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Trump's Truth Social reports $73 mln net loss since launch
  + stars: | 2023-11-14 | by ( ) www.reuters.com   time to read: +1 min
Dave Sanders/Pool via REUTERS//File Photo Acquire Licensing RightsNov 13 (Reuters) - Former U.S. President Donald Trump's social media platform Truth Social has lost $73 million since its launch in early 2022, a securities filing by Digital World Acquisition Corp (DWAC.O), the SPAC that plans to merge with the company, showed on Monday. Trump had announced the launch of his social media app in Oct 2021, saying it would "stand up to Big Tech" companies such as Twitter and Facebook that previously barred him. In 2022, Truth Social posted a loss of $50 million, with net sales of just $1.4 million. It lost $23 million in the first half of this year, with net sales of $2.3 million. Trump Media & Technology Group's (TMTG) independent registered public accounting firm has indicated that the financial condition raises substantial doubt as to its ability to continue as a going concern, according to the filing.
Persons: Donald Trump, Dave Sanders, Donald Trump's, Trump, TMTG, Maria Ponnezhath, Nivedita Organizations: U.S, Trump Organization, Court, REUTERS, Former U.S, World, Big Tech, Twitter, Facebook, Trump Media & Technology, Digital, Thomson Locations: New York, Manhattan, New York City, U.S, Former, Bengaluru
REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsCompanies Starbucks Corp FollowNov 13 (Reuters) - The Workers United union said on Monday that thousands of employees at hundreds of Starbucks (SBUX.O) stores will walk out on the coffee chain's key Red Cup day promotional event this week, citing staffing and scheduling issues. Starbucks hands out free reusable holiday-themed cups with coffee purchases on the popular promotional event Red Cup day, which falls on Thursday this week, in the midst of the key holiday season. The Workers United in a statement said that Red Cup day is "one of the most infamously hard, understaffed days for the baristas" at Starbucks, and called on baristas and supervisors at all Starbucks stores to walk out on Nov. 16. The union had called for protests at more than 100 Starbucks stores at Red Cup day last year. Workers United represents more than 360 unionized stores and more than 9,000 Starbucks employees, according to the union's website.
Persons: Carlo Allegri, . Workers United hasn't, they've, Juveria Tabassum, Rashmi Organizations: Empire, REUTERS, Companies Starbucks Corp, The Workers United, Starbucks, The Workers, Red, Workers, . Workers United, Reuters, Workers United, Thomson Locations: Manhattan, New York, U.S
The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. Commercial and retail bankers at regional banks will receive bonuses that are 10% to 20% lower than the previous year, the report showed. Retail or commercial bankers working in large institutions could see year-end bonuses stay flat or rise about 10%. Bonuses for debt underwriters are expected to stay flat or drop as much 10%, while payouts for equity trading could fall 5% to 10%. Finance professionals working in fixed income trading, hedge funds, private equity firms and asset managers can expect flat bonuses or small gains or losses, according to the estimates.
Persons: Carlo Allegri, , Alan Johnson, Tatiana Bautzer, Lananh Nguyen Organizations: New York Stock, REUTERS, Johnson Associates, Thomson Locations: Manhattan, New York City , New York, U.S, New York, Lincoln
A major federal corruption investigation into Mayor Eric Adams’s fund-raising is examining whether his campaign conspired with members of the Turkish government to receive illegal donations. Mr. Adams, a Democrat in his second year in office, has longstanding ties to Turkey. The mayor has said that he met the Turkish president, Recep Tayyip Erdogan, when he was Brooklyn borough president, and that he has visited the country at least six times. Federal authorities raided the home of Mr. Adams’s chief fund-raiser on Nov. 2, and then seized at least two cellphones and an iPad from Mr. Adams himself. Mr. Adams has defended his links to Turkey, arguing that they were part of his outreach to immigrant communities that have not always received attention from City Hall.
Persons: Eric Adams’s, Adams, Recep Tayyip Erdogan, Adams’s Organizations: Democrat, Turkish, Federal, City Hall Locations: Turkey, Turkish, Brooklyn, Manhattan
REUTERS/Nacho Doce/File Photo Acquire Licensing RightsLONDON, Nov 14 (Reuters) - Australian charging company Jolt, which has received backing from U.S. fund manager BlackRock (BLK.N), said on Tuesday it is rolling out on-street EV chargers in London as parts of plans to install 5,000 chargers in Britain over the next three to five years. Jolt is rolling out chargers in the London borough of Barnet and CEO Doug McNamee said the company was in talks to do the same in other boroughs. Barnet has received a 2.1 million pound ($2.6 million) government grant for EV charging infrastructure. Its chargers feature advertising, which pays for 7 kilowatt hours of free charging for consumers, or around 30 miles (48.3 km) of EV range. The company currently has around 100 chargers in service, but has a "global pipeline of around 7,500 chargers," McNamee said.
Persons: Nacho, Doug McNamee, McNamee, Jolt, We've, Nick Carey, Bernadette Baum Organizations: REUTERS, BlackRock, Barnet, EV, Canadian, Telus, Thomson Locations: Sao Paulo, Brazil, U.S, London, Britain, Barnet, Australia, New Zealand, Canada, BlackRock
“There has been no indication that I’ve seen that the mayor is a target,” added his chief legal counsel at City Hall, Lisa Zornberg. The federal investigation burst into public view on Nov. 2 when agents searched the home of Adams' chief fundraiser during his 2021 mayoral campaign, Briana Suggs. Four days later, FBI agents stopped Adams as he was leaving a public event, asked his police security detail to step away and took his electronic devices. Political Cartoons View All 1247 ImagesThe U.S. attorney’s office in Manhattan, which is overseeing the probe, has declined to comment. “This is what we do as elected officials,” Adams said, adding that he was thinking of Turkish constituents in the city.
Persons: Eric Adams, , Lisa Zornberg, Adams, Briana Suggs, Suggs, Recep Tayyip Erdogan, Daniel Nigro, , Nigro, ” Adams, “ I’m Organizations: , — New York City, City Hall, FBI, The New York Times, Turkevi, city's Fire Department, Democratic Locations: — New York, Manhattan, The
Nov 13 (Reuters) - Donald Trump Jr. testified on Monday about what he called the "sexiness" of his father's real estate portfolio, in his second time taking the stand in the former U.S. president's civil fraud trial. Donald Jr. said the "sexiness" of his father's real estate projects attracted licensing deals with other developers who wanted to emulate his style. "Let him go ahead and talk about how great the Trump Organization is," said Engoron, who has defended himself during the trial from allegations of bias from Trump and his lawyers. Donald Jr., Eric and Ivanka Trump said they were not involved in preparing their father's financial statements and left bookkeeping at the Trump Organization to accountants. Engoron has ordered the dissolution of companies that control pillars of Trump's real estate portfolio, including Trump Tower in Manhattan.
Persons: Donald Trump Jr, Donald Trump, Letitia James, Trump, Clifford Robert, Donald Jr, James, Arthur Engoron, Engoron, Colleen Faherty, Jane Rosenberg, Eric Trump, Ivanka Trump, Eric, Joe Biden, Jack Queen, Noeleen Walder, Daniel Wallis, Nick Zieminski, Jonathan Oatis Organizations: New York, Trump, Trump Organization, Court, REUTERS, Democratic, Republican, Thomson Locations: U.S, Manhattan, Hawaii, New York, New York City
Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., October 25, 2023. Dave Sanders/Pool via REUTERS/File Photo Acquire Licensing RightsWASHINGTON, Nov 13 (Reuters) - U.S. Special Counsel Jack Smith on Monday accused Donald Trump of seeking to create a “carnival atmosphere” at his upcoming trial on charges that he sought to overturn his 2020 election defeat by calling for the proceedings to be televised. Trump has pleaded not guilty to charges that he conspired to illegally subvert the results of the 2020 election, which he lost to Biden. Trump has pleaded not guilty in the other cases as well. Reporting by Andrew Goudsward; Editing by Scott Malone and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.
Persons: Donald Trump, Dave Sanders, Jack Smith, Smith, Trump, Joe Biden's, Biden, Andrew Goudsward, Scott Malone, Lisa Shumaker Organizations: U.S, Trump Organization, Court, Rights, ” Prosecutors, Republican, Prosecutors, Trump, Thomson Locations: New York, Manhattan, New York City, U.S
Former U.S. President Donald Trump's son and co-defendant, Donald Trump Jr., attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., November 1, 2023. REUTERS/Mike Segar/Pool/File Photo Acquire Licensing RightsNov 13 (Reuters) - Donald Trump Jr. is set to testify again on Monday in his father's civil fraud trial, this time called by the defense to field questions about the former U.S. president's family real estate business. Donald Jr. has already been called as a witness by the attorney general’s office, along with his father and brother Eric Trump. Donald Jr., Eric and Ivanka Trump said they were not involved in preparing their father’s financial statements and left bookkeeping at the Trump Organization to accountants. Engoron has ordered the dissolution of companies that control pillars of Trump's real estate portfolio, including Trump Tower in Manhattan.
Persons: Donald Trump's, Donald Trump Jr, Mike Segar, Donald Trump, Letitia James, Trump, Donald Jr, Eric Trump, Ivanka Trump, James, Eric, Arthur Engoron, Engoron, Joe Biden, Jack Queen, Noeleen Walder, Daniel Wallis Organizations: U.S, Trump Organization, Court, REUTERS, New York, Trump, Democratic, Republican, Thomson Locations: New York, Manhattan, New York City, U.S
According to the census, Queens is the most racially and ethnically diverse county in the continental United States; it’s hard to think of a nationality or culture that isn’t represented there. Immigrants are almost half the borough’s population and more than half its work force. And no, Queens isn’t an urban hellscape. It’s also relatively healthy, with life expectancy around three years higher than that of the United States as a whole. But Trump has declared that migrants are “poisoning the blood of our country” — a phrase that, to steal from the late, great Molly Ivins, might sound better in the original German.
Persons: Donald Trump, isn’t, It’s, Trump, Molly Ivins, MAGA Locations: Queens, United States, Jackson, New York City, New York, America
That position is opposed by the plastic industry and by oil and petrochemical exporters like Saudi Arabia, who want to see plastic use continue. They argue that the treaty should focus on recycling and reusing plastics, sometimes referred to in the talks as "circularity" in the plastics supply. In a submission ahead of this week's negotiations, Saudi Arabia said the root cause of plastic pollution was "inefficient management of waste." "The plastics agreement should be focused on ending plastic pollution, not plastic production," Kastner told Reuters in a statement. Countries will also be debating whether the treaty should set transparency standards for chemical use in plastics production.
Persons: Carlo Allegri, David Azoulay, Matthew Kastner, Kastner, Bjorn Beeler, Beeler, Christina Dixon, Valerie Volcovici, Katy Daigle, Aurora Ellis Organizations: United Nations, UN, REUTERS, Center for International Environmental, European Union, U.S . State Department, Reuters, The International Council of Chemical Associations, Network, Saudi, Environmental Investigation Agency, Thomson Locations: Manhattan, New York City , New York, U.S, Nairobi, Kenya, Japan, Canada, Saudi Arabia, United States
Mr. Adams already had a long-running relationship with the Turkish consulate general, which paid for part of his trip to Turkey while he was Brooklyn borough president in 2015, according to a public filing. The warrant to search the home of Mr. Adams’s 25-year-old fund-raiser, Brianna Suggs, indicated that the investigation was examining the role of KSK Construction, a Brooklyn building company owned by Turkish immigrants that organized a fund-raising event for Mr. Adams on May 7, 2021. On that day, 48 donors, including the company’s owners, employees and their families, along with others in the construction and real estate industries, donated $43,600, Mr. Adams’s campaign reports show. Mr. Adams’s campaign filings do not specify which donations were made through the fund-raising event. Neither Mr. Adams nor his campaign has been accused of wrongdoing, and no charges are publicly known to have been filed in connection with the investigation.
Persons: Adams, York City’s, Adams’s, Brianna Suggs, Suggs Organizations: Fire Department, Mr, Democratic Locations: Brooklyn, Manhattan, York, Turkish, Turkey
REUTERS/Shannon Stapleton Acquire Licensing RightsWASHINGTON, Nov 11 (Reuters) - Former U.S. President Donald Trump has filed a legal motion backing media requests for live television coverage of his federal trial on charges he conspired to overturn the results of the 2020 presidential election. Trump is facing four criminal proceedings, including the federal court trial set for March in which he faces charges of attempting to defraud the federal government and obstructing Congress by knowingly spreading false claims of election fraud. In his latest filing by his lawyers, John Lauro and Todd Blanche, Trump endorsed requests by media organizations that U.S. District Court Judge Tanya Chutkan allow live television coverage of the trial. "Every person in America, and beyond, should have the opportunity to study this case firsthand and watch as, if there is a trial, President Trump exonerates himself of these baseless and politically motivated charges," said the filing. Smith earlier this month opposed the media requests, citing a decades-old federal court rule barring broadcasts of criminal proceedings.
Persons: Donald Trump, Shannon Stapleton, Trump, Joe Biden's, Biden, John Lauro, Todd Blanche, Tanya Chutkan, Trump exonerates, Jack Smith's, Smith, Jonathan Landay, Alistair Bell Organizations: U.S, Trump Organization, Court, REUTERS, Rights, Former U.S, Democratic, Capitol, Thomson Locations: New York, Manhattan, New York City, U.S, Former, America
[1/2] Aspiring candidate for the position of mayor of Mexico City and Iztapalapa Mayor Clara Brugada, attends an event in the municipality of Iztapalapa, in Mexico City, Mexico September 5, 2023. REUTERS/Raquel Cunha Acquire Licensing RightsMEXICO CITY, Nov 11 (Reuters) - Mexico's ruling party on Saturday picked veteran politician Clara Brugada to be its candidate for Mexico City mayor, placing her in a strong position to win the election next June. "Today we came out strong and united to win the heart of our great capital." As runner-up for the capital, Brugada will run for the job to meet the quota, MORENA party leaders said. His then-environment chief Claudia Sheinbaum, who became mayor in 2018, won the party's presidential nomination in September for the 2024 election.
Persons: Clara Brugada, Raquel Cunha, Brugada, Andres Manuel Lopez Obrador's, Omar Garcia Harfuch, MORENA, Lopez Obrador, Claudia Sheinbaum, David Alire Garcia, Dave Graham, Diane Craft Organizations: Iztapalapa, REUTERS, MEXICO CITY, Saturday, Mexico City, Regeneration, Twitter, Thomson Locations: Mexico City, Iztapalapa, Mexico, MEXICO, Brugada
By David Alire GarciaMEXICO CITY (Reuters) - Mexico's ruling party on Saturday picked veteran politician Clara Brugada to be its candidate for Mexico City mayor, placing her in a strong position to win the election next June. Brugada could become the second woman in a row to be elected as mayor of the Mexican capital if her campaign for President Andres Manuel Lopez Obrador's leftist National Regeneration Movement (MORENA) is successful. "Today we came out strong and united to win the heart of our great capital." As runner-up for the capital, Brugada will run for the job to meet the quota, MORENA party leaders said. His then-environment chief Claudia Sheinbaum, who became mayor in 2018, won the party's presidential nomination in September for the 2024 election.
Persons: David Alire Garcia, Clara Brugada, Brugada, Andres Manuel Lopez Obrador's, Omar Garcia Harfuch, MORENA, Lopez Obrador, Claudia Sheinbaum, Dave Graham, Diane Craft Organizations: David Alire Garcia MEXICO CITY, Saturday, Mexico City, Regeneration, Twitter Locations: Iztapalapa, Mexico, Brugada
The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 10 (Reuters) - A still-jittery bond market is clouding the outlook for a rally in U.S. stocks, analysts tracking measures of market volatility said. At the same time, the Cboe Volatility Index, (.VIX), which measures expectations for stock gyrations, has fallen to a seven-week low of 14.13. That could be a problem if Treasury yields - which move inversely to bond prices - resume a climb that has pressured stocks since the summer. A significant drop in Treasury market volatility would be great news for stock market bulls, Purves said.
Persons: Carlo Allegri, Stocks, Alex Kosoglyadov, Michael Purves, Purves, Saqib Iqbal Ahmed, Ira Iosebashvili, Paul Simao Organizations: New York Stock, REUTERS, Treasury, Equity, Nomura, Capital, Thomson Locations: Manhattan, New York City , New York, U.S
A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri Acquire Licensing RightsLONDON, Nov 10 (Reuters) - Global investors continued to pour money into cash funds in the week to Wednesday, as higher yields on short-dated debt put cash funds course for record inflows this year, according to Bank of America and data provider EPFR. BofA's weekly 'Flow Show' report showed cash funds attracted $77.7 billion of inflows in the week to Nov. 8, putting them on track to see around $1.4 trillion of inflows in 2023. Bond funds attracted inflows of $11.2 billion, BofA said, the largest weekly inflow in four months, after the Federal Reserve held interest rates steady and had signalled the tightening cycle could be over. Meanwhile, BofA said its Bull & Bear indicator of investor sentiment rose to 1.7 from 1.4, driven by strong inflows to high yield bond funds.
Persons: Carlo Allegri, Bond, BofA, Samuel Indyk, Alun John, Toby Chopra Organizations: of America, REUTERS, Global, Bank of America, Federal Reserve, Equity, Bank of Japan, Thomson Locations: Manhattan, New York City , New York, U.S
CNN —FBI agents seized the cell phones of New York City Mayor Eric Adams as part of a federal investigation into campaign fundraising, a person familiar with the matter told CNN on Friday. The agents seized the phones and an iPad earlier this week pursuant to a court authorized search warrant, the person said. The seizure is a dramatic escalation of the federal probe into whether foreign money was funneled to his campaign, bringing it directly to the mayor, a Democrat. The investigation is being handled by the FBI and the US attorney’s office for the Southern District of New York. “The mayor has not been accused of any wrongdoing and continues to cooperate with the investigation,” he added.
Persons: Eric Adams, Adams, Adams ’, , ” Adams, Boyd Johnson, ” Johnson, , Brianna Suggs, , Sen, Bob Menendez, Menendez, CNN’s John Miller, Paul P, Murphy, Jeff Winter, Mark Morales Organizations: CNN, FBI, New, New York City, Democrat, US, Southern, of, New York Times, Brooklyn, Turkish, New Jersey Democrat Locations: New York, of New York, Turkey, Brooklyn, New, Turkish, Lower Manhattan, Üsküdar, New Jersey
FBI agents seized New York mayor's electronic devices
  + stars: | 2023-11-10 | by ( ) www.reuters.com   time to read: +3 min
REUTERS/Karen Toro/File Photo Acquire Licensing RightsNEW YORK, Nov 10 (Reuters) - FBI agents seized electronic devices from New York City Mayor Eric Adams earlier this week, days after a raid on the home of his chief campaign fundraiser, according to an attorney for the mayor's campaign. Boyd Johnson, an attorney for Adams' campaign, confirmed on Friday that Adams had provided the FBI with electronic devices after agents approached the mayor following an event on Monday night. Johnson said the FBI requested the devices after Adams informed investigators of impropriety by an unidentified individual. The devices seized from the mayor - at least two cellphones and an iPad - were returned within a matter of days, the Times said. Adams' 2025 election campaign has paid Suggs's consulting firm, Suggs Solutions, about $98,000 so far, public records show.
Persons: Eric Adams, Gustavo Manrique, Karen Toro, Boyd Johnson, Adams, Johnson, Brianna Suggs, Attorney Alvin Bragg, Suggs, Julia Harte, Jasper Ward, Diane Craft Organizations: York City, Ecuadorian, Foreign Affairs, Human, REUTERS, FBI, New York City, New York Times, Times, Attorney, Suggs Solutions, New York Daily News, Democrat, U.S, Thomson Locations: York, Quito, Ecuador, New York, Brooklyn, Manhattan, Washington
But a City Council race on Tuesday managed to bring uncommon suspense. By Wednesday the contest had been called in favor of an X-ray technician who became the first Republican to win public office in the Bronx in nearly 20 years, a place where Democrats outnumber Republicans by more than 10 to 1. With the support of Ms. Velázquez, the plan moved forward to unanimous approval by the City Council. A few days before the vote, they protested outside her office demanding that she be voted out. At one point a billboard truck drove by attacking her as the “Benedict Arnold” of Throgs Neck.
Persons: Marjorie Velázquez, Velázquez, Benedict Arnold ” Organizations: Council, Republican, Country Club, City Council Locations: New York, Bronx, Bruckner
It’s a list that includes powerful members of Mexico’s government. And, court records show, they were all recently under surveillance by the Mexico City attorney general’s office. At least 14 written orders reviewed by The New York Times show that the attorney general directed Mexico’s largest telecommunications company to hand over the phone and text records, as well as location data, of more than a dozen prominent Mexican officials and politicians. Telcel, the telecommunications company, acknowledged in a court filing reviewed by The Times that it had received the orders and handed over the records, which spanned from 2021 until earlier this year. The surveillance included both opponents of the governing Morena party and its allies.
Organizations: The New York Times, The Times, Morena Locations: It’s, Mexico City
Morning Bid: Oil and bond yields try to find toehold
  + stars: | 2023-11-09 | by ( ) www.reuters.com   time to read: +4 min
The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. The supply picture for U.S. crude, which is now down more than 20% from late September's peaks, has also weighed on energy prices. Crude inventories increased by 11.9 million barrels over the week to Nov. 3, sources said, citing American Petroleum Institute figures. With senior Fed officials on Wednesday side-stepping guidance on the central bank's next policy steps, attention focuses squarely on Powell's latest speech. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Carlo Allegri, Mike Dolan, Jerome Powell's, Powell, Jerome Powell, Thomas Barkin, Raphael Bostic, Kathleen O'Neill Paese, Christine Lagarde, Janet Yellen, Becton Dickinson, Emelia Sithole Organizations: New York Stock, REUTERS, Federal, American Petroleum Institute, Walt Disney, ABC, Warner Bros Discovery, Richmond Fed, Atlanta Fed, Louis Interim, European Central Bank, . Treasury, News Corp, Wynn Resorts, U.S, Treasury, Thomson, Reuters Locations: Manhattan, New York City , New York, U.S, Europe, Shanghai, Hong Kong, Washington, St, Brussels, Mettler, Toledo, TransDigm
Former U.S. President Donald Trump speaks on the day he attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., November 6, 2023. Engoron is unlikely to grant the request as he has already found that Trump and 10 of his businesses committed persistent fraud. However, Engoron's ruling covered only one of the seven fraud counts Trump faces. Trump, the frontrunner for the 2024 Republican presidential nomination, has testified along with his sons Donald Jr. and Eric Trump and daughter Ivanka Trump. The fraud trial is one of several legal battles Trump faces as he mounts a comeback bid for the White House.
Persons: Donald Trump, Shannon Stapleton, Donald Trump’s, Trump, Letitia James, Arthur Engoron, Donald Jr, Eric Trump, Ivanka Trump, James, Christopher Kise, There's, ” Kise, Engoron, they’re, Kise, Jack Queen, Luc Cohen, Jonathan Stempel, Andy Sullivan, Noeleen Waldeer, Lisa Shumaker, Alistair Bell Organizations: U.S, Trump Organization, Court, REUTERS, New, New York, Trump, White, Republican, Thomson Locations: New York, Manhattan, New York City, U.S, York
Google can help you save money ahead of the holiday travel season. You can follow the price of airfare with Google Flights for a trip you're interested in and receive alerts if the price changes. The tool can save you hundreds of dollars and prevents you from having to constantly look up ticket prices. Better yet, you can set Google Flights to monitor airfare prices weeks or months before you actually need to book your travel. For example, if you're considering holiday travel but only want to buy tickets at a specific price, turn the tracker on and you'll get an alert if the price of a flight dips to meet your budget.
Persons: I've, you'll Organizations: United, JetBlue, Laguardia Airport, Google Locations: Queens, New York City
US companies' debt cushion smallest since Q1 2021 :BofA
  + stars: | 2023-11-08 | by ( Matt Tracy | ) www.reuters.com   time to read: +2 min
Coverage ratios hit their lowest since the first quarter of 2021, when companies in many sectors struggled with pandemic-related supply cost increases and weak demand. Median year-over-year earnings growth jumped 4.2% in the third quarter, from 0.6% in the second quarter, according to BofA Global. The median cost of debt increased to 3.77% in the third quarter from the second quarter - its highest since the fourth quarter of 2018. Companies' gross debt was little changed, but net debt growth turned negative for the first time since the third quarter of 2021. "(Investment-grade) issuers continued to manage their balance sheets conservatively in 3Q," wrote Yuri Seliger, credit strategist at BofA Global.
Persons: Carlo Allegri, Yuri Seliger, Matt Tracy, Chizu Organizations: New York Stock, REUTERS, BofA Global Research, BofA Global, Companies, BofA, Thomson Locations: Manhattan, New York City , New York, U.S, 11.24x
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