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An American Airlines regional jet, carrying 64 passengers and crew, collided with a Black Hawk military helicopter near Ronald Reagan Washington National Airport on Wednesday night. The crash, which occurred around 9 p.m. ET, involved American Eagle Flight 5342, a Bombardier CRJ700, as it was approaching for landing. The incident has been described as the worst air disaster in the U.S. in over 15 years, with officials initially withholding information on survivors. Rescue efforts were complicated by high winds and cold water conditions in the Potomac River, where more than 30 bodies were recovered. The flight was coming from Wichita, Kansas, and was operated by PSA Airlines, an American Airlines subsidiary. The airport was closed until at least 11 a.m. the following day, and both the FAA and the National Transportation Safety Board are investigating the incident. American Airlines CEO Robert Isom announced his intention to travel to the site with a response team, and President Trump was briefed on the situation, expressing gratitude towards the first responders.
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DeepSeek's announcement of a cost-effective method for AI model creation initially led to a sharp decline in stocks associated with AI infrastructure, with semiconductor companies like Nvidia experiencing significant losses. However, this downturn quickly turned into a buying opportunity for software stocks. Companies like Microsoft, Salesforce, and Oracle have seen their stocks outperform their semiconductor counterparts by a significant margin over the past few trading sessions. Financial analysts from major institutions such as Goldman Sachs, Barclays, and Citigroup have expressed optimism about software companies benefiting from these AI innovations, suggesting that cheaper AI models could accelerate product development and productivity gains. This shift in market dynamics comes at a pivotal time as investors analyze big tech earnings, with software companies expected to show a modest earnings growth compared to the robust growth anticipated in the semiconductor sector.
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H&M, the world's second-largest fashion retailer, experienced a significant drop in its share price after failing to meet sales forecasts for the fourth quarter of 2024. Despite a 3% increase in sales in local currencies, the company's revenue of 62.19 billion Swedish krona fell short of the expected 63.48 billion. The shortfall was partly attributed to the later timing of Black Friday, although sales did improve in December and January. For the full year, H&M's sales grew by 1% to 234.58 billion Swedish krona, driven by strong performances in womenswear, sportswear, and online sales. Operating profit for the year was slightly better than anticipated at 17.3 billion Swedish krona. CEO Daniel Ervér highlighted the company's focus on core business and cost control, expressing optimism about future growth despite ongoing challenges like competition from Zara and Shein, and macroeconomic uncertainties. H&M is targeting a long-term sales growth of at least 10% annually and a significant reduction in greenhouse gas emissions by 2030.
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Shell, the British oil giant, reported a notable decline in its annual profit for 2024, attributing the decrease to higher exploration write-offs, lower trading margins, and weaker crude prices in the last quarter. The company's adjusted earnings for the year were $23.72 billion, down from $28.25 billion in the previous year, falling short of analyst expectations. Despite the profit drop, Shell increased its dividend by 4% and initiated a $3.5 billion share buyback program. CEO Wael Sawan emphasized the company's strong performance in 2024, setting the stage for future growth. However, a significant legal setback came when a Scottish court overturned the approvals for two major North Sea oil and gas fields, Rosebank and Jackdaw, due to inadequate consideration of carbon emissions. This ruling, celebrated by environmental groups, requires the government to reassess the projects, affecting Shell's operations and investments in these fields.
