Author: starbpo

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…

In a crash on Sunday, Iran’s president was killed, according to state media. President Ebrahim Raisi and other important Iranian officials were going to an event in the east of the country. Rescue teams were in the area, but because of bad weather, they hadn’t been able to get in touch with any survivors, state media said. If the president dies, there is a greater chance of a war between the United States and Israel, which is at war with Hamas. Iran backs Hamas. At the end of April, Iran launched its first direct attack on Israel, which made people…

During his speech to Morehouse College graduates on Sunday, President Joe Biden said that he had heard their pain over the war between Israel and Hamas and that scenes from the fighting in Gaza have broken his heart. Some of the students at the historically Black, all-male college wore keffiyeh scarves around their shoulders over their black graduation robes. “I support peaceful, nonviolent protest,” he told them. “You deserve to be heard, and I promise I do see you.” “There is a humanitarian crisis in Gaza,” the president said. “That’s why I’ve called for an immediate cease-fire to stop the…

Reporting quarterly results for Nvidia Corp. has become a ritual that always ends with huge profits for the company, which makes chips. But when it plays again on Wednesday, the company, which is at the center of the AI craze, will face more questions about how its long-term goals might affect short-term demand as it gets ready for a big rollout of new chips. At the same time, executives are talking about inflation less and less on earnings calls, a FactSet analysis released on Friday showed. However, we’ll likely hear more about its long-lasting effects this week, either directly or…

Once more, bad news for the economy is good news for the stock market. Market experts say good news is also important. Based on how U.S. stocks responded to this week’s flurry of mixed economic data, it looks like a summer rally is almost certain to happen. As expected, the U.S. April CPI report from the Bureau of Labor Statistics showed that inflation slowed more than expected last month. This led to a rise in stocks this week. Core prices went up 3.6% from one year to the next. That’s still a lot more than the Federal Reserve’s 2% goal,…

The Dow closed above the important 40,000-point level on Friday, with little change in the stocks. These stocks changed: The stock price of GameStop dropped 20% after the company said it would sell up to 45 million shares at the market price. The company also gave bad predictions for the first quarter of its fiscal year. Doximity shares went up 18% after the online platform for doctors made more money than expected in its fourth fiscal quarter. The company’s board of directors also gave the go-ahead to buy back up to $500 million worth of Class A common stock. The…