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Los Angeles Mayor Karen Bass waves the Olympic flag as International Olympic Committee President Thomas Bach applauds during the Closing Ceremony of the Paris 2024 Olympic Games at Stade de France in Paris, France on August 11, 2024.Carl Lesine | Getty Images Sports | Getty ImagesAfter the success of the 2024 Paris Olympic and Paralympic Games, the bar has been set high for the next Summer Olympics to be held in Los Angeles in 2028, but key officials with the event say the city is ready.Los Angeles Mayor Karen Bass told CNBC’s Andrew Ross Sorkin on Tuesday at the CNBC…

Here’s a look at companies that made headlines after the close: GameStop — Shares fell 7% after the video game retailer reported mixed second-quarter results. Revenue fell to $798 million from $1.16 billion a year ago, but GameStop said its net income rose to 4 cents a share from a loss of 1 cent a share a year ago. The company also said it would sell up to 20 million shares of its Class A common stock through Jefferies. Petco Health & Wellness — Shares rose 4% after the pet retailer reported second-quarter profits in line with expectations, but Petco’s…

Please note that our Privacy Policy, Terms of Use, Cookies, and Do Not Sell My Personal Information have been updated.CoinDesk is an award-winning media outlet covering the cryptocurrency industry. Its journalists adhere to strict editorial policies. In November 2023, CoinDesk was acquired by Bullish Group, owner of Bullish, a regulated digital asset exchange. Bullish Group is majority owned by Block.one, and both companies have interests in various blockchain and digital asset businesses and hold significant amounts of digital assets, including Bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect the independence of its journalism. CoinDesk employees,…

Ally Financial’s credit warning on Tuesday may be the latest sign that the U.S. economy is approaching a recession, but that doesn’t mean it’s time to jump into traditional defensive stocks. Lauren Goodwin, economist and chief market strategist at New York Life Investments, told CNBC that winners are unlikely to fit neatly into defensive sectors at this point in the cycle. “If you’re worried about growth, it’s really quality stocks you should be investing in, and that can span sectors. Sectors will go up and down, win and lose as we get closer to a recession, but I don’t see…

People shop at a store in Brooklyn, New York on August 14, 2024. Spencer Pratt | Getty ImagesThe Federal Reserve will take a final look at inflation measures this week before deciding soon on the size of a widely expected interest rate cut.On Wednesday, the Department of Labor’s Bureau of Labor Statistics will release its Consumer Price Index report for August. The next day, the Bureau will also release its August Producer Price Index report, a measure used as a proxy for costs at the wholesale level.The question of whether the Fed will cut interest rates at its next policy…

Michael Barr, Vice Chairman for Supervision of the Federal Reserve, The changes were announced on Tuesday If approved, the proposed Basel final rules would roughly cut in half the amount of excess capital that large banks would be forced to hold. The first suggestion is, To be introduced in July 2023which would increase capital requirements for systemically important banks globally by around 19%. But Barr said Tuesday that the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have revised their proposal and plan to resubmit it with a roughly 9% increase in capital…

Kumar Mangalam Birla, chairman of Indian telecom giant Aditya Birla Group (ABG), has increased his shareholding in telecom venture Vodafone Idea (Vi), underscoring his confidence in the struggling telco which is seeking to raise Rs 25,000 crore debt to supplement a Rs 24,000 crore equity raise.According to data available with the National Stock Exchange, on September 6, Mr. Birla bought 186 million shares in Vi. Mr. Birla’s investment vehicle, Pilani Investment and Industries Corporation, also bought 300,000 shares in the operator on the same day.Vi’s shares opened at Rs 14.74 per share on September 6 and closed at Rs 13.35.…

Federal Reserve officials on Tuesday announced a set of proposed changes to U.S. banking regulations that would cut by almost half the amount of additional capital that large financial institutions are forced to hold.Regulatory reforms known as the “Basel endgame”, introduced in July 2023, were supposed to increase capital requirements for the world’s largest banks by around 19%.Instead, officials from the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. agreed to resubmit a larger proposal with a more modest proposal to increase capital for large banks by 9%, Fed Vice Chairman for Supervision…

Jamie Dimon, Chairman and CEO of JPMorgan Chase (JPM), speaks at the Economic Club of Manhattan, New York City, USA, on April 23, 2024. Mike Seeger | ReutersJPMorgan Chase Chief Executive Officer Jamie Dimon said Tuesday that he would not rule out the possibility of stagflation, despite recent growing confidence that inflation is declining from record levels.”The worst outcome is stagflation – recession and rising inflation,” Dimon said at the Institute of Institutional Investors’ fall conference in Brooklyn, N.Y. “I wouldn’t rule that out, by the way.”The CEO of the nation’s largest bank made the comments at a time when…

Deutsche Bank has resumed its coverage of the U.S. auto industry, naming Tesla its top pick in the process. Analyst Edison Yu reinstated Tesla with a buy recommendation and a $295 price target, which represents a 36% upside from Monday’s closing price. Though shares are down nearly 10% in 2024, they’ve outperformed the broader market with gains of more than 9% in the quarter so far. TSLA .SPX Year-to-date mountain Tesla vs S&P 500 in 2024 Yu said Tesla is more of a technology company that “deserves its own valuation as it seeks to reshape multiple industries” than a traditional…