• 3 Black men sue American Airlines after being removed from a flight over body odor complaint

    American Airlines flight 2024
    American Airlines is facing a lawsuit from a trio of Black passengers.

    • Three Black men sued American Airlines, alleging racial discrimination on a January flight.
    • The men were removed because of a body odor complaint from a white flight attendant.
    • American Airlines said it was investigating the incident.

    A trio of Black men sued American Airlines on Wednesday, saying they faced racial discrimination on a flight in January.

    Alvin Jackson, Emmanuel Jean Joseph, and Xavier Veal filed a lawsuit in federal court about their removal from and eventual reinstatement on the plane.

    The three men, along with five other Black men, were flying from Phoenix to New York. None of them knew each other or were seated together.

    Just before takeoff, they were individually ordered off the plane because of a complaint about body odor, an American Airlines representative told them, per the lawsuit.

    Cellphone video from one of the men shows a man telling an American Airlines employee that they were taken off because of their skin color. She responds, "I do not disagree with you."

    After an hour of waiting, during which American Airlines could not find later flights for the men, they were allowed to reboard.

    They then had to "endure the stares of the largely white passengers who viewed them as the cause of the substantial delay," the complaint said.

    The body odor complaint came from a white male flight attendant, the lawsuit said. One of the plaintiffs asked to be seated away from the flight attendant. Staff moved an Asian woman to first class and directed the man to her coach seat.

    The other two plaintiffs were served by that unnamed flight attendant, who "continued to behave in a rude and discriminatory manner" during the flight.

    American Airlines told one of the plaintiffs that he could speak with a representative inside the terminal after the flight landed in New York. After he disembarked, there were no employees available.

    The trio of plaintiffs, represented by New York attorney Lindsay Goldbrum, are seeking a jury trial.

    American Airlines did not respond to Business Insider's request for comment, sent outside normal working hours. The company did not file an immediate response to the lawsuit.

    The company told NPR in a statement that it takes discrimination claims very seriously. "Our teams are currently investigating the matter, as the claims do not reflect our core values or our purpose of caring for people."

    The lawsuit comes amid a series of high-profile incidents for American.

    Last month, a former judge, who is Black, said she was racially discriminated against on a February flight. Seated in first class, she said a flight attendant made her use an economy-section bathroom and she alleged he falsely accused her of hitting him and threatened her with arrest.

    And last year, two high-profile Black passengers — track star Sha'Carri Richardson and involving musician David Ryan Harris — were involved in disputes with the carrier.

    In 2017, the NAACP issued a travel advisory, warning Black passengers of potential discriminatory and unsafe practices at American Airlines. The civil-rights organization lifted the warning the following year.

    Read the original article on Business Insider
  • My mom is my coworker. I get to see her more, but we keep it professional in the office.

    Mom and son posing for photo at the office
    Greg Bockman and his mom Kathryn work together at AT&T.

    • Greg Bockman is the Senior Events Manager at AT&T.
    • His mom, Kathryn Bockman, is the company's Assistant Vice President of Accounting.
    • Greg said Kathy sometimes acts as his mentor and sometimes acts as his mom.

    This as-told-to essay is based on a conversation with Greg Bockman, senior events manager at AT&T, and his mother Kathryn Bockman. It has been edited for length and clarity.

    Sometimes when I'm at work in the AT&T office in Dallas, the elevator will open and my mom will stroll out. It's not a crazy coincidence or an issue of mom overstepping: we both work for the same company and in the same building.

    If I bump into my mom coming out of the elevator or in the hall, we'll give a quick embrace, but not the type of mother-son hug we save for family events. Since we work in different departments it's rare that we're in a meeting together. If we are, we acknowledge each other with a polite smile or nod — the same way we greet coworkers who aren't family.

    We've learned that it's important to keep up professionalism. And yet, working with my mom has been a really cool growth opportunity. I know her better because I get to see her as a professional and mentor, not just a mother.

    I wouldn't want to report to my mom directly

    I never expected to be working with my mom. Growing up I knew she worked at AT&T and had a lot of loyalty to the company, but our interests were totally different: I love planning events, while she's focused on numbers and finance.

    Even after I graduated college and looked for a job in the corporate world, my mom didn't intervene. She didn't want anything to be spoon-fed to me. And yet, I felt a familiarity with life at AT&T, and when a job presented itself at the company where my mom is in leadership, I took it.

    Luckily, I've never had family or coworkers give me a hard time about working with mom. I don't report to her and we rarely cross paths professionally. I'm glad we maintain that division.

    I see my mom a lot more since we work together

    Like most moms, mine would appreciate it if I saw her more. Outside work we get together probably two to three times a week. I'll head to her house for dinner and catch up with the rest of the family, including the dogs.

    That doesn't give us too much time. So, bumping into her once or twice a week at work has really strengthened our relationship. We even have the opportunity to put a lunch date right on each other's company calendar, which makes keeping in touch much easier.

    Having a mom and mentor in one can be complex

    In our situation, I get a mentor and a mother. There's no doubt that my mom is good at her job, and seeing her in this environment as a career woman has really enriched my understanding of who she is.

    Because of that, I really value her professional mentorship. There's a definite difference in her tone when she's speaking to me as a mom, versus as a mentor. As a mother, she tries to be understanding and soften the blow of any tough love. As a mentor, she's a straight shooter, reminding me to buckle up and get the job done.

    There's love in both deliveries, but sometimes it can be hard to take advice from my mom. Once or twice she's told me things I didn't want to hear. I might get annoyed with my mom about that, but at the same time I appreciate the honesty from my mentor.

    My mom has a great understanding of my work

    In a big company like AT&T, it's easy to let other departments handle their areas of expertise, without really understanding why they're important. The same can happen with family — we often only have a vague idea what our loved ones do.

    My mom has told me that since we work together, she has a better understanding of the value that my area of the company has. It's taught her about an area that she might not be aware of, if she didn't have family working within it. That can strengthen the organization because we recognize the potential for collaboration, and the value that everyone brings to the table.

    Read the original article on Business Insider
  • A new Howitzer ammo plant nearly doubles US production, but it’s still not nearly enough to match Russia’s output

    A Ukrainian soldier prepares 155mm shells.
    A Ukrainian soldier prepares 155mm shells.

    • A new 155mm factory in Texas aims to produce 30,000 rounds a month, per The New York Times.
    • It's part of the US plan to manufacture 100,000 rounds a month by the end of 2025.
    • But that pales to Russia's annual production estimates, which go up to 3 million to 4.5 million.

    The US has opened a new factory for Howitzer ammo near Dallas, which aims to pump out 30,000 of the 155mm shells a month as the Ukraine war chews through Western stocks.

    The factory, run by General Dynamics in Mesquite, Texas, was built from scratch in just 10 months with the help of technologies from Turkish arms manufacturer Repkon, The New York Times' John Ismay reported on Wednesday.

    Ismay noted that one of its production lines would be next to a Frito-Lays distribution center that appeared to be taking deliveries from Cheetos trucks.

    The Texas plant's monthly manufacturing goal of 30,000 shells falls under a new push by the US Army to make 100,000 rounds a month by 2025.

    Before the invasion of Ukraine, the US produced only 14,000 shells a month, but by the end of 2023, this had doubled to 28,000.

    According to Ismay, the most updated production figures show that 36,000 shells are made monthly at two factories in Pennsylvania. The new facility at max capacity would bump total production to 66,000 shells a month for the US.

    That might be two-thirds of the way to the US' 2025 goal but still pales to Russia's current production rate — underscoring a major advantage in artillery capacity for Moscow.

    The Kremlin was estimated to be producing 250,000 shells a month, or 3 million a year, according to NATO assessments reported by CNN in March.

    It is also unlikely that all of the forecast 100,000 monthly shells produced by the US would be reserved for Kyiv. Washington is also sending ammo to Israel, for example, and needs to think about replenishing its own stock.

    NYT cited Michael Kofman, a senior fellow at the Carnegie Endowment for International Peace, saying: "Let's say a year and a half from now both the US and Europe are making, or buying, over a million shells each. That's still probably less than Russia is going to produce this year."

    Kofman told the outlet that while the Mesquite plant would be important for long-term production, Russia would likely still be producing more ammo than the West even if the US hits its 2025 goal.

    The US and Europe have sent Ukraine more than 3 million 155mm artillery shells since the war began. Ukraine has said the munitions are critical to its defense. Though Kyiv is burning through thousands of shells per day, Russia is estimated to be firing multiple times more shells back.

    In March, the European Union earmarked another $2.15 billion to boost its production after only being able to supply about half of the 1 million 155mm rounds it promised to deliver by that month.

    Meanwhile, the US Army said it would need some $3.1 billion to hit its 100,000-rounds-per-month goal and received $6 billion instead.

    "So that, I think, is a vote of confidence as we make our way to 100,000 shells a month," said Doug Bush, the Army's top official for acquisitions, in March.

    On Sunday, Sky News reported on a Bain & Company analysis that said Russia is on pace to manufacture about 4.5 million shells this year, at a cost of about $1,000 per round.

    The US, on the other hand, spends about $3,000 to $4,000 to make a single 155mm round. With Washington and its allies expected to produce about 1.3 million rounds in 2024, that would be about a third of Russia's forecast capacity at triple the cost.

    Press teams for the Pentagon and the US Army did not immediately respond to requests for comment sent outside regular business hours by Business Insider.

    Read the original article on Business Insider
  • Here are the top 10 ASX 200 shares today

    A young man sits on the floor with his back against a sofa hunched over his phone in one hand and his other hand on top of his head as though he is seeing bad news as his face looks sad and anguished.

    It was yet another dire day for the S&P/ASX 200 Index (ASX: XJO) and most ASX shares this Thursday. After falling most days this week, the ASX 200 kept the train rolling today, sliding another 0.49%. That leaves the index at 7,628.2 points.

    This depressing session for ASX shares comes after a night of selling up on the US markets last night as well.

    The Dow Jones Industrial Average Index (DJX: .DJI) had an awful day (night our time), crashing 1.06% lower.

    It wasn’t that much better for the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC), which slumped 0.58%.

    But let’s return to the ASX boards now for a look at how the different ASX sectors handled today’s selling pressure.

    Winners and losers

    Unlike yesterday, we did see some ASX sectors that managed to eke out a gain today. But more on those soon.

    First up, the worst place to have been invested this Thursday was in gold stocks. The All Ordinaries Gold Index (ASX: XGD) had a horror show of a day, tanking 3.02% lower.

    It wasn’t much of an improvement for broader mining shares. The S&P/ASX 200 Materials Index (ASX: XMJ) crashed down 1.86%.

    Utilities stocks also faced the music. The S&P/ASX 200 Utilities Index (ASX: XUJ) shed another 1.43% of its value today.

    Energy shares were right behind that, with the S&P/ASX 200 Energy Index (ASX: XEJ) getting docked 1.4%.

    Consumer staples stocks travelled a little better though, with the S&P/ASX 200 Consumer Staples Index (ASX: XSJ) shedding 0.29%.

    Financial shares were in the same ballpark. The S&P/ASX 200 Financials Index (ASX: XFJ) sank 0.2% lower.

    Real estate investment trusts (REITs) found themselves on the same page as well, with the S&P/ASX 200 A-REIT Index (ASX: XPJ) slipping 0.11%.

    That’s it for the losers, believe it or not.

    Today’s winners were led by consumer discretionary stocks. The S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) was in fine form, surging 0.74% higher.

    As were ASX communications shares. The S&P/ASX 200 Communication Services Index (ASX: XTJ) rose 0.37%.

    Industrial stocks were in demand as well, as you can see from the S&P/ASX 200 Industrials Index (ASX: XNJ)’s 0.27% lift.

    Healthcare shares found themselves on the right side of the market too, illustrated by the S&P/ASX 200 Healthcare Index (ASX: XHJ)’s 0.27% uptick.

    Finally, tech stocks pulled off a slight win too, with the S&P/ASX 200 Information Technology Index (ASX: XIJ) lifting 0.08%.

    Top 10 ASX 200 shares countdown

    Bucking the market trend the most this Thursday was healthcare company Pro Medicus Limited (ASX: PME).

    Pro Medicus stock had a strong session, rising 3.61% up to $120.07 a share. This rise may have been due to the company announcing new contracts this week, as well as receiving some love from an ASX broker.

    Here’s how the rest of today’s winners landed the plane:

    ASX-listed company Share price Price change
    Pro Medicus Limited (ASX: PME) $120.07 3.61%
    NRW Holdings Ltd (ASX: NWH) $3.00 3.45%
    Collins Foods Ltd (ASX: CKF) $9.35 3.31%
    Domino’s Pizza Enterprises Ltd (ASX: DMP) $38.22 2.94%
    Data#3 Ltd (ASX: DTL) $7.77 2.78%
    Reliance Worldwide Corporation Ltd (ASX: RWC) $4.84 2.76%
    Qantas Airways Ltd (ASX: QAN) $6.07 2.71%
    Domain Holdings Australia Ltd (ASX: DHG) $2.97 2.41%
    Polynovo Ltd (ASX: PNV) $2.20 2.33%
    Netwealth Group Ltd (ASX: NWL) $20.61 2.18%

    Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

    The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Collins Foods Limited right now?

    Before you buy Collins Foods Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Collins Foods Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Domino’s Pizza Enterprises, Netwealth Group, PolyNovo, Pro Medicus, and Reliance Worldwide. The Motley Fool Australia has positions in and has recommended Netwealth Group. The Motley Fool Australia has recommended Collins Foods, Domino’s Pizza Enterprises, and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Buy these ASX 200 blue chip stocks for 20% returns

    A man holding a cup of coffee puts his thumb up and smiles while at laptop.

    If you are on the hunt for some ASX 200 blue chip stocks to buy, then you may want to look at the two in this article.

    They may come from very different sides of the market, but they share one thing in common. That is that brokers rate them highly and are tipping them to rise strongly from current levels.

    Here’s what they are saying about these stocks:

    Coles Group Ltd (ASX: COL)

    Analysts at Morgans think that Coles could be a quality ASX 200 blue chip stock to buy now. Particularly if you’re looking for a combination of market-beating gains and an attractive dividend yield. Morgans commented:

    In our view, the ongoing scrutiny on the supermarkets has affected short term sentiment in the sector, which we believe creates a good buying opportunity in COL. While Liquor sales remain soft, we expect the core Supermarkets division (~92% of earnings) to continue to be supported by further improvement in product availability, reduction in total loss, greater in-home consumption due to cost-of-living pressures, and population growth.

    The broker has an add rating and $18.95 price target on its shares. This implies potential upside of 17% for investors over the next 12 months.

    Making things even sweeter, the broker is forecasting fully franked dividend yields of 4.1% in FY 2024 and 4.3% in FY 2025. This boosts the total 12-month return from this blue chip to beyond 20%.

    Mineral Resources Ltd (ASX: MIN)

    If you’re not averse to investing in the mining sector, then Bell Potter thinks that Mineral Resources could be an ASX 200 blue chip stock to buy.

    It is a mining and mining services company with operations and development projects across energy, iron ore, and lithium.

    Bell Potter rates the company highly due to its earnings diversification and growth potential. It explains:

    In contrast to its peers, MIN completes everything from engineering, to construction, to all aspects of operations in-house. Our Buy view is underpinned by MIN’s earnings diversification, strong insider ownership, clearly articulated strategies, expertise in contracting and internal growth options at Onslow as well as potential lithium expansions including into downstream. All up, MIN offers diversified exposure to steady income streams from the contracting business and market-driven commodity exposure coupled with earnings derived from both lithium and iron ore.

    The broker has a buy rating and $85.00 price target on its shares. This implies potential upside of 19% for investors from current levels. And with Bell Potter expecting a ~1% dividend yield in FY 2025, the total potential return stretches to 20%.

    The post Buy these ASX 200 blue chip stocks for 20% returns appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Coles Group Limited right now?

    Before you buy Coles Group Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Coles Group Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Coles Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • China wants to turn the yuan into a global currency out of fear of sanctions, not domination

    Several 100 yuan banknotes and 100 US dollar banknote seen placed on a table.
    China is playing defense more than offense in its promotion of the the Chinese yuan internationally.

    • China is pushing yuan use globally to guard against potential Western sanctions.
    • Beijing aims to reduce risks from sanctions in geopolitical tensions, like over Taiwan.
    • But China's trade partners face challenges in using more yuan.

    China is on a drive to expand the use of the yuan internationally. But Beijing's near-term intent is more about sanctions protection than currency dominance, according to a researcher.

    "China's strategies to develop an alternative financial system are defensive rather than offensive — at least for now," wrote Zoe Liu, a fellow for China Studies at the Council on Foreign Relations, on Wednesday.

    Beijing's goal now is to minimize any impact from potential sweeping sanctions from the West in "extreme geopolitical scenarios," such as a military conflict over Taiwan, which China claims as its territory, wrote Liu. Her post was published on the website of the Official Monetary and Financial Institutions Forum, a London-based think tank.

    "Expanding the use of the renminbi in trade is less challenging than increasing its status as an international reserve currency," Liu wrote.

    Countries around the world have been diversifying their assets and chipping away at the dominance of the US dollar over fears that — like Russia — they could be shut out of the greenback-based world financial system should sanctions hit.

    However, king dollar is so entrenched in the world's financial system that few really think it can be dethroned.

    The yuan faces challenges in its globalization

    While the US and China's strategic competition points to a possible race for currency supremacy, the Chinese yuan is far from ready — and even Beijing knows that.

    An often-cited hurdle to the yuan's internationalization is China's use of capital controls to maintain financial stability. This means Beijing has control over how much foreign money can move in and out of China's economy, which in turn influences the foreign currency exchange rate.

    However, capital controls are not necessarily a dealbreaker for the broader adoption of the yuan in trade, wrote Liu.

    This is because China is already a top trading partner for over 120 countries. Furthermore, Chinese authorities are willing to facilitate exports by offering currency swaps and providing trade finance, Liu added.

    However, the yuan's path to becoming an international reserve currency is fraught with obstacles because of other factors. They include the lack of risk-free yuan-denominated assets, the relatively closed nature of the Chinese financial market, and Chinese leader Xi Jinping's preference for one-man rule over the rule of law, Liu wrote.

    Businesses have reservations about using the yuan

    Recent data from China's central bank showed even Chinese businesses aren't that sold on the yuan, as they hold back on converting their foreign-exchange earnings into the Chinese currency.

    This appears to be primarily due to the yuan's current weakness. It also shows it's not so easy to displace the mighty US dollar as the world's top reserve and trading currency of choice.

    A recent global survey of 1,660 enterprises showed that there is just not enough interest in using the yuan to trade.

    Conducted in March by China's Bank of Communications and Renmin University, about three-quarters of the survey's respondents were located in East Asia. Another one-fifth of respondents were from Southeast and Central Asia.

    Half of the companies surveyed said the main stumbling block to wider use of the yuan was simply because their trading partners were not willing to use the currency.

    About 64% of all respondents cited the "complexity of policies" as the main obstacle, while more than 40% of them cited other difficulties including barriers to capital flow.

    Read the original article on Business Insider
  • The US gave sensitive plans for over 1,000 American weapons to Ukraine, says 2 officials who gave only a cryptic hint as to what they are: report

    Gunners from 43rd Separate Mechanized Brigade of the Armed Forces of Ukraine fire at a Russian position with a 155 mm self-propelled howitzer 2C22 "Bohdana", in the Kharkiv region, on April 21, 2024, amid the Russian invasion in Ukraine.
    Gunners from 43rd Separate Mechanized Brigade of the Armed Forces of Ukraine fire at a Russian position with a 155 mm self-propelled howitzer 2C22 "Bohdana", in the Kharkiv region, on April 21, 2024, amid the Russian invasion in Ukraine.

    • Two senior US officials told the NYT that Washington has sent plans for more than 1,000 weapons to Ukraine.
    • The reported transfer comes amid a push from the West to help Ukraine boost its domestic weapons production.
    • The officials declined to say which weapons plans were included, but left a clue, per the NYT.

    The US has given Ukraine manufacturing plans for more than 1,000 American weapons in hopes of helping Kyiv bolster its own arms production, two officials told The New York Times.

    The military officials told NYT's John Ismay of the transfer during a reporting visit to a new factory for Howitzer artillery shells near Dallas.

    According to the NYT, these two officials were William A. LaPlante, Undersecretary of Defense for Acquisition and Sustainment, and Douglas R. Bush, Assistant Secretary of the Army for Acquisition, Logistics, and Technology.

    They told the outlet that the US has also translated technical manuals from English to Ukrainian but declined to say which weapons were involved, per NYT.

    "What are they using the most?" Bush told Ismay.

    Drones and artillery shells have been among the most prominently used weapons in the war, but neither official was reported to have given further information on the plans.

    Their remarks came amid the opening of the $500 million Dallas plant, which is run by General Dynamics and aims to boost artillery shell production by another 30,000 155mm rounds a month.

    The US has set a goal of producing 100,000 such shells a month by end-2025, after sending more than 3 million rounds together with its allies to Ukraine. Demand there for the ammo is pressing.

    The US Army has said it would need about $3.1 billion to buy the rounds and expand production to achieve its ammunition goal. It's unlikely that all of these new rounds will be earmarked solely for Ukraine.

    Before the Dallas plant was set up, the US was reported at the end of 2023 to be making about 28,000 Howitzer shells a month. NYT reported that production this month rose to about 36,000 shells without the new factory.

    Meanwhile, Russia is estimated to be producing about 250,000 shells a month, according to NATO assessments reported by CNN in March.

    Western countries are concerned by the rate at which Moscow has been able to rapidly expand and galvanize its defense manufacturing industry, with some think-tank estimates saying the Kremlin can sustain its high casualties in manpower and equipment for years.

    Ukraine already needs more troops, and the US and Europe have been trying to shore up its military supplies.

    The European Union promised in March to deliver 1 million more artillery shells to Kyiv over the next year. But with reports that it's only manufacturing about 30% of what's needed, some experts say Ukraine could eat up Europe's current entire annual production within two months.

    Press teams for the US Army and the Pentagon did not immediately respond to requests for comment sent outside regular business hours by Business Insider.

    Read the original article on Business Insider
  • Goldman’s Beth Hammack has a new job: Cleveland Fed president

    The exterior of the Federal Reserve Building.
    Federal Reserve Bank building

    • Beth Hammack, a former Goldman Sachs executive, was just appointed Cleveland Fed president.
    • Hammack succeeds Loretta Mester, known for her hawkish stance on inflation policies.
    • She starts on August 21 and will vote in the September Fed meeting.

    Longtime Goldman Sachs executive Beth Hammack, who left in February, is heading to the Federal Reserve Bank of Cleveland as its next president.

    She will take office on August 21 and vote on monetary policy decisions starting in September, the bank said Wednesday. She'll lead 1,100 employees in her new position.

    Hammack replaces Loretta Mester, who is stepping down on June 30 after a decade as the Cleveland Fed's president. Mester is one of the US central bank's most hawkish chiefs, backing policies to combat inflation despite other risks to the economy.

    Hammack will be the bank's 12th president and the fourth woman to lead the organization. She will be responsible for all bank activities, including monetary policy, financial institution supervision, and payment services.

    Before co-heading global financing at Goldman, Hammack was the firm's global treasurer, global head of short-term macro trading, and global head of repo trading. She joined the company in 1993 as an analyst in capital markets.

    The Cleveland Fed announced a nationwide search for a new president in November. Until Hammack's start date, first vice president Mark Meder will serve as interim president.

    Hammack joins the Federal Reserve System at a time when it is heavily debating when to begin interest rate cuts. The central bank raised borrowing costs from close to zero to around 5.5% between March 2022 and July 2023 and has kept them at that level since. Earlier this month, Chair Jerome Powell warned that rates will have to stay higher for longer to help ease price pressures.

    The Cleveland Fed is part of the Federal Reserve System, which regulates monetary policy and banking institutions. It comprises 12 regional banks, which oversee regional economic interests and coordinate with the New York Fed.

    Read the original article on Business Insider
  • NATO doesn’t have enough air defenses to protect Eastern Europe from an invasion: report

    Russian Sukhoi SU-25 fighter jets releasing smoke in the colours of the Russian flag as they fly over Red Square at the Moscow Victory Day parade on May 9, 2024.
    Russian Sukhoi SU-25 fighter jets releasing smoke in the colours of the Russian flag as they fly over Red Square at the Moscow Victory Day parade on May 9, 2024.

    • NATO members have less than 5% of the air defenses needed to protect Central and Eastern Europe, per the FT.
    • A NATO official said their air defense "stockpiles have been reduced."
    • Putin hinted on Tuesday that he might attack NATO members calling for Ukrainian strikes on Russia.

    Central and Eastern European countries may find themselves vulnerable during an invasion because of NATO's weak air defenses, per a new report from the Financial Times.

    Members of the military alliance only have less than 5% of the air defense capabilities needed to protect those regions from attacks, the FT reported on Wednesday, citing people familiar with NATO's defense plans.

    When asked about the report, a NATO official told the FT that its "capability targets and defense plans are classified" but noted that its air defense "stockpiles have been reduced."

    "NATO's new defense plans also significantly increase air and missile defense requirements in quantity and readiness," the official told the outlet.

    The official added that the organization is confident its deterrence against Russia "remains strong."

    Representatives for NATO didn't immediately respond to a request for comment from BI sent outside regular business hours.

    The FT's report comes amid heightened concerns that NATO could find itself at war with Russia following the latter's invasion of Ukraine in 2022.

    In February, Estonia's foreign intelligence service said it expects a "significant increase in Russian forces near the Estonian border in the coming years."

    "The Kremlin is probably anticipating a possible conflict with NATO within the next decade," the intelligence agency said.

    On Tuesday, Russian leader Vladimir Putin hinted that Russia could retaliate against European countries that are calling for Ukraine to attack Russia directly.

    "So, these officials from NATO countries, especially the ones based in Europe, particularly in small European countries, should be fully aware of what is at stake," Putin told reporters.

    "They should keep in mind that theirs are small and densely populated countries, which is a factor to reckon with before they start talking about striking deep into the Russian territory," he said. "This unending escalation can lead to serious consequences."

    Read the original article on Business Insider
  • Directors keep buying beaten-up Sonic Healthcare shares. Should you?

    A Sonic Healthcare medical researcher wearing a white coat sits at her desk in a laboratory conducting a COVID-19 test

    The Sonic Healthcare Ltd (ASX: SHL) share price dropped to a new 52-week low today of $23.81. When directors decide to buy shares, it can be a signal for other investors to buy too. There has been yet another director investment after the company’s disappointing earnings update.

    Earlier this week, my colleague Kate O’Brien reported that directors had bought Sonic Healthcare shares.

    Earnings update recap

    Sonic Healthcare disclosed that it’s now expecting to generate earnings before interest, tax, depreciation and amortisation (EBITDA) of $1.6 billion and $8.9 billion of revenue in FY24. That compares to previous EBITDA guidance of between $1.7 billion and $1.8 billion.

    Organic revenue continued to be strong, with 6% growth for the four months to 30 April 2024, after a 6% increase in the first half of FY24.

    However, profit growth has been lower than expected, partly due to inflationary pressures on the business exacerbated by currency exchange headwinds. Profit margin improvements have been delayed, though this will “contribute to further earnings growth” in FY25. The company expects inflation pressures to ease going forward.

    After providing this update and seeing the Sonic Healthcare share price reaction, directors decided to buy.

    New director investment

    Sonic announced today that director Christine Bennett has bought 1,000 more Sonic Healthcare shares on the market at a price of $24.01 on 29 May 2024. This suggests the total investment was worth approximately $24,000.

    This brings Bennett’s total ownership of the ASX healthcare share to 5,100 Sonic Healthcare shares. That means her holding increased by around 25%, which is a sizeable increase.

    There are many reasons why a director may decide to sell their shares: a tax bill, buying a property, a divorce and so on. But, there’s typically only one reason a leadership figure buys shares on the market: they think it’s good value.

    Is the Sonic Healthcare share price a buy?

    I think it is – I bought Sonic Healthcare shares recently and it’s even cheaper now.

    There are several positives that could support the ASX healthcare share.

    First, it has made several acquisitions that can help boost revenue and profit in the future, particularly with acquisitions in Germany and Switzerland.

    Second, it has invested in businesses that can help diagnose patients, namely AI and microbiome testing

    Third, the business is still seeing positive organic revenue growth. Once cost inflation reduces, Sonic’s operating profit could continue to increase at an adequate rate to reinvigorate the market about the company.

    Sonic Healthcare is already a sizeable position in my portfolio, so I’m not planning to buy shares imminently. But if I didn’t own shares, I’d be using this time to invest.

    The post Directors keep buying beaten-up Sonic Healthcare shares. Should you? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Sonic Healthcare Limited right now?

    Before you buy Sonic Healthcare Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Sonic Healthcare Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor Tristan Harrison has positions in Sonic Healthcare. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sonic Healthcare. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.