Europe Pension Funds Prepare to Ax Long-Standing Bans on Defense Stocks
PFA Pension, which oversees about $120 billion, told Bloomberg it's now in talks with its board about removing a ban on holding companies that make components for Western nuclear defense. AkademikerPension, which manages over $20 billion, says it's asking members whether it can increase exposure to arms manufacturers, including those producing controversial weapons.
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San Francisco Chronicle
6 minutes ago
- San Francisco Chronicle
Trump orders US nuclear subs repositioned over statements from ex-Russian leader Medvedev
WASHINGTON (AP) — In a warning to Russia, President Donald Trump said Friday he's ordering the repositioning of two U.S. nuclear submarines 'based on the highly provocative statements' of the country's former president, Dmitry Medvedev, who has raised the prospect of war online. Trump posted on his social media site that, based on the 'highly provocative statements' from Medvedev, he had 'ordered two Nuclear Submarines to be positioned in the appropriate regions, just in case these foolish and inflammatory statements are more than just that.' The president added, 'Words are very important, and can often lead to unintended consequences, I hope this will not be one of those instances.' It wasn't clear what impact Trump's order would have on U.S. nuclear subs, which are routinely on patrol in the world's hotspots, but it comes at a delicate moment in the Trump administration's relations with Moscow. Trump has said that special envoy Steve Witkoff is heading to Russia to push Moscow to agree to a ceasefire in its war with Ukraine and has threatened new economic sanctions if progress is not made. He cut his 50-day deadline for action to 10 days, with that window set to expire next week. The post about the sub repositioning came after Trump, in the wee hours of Thursday morning, had posted that Medvedev was a 'failed former President of Russia' and warned him to 'watch his words.' Medvedev responded hours later by writing, 'Russia is right on everything and will continue to go its own way.' And that back-and-forth followed earlier this week, when Medvedev wrote, 'Trump's playing the ultimatum game with Russia: 50 days or 10' and added, 'He should remember 2 things: 1. Russia isn't Israel or even Iran. 2. Each new ultimatum is a threat and a step towards war. Not between Russia and Ukraine, but with his own country.' Asked as he was leaving the White House on Friday evening for a weekend at his estate in New Jersey, about where he was repositioning the subs, Trump didn't offer any specifics. 'We had to do that. We just have to be careful,' the president said. 'A threat was made, and we didn't think it was appropriate, so I have to be very careful.' Trump also said, 'I do that on the basis of safety for our people' and 'we're gonna protect our people' and later added of Medvedev, 'He was talking about nuclear.' 'When you talk about nuclear, we have to be prepared,' Trump said. 'And we're totally prepared.' Medvedev was Russia's president from 2008 to 2012, while Putin was barred from seeking a second consecutive term, but stepped aside to let him run again. Now deputy chairman of Russia's National Security Council, which Putin chairs, Medvedev has been known for his provocative and inflammatory statements since the start of the war in 2022. That's a U-turn from his presidency, when he was seen as liberal and progressive. Medvedev has frequently wielded nuclear threats and lobbed insults at Western leaders on social media. Some observers have argued that with his extravagant rhetoric, Medvedev is seeking to score political points with Putin and Russian military hawks. One such example before the latest spat with Trump came on July 15, after Trump announced plans to supply Ukraine with more weapons via its NATO allies and threatened additional tariffs against Moscow. Medvedev posted then, 'Trump issued a theatrical ultimatum to the Kremlin. The world shuddered, expecting the consequences. Belligerent Europe was disappointed. Russia didn't care.'
Wall Street Journal
15 minutes ago
- Wall Street Journal
Heard on the Street Recap: Jobs Stall
The Dow Jones Industrial Average turned in its worst week since April. (Michael Nagle/Bloomberg News)
Yahoo
33 minutes ago
- Yahoo
Starbucks earnings fall short, CEO touts turnaround plan
Starbucks (SBUX) reported fiscal third quarter adjusted earnings per share of $0.50. That is below the Bloomberg consensus estimate of $0.65. Net revenue was slightly better than expected, $9.46 billion versus a $9.29 billion estimate. Total comparable sales fell 2%. Wall Street had been expecting a decline of 1.5%. In the release, chairman and CEO Brian Niccol says that the company's turnaround is "ahead of schedule." Yahoo Finance Senior Reporter Brooke DiPalma reports the details. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here. Turning now to Starbucks as its third quarter results just hitting the wire. Let's get to Yahoo! Finance senior reporter Brooke DiPalma with the latest, Brooke. Josh, this certainly was a better than feared report, and that's why you see the stock moving higher in these after-hours trading. When you take a look at the global same-store sales numbers, we did in fact see a decline of 2%, and that was more than what Wall Street had expected, a 1.5% decline. But big picture here, what investors are really focused on is this turnaround effort here in the US, and that's why we're seeing that better than feared rubric here. US same-store sales declined down about 2%, and that was just slightly less than the 2.53% that Wall Street had expected. Also, when it comes to foot traffic, that was also slightly higher, albeit a decline than what Wall Street had expected. We saw foot traffic in line with the decline that we saw this previous quarter. Foot traffic, or transactions rather, were down 4%, and that was better than feared. Wall Street had been expecting a 4 and a half percent decline when it comes to transactions this past quarter. If you take a zoom out and you take a look at revenue, the company did beat on revenue for the quarter, coming in at $9.46 billion. That was higher than what the street had expected at $9.29 billion. But adjusted earnings, that was a big miss there. Adjusted earnings came in at 50 cents, that was about 15 cents less than what the street had expected. And we're getting a bit of color there from the CFO. She said within the release that the company made a quote-unquote non-recurring investment in its leadership experience and also incurred a discreet tax item. But we do see the shares rallying here, and that's largely because the CEO, Brian Nickel there, is really making headway with this turnaround effort, according to what he said in the release that they have fixed a lot and done the hard work on the hard things to bring strong to build a strong operational foundation. He went on to say that based on his experience of turnarounds, they are quote-unquote ahead of schedule. Of course, Brian Nickel led the turnaround over at Chipotle. And Brooke, what about the China business specifically? What are we seeing there? Yeah, what we saw as far as China goes is same-store sales increase only about a tick higher than what Wall Street had expected, up 2% compared to the 1.44% increase in same-store sales growth that Wall Street had expected. But that has largely been a turnaround story there. We know that Starbucks had previously said that they are seeking out a strategic partner within that region. Just, you know, earlier this month, the company did tell Yahoo! Finance that they're quote-unquote looking for that strategic partner with like-minded values, and they want to retain a meaningful stake in the business. Certainly what we're seeing there is an improvement. Once again, same-store sales within that region up 2% this past quarter. All right, thank you, Brooke. Appreciate it. Related Videos Starbucks CEO talks rising coffee prices and tariffs Berkshire Hathaway earnings: 'Perfect' stock to own when 'worried' Fed Governor Adriana Kugler to resign Dow falls more than 500 points on jobs report, tariffs Sign in to access your portfolio
