
Microsoft poised for $4 trillion valuation after solid results
The software company forecast a record $30 billion in capital spending for the current fiscal first quarter and reported booming sales in its Azure cloud computing business on Wednesday.
Shares of Microsoft were up 8.6% at $557.34 in early premarket trading, valuing it at $4.14 trillion.
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Reuters
8 minutes ago
- Reuters
Loews' quarterly profit rises on investment income, strong insurance unit
Aug 4 (Reuters) - Loews Corp (L.N), opens new tab reported a rise in second-quarter profit on Monday, helped by higher investment income and strong performance in its insurance unit. U.S. stocks staged a rebound following weeks of tariff-driven turbulence, as signs of easing trade tensions and hopes for renewed trade negotiations between Washington and key trading partners helped calm investor nerves, easing fears of a prolonged economic fallout. The New York-based company's investment income rose to $714 million in the quarter compared with $639 million a year earlier. The company rakes in the bulk of its revenue from CNA Financial (CNA.N), opens new tab, the insurance giant in which it owns a dominant 90% stake, according to LSEG data. Loews' insurance unit's property and casualty catastrophe losses were $62 million, compared with $82 million a year earlier, while net written premiums increased by 6%. Spending on insurance products by individuals and corporations has remained resilient despite economic uncertainty. Net income attributable to Loews rose to $391 million, or $1.87 per share, in the three months ended June 30, compared with $369 million, or $1.67 per share, a year earlier. Loews, which also operates in energy, hospitality and packaging through subsidiaries including Boardwalk Pipelines, Loews Hotels and Altium Packaging, reported total revenue of $4.56 billion, up from $4.27 billion last year. The company's stock rose nearly 6.6% so far this year, compared with the 6.1% rise in the benchmark S&P 500 index (.SPX), opens new tab.


The Independent
10 minutes ago
- The Independent
State Department could soon ask visa applicants to pay up to $15,000 to enter the US
The US State Department is proposing a significant new requirement for business and tourist visa applicants, potentially demanding a bond of up to $15,000 to enter the United States. This move could render the process unaffordable for many prospective visitors. A notice, due for publication in the Federal Register on Tuesday, outlines a 12-month pilot programme. Under this scheme, individuals from nations identified as having high visa overstay rates or deficient internal document security controls could be compelled to post bonds of $5,000, $10,000 or $15,000 when applying for a visa. The programme, set to commence within 15 days of its formal publication, is deemed essential to shield the US government from financial liability should a visitor fail to adhere to their visa terms. The notice specifies that "Aliens applying for visas as temporary visitors for business or pleasure and who are nationals of countries identified by the department as having high visa overstay rates, where screening and vetting information is deemed deficient, or offering citizenship by investment, if the alien obtained citizenship with no residency requirement, may be subject to the pilot program." The specific countries affected will be listed once the initiative begins. Citizens of countries participating in the Visa Waiver Programme would be exempt from the bond requirement, and waivers could also be granted based on an applicant's individual circumstances. While visa bonds have been mooted previously but never implemented, the State Department had traditionally discouraged them due to the administrative burden and potential public misperceptions. However, the department now asserts that this prior stance "is not supported by any recent examples or evidence, as visa bonds have not generally been required in any recent period."


Daily Mail
10 minutes ago
- Daily Mail
At Home lists more store closures months after bankruptcy
A struggling furnishing chain is shutting down six additional stores as it fights its way out of bankruptcy. At Home, the Texas-based home decor chain with 200 stores nationwide, will now shut down at least 32 locations, likely by September. In June, the company said it put 20 stores on the chopping block as it first entered Chapter 11 bankruptcy. An additional six stores have now been added to the closing list. The retailer — a competitor to physical stores like IKEA and HomeGoods plus online brands like Wayfair — is best known for its low and mid-tier decor, like $30 area rugs to $450 accent chairs. But, like many other brick-and-mortar furnishing chains, At Home faced several headwinds, including flagging US home sales, expensive workforces, and increased online competition. Brad Weston, the company's CEO, pointed his finger at President Donald Trump's signature economic policy during the company's initial bankruptcy filing. '[We] are operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs,' Weston said. But independent analysts have said At Home's problems were mounting beyond federal policy. Between 16 and 35 percent of the company's bills were 'overdue' before the bankruptcy filing, according to analysis by Creditsafe. Tim Hynes, Debtwire's global head of credit research, also said the brand was impacted as consumers cut discretionary spending to combat high prices. 'Consumers are feeling the pinch from lingering inflation and high interest rates ,' Hynes said. 'Many have depleted savings or accumulated credit card debt, leading to more cautious and value-driven spending.' Meanwhile, retail experts who had recently visited At Home locations weren't impressed with the store's offerings. 'They have way too much debt, their stores are not particularly interesting, and they are being beaten on price and interesting assortments by chains like IKEA and HomeGoods,' Neil Saunders, managing director at GlobalData, said. He added that the company could look to close even more underperforming stores in bankruptcy, but cautioned: 'This remains to be seen.' Bankruptcy rumors started swirling around the brand in mid-April, when reports emerged that the business was mired in more than $2 billion in debt and tangled in the fallout of President Donald Trump's tariff regime. At Home sources most of its inventory from China. Trump's policies could force the company to take on even more debt — or raise prices on already price-sensitive products. Right now, products made in China face a 30 percent tariff rate . At Home has been trying to pivot away from Chinese suppliers since late 2023, with recent efforts to forge relationships with manufacturers in India. But that shift takes time, and retail experts have long warned that brands are likely to pass rising costs along. Plus, Indian officials are currently engaged in a heated trade battle with US negotiators over the Asian country's use of Russian oil. Still, At Home joins a list of home furnishing retailers that have gone bankrupt in the past three years. Since 2022, major home stores have filed for Chapter 11 protection. These include: Big Lots True Value Bed Bath & Beyond Christmas Tree Shops Bargain Hunt Conn's LL Flooring