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Shareholder resolutions on racial equity, climate change, and political spending dominate the stage. Some boards already have agreed to changes.
Shareholder resolutions on racial equity, climate change, and political spending dominate the stage. Some boards already have agreed to changes.
(Bloomberg) -- Billionaire George Soros’s investment firm snapped up shares of ViacomCBS, Discovery and Baidu as they were being sold off in massive blocks during the collapse of Bill Hwang’s Archegos Capital Management.Soros Fund Management bought $194 million of ViacomCBS Inc., Baidu Inc. stock valued at $77 million, as well $46 million of Vipshop Holdings Ltd. and $34 million of Tencent Music Entertainment Group during the first quarter, according to a regulatory filing released Friday. A person familiar with the fund’s trading said the company didn’t hold the shares prior to Archegos’s implosion.Archegos, the family office of former hedge fund manager Hwang, fell apart during the last week of March after amassing large leveraged positions in a concentrated portfolio of U.S. and Chinese companies. At its peak, the family office had more than $20 billion of capital and total bets exceeding $100 billion.Hwang was wiped out in just days after investments including ViacomCBS and Discovery tumbled, triggering margin calls from global banks, who then sold the stocks in the big block trades. The fiasco is expected to cost the finance industry about $10 billion, has prompted an investigation by the U.S. Securities and Exchange Commission and caused heads to roll at Credit Suisse Group AG, where the hit exceeds $5 billion.The 13F filing provides one of the first examples of how a hedge fund attempted to capitalize on the distressed remains of Archegos. It also offers an insight into Soros’s investment firm, which is run by Chief Investment Officer Dawn Fitzpatrick.She told Bloomberg in March that she was willing to jump on dislocations in the market, investing $4 billion during the pandemic-induced swoon a year ago, including buying residential mortgages on the cheap. Soros returned almost 30% in the 12 months through February and manages $27 billion across a range of strategies.“When there’s a dislocation, we’re prepared to not just double down but triple down when the facts and circumstances support that,” Fitzpatrick, 51, said in a “Front Row” interview on Bloomberg TV.Soros also increased its bet on Amazon.com Inc. and homebuilder DR Horton Inc., which is now its second-largest public equity position.The 13F, which money managers overseeing more than $100 million in U.S. equities must file quarterly, revealed that Soros held $4.5 billion of U.S. equities, down $77 million from the prior quarter.The biggest exit in the quarter was Palantir Technologies Inc. Soros sold 18.5 million shares valued at about $435 million. The firm originally revealed it owned a stake in the controversial data-mining company controlled by Peter Thiel in November, but rapidly issued a statement saying the original investment was made in 2012 and it regretted the decision.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The S&P 500 recovered quite nicely during the trading session on Friday as we continue to see the market recover after the fears of inflation got out of hand a few days ago.
The gold markets have shown themselves to be resilient after initially pulling back during the day. In fact, we find ourselves testing a significant downtrend line that could open up a huge move higher.
(Bloomberg) -- The chief executive officer of a $1.7 billion Canadian private lender closed his personal bank account just days after he was questioned by investigators about receiving undisclosed payments from a client, court documents say.David Sharpe, the former CEO of Bridging Finance Inc., closed a personal checking account at the Bank of Montreal four business days after the Ontario Securities Commission questioned him about his relationship with Sean McCoshen, a Canadian entrepreneur who has proposed an Alberta-to-Alaska railway.McCoshen’s companies borrowed more than C$100 million ($82.6 million) from Bridging-managed funds. During the same period, a separate numbered company controlled by McCoshen transferred C$19.5 million into Sharpe’s personal account, the OSC has alleged. The payments took place between July 2016 and June 2019.In fact, six payments worth C$17.2 million were transferred to Sharpe within five business days of Bridging advancing funds to the railway project and other McCoshen-connected firms, according to a new document filed by the securities commission in an Ontario court.Those transactions and others are at the heart of the case, which has seen a court appoint PricewaterhouseCoopers take control of the Toronto-based firm, a private lender to small- and medium-size companies. The OSC is probing Bridging and former senior executives for allegedly mismanaging funds and failing to disclose conflicts of interest, and has claimed in court documents that Sharpe tried to mislead its investigators.Through a spokesperson, Sharpe declined to comment. McCoshen couldn’t be immediately reached for comment.Sharpe was questioned by the securities commission on Oct. 27, 2020 about his relationship with McCoshen. He closed the Bank of Montreal account on Nov. 2. In February, McCoshen dissolved the numbered company that made the transfers, the court documents say.Sharpe and his wife, Natasha Sharpe, co-founded and ran the firm together. They were fired last week by PricewaterhouseCoopers.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Not all industry participants are amused by dogecoin’s tricks.
China’s EV makers are not only set to grow big in their domestic market, but also have great plans to expand in Western Markets and commodity demand in these overseas markets could see huge demand for metals as a result
(Bloomberg) -- Bond markets are famous for pushing their agenda, and in east Europe right now, they’re pushing for rate increases, never mind what central banks have to say on the matter.Yields on bonds of Hungary and Poland are rising faster than anywhere else in Europe. Hungary’s jumped 32 basis points last week, signaling traders are primed for rate liftoff as inflation roars back to life ahead of widespread economic re-openings this summer.Like peers in Frankfurt, central bankers in Hungary and Poland have signaled they’re in no rush to curb inflation that may turn out to be temporary, preferring to wait and foster still-fragile economic recoveries from the pandemic.Traders are less patient. In Hungary, market-implied pricing shows expectations for 130 basis points of rate hikes in two years, according to Bloomberg data.“The central bank is walking a tightrope here,” said ING economist Peter Virovacz. “If it manages to communicate in a credible way that it believes CPI would return to its 2%-4% tolerance band next year, it can wait out the spike and avoid a hawkish cycle.”The situation brings to mind the quip by political adviser James Carville that when he dies he wanted to come back as the bond market because “you can intimidate everybody.”Carville was talking about traders who pushed up yields in protest against a ballooning budget deficit in the mid-1990s, but there are parallels with the Hungarian and Polish bond selloff on concerns that an economic boom will create an inflation spiral.These latter-day vigilantes may be gaining the upper hand, with strategists at JPMorgan Chase & Co. reiterating their advice to stay underweight bonds in central and Eastern Europe.A premature end of purchase programs is a big risk for Poland, where the central bank has bought the equivalent of 48% of issuance and in Hungary where it accounts for almost a third of purchases, according to JPMorgan.QE ConundrumIf Polish policy makers bring forward their timetable for raising rates, the central bank would also have to wind down its quantitative-easing program, potentially removing the current backstop for the market.One Polish policy maker, Eugeniusz Gatnar, recently called for a rate increase in June. Yet his voice remains in the minority on the 10-person panel. Polish central bank Governor Adam Glapinski has said that rates will stay at their record low until the end of the current policymakers’ term, which ends in early 2022.Still, the inflation threat may be real: in Hungary the pace of annual consumer prices recently accelerated to 5.1%. In Poland it’s running at 4.3%. Both blew past the upper limit of the central banks’ tolerance range, and compare with an inflation reading of 4.2% in the U.S. that sent markets into a tailspin last week.“With inflation surprising to the upside and growth on the mend, we think the market narrative will increasingly focus on the sustainability of QE in CEE,” according to JPMorgan emerging market strategists including Saad Siddiqui.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Sanjeev Gupta’s plans to save his embattled industrial empire suffered a major setback as the U.K. opened a fraud investigation, prompting a potential financial partner to walk away.For two months, Gupta has been scrambling to refinance after the collapse of his group’s main lender, Greensill Capital, and recently looked close to winning a reprieve -- helped along by a surging commodity prices.But on Friday, the Serious Fraud Office announced a probe into Gupta’s GFG Alliance, including into the financing arrangements with Greensill. That prompted White Oak Global Advisors LLC -- which had recently offered a lifeline with terms for a 200 million-pound ($282 million) loan for Gupta’s U.K. steel business -- to walk away. White Oak was also behind funding for part of Gupta’s Australian assets, the Australian Financial Review has said.“As with any regulated financial institution, we are not in a position to continue discussions with any company that is under investigation by the Serious Fraud Office for money laundering,” White Oak said in a statement.GFG said Friday it will co-operate fully with the SFO investigation. It declined to comment on White Oak’s decision.The fraud probe also puts other efforts to replace about $5 billion Gupta had borrowed from Greensill in question.On Thursday, Gupta had conveyed a much brighter outlook, expressing confidence of a “new future” for his sprawling group of companies. On a podcast for employees, he said it had been “relatively easy to get refinancing” for the Whyalla mill in Australia. He also said that GFG had been “inundated by offers to help and to finance,” partly due to strong commodity markets.The picture is now bleaker in the wake of the SFO investigation, which follows months of scrutiny from lawmakers and the media over Gupta and Greensill’s financing practices. GFG has come under the microscope after the collapse of Greensill in March revealed it had been a recipient of financing based on expected future invoices, for sales that were merely predicted.Trading ActivitiesThe exact scope of the SFO investigation isn’t yet clear. Bloomberg has reported four banks stopped working with Gupta’s Liberty House Group trading business, starting in 2016, amid concerns about what they perceived to be problems in paperwork provided by Liberty, Bloomberg News has reported. In one example, the company had presented a bank with what seemed to be duplicate shipping receipts. A spokesman for Gupta has denied any wrongdoing.The two-month period it took from starting to covertly look into GFG and its financing by Greensill to announcing a formal probe is a quick turn-around for the SFO, which often takes years to publicly confirm it’s taking action against a company.It will now start to gather evidence, including securing devices and documents. However, it’ll likely take years for the office to make any tangible updates to the investigation, including whether it decides to charge individuals as part of the probe.The funding from Lex Greensill’s eponymous firm helped GFG expand at an astonishing rate in the past five years by targeting old, unwanted assets. His loose collection of companies now employs some 35,000 people worldwide, with steel and aluminum plants in the U.S., U.K., France, Romania and Australia.Staying afloat would enable Gupta to enjoy some of the best times his industrial businesses have seen. Steel prices are near an all-time high as demand recovers from the coronavirus pandemic and China cuts capacity to curb pollution. Aluminum, Gupta’s other major business, hit a three-year high this week amid a broad commodities boom.Still, Greensill’s collapse has already taken a major toll on Gupta’s businesses. On Thursday, his Wyelands Bank said it would be wound up if it can’t find a buyer. His steel units in France and Belgium have started creditor protection procedures, he’s approached buyers for some of his engineering assets, people familiar with the matter have said, and also sought buyers for two steel plants in France.For governments too, there is much at stake. Countries that once feted him as a savior for buying decrepit assets may have to pick up the pieces, due to the jobs at risk and some assets’ strategic importance to industry.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
A metal coatings plant in China's manufacturing hub has been hit by price increases of up to 30% for raw materials including steel, aluminium, thinner and paint since the Chinese New Year in February. The firm has had no choice but to pass most of these higher costs on to its clients, including those in the United States, said King Lau, who helps run Dongguan-based Kam Pin Industrial Ltd, in Guangdong province. "Our customers understand, because it is happening to many different kinds of industries including home appliances, mobile phones, vehicles," Lau said, referring to price hikes by Chinese exporters.
(Bloomberg) -- Britain’s restaurants and bars can serve indoors again for the first time in five months on Monday. Many of them are struggling to find enough staff after Brexit and three lockdowns in a year drove workers out of the industry.Chefs, waiters and bartenders needed for everything from fast-food restaurants to fine dining are in short supply, with industry executives and recruiters saying that many of their most experienced people have left for other jobs.“The people just aren’t there anymore,” said David Moore, owner of Pied à Terre, London’s longest-standing independent Michelin-starred restaurant. The industry is facing a “fairly massive, very serious skills shortage.”It’s a sign of scars on the U.K. economy that may hold back a rebound from the worst recession in three centuries — or a spark for inflation that’s already starting to concern investors. It’s a trend that already hit the U.S., prompting McDonald’s Corp. and Chipolte Mexican Grill Inc. to raise wages for staff.In Britain, hospitality companies were among the hardest hit by rules that closed leisure venues and pushed workers onto the government’s furlough wage subsidy program.Despite that lifeline, the industry shed 330,000 staff through the pandemic, said Kate Nicholls, chief executive officer of the lobby group UKHospitality. About 20% of all restaurants and 10% of hotels closed shut for good, and many workers are looking at the long hours, low pay and shaky prospects of hospitality and looking elsewhere for work.“People people are still nervous about committing to hospitality, fearful that the government may still impose restrictions, businesses unable to offer full-time posts,” Nicholls said. “The single biggest driver is uncertainty.”Pub and restaurant stocks have rallied hard this year, with Restaurant Group more than doubling to the top performance of the FTSE 350 Index. But despite the U.K.’s speedy vaccination rollout, most hospitality companies are still trading below pre-Covid levels and hope to get a lift from the return of consumers ready to spend their savings.Staffing is one of the industry’s biggest uncertainties. Online job advertisements for “catering and hospitality” rose above pre-pandemic levels in the first week of May, the jobs search engine Adzuna said. A survey of 1,000 companies published Monday by the CIPD, a group representing human resources workers, showed two thirds of hospitality companies plan to recruit in the second quarter, up from 36% in the first.Pizza Express in April set out plans to recruit more than 1,000 new roles, reversing cuts made over the past year. D&D, with more than 40 high-end restaurants based primarily in London, is seeking to fill 400 jobs but so far managed to recruit just half that number.“We’re having people working much longer hours to be able to run the restaurants,” D&D CEO Des Gunewardena said. “We’re going to be fine, but it is a challenge.”Thomas Faulkner, a former chef who now recruits for the trade, sees a “critical shortage” of staff likely to linger for some time unless restaurants deliver more incentives.High turnover due to tough working conditions, high pressure, low pay and a “culture of machismo” meant that London was losing skilled chefs faster than they could be trained even before Covid struck, according to a report published by the Centre for London.“Being a chef is generally not healthy,” said Faulkner.“What’s happened in this pandemic is they have gone to do other roles, realizing they can earn the same or more money standing in a car park or delivering for Amazon or Ocado. It’s a much more pleasant experience. They do fewer hours. They do sociable hours,” he said. Britain’s exit from the European Union, which was completed in January, dried up a big pool of labor. More than 50,000 migrants left the U.K. in the second quarter of 2020, according to government estimates, with many more expected to have followed over the rest of the year. Immigration rules makes it difficult for them to return.Before Brexit, up to a quarter of the hospitality workforce nationwide and 38% in London was made up by EU nationals, according to KPMG.Gunewardena said the D&D is doing more to train staff, both internally and through government programs. In the short-term, its upmarket restaurants have “been a bit more liberal” with whom they take on board, offering higher pay than what was on offer before and training people to work in fine dining, he said.“We’re hearing elsewhere within the sector of other restaurants throwing money at people,” Gunewardenza said. “We’re paying the same but bringing people up.”Some big changes are inevitable in the sector including many moving from other industries, he said. “Longer term, it will be a higher skilled, higher wage sector.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Earlier, the three major indexes rebounded after declining sharply earlier this week.
(Bloomberg) -- The U.K.’s fraud prosecutor opened a probe into Sanjeev Gupta’s GFG Alliance over suspicions of fraud and money laundering, causing a potential lender to the group to withdraw from agreements to provide new financing.The Serious Fraud Office is investigating “suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business,” according to a statement. The probe includes the financing arrangements with Greensill Capital UK Ltd. The SFO has been looking at GFG since Greensill’s collapse in March and decided to open a formal probe, according to a person familiar with the investigation.As a result, White Oak Global Advisors LLC is pulling out of discussions to provide loans to Gupta’s businesses. “As with any regulated financial institution, we are not in a position to continue discussions with any company that is under investigation by the Serious Fraud Office for money laundering,” a spokesperson for the group in London said.The Financial Times first reported that White Oak was pulling out of financing talks. A representative for GFG declined to comment on White Oak’s decision. Last week, Bloomberg reported Gupta had agreed a 200 million pound ($282 million) facility with the San Francisco-based lender to provide working capital to his U.K. steel businesses. He had also secured the refinancing of one of his Australian units.It’s a massive setback for the tycoon, who appeared to be just on the cusp of securing a lifeline for his beleaguered metals empire. He now faces the extremely difficult task of negotiating new loans while being subject to a fraud probe.Prosecutors are starting to round in on both Gupta and Greensill, after months of scrutiny from lawmakers and the media over its financing practices. Earlier this week, the U.K. Financial Conduct Authority said it was also investigating Greensill and cooperating with counterparts in other U.K. enforcement and regulatory agencies.It’s also working with German, Australian and Swiss authorities. The FCA and SFO probes are completely separate although inevitably will involve cross-over and information sharing, according to the person familiar with the investigation.Read More: Lex Greensill Says His Investors Knew What They Were Buying“GFG Alliance will co-operate fully with the investigation,” a GFG spokesperson said. Grant Thornton, Greensill’s administrators, declined to comment.While the SFO has collected billions in fines in recent years from companies with deferred prosecution settlements, its track record in the criminal courts is patchy. Last month a trial into two Serco Group Plc directors collapsed and the agency lost a mammoth case against Barclays Plc bankers in 2020.GFG has come under the microscope after the collapse of Greensill Capital in March revealed it had been a recipient of financing based on expected future invoices, for sales that were merely predicted.What has also come to light is the activities of the tycoon’s trading business Liberty House Group. Four banks stopped working with the company, starting in 2016, after they became concerned about what they perceived to be problems in paperwork provided by Liberty, Bloomberg News reported.Read More: As Gupta Rose From Trader to Tycoon, Several Banks Backed AwayGreensill was Gupta’s largest source of financing before its collapse. The London-based lender supplied billions of dollars in loans to GFG, many of which were packaged and sold onto investors in funds run by Credit Suisse Group AG. Greensill fell into administration after a key insurance partner didn’t renew coverage on loans made to some of its customers, including GFG.Much of the financing extended to GFG by Greensill was from the finance firm’s German banking unit. Germany’s financial watchdog shuttered Bremen-based Greensill Bank AG and asked law enforcement officials to investigate accounting irregularities at the lender in March. The bank was closed after the lender identified problems in how Greensill Bank booked assets tied to Gupta’s companies.The announcement of the probe came a day after former Prime Minister David Cameron was grilled by lawmakers over his employment by Greensill. He defended his intensive lobbying on behalf of the firm as part of a parliamentary inquiry that’s raised questions over private dealings at the top of the British government.(Updates with detail of White Oak talks collapsing.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Sanjeev Gupta’s plans to save his sprawling metals empire were mired in confusion on Saturday as a key financial backer sent mixed messages about its support in the wake of a U.K. fraud probe.On Friday, the Serious Fraud Office launched an investigation into possible fraud and money laundering at Gupta’s GFG Alliance That initially prompted White Oak Global Advisors LLC -- which had recently offered loans to his U.K. steel businesses and one of his Australian units -- to say it wasn’t in a position to continue discussions with a company facing a probe.Hours later, a spokesperson for the San Francisco-based lender said it was continuing efforts to refinance Liberty Primary Metals of Australia, “subject to financial due diligence and acceptable governance.” Last week it had agreed terms with Gupta to refinance the unit.The apparent reversal throws the fate of Gupta’s businesses into further confusion. It’s unclear whether the loan to the Australian unit, which includes the Whyalla steelworks, will still go ahead as planned or depends on the SFO investigation.White Oak declined to comment Saturday on the status of a reported 200 million pounds ($282 million) of lending to Gupta’s U.K. businesses, The company also wouldn’t comment on a report in the Financial Times saying White Oak may be reluctant to walk away because it has a financial exposure to Gupta’s businesses after buying up debt from the steel tycoon.GFG said Friday it will co-operate fully with the SFO investigation. It declined to comment on White Oak’s decision.Gupta has been scrambling to find new financing after Greensill, his biggest lender, fell into insolvency. His group employs 35,000 people across 30 countries, all which may be in danger of losing their jobs if the tycoon can’t secure replacement loans. He faces an uphill battle, with the SFO probe likely to deter many potential financiers.The exact scope of the SFO investigation isn’t yet clear. Four banks stopped working with Gupta’s Liberty House Group trading business, starting in 2016, amid concerns about what they perceived to be problems in paperwork provided by Liberty, Bloomberg News has reported. In one example, the company had presented a bank with what seemed to be duplicate shipping receipts. A spokesman for Gupta has denied any wrongdoing.The two-month period from when it started looking into GFG and its financing by Greensill to announcing the formal probe is a quick turn-around for the SFO, which often takes years to publicly confirm it’s taking action against a company.It will now start to gather evidence, including securing devices and documents. However, it’ll likely take years for the office to make any tangible updates to the investigation, including whether it decides to charge individuals as part of the probe.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The Chancellor is holding fire on supporting plans from US President Joe Biden for a 21pc minimum global business rate amid efforts to press for an international tax on technology giants. Rishi Sunak is said to be willing to consider the measure as long as the US does not try to shut down measures to tax overseas technology giants in the UK, the Financial Times reported. Last year, the UK introduced a digital sales tax that it hoped will raise £500m a year. The levy is placed on sales of online advertising and digital marketplaces by large technology firms and is regarded by Washington as a punitive tax on its successful Silicon Valley firms. Discussions over taxing global tech giants continue at an OECD level and are likely to be a key talking point at the upcoming G7 summit. Top Treasury officials have given a cool reception to US calls for a minimum tax. Mike Williams, the Treasury’s director of international tax, told an online conference this week: “The core UK proposition is that we’ve got to solve the digital tax issue, which we’ve been working on for years. “It’s not primarily about a minimum tax. Minimum taxes might help - so long as they work - to ensure businesses pay tax, but it matters as well where the tax is paid. “It is not actually tremendously helpful if more tax is paid in California when it ought to be paid in the UK.” However, Mr Sunak told a Wall Street Journal conference last week that he was open to discussing the 21pc minimum tax, although it was “higher than where previous discussions were”. Britain is set to raise the UK rate of corporation tax to 25pc by 2023. Mr Biden's minimum rate would allow the US to raise taxes on businesses, from 21pc to 28pc, without being undercut by tax havens. The proposals also call for taxes to be paid based on local sales. Lower tax nations, such as Ireland where the headline corporation tax rate is 12.5pc, are firmly against the US proposals. The Treasury has promised to scrap the UK’s digital services tax if an international approach to taxing the tech giants can be agreed. The US argues the taxes discriminate against American companies and has threatened retaliatory tariffs. Yet a global minimum tax would help crack down on ultra-low tax havens and encourage more companies not to book profits overseas. The Treasury has been contacted for comment.
The IRS detailed on how it will handle a mixup involving a tax break for jobless benefits that became law a month after many already filed returns.
(Bloomberg) -- Abu Dhabi’s main stock index rose to a record, even amid heightened tensions in the region, as the benchmark’s biggest member surged on hopes of foreign inflows.The ADX General Index climbed 3.5% at the close on Sunday, after earlier gaining as much as 3.8%, boosted by gains for First Abu Dhabi Bank PJSC, the biggest lender in the United Arab Emirates. The stock surged 10%, the biggest jump in more than a year, ending at the highest level since July 2019. MSCI Inc. last week announced a quarterly review that could trigger about $500 million in flows from abroad to the lender, according to Arqaam Capital.Shares in Oman also gained while those in Dubai slid. Stock markets in Saudi Arabia, Qatar, Kuwait, Bahrain, Egypt and Israel were closed for holidays.The rally in Abu Dhabi came despite rising tensions in the Middle East as clashes between Israelis and Palestinians escalated. Israel’s benchmark TA-35 index fell 0.5% last week and the broader TA-125 declined 0.6%, the first weekly retreat since March 25.The Palestine Stock Exchange Al Quds Index closed 0.1% lower Sunday, paring this year’s gain to 4.1%. The market was closed for most of last week due to a holiday, when clashes increased.Positive earnings that have beaten expectations for some companies in the UAE are offsetting geopolitical risk for now, according to Joice Mathew, the head of equity research at United Securities in Muscat.“Geopolitics risk is back into the regional markets,” he said, adding that markets should reflect that as trading resumes this week.Israel Bombs Home of Gaza’s Top Hamas Leader: APMIDDLE EASTERN MARKETS:Dubai’s DFM General Index falls 1.2%, the biggest drop since March 22Emirates NBD -2%; Emaar Properties -2.5%; Du -1.6%Damac Properties drops 2.4%, most since April 21 after reporting resultsWhile contracted sales recover, “the reported numbers were weak, with revenue hitting its all-time low, likely a reflection of weak construction activity, as most projects approach completion,” CI Capital analysts Sara Boutros and Marlene Milad write in a noteOman’s MSM 30 Index rises 0.2%Last week, the U.S.-listed BlueStar Israel Technology ETF lost 4.9%, down for the third consecutive week, and the iShares MSCI Israel ETF retreated 3.6%.FINANCIAL RESULTS:Aldar (ALDAR UH) 1Q Profit 544m Dirhams, +80% Y/y; Est. 415.5mAldar Considering More Deals in Egypt Real Estate: CEODamac (DAMAC UH) 1Q Loss 189.6m Dirhams, +79% y/y, Est. 100m LossUnion Properties (UPP) 5.55m Dirhams vs 121.9m LossAmanat Holdings (AMANAT UH) 1Q Profit 31.5m Dirhams vs 5.74mAmlak Finance (AMLAK UH) 1Q Profit 6m Dirhams vs 139m LossGFH Financial Group (GFH UH) 1Q Profit $16.1m vs $5.08mOman Telecom (OTEL OM) 1Q Profit 56m Rials vs 62.5m Rials(Updates with closing prices.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Two of the world's most prominent billionaires Tesla Inc.'s CEO Elon Musk and Jack Dorsey are facing off over the merits of bitcoin, with the future of the world's No. 1 crypto likely hanging in the balance.
Here's how to tell if dogecoin's rebound is more bark than bite, according to technical analysts following the popular crypto.
Last week, we witnessed a classic “buy the rumor, sell the news” event with the cryptocurrency Dogecoin (CRYPTO:DOGE). Many Dogecoin enthusiasts were hoping that Tesla (NASDAQ: TSLA) CEO Elon Musk’s stint hosting the television show “Saturday Night Live” would lead to higher prices. After all, Musk has been known to pump the price of this cryptocurrency on Twitter and has been one of its biggest supporters. With so many Dogecoin holders anxious to see what the Dogefather had to say Saturday, the price of cryptocurrency rallied hard into the event to hit a record high of $0.74. Unfortunately, Doge investors learned that sometimes these types of events simply cannot live up to the hype. The price of Doge dropped more than 30% following the premiere of the show after Musk failed to deliver the praise for the cryptocurrency investors were hoping for. Traders can learn a lot from this story, particularly since this “buy the rumor, sell the news” scenario repeats itself time and time again in financial markets. It highlights just how difficult it can be to trade based on the news and should be viewed as a cautionary tale. With that said, perhaps the most important lesson here is that instead of gambling on Dogecoin, why not learn a trading strategy that can deliver real results? For example, Mindful Trader has created a data-driven swing-trading strategy that can potentially help you grow your account. Because he has analyzed and dissected historical stock market price data to test his trading strategy, you won’t have to worry about trying to guess right on binary events like the one mentioned above. Instead, you can use a statistical approach with proven results to take your trading to the next level. Signing up for the Mindful Trader service gives you access to tutorials and all the trading rules he uses for successfully generating returns with stocks and options trading. He also provides data-driven stock picks that he trades himself, which allows you to learn while following his suggestions. Whether you are a beginner trader or a seasoned veteran, Mindful Trader has something for everyone. Since Mindful Trader uses a swing-trading strategy that relies on price movement, not hope, you will always be confident in making a trade. That means you won’t have to trade the news and rely on hype to potentially generate returns like those unfortunate Dogecoin investors mentioned above. Check out this link to learn more about Mindful Trader’s trading strategy and why it’s such a smart alternative to gambling with Dogecoin. See more from BenzingaClick here for options trades from BenzingaThese OTC Securities Had the Most Trading Activity in April3 Advantages to Binary Options Trading with Nadex© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Dogecoin will likely transition from a proof-of-work protocol to proof-of-stake, speculated Alex Mashinsky, the chief executive and founder of The Celsius Network on Friday during a webcast hosted by his lending platform on YouTube.