M&G Sees Opportunity to Buy Tech Stocks on Dips
M&G Investments' Fabiana Fedeli discusses buying risk assets as traders await fresh catalysts for the rally that erased the S&P 500's losses in 2025 amid a US-China trade truce and reignited demand for technology shares. "The US exceptionalism is true and is very clear when it comes to innovation," Fedeli tells Bloomberg Television. "We have started buying into technology stocks when we saw the big selloff." (Source: Bloomberg)
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CBS News
29 minutes ago
- CBS News
Suisun City votes to move forward with California Forever annexation project research
SUISUN CITY -- The Suisun City city council voted 3-1 on Tuesday night to enter into a reimbursement agreement with California Forever, which means the city's plan to consider annexing up to 22,000 acres of land owned by the development group now takes a big step forward in what is projected to be a years-long process. California Forever, a billionaire-backed initiative that drew national attention for its plans to build a new city in Solano County, withdrew its "East Solano Plan" from the November ballot in July 2024. The group was asking Solano County voters to support their proposed city adjacent to Travis Air Force Base of around 400,000 people. Instead, the group went back to the drawing board amid public pushback to put together a full environmental impact report on the proposed city's impact, planning to put a measure back before voters in 2026. Suisun City, as has the city of Rio Vista, engaged in talks with California Forever beginning in early 2025 to consider annexing some of the group's land into each city. Tuesday's vote by the Suisun City city council now means California Forever will front the cost of all of research needed for the annexation proposal, including environmental impact reports and paying consultants chosen by the city. California Forever will pay the city an initial $400,000. If the proposed annexation is eventually adopted by the city council and then approved by the county's LAFCO authority, California Forever will pay Suisun City $10 million. Currently, the city is facing a projected more than $1 million budget deficit for the 2025-2026 fiscal year. City manager Bret Prebula spoke in support of the annexation project vote, calling it the city's path forward that now allows them to engage in talks with California Forever that could secure a 'prosperous' future for the city. "What it does is open the door for Suisun City to shape the conversation and ensure we are not left behind," said Prebula at Tuesday's meeting. More than one hundred community members signed up to give public comment Tuesday night, which meant conversation on this topic went on for more than four hours. There was standing room only as Solano County residents both for and against the vote packed the chambers. Several people in support of the annexation project said it stands to provide decades of work for skilled laborers in the county. "What's the problem? I don't get it. It should be an easy 'yes' vote to take the time and do the research. As far as I'm concerned, the project should go forward as well," said Alicia Mijares, representing local sheet metal workers and their union. Those in opposition made it clear they do not trust California Forever and they do not want the city's future tied to their initiative. "When it was happening last summer to go on the ballot, nobody wanted it. They took it off the ballot. Now with this, we don't even have that right anymore. For it to have our vote, our count. It's disgraceful," resident Jan Bartz told CBS News Sacramento before the meeting. Several called what they heard in Tuesday night's public hearing and presentation 'empty promises.' "You may think you are being transparent, but many people I speak to in Suisun City do not agree. Brief public comments are no substitute for genuinely transparent and publicly participatory processes," said one community member from the podium in public comment opposing the vote. Councilmember Princess Washington was the sole "no" vote on the reimbursement agreement with California Forever. Washington expressed hesitancy in her comments by saying that she doesn't feel five people, the council, should 'dictate the fate of the entire county.' She added that proposals of this nature should be up to voters. Mayor Alma Hernandez and the other members of the council commented that this is step one in a long process that will provide the city answers, not result in an outright decision, on annexation. CBS13 asked California Forever for a response to Tuesday night's meeting. "We look forward to working with Suisun City and Rio Vista to bring new industries, amazing neighborhoods, and new sources of tax revenue to the region," a spokesperson responded in a statement. Suisun City is also considering a recent offer by California Forever's CEO Jan Sramek to purchase $1.5 million in downtown city property to help the city offset its budget shortfall. The item is expected to return to the council for a vote in late fall 2025.
Yahoo
33 minutes ago
- Yahoo
Gold Extends Advance After Israel Attacks Iran's Nuclear Program
(Bloomberg) -- Gold advanced alongside other financial assets after Israel conducted airstrikes targeting Iran's nuclear sites, raising concerns over an escalation of hostilities in the Middle East. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban Do World's Fairs Still Matter? NY Long Island Rail Service Resumes After Grand Central Fire Bullion climbed as much as 1.3% following news of the attacks. Explosions were heard in Tehran, according to videos and local media, and Israeli Defense Minister Israel Katz said the nation was anticipating a retaliatory strike from Iran. The US said it was 'not involved' in the operation. The move higher extended a two-day gain, after weak US inflation and jobs data fueled bets that the Federal Reserve will lower interest rates later this year. A report on Thursday showed US producer price inflation remained muted in May, while a separate print showed recurring applications for unemployment benefits rose to the highest since the end of 2021. Gold has rallied 30% this year, with investors increasingly seeking safety in the haven asset due to concerns over President Donald Trump's aggressive trade policy and geopolitical tensions, including in Ukraine. Strong demand from central banks and sovereign institutions has also supported prices. Israel's attack on Iran followed repeated warnings from Prime Minister Benjamin Netanyahu about striking the OPEC producer and crippling its nuclear program. US and Iranian negotiators are scheduled to hold a round of talks in Oman on Sunday about Tehran's atomic program, but Trump said this week that he's less confident about the chances of a deal. Spot gold was 1.1% higher at $3,424.59 an ounce as of 9:25 a.m. in Singapore. The Bloomberg Dollar Spot Index rose 0.2%. Silver was little changed, platinum tumbled and palladium was lower. American Mid: Hampton Inn's Good-Enough Formula for World Domination New Grads Join Worst Entry-Level Job Market in Years The Spying Scandal Rocking the World of HR Software US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom As Companies Abandon Climate Pledges, Is There a Silver Lining? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
33 minutes ago
- CBS News
Mega Millions jackpot reaches $264M for Friday the 13th, a historically lucky day for Michigan players
If history is any indication, Friday the 13th could be a lucky day for a Michigan resident to take a chance at winning the Mega Millions jackpot. Friday's Mega Millions jackpot stands at $264 million, with a cash option of $117.3 million. While the superstitious consider Friday the 13th a cursed day, through the years, four Michiganders won the Mega Millions jackpot on the "unlucky" day. The four jackpots totaled $171 million in winnings. A Kent County man became the first in Michigan to win a Mega Millions jackpot on Friday the 13th, when he won $57 million on June 13, 2008. A Kalamazoo man followed up nearly three years later when he won $27 million on May 13, 2011. A Port Huron woman took home $66 million on June 13, 2024, and a Waterford man collected a $21 million payday on Oct. 13, 2017. The Mega Millions jackpot was most recently won in Michigan in January 2021, when an Oakland County lottery club took home a $1.05 billion jackpot. It's still the largest jackpot ever won in Michigan. Residents in 45 states, Washington, D.C., and the U.S. Virgin Islands can play Mega Millions. Each Mega Millions ticket costs $5 and includes a built-in multiplier that multiplies non-jackpot prizes up to 10 times to a maximum of $10 million, according to the Michigan Lottery. Tickets can be purchased at lottery retailers and until 10:45 p.m. The drawing is at 11 p.m.
