Vlad Tenev, co-founder and CEO of Robinhood, rings the opening bell at the Nasdaq on July 29, 2021. Source: The Nasdaq Robinhood CEO Vlad Tenev says he doesn’t believe that the payment for order flow (PFOF) model of market-maker routing that the company incorporates in the U.S. is under threat. That’s despite calls from notable consumer trading advocates and regulators for a ban on the practice. Speaking with CNBC, Tenev defended the practice of PFOF, saying that it’s ”inherently here to stay.” PFOF is the practice of routing trades through market-makers like Citadel Securities in return for a slice of...
Euro zone inflation sinks to 2.4%, below expectations
A general view shows a weekend crowd of people visiting the Aachen Christmas market in Aachen, Germany, on November 25, 2023. (Photo by Ying Tang/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty Images Annual inflation in the euro zone cooled to 2.4% in November from 2.9% in October, flash figures showed Thursday. Economists polled by Reuters expected a reading of 2.7%. Core inflation — a measure closely-watched by the European Central Bank that excludes the volatile effects of energy, food, alcohol and tobacco — also came in lower than expected, dropping to 3.6% from 4.2% in October. Energy prices...
U.S. military plane crashes into ocean near Japan island
MV-22B Osprey landing on the flight deck of the Wasp-class amphibious assault ship USS Iwo Jima (LHD 7), April 30, 2018. Image courtesy Dominick A Cremeans / USS Iwo Jima (LHD 7). (Photo by Smith Collection/Gado/Getty Images) Dominick A Cremeans | USS Iwo Jima | Getty Images A U.S. military Osprey aircraft crashed into the ocean near Yakushima Island in Japan with six personnel onboard Wednesday, the local coast guard said. A spokesperson for the regional coast guard in Kagoshima Prefecture said that one person who was brought to hospital had been confirmed dead. Rescue ships have found wreckage-like debris...
UK’s Sunak snubs Greek PM amid ancient sculpture dispute
LONDON, ENGLAND – AUGUST 23: Visitors to the British Museum walk around a selection of items from the collection of ancient Greek sculptures known as The Elgin Marbles on August 23, 2023 in London, England. Leon Neal | Getty Images News | Getty Images LONDON — British Prime Minister Rishi Sunak canceled a scheduled meeting with Greek counterpart Kyriakos Mitsotakis on Tuesday amid a diplomatic dispute about the Parthenon Sculptures. Greece has long maintained that the 2,500-year-old sculptures, removed by British diplomat Lord Elgin in the early 19th century and currently held in the British Museum, should be returned. The...
Ukraine’s bold push into Russian-occupied land unlikely to change war
Ukrainian servicemen board a boat on the shore of the Dnipro river at the front line near Kherson, Ukraine, on Oct. 15, 2023. Mstyslav Chernov | AP Following the confirmation that Ukrainian forces had crossed the Dnieper river into Russian-occupied territory in recent weeks, hopes have risen that this could be a small but key breakthrough in the six-month counteroffensive against Russia. The Dnieper has effectively operated as a front line in the southern Ukrainian region of Kherson, separating Ukrainian troops on the west bank from Russian forces on the east, or left, bank. Russian forces had retreated to the...
Black Friday shoppers spent a record $9.8 billion in U.S. online sales, up 7.5% from last year
Black Friday shoppers pick out clothing in a Lacoste store as retailers compete to attract shoppers and try to maintain margins on Black Friday, one of the busiest shopping days of the year, at Woodbury Common Premium Outlets in Central Valley, New York, U.S. November 24, 2023. Vincent Alban | Reuters Black Friday e-commerce spending popped 7.5% from a year earlier, reaching a record $9.8 billion in the U.S., according to an Adobe Analytics report, a further indication that price-conscious consumers want to spend on the best deals and are hunting for those deals online. ”We’ve seen a very strategic...
iRobot stock up 39% on report Amazon deal set to get EU approval
iRobot’s Roomba. Source: iRobot Shares of iRobot, the maker of Roomba vacuums, closed up about 39% Friday after a report said the European Union is set to approve Amazon’s $1.7 billion acquisition of the company. Reuters said Thursday morning the deal is set to ”win unconditional EU antitrust approval,” citing three sources familiar with the matter. The European Commission is expected to rule on the deal by Feb. 14. Representatives from the European Commission didn’t immediately respond to CNBC’s request for comment. The deal is still under review by the U.S. Federal Trade Commission. The U.K.’s Competition and Markets Authority...
Israel-Hamas war sets Gaza’s development back by nearly two decades
Civilians and rescuers look for survivors amid the rubble of a destroyed building following an Israeli bombardment in Khan Younis in the southern Gaza Strip on November 12, 2023. Mahmud Hams | Afp | Getty Images War-battered Gaza’s already fragile economy lies in ruins, much like its buildings, following more than a month of bombings by Israel after Hamas militants attacked the country in October. Even before the war, a majority of Gazans had limited access to affordable, nutritious provisions and were deemed food insecure, according to the United Nations World Food Programme, but the situation has now turned dire....
Why the UK government’s tax cuts still leave workers worse off
British Finance Minister Jeremy Hunt that the U.K. economy would not enter a technical recession in 2023, while announcing the government’s spring Budget. Dan Kitwood | Getty Images News | Getty Images LONDON — U.K. Finance Minister Jeremy Hunt on Wednesday announced a substantial cut to the National Insurance tax on workers, but its benefit to payers will be dwarfed by the effect of existing freezes on personal tax thresholds — known as the ”fiscal drag.” The U.K. National Insurance is a tax on workers’ income and employers’ profits to pay for state social security benefits, including the state pension....
’Funflation’ drives sporting event ticket prices up a whopping 25%
John Brown #16 of the Buffalo Bills celebrates with fans after catching a touchdown pass during the third quarter against the New England Patriots at Highmark Stadium on January 08, 2023 in Orchard Park, New York. (Photo by Bryan M. Bennett/Getty Images) Bryan M. Bennett | Getty Images Sport | Getty Images Dan Hornberger has been a fan of the National Football League’s Philadelphia Eagles for as long as he can remember. As an adult, his office has team memorabilia lining the walls. Last year, the devout supporter went to five home games, about an hour-and-a-half drive from his house....