1) MGM Resorts has reached agreement with families of victims who were killed in the October 2017 mass shooting in Las Vegas. The settlement for the 2,500 family victims will be almost $800 million dollars with the agreement that all pending litigation against MGM will be dismissed. The shooting left 58 dead while wounding hundreds of others.
2) Soon to be implemented, tariffs will make imports more expensive for Americans, such as Scotch and Irish whiskies, Parmesan cheese and French wine. The tariffs will be on $7.5 billion dollars of European imports. Further tariffs are threaten over aircraft subsidies by the European Union, coming at a time when economies have been hurt by the US-China trade war. The World Trade Organization has ruled America can impose tariffs because the European Union has failed to abide by earlier ruling of Airbus subsidies.
3) The service-sector activity in the U.S. slowed to its weakest pace in three years this September. This is another sign that the U.S. economy may be weakening where the services sector accounts for more than two thirds of economic activity. The non-manufacturing index fell to 52.6 last month, which was the lowest reading since August 2016 and far below the 55.3 expectations.
4) Stock market closings for – 3 OCT 19:
Dow 26,201.04 up 122.42 Nasdaq 7,872.26 up 87.02 S&P 500 2,910.63 up 23.02
1) As American farmers age, more of them are cashing out of the grain business with the number of farms decreasing from consolidation. Auction houses report their sales of closing farms are up 30%, a result of consecutive years of harvest and low grain prices, made worst by the China-U.S. trade war.
2) The Las Vegas based resort company MGM announced a planned 1,000 layoffs by June in an attempt to reduce costs and boost earnings. So far, 35 executives have taken voluntary retirement as part of the company’s restructuring.
3) Rising meat prices is weighing down on many restaurant chain’s bottom lines, at a time when rising minimum wages is cutting deeply into profits, which will start forcing their prices up leaving consumers paying more.
4) 30 APR 19 Stock market closings:
Dow 26,592.91 up 38.52 Nasdaq 8,095.39 down 66.47 S&P 500 2,945.83 up 2.80
Las Vegas gambling icon, Billy Walters has been convicted by a jury for insider stock trading. Mr. Walters had earned more then $43 million dollars from an insider trading tips over several years, from former chairman of Dean Food Company, Tom C. Davis. Davis testified against Walters stating that he made the $43 million dollars off of Dean Food’s over the course of approx six years.
Davis had been Walter’s best friend for over 20 years, and he was also the prosecution’s star witness against Billy Walters. Walters considered one of the greatest gamblers in the world, mainly betting on sports game, was also proactive in equities trading. His dominance as a multi millionaire, started in the gambling circut, then escalating his winning streak into the equities markets.
Mr. Walter’s businesses span from car rentals, golf clubs, real estate and car dealerships in Las Vegas, Nevada. His business empire is said to be worth $500 million dollars. He was convicted of all ten counts presented by the prosecutors and his sentencing is to July 14, 2017. -SB