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UBS has cut its price target for PBF Energy to $23 from $26, maintaining a Neutral rating, as the company faces increased operating expenses due to downtime at its Martinez facility. Analysts have revised earnings estimates downward, predicting a significant loss of $3.36 per share for Q1 2025, alongside a projected $800 million cash burn. PBF Energy plans to issue $750 million in senior notes to reduce debt, while its refinery is expected to restart in stages after a fire, with full operations anticipated by Q4 2025.
Sadie McKeown, a Democratic donor and head of the Community Preservation Corporation, facilitated the sale of Asbury Terrace Apartments in Tarrytown, leading to an 80% rent increase that displaced low-income residents. Despite receiving $3 million from a Biden-era climate fund, local residents express skepticism about the benefits of the new affordable housing initiatives, claiming they do not serve the community's needs. McKeown continues to lobby for the release of additional funds to support taxpayer-funded projects.
Equita supports the merger between Banco Bpm and Unicredit, highlighting significant synergies and value creation potential. While Unicredit shares rise, the government delays its decision on the Golden Power, seeking clarity on Unicredit's operations in Russia and Germany. If the merger fails, Banco Bpm shareholders may face greater risks.
As April 2 approaches, uncertainty looms over potential tariffs, with reports suggesting a two-step approach from Trump involving emergency powers and Section 338 tariffs, particularly affecting autos. Goldman Sachs warns that initial tariffs could be set high for negotiation leverage, predicting a 9% reciprocal tariff rate in April, but anticipates the actual rate could be double that, potentially leading to negative market surprises.
A recent poll reveals that North Carolinians have mixed feelings about Trump, Musk, and government spending. While Trump’s approval rating is slightly better than during his first term, 51% distrust Musk's efforts in government efficiency. Most residents oppose cuts to federal agencies and support a path to citizenship for undocumented immigrants, though support for this pathway has declined since 2013.
JPMorgan Chase's recent exit from the Net-Zero Banking Alliance marks a significant shift in North American banks' commitment to climate action, coinciding with Donald Trump's second presidential term. This trend follows similar withdrawals from major banks like Citigroup and Bank of America, collectively representing 62% of the US banking industry. As the political landscape changes, the remaining banks emphasize their ongoing commitment to sustainability, despite the departures raising concerns about the future of climate initiatives in the financial sector.
EPA chief Lee Zeldin has announced a significant rollback of 31 environmental regulations, claiming it to be the largest deregulatory action in U.S. history. This move aims to boost the economy by ensuring affordable energy and reducing reliance on electric vehicles, which currently face consumer skepticism and market challenges. Public outrage over climate mandates appears to be waning, with growing skepticism about the urgency of climate change initiatives.
BYD has overtaken Tesla in annual revenue, reporting $107 billion for 2024, fueled by its competitive pricing and innovative EV technology. As Tesla faces declining sales and market share, particularly in Europe and China, BYD's entry-level EVs start at under $10,000, posing a significant threat to Musk's dominance in the EV market. Tesla's struggles are compounded by a lack of product updates and controversies surrounding Musk's political affiliations, leading to a sharp decline in used Tesla prices.
Democrats face a critical need for repentance and confession following significant electoral losses and public discontent. Acknowledging past missteps, such as misjudging inflation and misleading the public about President Biden's health and COVID-19 origins, is essential for regaining trust. Without this accountability, the party risks further alienation from voters as they navigate the political landscape ahead.
JPMorgan Chase & Co. reported a quarterly revenue of $42.77 billion, exceeding estimates, with a net margin of 20.96% and a year-over-year revenue increase of 10.9%. The company raised its quarterly dividend to $1.40 per share, reflecting a 2.26% yield. Analysts maintain a "Moderate Buy" consensus rating, with several upgrades to target prices, though the stock is not among the top recommendations from leading analysts.
Joe Biden
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ubs lowers pbf energy price target amid refinery challenges and losses
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