🛬 Where Does Boeing Go From Here?

Good morning. US stock futures rose in Thursday morning trading as investors look for the major indexes to post new record highs.

✈️ Boeing CEO blasted in Washington hearing

📝 Our report: Boeing CEO Dave Calhoun faced a US Senate grilling over the company's safety slip-ups, whistleblower claims of corner-cutting and retaliation, and his own hefty pay package. A Senate Homeland Security and Governmental Affairs Committee Investigations Subcommittee has launched a hearing into the safety culture at the embattled aircraft manufacturer.

 🔑 Key points:

• Calhoun, who said in March that he will step down by year’s end, defended the plane-maker’s actions to try to improve manufacturing quality and to fix its tarnished safety reputation in the wake of a midair door-panel blowout on an Alaska Airlines

  flight in January.

• Hours before the hearing the Senate subcommittee released whistleblower claims from Sam Mohawk, a quality-assurance investigator at Boeing, alleging the company lost track of parts that were damaged or not up to specification and that “those parts are likely being installed on airplanes.”

• The hearing and new whistleblower claims are further complicating matters for Boeing. The company already faces potential U.S. prosecution after the Justice Department said last month that the plane-maker violated a 2021 settlement tied to 737 Max crashes in 2018 and 2019 that claimed 346 lives.

💡 So what: Boeing facing a U.S. Senate hearing on its safety mishaps has several significant implications. Firstly, it puts the company's safety practices and internal culture under intense scrutiny, potentially leading to further investigations and regulatory actions. Additionally, the hearing could result in stricter regulations and oversight for the aviation industry, increasing operational costs and compliance burdens for Boeing. Financially, the company might face fines or legal settlements, impacting its bottom line. Overall, this hearing signals a critical period for Boeing, where its ability to address these issues transparently and effectively will determine its future stability and growth.

Thursday - Philadelphia Fed Manufacturing Survey

Friday - U.S. Leading Economic Indicators

📈 Paul Tudor Jones shares his 7 rules to be a top trader

💰 Your step-by-step guide to writing a business plan

👨🏾‍💼 Is your workplace toxic? Here are 7 signs to look for

 📈 The Safest Investment You Could Make

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💵 The world’s top destination for the wealthy is…

WHAT: For the third year running, the UAE is set to reign as the world's top millionaire magnet, expecting a record 6,700 new wealthy residents by year-end, according to The Henley Private Wealth Migration Report 2024. The UAE is increasingly solidifying its position as a safe haven for high-net-worth individuals globally, owing largely to the country’s favorable tax policies, strategic location, world-class infrastructure and more, according to the report.

WHY: A record-breaking 128,000 millionaires, or high net worth individuals with liquid investable wealth of $1 million or more, are expected to relocate in 2024, according to the report.

🤖 UK lands top spot for AI startups in Europe

WHAT: The UK leads Europe and Israel in GenAI startups, outpacing Germany and Israel, says venture capital firm Accel. Accel analysed 221 GenAI startups and found that 30% were founded in the UK, 14% in Germany, and 13% in Israel, with France home to 11% and the Netherlands 6%.

WHY: GenAI is artificial intelligence capable of generating text, images, videos or other data, based on models developed using huge quantities of information.

💰 Nasdaq ups investor scrutiny in foreign IPOs

WHAT: Nasdaq is ramping up scrutiny on small IPOs from China and Hong Kong to avoid the rollercoaster rides seen after a few wild deals two years ago, insiders say. The heightened scrutiny comes after several micro-cap stocks from China and Hong Kong surged as much as 32,000% in their 2022 trading debuts, only to crash in the ensuing weeks.

WHY: A growing number of small firms from China and Hong Kong are turning to the Nasdaq to raise money, even as geopolitical tensions rise ahead of the US election. China has relaxed its grip on overseas listings, offering a lifeline to firms unable to tap funding at home amid a prolonged market slump.

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