Reported 2 months ago
A recent study by the World Resources Institute reveals that major global banks are not on track to meet their CO2 reduction commitments, with many having weak or unambitious targets. Despite some progress, the analysis shows most banks are expected to significantly overshoot necessary emissions reductions by 2030 and have not aligned their financing with global warming limits. The findings indicate inconsistent commitments to climate goals among banks, contrasting with their calls for supportive public policies.
Source: YAHOO
Reported 2 months ago
Brevan Howard Asset Management has hired Andrew Saxton and David Nash for its Asia credit division, just months after a significant global workforce reduction. Saxton, formerly of Dymon Asia Capital, and Nash, who helped build the credit team at Modular Asset Management, will contribute to Brevan Howard's growing focus on credit trading and investment. Despite recent job cuts and other cost-reduction measures, the firm has seen a rebound in assets and reports profitability in its flagship hedge fund, which has gained 2.3% in early August.
Source: YAHOO
Reported 2 months ago
CK Infrastructure Holdings Ltd. has struck a deal to acquire a portfolio of 32 operating onshore wind farms in the UK from Aviva Plc for approximately £350 million ($450 million). The deal, involving partners CK Asset Holdings and Power Assets Holdings, will enhance CKI's renewable assets sector and is expected to complete by late September, offering stable cash flows and immediate returns.
Source: YAHOO
Reported 2 months ago
Despite global market fluctuations, Taiwan's tech firms are successfully raising funds through convertible bonds, particularly driven by heightened interest in artificial intelligence. Notably, Quanta Computer Inc. is set to raise up to $1 billion, contributing to a total of $1.3 billion in dollar-denominated convertible bonds for 2024 alone. This trend reflects a significant shift in capital needs for Taiwanese companies, with investors increasingly seeking exposure to the AI sector.
Source: YAHOO
Reported 2 months ago
China has experienced its first contraction in bank loans in nearly two decades, raising fears of a potential 'balance sheet recession' similar to Japan's in the 1990s. A reduction in corporate borrowing and increased debt repayment among households is contributing to a decline in credit demand, which may hinder economic growth. Economists emphasize the need to stabilize asset prices to avoid a pervasive pessimistic mindset among consumers and businesses.
Source: YAHOO
Reported 2 months ago
Puerto Rico's struggling power grid is under threat from Tropical Storm Ernesto, which could cause significant outages and flooding as it approaches the island. The storm is expected to bring heavy rain and strong winds, exacerbating existing infrastructure issues that have plagued Puerto Rico since Hurricane Maria in 2017. Luma Energy has activated emergency operations and mobilized utility workers in preparation for the storm's impact, while the Puerto Rico Electric Power Authority continues to grapple with financial instability.
Source: YAHOO
Reported 2 months ago
Cathay Pacific Airways has become the world's most shorted major airline stock, with short interest surpassing 25% of its free float. This surge follows disappointing first-half results, highlighting a decline in net income driven by lower passenger yields and rising costs. Analysts indicate macroeconomic challenges persist, making investors wary as the airline industry grapples with profit recovery amid ongoing global tourism rebounds.
Source: YAHOO
Reported 2 months ago
Asian stock markets surged as investors anticipate the upcoming US consumer price index, which could lead to an interest rate cut by the Federal Reserve. The MSCI Asia Pacific Index saw continuous gains, particularly in New Zealand and Taiwan, while the New Zealand dollar declined following a surprise rate reduction. Market analysts believe that easing inflation data could bolster confidence for equities, while Chinese stocks faced setbacks due to contracting bank loans.
Source: YAHOO
Reported 2 months ago
Home Depot has reported a 3.6% decline in U.S. comparable sales for the second quarter of 2024, with CEO Ted Decker attributing the drop to rising interest rates, macroeconomic uncertainties, and reduced consumer spending on home improvement projects. The tightening housing market is impacting consumer interest in larger renovations, leading to decreased operating income and net earnings as the company anticipates continued sales declines throughout the fiscal year.
Source: YAHOO
Reported 2 months ago
Chinese autonomous driving startup WeRide has obtained a three-year permit from California regulators to conduct passenger tests using its driverless vehicles. While WeRide aims for a $5 billion valuation through a New York IPO, it cannot charge fares or offer rides to the general public during this testing phase. The company will operate in San Jose with 12 active vehicles, competing in a challenging regulatory environment for robotaxi services in the U.S.
Source: YAHOO
Reported 2 months ago
In the lead-up to the 2024 US presidential election, both Vice President Kamala Harris and former President Donald Trump are showing increased openness to the cryptocurrency industry. Recent meetings between top crypto executives and White House officials have highlighted regulatory concerns for the crypto community. Analysts suggest this newfound interest could benefit candidates like Trump, who could see electoral support from the largely young, male crypto demographic. However, the shift towards mainstream acceptance may conflict with the original Bitcoin ethos of independence from traditional finance.
Source: YAHOO
Reported 2 months ago
Intel has sold its 1.18 million shares in British chip designer Arm Holdings for approximately $146.7 million as it restructures to cut over 15% of its workforce and focus on developing advanced AI chips amid declining revenues. The company is under pressure to improve liquidity and efficiency, as it faces challenges in the competitive chip market, particularly with rivals like Nvidia.
Source: YAHOO
Reported 2 months ago
Cathie Wood, the CEO of Ark Investment Management, has purchased $2.4 million worth of Alphabet stock as it sees a 14% decline since July. Despite facing criticism for her investment strategies and underperformance of Ark's flagship ETF, Wood remains committed to high-tech sectors, believing in the potential of stocks in areas like AI and blockchain. Her recent move indicates confidence in Alphabet's long-term prospects, especially following a quarter that exceeded revenue and profit expectations.
Source: YAHOO
Reported 2 months ago
The U.S. Department of Justice is exploring various options, including potentially breaking up Google, following a recent ruling that found the company illegally monopolized the online search market. The judge's decision is seen as a victory for federal regulators in their efforts to challenge Big Tech dominance. Among the considered actions are requiring Google to share data with competitors, and discussions about divesting parts of its operations, including Android and AdWords.
Source: YAHOO
Reported 2 months ago
Warren Buffett, who once viewed Apple as a value stock, may be reconsidering his investment as the company's market cap has skyrocketed to $3.2 trillion while profits have only doubled to around $100 billion since mid-2017. The company’s P/E ratio has surged from 16 to 32, drastically reducing the effectiveness of its dividends and buybacks, which have fallen to yields of just 3.6%. To achieve a 10% return going forward, Apple must significantly increase profits, a daunting challenge given its size and current market conditions.
Source: YAHOO
Reported 2 months ago
Chipotle's stock faced pressure with the announcement of CEO Brian Niccol's departure to Starbucks, yet analyst Peter Saleh from BTIG stays optimistic about the company's future. Saleh believes Chipotle has a strong brand and potential for growth, expecting many qualified candidates to fill the CEO role. He views the leadership transition as a minor setback, asserting that the business is fundamentally healthy.
Source: YAHOO
Reported 2 months ago
Intel Corporation has sold its stake in chip designer Arm Holdings as part of its strategy to cut costs and restructure after experiencing significant losses. The sale, which involved 1.18 million shares, raised approximately $147 million but came amid a challenging period for Intel, which is facing a net loss of $120 million on equity investments and a reported job cut of 15,000 positions. The company is attempting to regain its footing in a competitive semiconductor market.
Source: YAHOO
Reported 2 months ago
Retailers are promoting Halloween products as early as July, as a strategy to extend the seasonal buying cycle amid economic caution from consumers. Joe Feldman, a retail analyst, explains that this move might also be influenced by freight cost challenges, allowing stores to mitigate reluctance to spend by creating a festive atmosphere. Notably, unlike previous years, 2024 hasn’t seen an inventory oversupply, leading to a measured growth in stock levels.
Source: YAHOO
Reported 2 months ago
In a recent livestream with former President Donald Trump, Tesla CEO Elon Musk cautioned against vilifying the oil and gas sector, suggesting that doing so could lead to economic collapse in the U.S. This statement marks a notable shift in Musk's stance, as he previously emphasized the dangers of climate change.
Source: YAHOO
Reported 2 months ago
Appian CEO Matt Calkins argues that AI regulation needs to be more centralized and universal to create fair expectations for consumers. He highlights that current regulations are driven by public fear and lack comprehensive guidelines for AI's capabilities. Calkins emphasizes the importance of addressing legal issues surrounding AI's actions and data usage, calling for clearer legislation as courts address these challenges.
Source: YAHOO
Reported 2 months ago
The Consumer Price Index (CPI) for July will be released on Wednesday, hinting at potential shifts in Federal Reserve policy. Noteworthy earnings reports from Cisco Systems, UBS, and Brinker International are also on the horizon, alongside new mortgage application data from the Mortgage Bankers Association.
Source: YAHOO
Reported 2 months ago
In after-hours trading, Alphabet's shares are affected by news of a potential breakup by the US Justice Department due to monopoly concerns in online search. Flutter Entertainment's stock surged after exceeding revenue and earnings expectations for the second quarter, while Nu Holdings saw a rise in shares after reporting a significant increase in net income compared to last year.
Source: YAHOO
Reported 2 months ago
Major market indexes closed higher following a softer-than-expected inflation report from July's Producer Price Index (PPI), increasing investor optimism about possible Federal Reserve interest rate cuts. Yahoo Finance's Jared Blikre highlights key market trends, including ongoing risk rallies and a rise in corporate buybacks.
Source: YAHOO
Reported 2 months ago
CFRA analyst Zachary Warring recommends buying Lululemon and Nike amidst challenges in the athletic apparel sector due to economic headwinds and slowing consumer spending. He assures that Lululemon still has significant growth potential with revenue estimates of 10-11% for the year, countering investor fears about stagnation.
Source: YAHOO
Reported 2 months ago
Source: WSJ