China is fully confident of its ability to fend off systemic debt risks, while it continues to strengthen control over local government debt, its finance minister Xiao Jie said on Wednesday. China will reasonably set quotas on local government debt issuance and keep cracking down on “chaotic” debt financing, Xiao said at a press briefing
The U.S. government has outlined key concerns about Broadcom‘s proposed merger with Qualcomm, including national security and a risk that Qualcomm could lose ground to China in developing 5G wireless network technology. “Qualcomm has become well-known to, and trusted by, the U.S. government,” the Treasury Department wrote to lawyers involved in the deal on Monday.
A breakdown in NAFTA negotiations would have serious economic implications for Mexico. The U.S. is by far Mexico’s largest trading partner, with more than 80 percent of exports going north of the border. Mexico is also the biggest exporter of agricultural goods to the U.S. In 2016 alone, Mexico exported $10.5 billion worth of fresh
Bitcoin traded around $11,242.61 during Tuesday Asia morning trade, according to industry site CoinDesk. The digital currency is down around 16 percent this year, having fallen from a record high of more than $19,000 in December last year. But one reason authorities have been slow to act when it comes to regulating bitcoin is due
Even before being hit with a federal securities fraud lawsuit by the SEC and independent perjury charges by the Justice Department last month, the founder of a now-defunct cryptocurrency exchange had left a trail of lawsuits, legal judgments and a lawyer who says she never got paid by him. Jon Montroll, 37, was accused on
Roslan Rahman | AFP | Getty Images The Temasek Holding company sign in Singapore on July 8, 2010. Taking aim at corporate corruption, Singapore state investor Temasek Holdings called on firms it has stakes in not to cross a “bright red line” in the wake of a bribery scandal at one of its portfolio companies
March’s brutal start on Wall Street may not be an anomaly. If Citi’s forecast is right, it could replay several times this year, whether or not President Donald Trump’s tariffs on steel and aluminum become a reality. “We’re looking for a more moderate year this year versus last year,” Tobias Levkovich, the firm’s chief U.S.
It is this inconsistency that can lead to a credibility issue for the Fed. Unfortunately, we have seen this play out before. In the 1970s, Richard Nixon placed undue pressure on then Fed Chair Arthur Burns to pursue an expansionary monetary policy in an effort to bring the unemployment rate down and secure his reelection.
If President Donald Trump’s tariffs go into effect, one of Wall Street’s long-time bulls suggests stocks will get hammered. Raymond James’ Jeffrey Saut says the safest place for investors is on the sidelines until there’s more clarity. “If this spills over into a full-blown trading war, then I have no idea where the bottom is
“Clearly it’s a coordinated, grand investigation. I would expect it’s going to continue throughout this year,” Gottlieb said. He is representing PlexCorps, which faces SEC fraud charges regarding its initial coin offering. About 80 firms have received subpoenas so far, according to a source. CoinDesk also reported a similar estimate, citing lawyers. The SEC did
Trump’s proposal was widely condemned across the globe. Canada’s Prime Minister, Justin Trudeau, said any U.S. tariffs on steel and aluminum imports would be “absolutely unacceptable” and European Commission President Jean-Claude Juncker said it “can only aggravate matters.” Critics have also warned that tariffs will result in higher prices for consumers. On Thursday, Toyota said
Luke Sharrett | Bloomberg | Getty Images A maintenance technician inspects a U.S Air Force Boeing C-17 Globemaster III airplane at the Boeing Global Services and Support facility in San Antonio, Texas. Investors worried about a potential trade war should look at buying shares of Boeing and Raytheon, among other companies, as their trade-war exposure
BlackRock said Friday that it has reached out to the publicly traded civilian firearms makers and retailers in the last week and has had “constructive” discussions with some. It continues to explore talks with others as part of an upswell of activism on Wall Street in response to the public outcry about gun violence. Rival
Chinese officials urged the U.S. to support global trade in the wake of President Donald Trump‘s announcement on Thursday of new steel and aluminum tariffs. Trump said the U.S. will set tariffs of 25 percent for steel and 10 percent for aluminum imports. The duties are set to take effect as early as next week.
Check out the companies making headlines after the bell Thursday: American Outdoor Brands shares plummeted more than 16 percent after the bell. The firearms and outdoor products manufacturer reported earnings per share that beat expectations but fell short on everything else. Revenue missed estimates by nearly 10 percent and guidance was extremely weak. The company
On trade, the U.S. agriculture industry is particularly vulnerable to Chinese actions. The country is the second-largest market for U.S. agricultural exports, according to the U.S. Department of Agriculture Foreign Agricultural Service, as of January 2017. And in retaliation for any U.S. tariffs on China, Beijing will take action against the soybean and corn industries,
Institutional Investor — a widely read publication on Wall Street for its rankings of analysts and others — announced Wednesday it will become a fully digital publication starting April 1. “We just felt like it was the right time for II to move out of print,” Chairman and CEO Diane Alfano said in a phone
Dan Kitwood | Getty Images A visual representation of the digital Cryptocurrency, Bitcoin on October 24, 2017 in London, England. Bitcoin slipped on Wednesday following news that the U.S. Securities and Exchange Commission is probing the cryptocurrency market. The Wall Street Journal reported Wednesday evening ET that, as part of that investigation, the SEC has
Ameriprise Financial Services steered retirement savers into higher cost mutual funds than they needed, allowing it to benefit from higher sales fees while dinging investment returns, the Securities and Exchange Commission said Wednesday. The Minneapolis-based brokerage and investment advisor agreed to settle the agency’s charges that it recommended the higher fee products and didn’t waive
At 32, Patrick O’Shaughnessy is becoming CEO of a $6 billion asset management firm, 10 years after starting there as an intern. True, it’s his father’s firm. But the younger O’Shaughnessy has made a name for himself. He hosts a popular investing podcast, has an online book club and he shares thoughtful insight about cryptocurrencies.
Qilai Shen | Bloomberg | Getty Images A man walks past a sign for Baidu Inc. at the entrance to the Baidu Technology Park in Beijing, China, on Friday, Nov. 25, 2016. Chinese video streaming service provider iQiyi, a unit of Baidu, on Tuesday filed for an initial public offering of up to $1.5 billion
Joshua Roberts | Getty Images Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee on his nomination to become chairman of the U.S. Federal Reserve in Washington, November 28, 2017. Federal Reserve Chair Jerome Powell believes exchange traded funds (ETFs) were not the main reason behind the market decline earlier this year.
A man who has claimed to be the creator of bitcoin is being sued over an alleged scheme to steal $5 billion worth of cryptocurrency and other assets from a former business partner. Australian entrepreneur Craig Wright in 2016 said he was Satoshi Nakamoto, the mysterious inventor behind the world’s largest cryptocurrency. But a lawsuit,
Investors had been expecting the bank to resume paying dividends given the prospects of better earnings. “I think the company can afford at least a symbolic dividend payout ratio of something like 10 U.S. cents per share,” Ronald Wan, non-executive chairman at Partners Financial Holdings, told CNBC before the release of the bank’s latest earnings.
Bitcoin is up several hundred percent from less than $1,000 early last year. It is the first application of blockchain technology, which eliminates the need for a third party such as a bank by creating a near-instant, permanent and secure record of transactions. The American inventor remains a supporter of the cryptocurrency, which he initially
Warren Buffett believes long-term investors should buy stocks over bonds. “If you had to choose between buying long-term bonds or equities, I would choose equities in a minute,” he told CNBC’s “Squawk Box” on Monday in a wide-ranging interview. “If I were going to own a 30-year government bond or own equities for 30 years,
The stock market rout earlier this month triggered by rising interest rates had market watchers warning that volatility was back and here to stay. The Cboe Volatility Index (VIX), which measures market expectations of volatility and is often referred to as Wall Street’s fear gauge, spiked to a multi-year high during the recent market sell-off.
Warren Buffett believes investors do not need to be brilliant to do well in the financial markets. The Oracle of Omaha made a winning 10-year bet with Protégé Partners in Dec. 2007 that the S&P 500 would outperform a basket of fund of hedge funds. But perhaps more interesting than how a simple index fund
Warren Buffett believes investors should avoid using borrowed money to outperform. The Oracle of Omaha explained the perils of using debt and leverage in his 2017 annual letter to Berkshire Hathaway shareholders released on Saturday. “Berkshire, itself, provides some vivid examples of how price randomness in the short term can obscure long-term growth in value.
Warren Buffett’s Berkshire Hathaway on Saturday reported a record quarterly and annual profit, benefiting from a lower U.S. corporate income tax rate. Fourth-quarter net income increased roughly fivefold to $32.55 billion, or $19,790 per Class A share, from $6.29 billion, or $3,823 per share, a year earlier. Quarterly operating profit for the Omaha, Nebraska-based conglomerate