Author: Press Room
Florida venture capitalist Michael Shvartsman and his brother Gerald Shvartsman pleaded guilty on Wednesday to participating in an insider trading scheme linked to the blockbuster deal that brought former President Donald Trump’s social media business public. Each of the brothers pleaded guilty in New York to one count of securities fraud, which carries a maximum sentence of 20 years in prison, according to federal prosecutors. The two brothers were arrested in June and charged with illegally trading on nonpublic knowledge of a shell company’s secret plan to buy Trump Media & Technology Group, the parent company of struggling social network Truth Social.…
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Apple is worth a whopping $540 billion less than Microsoft, a gap the size of Tesla’s market value.The iPhone maker’s shares are down 11% this year, while the software giant’s are up 14%.Apple is facing growth concerns and regulatory fights, while Microsoft is riding high on AI buzz. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Apple was the world’s most valuable public company at the end of 2023 but is now worth an astounding $540 billion less than Microsoft — a gap equivalent to Tesla’s entire market…
AT&T cell service went out for tens of thousands of Americans on Thursday.The company later said the outage was caused by a software update.But the FBI, the FCC, and Homeland Security had already started looking into the outage. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app A sudden cellular outage left tens of thousands of AT&T customers without service on Thursday — and the feds are looking into it.While AT&T restored all of its networks by 3 p.m. ET, White House spokesperson John Kirby said that the FBI…
Investment thesis My previous bullish thesis about Energy Transfer LP (NYSE:ET) aged well as the stock delivered almost 17% total return since mid-December, outperforming the broader U.S. market. The company’s fundamentals are improving steadily, which is a bullish sign to me. I think that the above 8% distribution yield is safe as the company continues to improve its operating leverage. I also like the management’s capital allocation and growth priorities for 2024. My valuation analysis suggests that the stock is more than 30% undervalued, which means there is a solid upside potential. All in all, I reiterate my “Strong Buy”…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.A top US monetary policymaker has said the strength of the US economy means that interest rates are unlikely to fall as far as expected in the longer term, as she all but ruled out a cut as soon as May. Loretta Mester, president of the Cleveland Federal Reserve and a voting member of the Federal Open Market Committee, revealed in a speech on Tuesday that she had raised her estimate of the longer-run federal funds rate from 2.5 per cent to…
House Speaker Mike Johnson is pledging to act on Ukraine aid when lawmakers return to Washington next week, but behind the scenes the Louisiana Republican is still undecided on the best path forward and keenly aware of his narrow majority and the threat to his speakership that looms. It’s a confluence of issues that sources say has left Johnson entertaining a series of options as the speaker has continued his outreach to members about how to proceed during the two-week recess. “He’s got a gun to his head right now,” Rep. Don Bacon, a swing-district Republican, said of the speaker.…
In a recent move, Bennett Rosenthal, Co-Founder and Chairman of the Private Equity Group at Ares Management Corp (NYSE:), has sold a significant portion of his holdings in the company. According to the latest filings, Rosenthal disposed of shares worth over $3 million through multiple transactions. The sales occurred on March 20 and 21, with prices for the shares ranging from $131.89 to $137.53. The transactions were executed under a pre-arranged trading plan, which allows insiders to sell stocks at predetermined times to avoid any potential accusations of trading on non-public information. On the first day of the sell-off, Rosenthal…
Investing.com — OPEC and its oil-producing allies’ decision to extend production cuts may provide a short term boost to oil prices, but oil supply is still expected to outpace demand in the second quarter as crude demand remains subdued and U.S.-led non-OPEC supply continues to rise. “[T]he cut extension would still leave our global S&D balance in surplus in Q2,” Macquarie said in a note, adding that the 2.2 million barrels per day of cuts delivered so far have shown “little effect” on aggregate OPEC supply. Russia and Saudi Arabia, who lead the Organization of the Petroleum Exporting Countries and its allies,…
By Rae Wee and Tom Westbrook SINGAPORE (Reuters) – Japan’s era of negative rates may be over, but some investors are convinced that low rates are not, meaning bets against the yen are back despite the Bank of Japan’s first hike in 17 years. While the BOJ move at Tuesday’s policy meeting marked a monumental shift, it stuck to its dovish tones and said it expects to maintain “accommodative financial conditions”. That sent traders scurrying back into popular yen ‘carry trades’, driving an already battered yen yet lower. “Japan still remains the lowest interest rate among the G10,” said Shafali…
