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A Nigerian businessman has taken to X to share the story of his friend who lost out on a job she applied for, after going for the interview in an outfit that was ‘’disgusting” to the chairman of the company.
According to the X user, the young lady had applied to be the personal assistant to the CEO of an oil firm. He said she had scaled the first interview and that it was before the second interview that she got disqualified on the grounds of her ‘’appearance.” He said the chairman of the company found her multiple piercings, leg chain and outfit which showed her panty lines disgusting.
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Faced with persistent inflation and a resilient labor market, one Federal Reserve official said the central bank still had time to evaluate economic conditions before moving to cut interest rates.
Speaking Thursday on a National Association of Business Economists webcast, Richmond Fed President Tom Barkin said economic conditions still showed strength and didn’t warrant a quick reaction from the central bank to cut interest rates.
After a weak July jobs report last Friday sent markets reeling, investors and economists questioned whether the Fed should act more aggressively on interest rate cuts. The Fed's policy committee opted last week to leave the influential fed funds rate unchanged at its highest level since 2001, though Fed Chair Jerome Powell did say the committee could start easing policy as soon as September.
Barkin said there were two cases where the Fed would need to respond quickly with interest rate cuts, one being a quick rise in unemployment, the other being a faster drop in inflation, neither of which was occurring.
He also said that while recent inflation data was looking better, with the latest reports showing price pressures easing across more parts of the economy, forecasts don’t have inflation moving much lower from current levels over the rest of the year.
“Are you ready to declare victory on inflation or would like to see a little more? That’s one part of the question,” Barkin said.
Additionally, Barkin said that neither data nor conversations with employers in his district indicated that mass layoffs were imminent. Barkin pointed out that data showed “cautious” businesses had slowed hiring, but they weren’t firing either.
“You’ve got some room to see more on the labor side, you’ve got room to see more on the inflation side,” Barkin said, noting that Fed officials will get several more pieces of economic data before its next meeting on Sept. 17-18. “It made sense to me to take the time and learn whatever we learn over the next seven weeks.”
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Wall Street bonuses could be set to rise this year, with debt and equity underwriters likely to see the biggest boosts as deals rebound, according to a report from compensation consulting firm Johnson Associates.
The projected gains come after a lackluster two years for bonuses in financial services, with little to no growth for many professionals after end-of-year incentives exploded in the low-interest-rate environment of 2021 with strong client demand and record activity in the market for initial public offerings (IPOs).
The projected growth follows strong performance from markets in the first half of the year, a rebound in IPO activity, and signs of investors showing greater risk tolerance, among other factors.
Compared to other professionals in financial services, debt underwriters could see the biggest bonus growth of up to 35% this year, the report said, followed by equity underwriters at 30%.
After underwriters, hedge fund, equity sales and firm management professionals could see bonus growth of up to 15%, thanks to strong performance across business segments and investors’ willingness to take on additional risk.
Meanwhile, the retail and commercial sector could see incentives stay flat or fall amid a decline in commercial lending levels.
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Major U.S. equities indexes rallied after jobless claims data released Thursday helped ease worries about the economy. The S&P 500 jumped 2.3%, marking the strongest daily performance for the benchmark index since November 2022. The technology sector spearheaded the broader market recovery, helping the Nasdaq soar 2.9%. The Dow closed 1.8% higher.
Monolithic Power Systems (MPWR) shares led the S&P 500 higher on Thursday, jumping 11.4%. The semiconductor firm specializing in power management technology posted strong quarterly financial results earlier in the week, beating revenue and earnings per share (EPS) expectations amid growing demand for artificial intelligence (AI) power solutions.
Shares of electronic technology manufacturer Parker-Hannifin (PH) soared 10.8%. The provider of motion and control technologies also topped quarterly sales and profit estimates, benefitting from robust demand in its aerospace services segment, despite headwinds in diversified industrials. Aftermarket strength helped boost sales and margins in Parker-Hannifin's aviation business.
Eli Lilly (LLY) shares popped 9.5% after the drugmaker reported better-than-expected sales and profits for the second quarter. Sales of Lilly's diabetes and weight-loss treatments Mounjaro and Zepbound underpinned the strong performance. The company also raised its full-year revenue and earnings outlook, citing production expansions to improve its supply of the popular drugs.
Shares of McKesson (MCK) sank 11.3% on Thursday, marking the steepest drop of any stock in the S&P 500, after the distributor of health care supplies missed quarterly sales estimates. McKesson said fewer product launches, slumping demand for COVID test kits, and a key customer shifting from arthritis treatment Humira to a biosimilar as factors behind the revenue shortfall.
Monster Beverage (MNST) shares lost 10.9% following weaker-than-expected financial results. The company said slower foot traffic at convenience stores has pressured sales of energy drinks.
Shares of Warner Bros Discovery (WBD) dropped 8.9% after the entertainment giant posted a loss of nearly $10 billion for the second quarter, steeper than expected by analysts. The results included a $9.1 billion non-cash goodwill impairment charge reflecting a write-down in value of the company's cable networks, which have been disrupted by streaming services.
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