 2024-06-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Officials penciled in just one rate cut this year, according to their latest economic projections, compared to the three they forecast in March. They also expect inflation to be more stubborn this year than they thought in the spring, according to their forecasts. The Fed has kept interest rates at a 23-year high for nearly a year, after kicking off an aggressive rate-hiking campaign in March 2022. Here are key takeaways from the Fed’s latest decision on interest rates. Still-high inflation is continuing to eat into some budgets, pandemic savings are drying up, borrowers continue to pile on more debt and the highest interest rates in nearly a quarter century are squeezing Americans.

Persons: Jerome Powell, Powell, ’, it’s, ”, “ We’ve, ” Powell, trickling, Wall, Matt Colyar, “ Organizations: Washington CNN, Federal Reserve, Labor Department, That’s, CPI, Fed, Moody’s Locations: April’s

☆ Inflation slows in May, with consumer prices up 3.3% from a year ago
▼ + stars: | 2024-06-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The consumer price index showed no increase in May as inflation slightly loosened its stubborn grip on the U.S. economy, the Labor Department reported Wednesday. The monthly rate rose 0.3% in April while the annual rate was 3.3%. Though the top-line inflation numbers were lower for both the all-items and core measures, shelter inflation increased 0.4% on the month and was up 5.4% from a year ago. Housing-related numbers have been a sticking point in the Federal Reserve's inflation battle and make up a heavy share of the CPI weighting. Though the Fed doesn't use the CPI as its main inflation indicator, it still figures into the calculus.

Persons: Dow Jones, Price, Robert Frick, Joseph LaVorgna, FOMC Organizations: department's Bureau of Labor Statistics, Labor Department, Treasury, Dow Jones, Navy Federal Credit Union, Federal Reserve, CPI, Nikko Securities, Commerce Locations: U.S

☆ BTS’ Jin discharged from army service in South Korea
▼ + stars: | 2024-06-12 | by ( Reuters | Gawon Bae | ) edition.cnn.com time to read: +2 min

CNN —Wearing a uniform and black beret, Jin, the oldest member of K-pop phenomenon BTS, was discharged from South Korea’s army on Wednesday after 18 months of duty. He is the first member of the group to wrap up the mandatory national service that put their music careers on hold. The 31-year-old appeared emotional as he hugged his colleagues at a military base in Yeoncheon, Gyeonggi province, television footage showed. “I cried during the ceremony,” Jin said later during a livestream which racked up over 3 million views on the Weverse fandom platform. Beyond music, BTS members are bankable fashion icons.

Persons: CNN —, Jin, “, ” Jin, Louis Vuitton, Angela Weiss, Suga, Jimin, Valentino, Dior, Kim Jones Organizations: CNN, BTS, Getty, White Locations: South, Yeoncheon, Gyeonggi, Seoul, South Korea

☆ As a single mom, I was on a budget. When my son was teased for his shoes, I found a way to get the name-brand pair he wanted.
▼ + stars: | 2024-06-11 | by ( Ashley Archambault | ) www.businessinsider.com time to read: +5 min

My son had never complained about the shoes I bought for him until he started Kindergarten when he started asking me specifically for Nikes. As a teacher, I noticed students getting made fun of for their shoesI started teaching junior high the same year my son started kindergarten. Ashley Archambault asked for recommendations so she could afford the shoes her son wanted. Not only did I find a way to afford the shoes my son wanted, but I also saw that buying them for him was more than worth it. When Ashley Archambault's son told her he was being teased for his shoes, she found a way to buy him the shoes he wanted.

Persons: Jack, Ashley Archambault, hysterically, Kohl's, Jack knockoffs, Ashley Archambault's, I'm Organizations: Service

☆ Biden administration moves to ban medical debt from credit reports
▼ + stars: | 2024-06-11 | by ( Rob Wile | ) www.cnbc.com time to read: +2 min

The Biden administration is moving to ban medical debt from credit reports. Medical debt, she said, "makes it more difficult to get by, much less get ahead. A recent study estimated that one in five U.S. households live with medical debt, including people with health insurance; and that on average, a typical American household owes about $4,600 in medical debts. "Medical bills on credit reports too often are inaccurate and have little to no predictive value when it comes to repaying other loans." The association said it had also extended the time before medical collections debt appears on credit reports and deleted resolved debts and medical collection debts below $500.

Persons: Joe Biden, Kamala Harris, North Carolina Governor Roy Cooper, Biden, Harris, Rohit Chopra Organizations: U.S, North Carolina Governor, Chavis Community Center, Consumer Financial Protection Bureau, Consumer Data Industry Association Locations: Chavis, Raleigh , North Carolina, U.S

☆ I doubled my income at Microsoft after starting my career in a factory. I only had enough money for 1 semester of school, but I was determined.
▼ + stars: | 2024-06-11 | by ( Perri Ormont Blumberg | ) www.businessinsider.com time to read: +5 min

Read previewThis as-told-to essay is based on a conversation with Nandita Gupta, an accessibility product manager at Microsoft in Redmond, Washington. I'm an accessibility product manager at Microsoft. Since December 2021, I've worked as an accessibility product manager for Accessibility Insights, a suite of products that helps developers code with accessibility in mind. There came a moment in my manufacturing job when I asked myself, "What am I doing? Taking the Microsoft job doubled my earnings from my last job — my annual income was around $75,000 in manufacturing, and the move to Microsoft brought my total compensation to over $170,000.

Persons: —, Nandita Gupta, I've, MasterClass, Lauryn Haas Organizations: Service, Microsoft, Business, Google, Zoo Atlanta, TED, Nasdaq Entrepreneurial Center, TEDx Georgia Tech Locations: Redmond , Washington, lhaas@businessinsider.com

☆ Here's what investors expect from the stock market after the Fed decision Wednesday
▼ + stars: | 2024-06-11 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

Broadly speaking, market observers expect that investors have already priced in how the Fed may proceed with interest rates. So long as this week's Fed meeting sticks to the consensus view, many observers expect stocks will breathe a sigh of relief. "This is one of the busiest of the days on Wednesday," said Art Hogan, chief market strategist at B.Riley Financial. Possibility for surprise Of course, the Fed meeting still has the potential to surprise investors. ET Wednesday while the Fed meeting wraps up at 2:00 p.m. and Powell's press conference starts a half hour later.

Persons: shrugging, Hogan, Dave Sekera, it's, Riley's Hogan, ChairJerome Powell, Powell, hasn't, Brian Nick, Nick, —, I'd, Jeff Klingelhofer, Klingelhofer, Joshua Roberts Organizations: Federal Reserve, B.Riley, Morningstar, Fed, Macro, Bureau of Labor Statistics, Nvidia, Thornburg Investment Management, Federal Locations: U.S, Washington ,

☆ The Fed is winning its battle against inflation. So why isn’t it cutting rates?
▼ + stars: | 2024-06-11 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

That’s why it is crucial for central bankers to insist on 2%. “By communicating an explicit inflation target — and then delivering inflation consistent with that target — central banks earn credibility with the public,” New York Fed President John Williams said in a recent speech. Stripping away highly volatile categories such as food and energy — a measure referred to as “core” inflation — won’t quell central bankers’ concerns. The Fed can’t ignore CPIAlthough CPI isn’t the inflation gauge the Fed targets, central bankers don’t write it off. It was, however, welcome news to Fed officials that Consumer Price Index-measured inflation fell to 3.4% in April from 3.5% in March.

Persons: Frank Robinson, “, they’re, Jerome Powell, ” Powell, Ben Bernanke, they’ll, John Williams, hasn’t, ”, Tom Barkin, don’t, Christopher Waller Organizations: New, New York CNN —, Federal, Fed, New York Fed, ” New York Fed, ” Richmond Fed, CPI Locations: New York

☆ Stock market today: S&P 500 closes at a record high as investors await the latest Fed decision, May CPI
▼ + stars: | 2024-06-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The S&P 500 and Nasdaq notched new highs Tuesday as investors geared up for the Fed's policy decision. Shares of Apple soared as much as 7% as Wall Street cheered its WWDC event. AdvertisementUS stocks were mostly higher Tuesday, with the S&P 500 and Nasdaq hitting all-time highs as traders looked ahead to the Federal Reserve's latest policy decision. If so, that will be below the recent highs of 3.7% from September and October, but still well above the 3% recorded last July, and way above the Fed's own 2% target. The firm's unveiled developments were met with fanfare on Wall Street, and the stock jumped as much as 7%.

Persons: —, Jerome Powell, David Morrison, Apple Organizations: Nasdaq, Apple, Service, Federal

☆ Biden Nears Pick for Next F.D.I.C. Chair
▼ + stars: | 2024-06-11 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

Three weeks after President Biden vowed to pick a new leader for the Federal Deposit Insurance Corporation, the bank regulator shaken by a vast workplace abuse scandal, a front-runner has emerged: Christy Goldsmith Romero, who sits on the five-member Commodity Futures Trading Commission, according to two people with knowledge of the administration’s thinking. Ms. Goldsmith Romero is a lawyer who, after the financial crisis, spent more than 12 years in an office created by Congress to investigate fraud and other misconduct by banks that received money from the government’s roughly $450 billion crisis rescue package, the Troubled Asset Relief Program. From 2011 to 2022, Ms. Goldsmith Romero led the office as the special inspector-general for the program. Mr. Biden has not made a final decision. Ms. Goldsmith Romero’s position as the front-runner for the job was first reported by The Wall Street Journal.

Persons: Biden, Christy Goldsmith Romero, Goldsmith Romero, Goldsmith Organizations: Federal Deposit Insurance Corporation, Futures Trading Commission, Troubled Asset, Wall Street

Learn moreA quick glance at our Away luggage review and our guides to the best luggage and best carry-on bags will show you that we're big fans of Away luggage. Away The Bigger Carry-On Flex The Bigger Carry-On Flex is Away's largest and most versatile carry-on bag. So, whether you choose the Carry-On Flex, the Bigger Carry-On Flex, the Medium Flex, or the Large Flex, you'll have the same dimensions as the original, just with the option to add more room. AdvertisementWhat makes the Away Flex stand outAll of the Away Flex bags are functional, thoughtfully designed, and in this case, provide more space than a standard-size suitcase thanks to the expandable zipper. AdvertisementThe bottom lineAway's polycarbonate Flex bag is the suitcase we've been waiting for since day one.

Persons: Emily Hochberg, packer, Hochberg, I've, Lauren Savoie, it's Organizations: Business, packers, Flex, TSA

☆ What to expect from the housing market in the second half of 2024, according to real estate experts
▼ + stars: | 2024-06-10 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

While the market is seeing more listings, the boost in supply is not enough to attract buyers, according to Doug Duncan, senior vice president and chief economist at Fannie Mae. "Mortgage rates are down a bit from May highs, but that hasn't spurred a surge of competition among buyers in the housing market," Divounguy said. Many experts believe the Federal Reserve will likely hold interest rates in the upcoming board meeting on June 12. However, the National Association of Realtors forecast a potential interest rate cut by the fall of this year, according to Jessica Lautz, the NAR's deputy chief economist. 'It's hard to foresee prices really cooling'While the housing market has slowed in terms of the number of transactions, prices haven't soften despite broader expectations, Ostrowski explained.

Persons: Orphe Divounguy, Realtor.com, Kelman, Doug Duncan, Fannie Mae, Duncan, Freddie Mac, hasn't, Divounguy, Jessica Lautz, Ostrowski Organizations: Realtor.com, CNBC, Federal Reserve, Reserve, National Association of Realtors Locations: U.S

☆ Student-loan borrowers enrolled in Biden's new repayment plan may have gotten a win after a federal judge ruled only 3 states 'just barely' have standing to challenge the plan
▼ + stars: | 2024-06-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewStudent-loan borrowers enrolled in President Joe Biden's new repayment plan may have just gotten some relief from legal challenges. Crabtree wrote that the three states' standing is "weaker than the one that prevailed" at the Supreme Court. Crabtree explained how this case is different from Biden v. Nebraska, the case brought before the Supreme Court. In the case to block SAVE, the states are not arguing they would lose money from servicing loans. It's also in the process of implementing a broader student-loan forgiveness plan to replace the one the Supreme Court struck down, which is also likely to result in lawsuits.

Persons: —, Joe Biden's, Daniel Crabtree, they'd, Crabtree, They're, Cato, It's Organizations: Service, Business, Kansas, Supreme, Public, Biden, . Nebraska, New Civil Liberties Alliance, Mackinac Center for Public, Sixth Circuit, Education Department Locations: Kansas, — South Carolina , Texas, Alaska, .

☆ Rural hospitals keep getting attacked by cybercriminals. Microsoft and Google are working to fix that
▼ + stars: | 2024-06-10 | by ( Sean Lyngaas | Michelle Watson | ) edition.cnn.com time to read: +4 min

CNN —Microsoft and Google will offer free or discounted cybersecurity services to rural hospitals across the United States to make them less vulnerable to cyberattacks that have disrupted patient care and threatened lives, the White House and Microsoft said Monday. Microsoft said in a statement to CNN that it would provide free security updates for eligible rural hospitals, as well as security assessments and training for hospital staff. Google will provide free cybersecurity advice to rural hospitals and start a pilot program to match the firm’s cybersecurity services with the needs of rural hospitals, Anne Neuberger, the top cyber official at the White House National Security Council, told reporters on Sunday. The nation’s roughly 1,800 rural community hospitals are among the most vulnerable to dangerous ransomware attacks because they often lack IT security resources and cybersecurity-trained staff. “We do see a much more permissive environment in Russia by both hacktivists and criminals, and it’s of concern,” Neuberger, the White House official, told reporters.

Persons: Anne Neuberger, Biden, “, ” Neuberger, ” Cleveland, Justin Bibb’s, Cleveland, Bibb’s Organizations: CNN, Microsoft, Google, White House, White House National Security Council, Sunday, American Hospital Association, National Intelligence, UnitedHealth, FBI, Department of Public Safety, Department of Public Utilities Locations: United States, Russia, City, Cleveland

☆ Hostage rescue operation and Israeli political turmoil sharpen Biden’s damaging dilemma
▼ + stars: | 2024-06-10 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

CNN —President Joe Biden’s power to engineer a swift abatement of the war between Israel and Hamas just suffered two serious new blows. • The rescue mission also emphasizes the disparity in the death toll between Palestinians and Israelis in the conflict. • The absence of Gantz may also create an even greater obstacle to approval of any peace deal between Israel and Hamas. • The fracturing of the Israeli war cabinet and Gantz’s call for elections could have unpredictable consequences in Israel amid rising protests against Netanyahu. That is tragic.”But the national security adviser’s comments will do nothing to ease Biden’s domestic political exposure over the war.

Persons: Joe Biden’s, Benny Gantz, Biden, •, estrange Biden, Donald Trump, Kamala Harris, Antony Blinken, Gantz, Benjamin Netanyahu, Netanyahu, Yoav Gallant, Jake Sullivan, Dana Bash, Sullivan, “, Israel, ” Sullivan, “ Innocent, Mike Johnson, Sen, Tom Cotton, Cotton, ”, Biden Gantz, ” Gantz, doesn’t, Aaron David Miller, comport, ” Miller, Joe Biden, ” Biden, you’ve, ” Richard Haass, CNN’s Fareed Zakaria, Haass Organizations: CNN, Israel, Biden, Likud, Trump, Union, Eiffel, Republicans, Democratic National Convention, Fox News, Arkansas Republican, The New York Times, Washington Post, ” Gaza’s Ministry of Health, IDF, ” CNN, ”, Saudis, United, Palestinian Authority, Foreign Relations Locations: Israel, Gaza, United States, Michigan, Washington, Egypt, Jordan, Qatar, France, “ State, American, Chicago, America, Netanyahu, East, United Arab Emirates

☆ Why Trump Resonates With Nevada Voters: Inflation, Economic Turmoil - The New York Times
▼ + stars: | 2024-06-10 | by ( Joe Lombardo | ) www.nytimes.com time to read: +1 min

In the 2022 elections, I was the only candidate in the country to unseat an incumbent governor of either party. Kitchen-table politics are once again demonstrating power in Nevada, as polling shows former President Donald Trump with a sizable lead over President Biden. When I took office, Nevada was grappling with the economic hangover of the pandemic. Since Mr. Biden took office, prices have risen 19 percent, a major factor in real average weekly earnings dropping 4 percent. This type of economic turmoil is simply unsustainable for Nevada families.

Persons: Nevadans, Donald Trump, Biden Organizations: Economic Locations: Nevada

☆ What Are Trump’s Chances on Appeal? Not Good. - The New York Times
▼ + stars: | 2024-06-10 | by ( Roger L. Stavis | ) www.nytimes.com time to read: +1 min

Donald Trump has vowed to appeal his conviction on 34 counts of falsifying business records. Some on the right have argued that the trial was a “target-rich environment” for an appeal. Others have said that the U.S. Supreme Court should “step in” and provide relief to Mr. Trump. The burning question now is, could his conviction be reversed on appeal? My answer is, the chances of that are not good.

Persons: Donald Trump, Trump, I’ve Organizations: U.S, Supreme, Trump —, Appellate, First Department Locations: New York

☆ A Gen Xer got $110,000 in student loans forgiven after he'd paid off more than he borrowed. It's allowed him to scrap his plans to work part-time in retirement.
▼ + stars: | 2024-06-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The Biden-Harris Administration has forgiven your federal student loan(s) listed below with Aidvantage in full." My wife's an assistant principal, and I'm a retired assistant principal, but now I don't worry about crushing debt," Perry said. Related storiesPerry was planning on going into substitute teaching to continue supplementing his income during retirement while he made his student-loan payments. Have your student loans been forgiven? Do you have a different experience with student debt?

Persons: —, Steven Perry, Perry, he's, Harris, I'm, let's, Kris Neilson, that's, Zers, we've Organizations: Service, Business, Public, Harris Administration, Education Department, BI, Gallup, Lumina Foundation Locations: PSLF, forbearance

☆ What to Know About the Hostages Still in Gaza
▼ + stars: | 2024-06-09 | by ( Ephrat Livni | ) www.nytimes.com time to read: +1 min

The four hostages were taken at the Nova music festival on Oct. 7 and were rescued in an operation in the town of Nuseirat in central Gaza early Saturday. How many hostages are still being held in Gaza? Earlier this month, the Israeli military informed the families of four hostages that they were dead and that their bodies were being held by Hamas. Israeli troops have managed to rescue only seven living hostages in three separate military operations. In December, Israeli troops accidentally fired on and killed three hostages in Gaza who were trying to reach safety.

Persons: Will Israel Organizations: Hamas, Nova Locations: Gaza, Nuseirat

☆ Flemish Nationalists Thwart Ascent of Secessionist Party as They Win Belgian Elections
▼ + stars: | 2024-06-09 | by ( Koba Ryckewaert | ) www.nytimes.com time to read: 1 min

Voters in Belgium handed a victory to a conservative Flemish nationalist party, disproving polls that had predicted a sweep to first place by Flemish secessionists, preliminary results showed on Sunday. The New Flemish Alliance, a party that seeks greater autonomy for the Dutch-speaking northern half of Belgium, was poised in the national elections to become the country’s largest. The results, if confirmed in the final count, will bring relief to the country’s political establishment, which had long been bracing for a victory by the far-right party Vlaams Belang. With more than 70 percent of the votes counted nationwide on Sunday evening, the New Flemish Alliance was set to secure 22 percent of the national vote, with Vlaams Belang trailing with 17 percent.

Persons: Flemish secessionists, Vlaams Organizations: Flemish, New Flemish Alliance, Vlaams Belang Locations: Belgium, Flemish

☆ French Open final analysis: Carlos Alcaraz beats Alexander Zverev at Roland Garros
▼ + stars: | 2024-06-09 | by ( Charlie Eccleshare | Matthew Futterman | ) www.nytimes.com time to read: +8 min

Carlos Alcaraz beat Alexander Zverev in the French Open final at Roland Garros 6-3, 2-6, 5-7, 6-1, 6-2 on Sunday. But in the second set, Zverev’s impressive durability really kicked in, and he completely flipped things, taking 14 of 20 points that were five-to-eight-shot rallies. Zverev was even able to ride the momentum of the second set into the third, in which, despite the fluctuating scoreline, he was much the better player. Alexander Zverev’s serve has been superb all tournament, but it faltered when he needed it most. He did it again in the final game at 15-15.

Persons: Carlos Alcaraz, Alexander Zverev, Roland Garros, oscillated, Jannik, Alcaraz, Charlie Eccleshare, Matt Futterman, Zverev, moonballs, Alexander, Novak Djokovic, Emmanuel Dunand, Alexander Zverev’s, Clive Brunskill, duff, didn’t, “, I’m, Eurosport Alcaraz, It’s, Tim Goode Organizations: U.S, Wimbledon, Getty, Eurosport Locations: Paris, AFP

☆ US resumes maritime aid deliveries to Gaza after pier repair
▼ + stars: | 2024-06-08 | by ( Kaanita Iyer | ) edition.cnn.com time to read: +3 min

CNN —Maritime aid deliveries to Gaza resumed Saturday after a US-built temporary pier was repaired a day prior, US Central Command announced. CENTCOM made it clear Saturday that the pier, “including its equipment, personnel, and assets,” was not used in the operation. The pier, used in addition to dropping aid out of planes and trucking it through border checkpoints, sustained damage and broke apart in heavy seas late last month. In the less than two weeks the pier was operational, it helped deliver some 1,000 metric tons of aid to Gaza. The US had faced a number of challenges with the pier, including planning around Israel’s operations in Rafah, establishing who would transport the aid from the pier into Gaza, and logistical issues such as sea and weather conditions.

Persons: CENTCOM, ”, ” CENTCOM, Brad Cooper, CNN’s Jennifer Hansler, Philip Wang, Natasha Bertrand, Haley Britzky, Rachel Wilson, Sana Noor Haq Organizations: CNN, Maritime, Gaza, US Central Command, US, United Nations, UN, Royal Jordanian Air Force Locations: Gaza, Rafah, Israel

☆ Edmundo Gonzalez Urrutia: Meet the quiet, bird-loving grandfather taking on strongman Maduro in Venezuela’s election
▼ + stars: | 2024-06-08 | by ( Stefano Pozzebon | ) edition.cnn.com time to read: +10 min

But most analysts agree Gonzalez represents the best chance that Venezuela’s political opposition has had to dislodge Maduro from power since 2013. But amnesty for outgoing officials could be on the table, Gonzalez told CNN en Español. “Edmundo is a public servant, he knows there cannot be any revenge [against the government],” Eickhoff told CNN. Edmundo Gonzalez Urrutia, Venezuela's new opposition candidate, feeds birds at his home in Caracas on Wednesday, April 24. “It’s time for the big Venezuelan family to come together once more,” he told CNN en Español.

Persons: Hugo Chavez, Nicolas Maduro, Edmundo Gonzalez Urrutia, Gonzalez, – Maria Corina Machado, Corina Yoris –, “, ”, Maduro, Leonardo Fernandez Viloria, Reuters Gonzalez, he’s, CNN En, Juan Guaido, ” Gonzalez, ” Gonzalez’s, Mariana, –, Jesus Vargas, won’t, Sadio Garavini, Tullio, Chavez, “ Edmundo, he’ll, ” Garavini, George Eickhoff, Konrad Adenauer, ” Eickhoff, Machado, Edmundo, Gaby Oraa, Venezuela's, Gonzalez’s Organizations: CNN, Democratic, Maduro, European Union, Reuters, “, Wednesday, Bloomberg, Getty, Real Madrid football Locations: Venezuela, Venezuela’s, Venezuelan, Algeria, Argentina, United States, Barbados, Washington, Caracas, Hague, German, Spain

☆ Saudi Arabia set to raise over $11.2 billion from Aramco stock sale, priced at lower end of range
▼ + stars: | 2024-06-07 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Arabia is set to raise more than $11.2 billion from its secondary public share offering in state-controlled oil giant Aramco, after the stock was priced at the lower end of its expected range. The company on Friday said it will price the 1.545 billion of shares on offer at 27.25 Saudi riyal ($7.27) apiece, with the sale expected to take place when markets next open on Sunday. A range of between 26.70 and 29 Saudi riyals per share was floated in the firm's initial marketing. The 27.25 Saudi riyal price is nearly 4% below the public stock's last settlement on the Tadāwul Saudi stock exchange. Investors typically expect a discounted price when new shares enter the public market, because of the increase in the overall supply of stock available to trade.

Persons: Prince, Mohammed bin Salman Organizations: Saudi, Investors, of, Petroleum, Reuters, CNBC, Aramco, Exxon Mobil, Chevron, Aramco's, Public Investment Fund Locations: Saudi Arabia, Aramco, Saudi, Neom

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