Federal Reserve officials may signal lowering borrowing costs soon due to job market risks, with investors expecting a rate cut in September. Kelly Ortberg, Pat Shanahan, and Stephanie Pope are in the running for Boeing's CEO position. Fidelity, Nomura, and Norges Bank show strong interest in Ola Electric's IPO—all this and more on this edition of World Street.
Fed Foresight
Federal Reserve officials are poised to reduce borrowing costs within months, a move Chair Jerome Powell might hint at soon as risks to the solid yet moderating job market grow. US central bankers, who have maintained interest rates at over two-decade highs for a year, are anticipated to keep them unchanged at their two-day meeting ending Wednesday. Investors, however, expect the Fed to lower their benchmark rate in September.
Chief Contenders
Former Rockwell Collins chief Kelly Ortberg is reportedly a strong contender for Boeing's next CEO, according to industry officials cited by The Air Current. Other candidates include Spirit AeroSystems CEO Pat Shanahan and Boeing COO Stephanie Pope, the trade publication reported.
Warranty Woes
SoftBank-backed e-scooter maker Ola Electric's IPO is set to draw investor bids from Fidelity, Nomura and Norway's Norges Bank, reported Reuters. Fidelity will place bids of around $75 million while Nomura and Norges will bid $100 million each in Ola's so-called IPO anchor book.
Ola Overdrive
SoftBank-backed Ola Electric's IPO is attracting significant investor interest from Fidelity, Nomura, and Norway's Norges Bank, Reuters reported. Fidelity plans to bid around $75 million, while Nomura and Norges Bank will each bid $100 million in the IPO anchor book.
BOJ Buzz
Bank of Japan Governor Kazuo Ueda is set to put investors on edge Wednesday with a detailed plan for quantitative tightening after years of massive easing, Bloomberg reported.
He might also consider adding an interest rate hike. The high degree of uncertainty has sent the yen and Japanese stocks on a roller coaster ride, which is likely to continue until the decision and beyond.
iOS Interruption
Apple Inc.'s anticipated artificial intelligence features will be delayed, missing the initial launch of its new iPhone and iPad software overhauls. The company plans to roll out Apple Intelligence to customers in software updates by October, reported Bloomberg sources citing sources.
This means the AI features will arrive a few weeks after the initial iOS 18 and iPadOS 18 releases scheduled for September.
Broadcast Battle
Warner Bros. Discovery has filed a lawsuit against the NBA to retain broadcast rights for live games. “Due to the NBA’s unjustified rejection of our matching a third-party offer, we have initiated legal action to enforce our rights,” stated the company’s TNT Sports unit.
Warner Bros. Discovery seeks to prevent the NBA from awarding the rights to Amazon, whose offer they attempted to match, or to secure monetary damages.
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