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    MOSCOW (Reuters) -Russia accused a Ukrainian diplomat on Saturday of trying to obtain classified information and ordered him to leave the country by April 22, prompting a like-for-like response from Ukraine as border tensions simmer. Russia's FSB security service said Oleksandr Sosoniuk had been detained when he tried to access information from Russian law enforcement databases during a meeting with a Russian citizen. The foreign ministry gave Sosoniuk 72 hours to leave, and Ukraine then did likewise to a Russian diplomat in Kyiv.

  • Congress is in the midst of its longest stretch without a publicly confirmed positive COVID-19 test

    Congress has gone nearly 80 days without a member announcing a positive coronavirus test, having crossed the 75-day threshold on Wednesday, The Washington Post reports. There were a fair number of cases in the Capitol in the fall and early winter when the U.S. as a whole was experiencing a significant surge, but Rep. Stephen Lynch (D-Mass.) was the last lawmaker to reveal he had contracted the virus on Jan. 29. That's the longest stretch without a publicly confirmed infection in the House or Senate since the pandemic began, the Post notes. While it's too early to jump to conclusions and declare that Congress has reached herd immunity, the decline has coincided with COVID-19 vaccines becoming widely available to lawmakers in recent months, which suggests the shots are doing their job, as some targeted studies have found to be the case in other workplace environments, like hospitals. Read more at The Washington Post. More stories from theweek.comThe question that will decide the Chauvin caseThe new HBO show you won't be able to stop watching5 colossally funny cartoons about Biden's infrastructure plan

  • Biden orders flags to be flown at half-staff for 5th time in 8 weeks

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  • Navalny's doctor: Putin critic 'could die at any moment'

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  • Tech Stocks Are Mired in Unfamiliar Territory as Market Laggards

    (Bloomberg) -- Investors’ love affair with technology stocks has cooled off noticeably this year.And while the upcoming deluge of earnings from the group may offer an opportunity to rekindle the romance, tech faces an uphill battle in commanding the type of devotion it once enjoyed in the stock market.After trouncing all other sectors in 2020, tech stocks in the S&P 500 Index have drifted toward the back of the pack this year, out-performed by sectors like financials and industrials perceived to have better growth prospects. Bulls are betting that strong results and forecasts from companies like Apple Inc. will help catapult tech back to the forefront, yet lofty valuations pose a challenge.“If these companies want to return to share-price growth, they need to have a good story about where growth is going to come from and when,” said Kim Forrest, chief investment officer at Bokeh Capital Partners.A rally in the past two weeks has returned the tech-heavy Nasdaq 100 Index to a record this month after rising interest rates and concerns the stocks were too expensive sent the benchmark down 11% in early March. While tech is once again leading the market for the month of April, an advance of 9.9% for the group in the S&P 500 this year still trails seven of the 11 other main industries.As is usually the case, the tech group is expected to post strong growth in sales and earnings. What’s different this time is that growth in much of the rest of the market will be even better this year, flattered by comparisons to the same period in 2020 when broad swathes of the economy were shut down.Technology companies are expected to lead the S&P 500 with 16% revenue growth in the first quarter, according to data compiled by Bloomberg Intelligence.Projections for the rest of the year, however, aren’t quite as bright. Growth is expected to be just 5.6% in the fourth quarter. In terms of profit expansion, tech looks even less appealing with estimates for 2021 at 22% — an impressive performance, to be sure, but one that would lag behind financials, industrials, consumer discretionary and materials.For the bears, even beating those growth projections isn’t enough to support valuations that are the highest in years. At 41 times trailing profits, the Nasdaq 100 is trading at the most-expensive valuation since 2004.Investors who are fretting about valuations are underestimating revenue growth potential for many technology companies like Microsoft Corp. and cybersecurity company Zscaler Inc. that are poised to capture even more spending from companies investing in digital services, according to Daniel Ives, an analyst with Wedbush Securities Inc.“What’s been lost in the noise is the massive underlying fundamental growth stories that are happening as part of the digital transformation,” said Ives. “Across the board, it’s going to be a domination quarter for the tech space.”Trailing the S&PAmazon.com Inc. is the only company among the top five projected to see its revenue growth shrink this year, according to data compiled by Bloomberg. That’s hardly a surprise considering how much its core businesses like e-commerce and web services surged in 2020 as a result of U.S. lockdowns.Alphabet Inc., Facebook Inc., Apple and Microsoft are all expected to see revenue growth accelerate in their current fiscal years.Amazon and Apple, the two best performing megacap stocks last year, have trailed the S&P 500 in 2021. Amazon has gained 4.4%, while Apple has advanced just 1.1%.Some of the most-expensive software companies, in particular, have taken a beating so far this year. Coupa Software Inc., a maker of expense management software that trades at nearly 30 times this year’s projected sales, has fallen more than 20%.For some investors, elevated valuations are not ignored so easily.“Tech stocks are extremely expensive historically,” said Michael O’Rourke, chief market strategist at Jonestrading. “Even if the optimistic earnings forecasts are met, the market would still be very expensive.”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.

  • ECB Debates How to Get Back to the Future After Virus: Eco Week

    (Bloomberg) -- Europe’s late but accelerating vaccination push is allowing monetary officials to begin pondering an economic future free of the curse of the coronavirus.While European Central Bank policy makers will reiterate existing emergency stimulus settings with a horizon of March 2022 when they meet by video this week, the step-up in immunizations across the region has emboldened some of them to start a public discussion on what might happen when the pandemic no longer menaces the euro region.There’s a spectrum of views on that outlook. Dutch central bank Governor Klaas Knot favors tapering crisis bond purchases as soon as the third quarter, while his French colleague, Francois Villeroy de Galhau, cites March as a possible end date. President Christine Lagarde reckons monetary support will be needed “well into the recovery.”ECB officials know only too well that weaning financial markets off emergency stimulus is a fraught task. For now, they have the comfort of knowing that they still have time before any winding down of stimulus needs to begin, and in the meantime they can look across the Atlantic for a guide to the pitfalls.The Bank of Canada has already hinted that it might be one of the first Group of Seven institutions to start paring back monetary policy support. At the central bank’s next decision on Wednesday, officials may announce slower bond purchases, a policy shift that their counterparts in Frankfurt can only dream of for now.What Bloomberg Economics Says:“The ECB will no longer have to fret about rising government borrowing costs when it meets on April 22. A full assessment of the pace of asset purchases will not happen until June, but the tone of this week’s press conference may offer some hints on the debate to come. The hawks are likely to focus on the successful containment of bond yields and the economic recovery, while the doves will be more cautious.”--David Powell, senior euro-area economist. For full analysis, click hereElsewhere, central bankers in Russia, Israel and Indonesia also hold rate decisions and China follows up record-breaking GDP data with its high-profile Boao forum.Click here for what happened last week and below is our wrap of what is coming up in the global economy.U.S. and CanadaIn the U.S., investors will be watching for the latest reading of weekly jobless claims -- after they dropped to a new pandemic low -- to gauge whether upside momentum in the labor market is holding. Reports on manufacturing, services, new and existing homes sales are also due out.Officials at the Federal Reserve are in blackout ahead of their next policy meeting on April 27-28.If the Canadian central bank’s decision on Wednesday proceeds to detail next steps to pare bond purchases, such a roadmap would set policy apart from the neighboring U.S., where the Fed isn’t expected to attempt a so-called taper until next year.The BOC has been buying a minimum of C$4 billion ($3.2 billion) in government bonds each week, accumulating more than C$250 billion over the past year. That pace is likely no longer warranted with an outlook that appears to improving dramatically by the week, helped by a recovery in commodity prices and a robust housing market.Meanwhile, Canadian Prime Minister Justin Trudeau will make a pitch for tens of billions in additional spending to support the recovery.For more, read Bloomberg Economics’ full Week Ahead for the U.S.AsiaChina is signaling it’s open for business with the resumption of its high-profile Boao forum, where key leaders, senior government officials and business executives will discuss the economy’s outlook in a post-pandemic world. Among likely speakers are PBOC’s Governor Yi Gang, IMF Managing Director Kristalina Georgieva, Apple’s Tim Cook, Tesla’s Elon Musk and BlackRock CEO Larry Fink.Japanese export figures will offer an indication of how firmly world demand is recovering as the pandemic grinds on. Early April figures for South Korea will provide an even more up-to-date snapshot of the health of global trade, as will Taiwan export orders for March.Japan inflation numbers are still likely to show falling prices ahead of a Bank of Japan meeting the following week that is set to show inflation failing to reach 2% during Haruhiko Kuroda’s stint as governor.Indonesia is set to keep interest rates steady at Tuesday’s meeting.For more, read Bloomberg Economics’ full Week Ahead for AsiaEurope, Middle East, AfricaInitial data on economic activity in April will likely show the U.K.’s dominant services industry has rebounded strongly as larger parts of the economy reopened. The same can’t be said about activity in major euro-zone economies reeling under renewed restrictions.U.K. inflation, meanwhile, probably stayed well below the Bank of England’s target in the previous month.Read more: U.K. Economy Picks Up Steam as Hiring Restarts With Lockdown EndIsrael is expected to keep rates on hold at 0.1% on Monday as the central bank helps steer the world’s most-vaccinated economy out of lockdown. The central bank chief said the low long-term interest-rate policy will continue as long as there isn’t an unexpected inflationary surge, and the primary goal is to return to growth.Data on Wednesday will probably show that Ghana’s economy grew 1.3% in the fourth quarter after the country eased pandemic restrictions. In South Africa, inflation is forecast to accelerate to 3.3%, back within the lower bound of central bank’s target range.For more, read Bloomberg Economics’ full Week Ahead for EMEALatin AmericaLook for Brazil’s economic activity indicator posted Monday to show a second straight decline in February, which reflects the end of government aid to poor families, rising prices and a deadly new phase of the pandemic.Though well short of the crisis in Brazil, a new wave of the virus in Colombia likely undercut February’s economic activity index after a -4.6% print in January.In Mexico, a report out Thursday should put bi-weekly inflation up near a three-year high, pressured by core goods and energy. Analysts see Banxico holding at 4% this year, year-end inflation just above the 4% target ceiling with growth at a decade-high.The country’s unemployment rate probably held near a five-year high in March while retail sales data should betray significant slack in the economy.Don’t let Thursday’s report on Argentina’s economic activity –- it likely rose for a 10th month in February -- obscure the big picture: After three years of recession, more than 40% of the country has fallen into poverty, it’s cut off from credit markets, Covid-19 cases have spiked and inflation is surging.For more, read Bloomberg Economics’ full Week Ahead for Latin AmericaFor 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.

  • Coinbase Hangover Rattles Crypto Assets With Bitcoin in Freefall

    (Bloomberg) -- The mania that drove crypto assets to records as Coinbase Global Inc. went public last went turned on itself on the weekend, sending Bitcoin tumbling the most since February.The world’s biggest cryptocurrency plunged as much as 15% just days after reaching a record. It was lower by 9% to $55,323 at 10:18 a.m. in New York. Ether, the second-biggest, dropped as much as 18% to below $2,000 before paring losses. Binance Coin, XRP and Cardano each lost more than 12%. Dogecoin, the token started as a joke, was the only gainer among the 10 largest coins.The weekend carnage came after a heady week for the industry that saw the value of of all coins surge past $2.25 trillion amid a frenzy of demand for all things crypto in the runup to Coinbase’s direct listing on Wednesday. The largest U.S. crypto exchange ended the week valued at $68 billion, more than the owner of the New York Stock Exchange.“With hindsight it was inevitable,” Galaxy Digital founder Michael Novogratz said in a tweet Sunday. “Markets got too excited around $Coin direct listing. Basis blowing out, coins like $BSV, $XRP and $DOGE pumping. All were signs that the market got too one way.”Dogecoin, which has limited use and no fundamentals, rallied last week to be worth more than $50 billion at one point before stumbling Saturday. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site a few times Friday, the online exchange said in a blog post.There was also speculation Sunday in several online reports that the plunge was related to concerns the U.S. Treasury may crack down on money laundering that’s carried out through digital assets.“The crypto world is waking up with a bit of a sore head today,” said Antoni Trenchev, co-founder of crypto lender Nexo. “Dogecoin’s 100% Friday rally was ‘peak party,’ after the Bitcoin record and Coinbase listing earlier in the week. Euphoria was in the air. And usually in the crypto world, there’s a price to pay when that happens.”Besides the “unsubstantiated” report of a U.S. Treasury crackdown, Trenchev said factors for the declines may have included “excess leverage, Coinbase insiders dumping equity after the direct listing and a mass outage in China’s Xinjiang province hitting Bitcoin miners.”Growing mainstream acceptance of cryptocurrencies has spurred Bitcoin’s rally, as well as lifting other tokens to record highs. Interest in crypto went on the rise again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of the wealthiest clients. That’s despite lingering concerns over their volatility and usefulness as a method of payment.Governments are inspecting risks around the sector more closely as the investor base widens.Federal Reserve Chairman Jerome Powell last week said Bitcoin “is a little bit like gold” in that it’s more a vehicle for speculation than making payments. European Central Bank President Christine Lagarde in January took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business.”Turkey’s central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of “non-recoverable” losses. India will propose a law that bans cryptocurrencies and fines anyone trading or holding such assets, Reuters reported in March, citing an unidentified senior government official with direct knowledge of the plan.Crypto firms are beefing up their top ranks to shape the emerging regulatory environment and tackle lingering skepticism about digital tokens. Bitcoin’s most ardent proponents see it as a modern-day store of value and inflation hedge, while others fear a speculative bubble is building.(Updates prices and context on other cryptocurrencies from 2nd paragraph.)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.

  • Ripple Could Climb Even Further After Stunning Comeback

    Back in December, Ripple (CCC:XRP-USD) was caught in the crosshairs of securities regulators. The price of its XRP token fell below 25 cents. It remained weak, as major exchanges like Coinbase (NASDAQ:COIN) took it off their platforms. After that, it seemed things would get only worse for this popular altcoin. Source: Shutterstock But now, things have changed dramatically. Instead of getting destroyed by the Securities and Exchange Commission (SEC), it’s beating them in court. The case may still be hanging over its head. Yet, as seen the crypto’s parabolic move from around 45 cents, to around $1.68, in the past month, if confidence continues to run high it’ll soon be out of the woods. With this triple-digit percentage price move, is it too late to get in? Not necessarily. Assuming it continues to win in court, the price of Ripple’s token should continue to trend higher. In addition, with major cryptos like Bitcoin (CCC:BTC-USD) still making new highs, and even “memecoins” like Dogecoin (CCC:DOGE-USD) proving skeptics (like myself) wrong, overall short-term crypto mania may be sufficient to support additional upward price moves.InvestorPlace - Stock Market News, Stock Advice & Trading Tips 10 Stocks to Buy for Your $5K Robinhood Portfolio Now, as is the case with this asset class in general, risk runs high. And, in the case of this crypto, not only is there risk of an overall market crash hanging over it. If its current success in court runs out, that could result in a drastic downward move in prices. XRP is Back With a Vengeance A few months back, the SEC seemingly had caught Ripple red-handed. Unlike other popular cryptos, the centralized nature of XRP made it vulnerable to allegations that it was an “unregistered security,” rather than a cryptocurrency. Yet, so far, the SEC doesn’t seem to have much of a case. How so? Namely, as InvestorPlace’s Dana Blakenhorn broke down on April 8, it all comes down to what comes out during the “discovery” process. If Ripple can prove that at one point the SEC regarded Ripple as a currency rather than a security, there may be grounds for dismissing the case. Yet, that’s not the only way in which Ripple is beating regulators. Other decisions from Judge Sarah Netburn have also been in the defendant’s favor. Again, its not guaranteed that XRP will soon be in the clear. But, as more information comes out, more of it indicates the prosecution is in over its head. With things moving in its favor, XRP will likely continue to rebound with a vengeance. But, that’s not all. Besides its apparent victory in the courts, it has the overall bullishness for crypto working in its favor. Together, both factors could mean higher prices ahead. Crypto Mania Could Give XRP an Additional Boost As I said above, cryptos large and small are still flying high. With speculators diving into Bitcoin, Ethereum (CCC:ETH-USD), and yes, even into meme cryptos like Dogecoin, this asset class overall could continue to move higher. So, what does that mean for XRP? Market bullishness could help it continue its climb. Now, that doesn’t mean we’ll see Ripple go on a tear similar to Dogecoin’s recent stunning surge. Why not? Remember, following its Coinbase suspension XRP isn’t as widely available for trading. Yet, it may be enough to sustain its momentum, once markets fully absorb its recent success in court. That being said, don’t bet the ranch on this becoming a major winner in the long-term. Near-term, I wouldn’t bet against. But, there’s little to indicate that XRP is going to supplant ETH as the number two crypto by market capitalization. This is mainly due to the fact that Ripple hasn’t been a major crypto held by the “smart money,” or institutional investors. It has been, and continues to be, primarily a crypto held by retail investors. This likely won’t change, even if it manages to get out of current legal troubles, and begin refurbishing its tarnished reputation. Exercise Some Caution, But Ripple Has Runway from Here The “another day, another all-time high” environment we’re now seeing with cryptos makes it seem like dabbling in this space is easy money. But, the risk of an overall “crypto crash,” like the one seen a few years back, remains high. Tread carefully with any play in this asset class. In addition, while as of late it’s beaten the SEC in the courts, things could go south at any moment. But, even with risks in mind, a small, speculative position in Ripple may be worth it at today’s prices. On the date of publication, Thomas Niel held a long position in Bitcoin. He did not hold (either directly or indirectly) any other positions in the securities mentioned in this article. Thomas Niel, a contributor to InvestorPlace, has written single stock analysis since 2016. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Ripple Could Climb Even Further After Stunning Comeback appeared first on InvestorPlace.

  • Paysafe Has a Bright Future, But PSFE Stock? Not So Much

    The SPAC (special purpose acquisition company) craze of 2020 and 2021 may go down in the history books as one of the most speculative market situations in stock market history. 2021 has seen $166 billion in SPAC-led deals so far, more than double 2020’s SPACs issuance of $73 billion. There have been winners and losers in the SPAC craze, but one strong company to come out of the movement is Paysafe (NYSE:PSFE). Let’s take a closer look at the SPAC frenzy of the past year and where PSFE stock stands today. Source: Sulastri Sulastri / Shutterstock.com There is some justification for all of the SPAC craziness, as interest rates are so low and stock prices are very high, so investors need to speculate on these blind pools in order to generate strong returns. “Here, take my money; I trust you’ll do something great with it. Even though I haven’t met you, and most of you don’t have any track record of investment or business success.” These types of propositions only happen in raging bull markets, or more specifically near the tops of bull markets. The track record of SPACs post-merger/acquisition is far from perfect, and these stocks often decline substantially after an initial hyped run-up. For example, look up the history of Waitr Holdings (NASDAQ:WTRH). Or Nikola (NASDQ:NKLA) might be a good example, particularly for those shareholders who didn’t get out at $65 (or $55, or $45, or $35, etc).InvestorPlace - Stock Market News, Stock Advice & Trading Tips Not All Is Lost in the SPAC Market However, what if you do find a SPAC that actually merged with an established company and is supported by a fabulously successful investor and business operator? The SPAC in this example, although technically no longer a SPAC, is Paysafe. And the person is none other than Bill Foley, who has an admirable track record of business success. Companies associated with Foley include such diverse names as Fidelity National Financial (NYSE:FNF), Foley Wines, Ceridian (NYSE:CDAY) and the Vegas Golden Knights. Plus, and perhaps more importantly, he owns one of the great ski resorts in North America — Whitefish Mountain Resort in Montana. 10 Stocks to Buy for Your $5K Robinhood Portfolio Foley’s SPAC was called Foley Trasimene Acquisition Corp. II, and it raised $1.3 billion in 2020 before merging with Paysafe on March 30, 2021. At Least Paysafe Has a History PSFE is a 20-year-old company with 3,400 employees and over $1.5 billion in revenues. Paysafe is a specialized payments company focusing in three areas: 1) digital currency solutions for iGaming platforms, 2) stored value digital wallets and 3) POS and eCommerce solutions. Online payments make up 75% of revenues. The total addressable market for these types of payments is estimated to be $58 trillion accompanied by double-digit growth rates. The company was public before but went private in 2017 with help from Blackstone and CVC Partners. Paysafe can be considered a classic pick-and-shovel investment play. They provide the tools that drive online gaming and e-commerce without having to worry about producing a final product. Paysafe can be the arms provider for such verticals as iGaming, travel, digital goods (think Fortnite), FinTech services and traditional integrated payments. This provides a diverse set of revenues streams that can offset any lumpiness in various end markets. Additionally, the company is spread out globally with 47% of revenue coming from North America, 39% from Europe and 14% from other countries. What Is the Upside for PSFE Stock? The company expects to generate about $1.5 billion in revenues in 2021 with a three-year goal of reaching $1.88 billion by 2023. EBITDA (earnings before interest, taxes, depreciation and amortization) guidance is $490 million this year with expectations of reaching $660 million by 2023. No earnings-per-share (EPS) or net profitability guidance has been provided by the company at this time. Due to the high share count dilution after the transaction closed, the market capitalization currently stands at about $10 billion. I estimate EV/EBITDA is about 22x for 2021 and 15x for 2023. A $10 billion market cap seems high for the type of growth rates that are expected and the EBITDA that is being generated. One can make a relative value case and compare PSFE stock to Paypal (NASDAQ:PYPL) with a 48x EV/EBITDA ratio or Square (NYSE:SQ) with an insane 322x ratio, but the math still has to work out for PSFE. The company went private in a $3.7 billion deal in 2017 when the company had about $1 billion in revenues. Now revenues are 50% higher, but they’re asking us to buy in at a price 300% higher than the private deal. It appears the upside on PSFE stock may be limited until the company grows into its excessive enterprise value. On the date of publication Tom Kerr did not have (either directly or indirectly) any positions in the securities mentioned in this article. Tom Kerr, CFA is an experienced investment manager and business writer who has worked in the investment and securities business since 1994. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Paysafe Has a Bright Future, But PSFE Stock? Not So Much appeared first on InvestorPlace.