Author: starbpo

A big name in the venture capital space says that up to half of the firms will go out of business or fail. Josh Wolfe, co-founder of the New York venture capital firm Lux Capital, says the shrinkage will be caused by broken partnerships and strategies that are “feckless” and too weak to fix. He also says that he is worried that investors have put too much faith in an asset class that is hard to sell. In the company’s letter to shareholders for the first quarter, Wolfe said that the industry has grown from about 1,000 companies in 2008…

A fight between Greenlight Capital and a former worker has caught the attention of people in the hedge fund world. The 29-year-old James Fishback says he was “head of macro” at the New York hedge fund. The company Greenlight Capital says that job never existed. Fishback was a high school debate champion who dropped out of Georgetown University to start his own hedge fund, Macrovoyant, when he was 21. In February 2021, he was hired to work at Greenlight Capital after having been a consultant for the New York fund. In the two and a half years he worked at…

Officials say that early Saturday morning, Houthi rebels in Yemen fired a ballistic missile at an oil tanker in the Red Sea. The attack damaged the Panama-flagged, Greek-owned ship and was part of the Houthi’s latest attack over the Israel-Hamas war in the Gaza Strip. Even though the Houthis didn’t claim the attack right away, they have already said they shot down another MQ-9 Reaper drone from the U.S. military over Yemen and attacked ships on a key sea route that leads to the Suez Canal and the Mediterranean Sea, which has slowed down trade. Around 1 a.m., the attack…

The United Arab Emirates city of Dubai State media said that President Ebrahim Raisi, the foreign minister, and other people were found dead Monday morning after their helicopter crashed in a foggy, mountainous area of the northwest of the country. Raisi was 63 years old. The crash happened while the Middle East was still in a state of chaos because of the war between Israel and Hamas. Last month, Raisi, led by Supreme Leader Ayatollah Ali Khamenei, launched an unprecedented attack on Israel using drones and missiles. Under Raisi, Iran brought uranium closer than ever to levels that could be…

Studios said Sunday that John Krasinski’s movie about imaginary friends, “IF,” took the top spot at the box office this weekend. Also, its $35 million North American opening was a little less than some people thought it would do. Does that make you sad? A bad sign for the movie theater business? Or is there still one more story to be written on “IF”? It’s not just in your head: This is the first week of the summer box office season in 2024, and so far nothing has been a huge hit. Every new movie is under more and more…

According to court documents, three western banks’ assets worth over €700 mln ($773 mln) have been taken by a court in St. Petersburg. This was reported by the Financial Times and Reuters on Saturday. One of the biggest moves against western lenders since Moscow’s invasion of Ukraine in 2022, when most of them shut down their operations in Russia, is the seizure. These steps were taken after a claim from Ruskhimalliance, a branch of Gazprom, the Russian oil and gas giant that has a monopoly on exporting gas through pipelines. Italy’s UniCredit UCG, -0.08% had €463 million worth of assets…

The biggest hedge fund in the world recently bought more shares of some of the Magnificent Seven tech stocks and cut its stake in a Chinese company that makes electric cars in half. In the first quarter, Bridgewater Associates put a lot of money into Apple stock, more than doubled its stake in Nvidia shares, tripled its investment in Microsoft stock, and decreased its stake in NIO shares. In a form it sent to the Securities and Exchange Commission, the fund wrote about the stock trades. When asked for a comment on the stock trades, Bridgewater didn’t answer. After being…

On Sunday, Elon Musk went to Bali, a resort island in Indonesia, to launch Starlink satellite internet service in that country, which has more islands than any other in the world. Musk was greeted with a flower crown at a community health clinic in Denpasar, the provincial capital of Bali, where he launched the Starlink service with Indonesian ministers. Musk was wearing a green Batik shirt. Indonesia is a huge group of 17,000 islands spread out over three time zones, home to more than 270 million people. For years, the country has been trying to make deals with Musk’s companies,…

A number of high-level JPMorgan Chase executives are about to make their first public statements since the bank made major changes to its management earlier this year. Wall Street should get a new look at a group of longtime leaders at JPMorgan on Monday, who are seen as possible successors to CEO Jamie Dimon. Marianne Lake, who is now the only head of consumer and community banking, and Jennifer Piepszak and Troy Rohrbaugh, who are the new co-CEOs of a commercial and investment bank that was recently expanded, are seen as the front-runners in that race. They are all set…

In the TV movie Rudolph the Red-Nosed Reindeer, Yukon Cornelius called himself the greatest prospector from the north. He would be thrilled to hear that this year’s gold bull run shows no signs of slowing down. Gold is now worth more than $2,400 an ounce, which is a record high. It’s not a surprise that the popular SPDR Gold Shares ETF is also at its highest point. This year, gold and the gold ETF are both up about 17%. So why does gold keep going up? Experts say that lower bond yields, a weaker U.S. dollar, and worries about politics…