Finance & Banking

Taylor Swift’s Label Universal Music Group Stock Slips as Ackman Leaves Board

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Key Takeaways

Shares of Common Music Group—Taylor Swift’s report label—declined in Amsterdam buying and selling Wednesday on information that billionaire investor Invoice Ackman has resigned from the corporate’s board.
Ackman stepped down from the board “resulting from rising calls for on his time” from different investments, his firm Pershing Sq. Holdings mentioned.
Ackman had pushed Common Music Group so as to add a U.S. itemizing.

Shares of Common Music Group (UMG) declined in Amsterdam buying and selling Wednesday on information that billionaire investor Invoice Ackman has resigned from the corporate’s board.

Ackman’s Pershing Sq. Holdings mentioned the resignation was “resulting from rising calls for on his time from his different Pershing Sq. commitments,” comparable to a current appointment as govt chairman of the board of Howard Hughes Holdings (HHH).

Ackman mentioned he “significantly loved being a director of UMG because it has transitioned from a personal firm right into a flourishing public enterprise,” and mentioned he believes the corporate is “extraordinarily nicely positioned for future progress and profitability.”

Common Music Group represents among the hottest musicians on this planet, together with Swift, Kendrick Lamar, and Ariana Grande. In its personal assertion, the agency’s board mentioned it’s “very grateful for Mr. Ackman’s contributions to the Firm.”

Ackman Had Pushed UMG to Record in US

Ackman has pushed the corporate to record within the U.S., and mentioned in March that Pershing Sq. had diminished its UMG stake to about 17% of its portfolio, nonetheless its largest place however down from roughly 27% beforehand.

On Monday, UMG introduced that it had appointed a brand new finance chief, former Verizon Communications (VZ) CFO Matt Ellis, who will take over the function on June 9.

UMG’s Amsterdam-listed shares have been down 3% in current buying and selling. They’ve risen greater than 7% for the reason that begin of the yr.

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Finance & Banking

US Completes ‘Very Successful Attack’ on Iran Nuclear Sites, Trump Says

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President Donald Trump stated Saturday evening that Iran’s nuclear websites “have been utterly and completely obliterated” by U.S. navy strikes.

Earlier Saturday night, Trump posted on his Reality Social community that the U.S. “accomplished our very profitable assault” on three Iranian nuclear amenities.

Trump then addressed the nation from the White Home and stated that “the strikes have been a spectacular navy success.” He added that that Iran “should now make peace,” and that “future assaults can be far better and quite a bit simpler.”

Trump had stated Thursday that he would take two weeks to determine whether or not to affix Israel in navy motion in opposition to Iran. Israel has bombed Iranian nuclear and navy targets for greater than every week, and markets have been contending with geopolitical danger and the potential of an inflationary oil supply shock since.

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Finance & Banking

AAA Sees Record Number of Americans Traveling Domestically July 4th Week

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The American Vehicle Affiliation is anticipating a file variety of Individuals to journey throughout the U.S. throughout the Independence Day vacation interval.

AAA is projecting 72.2 million folks to journey no less than 50 miles from residence between Saturday, June 28, and Sunday, July 6. That will symbolize 1.7 million extra vacationers from final yr and seven million greater than in 2019.

“With the vacation falling on a Friday, vacationers have the choice of constructing it an extended weekend or taking the complete week to make reminiscences with household and associates,” AAA Journey Vice President Stacey Barber stated.

AAA is anticipating file journey by each automotive and air. It stated it tasks 61.6 million folks to journey by automotive, up 2.2% from final yr, and 5.84 million vacationers to fly, up 1.4%. It stated 8% of all Independence Day vacationers are anticipated to fly.

Boosting automotive journey are gasoline costs that “are nonetheless the bottom they’ve been since 2021” regardless that the Iran-Israel battle has elevated the worth of oil in current days, AAA stated. “Escalation and length of the battle are two components to observe. Climate can be a wild card.”

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Finance & Banking

Uber Expands AI Solutions Business, Sets Up New Foundry

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KEY TAKEAWAYS

Uber Applied sciences mentioned Friday it’s increasing its AI knowledge companies enterprise, opening up operations to help AI labs and enterprises globally in addition to establishing a brand new foundry.
The ride-hailing big mentioned it might develop Uber AI Options to supply “personalized knowledge options for constructing smarter AI fashions and brokers, world digital process networks, and instruments to assist corporations construct and take a look at AI fashions extra effectively.”
Uber additionally mentioned it’s launching a brand new foundry to coach giant AI fashions.

Uber Applied sciences (UBER) mentioned Friday it’s increasing its AI knowledge companies enterprise, opening up operations to help AI labs and enterprises globally in addition to establishing a brand new foundry.

The ride-hailing big mentioned it might develop Uber AI Options to supply “personalized knowledge options for constructing smarter AI fashions and brokers, world digital process networks, and instruments to assist corporations construct and take a look at AI fashions extra effectively.”

“We’re bringing collectively Uber’s platform, folks, and AI methods to assist different organizations construct smarter AI extra rapidly,” Uber AI Options head Megha Yethadka mentioned.

Uber additionally mentioned it’s launching a brand new foundry utilizing “custom-collected datasets—together with audio, video, picture, and textual content” to coach giant AI fashions.

Uber shares rose about 1.5% on the opening bell Friday. They’re up roughly 40% this yr.