Author: News Room

I didn’t want to write about NVIDIA NVDA DIA in this column . I subscribe to the widely-shared idea that if we are in a bubble, this is the most self-aware bubble in history: everything that could have said about AI-driven valuation feels like it has been said. There is something inexorable about NVIDIA just now – I was attending a presentation on the Japanese equity market and a significant shift in the Value/Growth dynamic was almost entirely ascribed to moves in the US chip-maker’s stock and subsequent knock-on effects. NVIDIA’s market cap now exceeds that of ten globally prominent…

Former Vice President Mike Pence on Friday said he “cannot in good conscience” endorse presumptive GOP nominee Donald Trump, a stunning repudiation of his former running mate and the president he served with. “Donald Trump is pursuing and articulating an agenda that is at odds with the conservative agenda that we governed on during our four years. That’s why I cannot in good conscience endorse Donald Trump in this campaign,” Pence said on Fox News. The former vice president, after ending his own presidential bid in October, withheld an endorsement in the 2024 Republican primary, but he previously vowed to back the eventual…

WeightWatchers CEO Sima Sistani has sent an internal memo to employees attempting to reassure them that the financial position of the company is solid and its new clinical business related to the threat of GLP-1 weight loss drugs is growing faster than expected.The memo, shared with CNBC, comes after heavy selling in WW shares that has seen the stock market value of the iconic weight loss company fall to under $150 million amid concerns about the company’s debt load and its core weight loss business growth prospects at a time of new blockbuster drugs like Novo Nordisk’s Ozempic and Wegovy,…

Japan’s largest federation of trade union, Rengo, on Friday said that workers at the country’s biggest firms are set for the sharpest wage spike in more than three decades, setting the stage for the central bank to exit the world’s last negative rates regime.Rengo said its seven million members are poised to receive a weighted average of 5.28% in salary increments in fiscal year 2024, according to the first of its several provisional tabulation of this year’s negotiations at its constituent unions.The world’s largest automaker Toyota on Wednesday had agreed to the biggest annual pay increase for workers in 25…

Topline The Official Committee of Unsecured Creditors filed a motion in bankruptcy court on Friday to compel Rudy Giuliani to sell his $3.5 million Florida condo to pay off part of his debts, which became significantly larger after the former New York City mayor was ordered to pay more than $148 million to two election workers he defamed, resulting in him filing for bankruptcy last year. Key Facts The committee said Giuliani has acknowledged his limited assets and told his counsel “there’s no pot of gold at the end of the rainbow.” The filing said the sale of the Palm…

Mr. Bankman-Fried, who was convicted of seven counts of fraud and conspiracy, faces a maximum penalty of 110 years. Federal prosecutors said on Friday that Sam Bankman-Fried, the cryptocurrency mogul who was convicted of masterminding a multibillion-dollar fraud, should receive a prison sentence of 40 to 50 years. The prosecutors outlined the recommendation in a filing in U.S. District Court in Manhattan. Mr. Bankman-Fried’s sentencing hearing is scheduled for March 28, when Judge Lewis A. Kaplan will decide his fate. He faces a maximum possible penalty of 110 years. “Justice requires that he receive a prison sentence commensurate with the…

When Vanessa Hall-Harper, a city councilor in Tulsa, Oklahoma, learned this week that Family Dollar was closing nearly 1,000 stores, she had a surprising reaction. “For communities that have been negatively impacted by the proliferation of dollar stores, it’s a great thing,” she told CNN. “I’ve been waiting on this announcement for a long time.” The loss of these stores will lead to layoffs and may leave a void for low-income Americans with already limited shopping choices. The companies and proponents of dollar store chains say they provide affordable food and essentials for low-income Americans. In some places, dollar stores…

Kazakhstan has been catching the attention of Western countries recently. Through projects like China’s Belt and Road Initiative and the complementary Middle Corridor, both of which pass through Kazakhstan, the country is becoming an important bridge and a global hub for trade and diplomacy between the economies of Europe and Asia. Consequently, Kazakhstan’s foreign policy has major implications for the East and West. Its policies and alliances could greatly influence trade, economic stability, and diplomatic relations in the wider Eurasian region.Kazakhstan’s President Kassym-Jomart Tokayev has repeatedly stated that Kazakhstan needs to foster mutually beneficial and pragmatic cooperation with all foreign partners, including its neighbours. By prioritizing…

Swiss Franc is vulnerable as inflation data continues to undershoot official forecasts.  The SNB expected inflation to average 1.9% in 2024 in its December forecast, but it currently sits at 1.2%.  The latest Producer and Import Prices showed the tenth month of deflation in a row.  The Swiss Franc (CHF) trades flat at the end of the trading week – off by barely a few hundredths of a percent in its most traded pairs. The overal fundamental outlook is not particulay favourable for CHF given Swiss inflation continues to decline and diverge from official estimates. This suggests the Swiss National Bank…

Ant International’s global expansion efforts have grown increasingly strategic since the launch of its Alipay+ and its pivot to boosting interoperability among e-wallets in Asia. While it is difficult to measure the financial success of these efforts, the growth of Ant’s international payments network in the last 18 months has been impressive and the company has smartly pared back its presence in certain markets due to geopolitical pressures. With international travel having recovered to pre-pandemic levels, Alipay+ likely has significant room to grow, especially in neighboring countries. Growth In Korea One of the most important markets for Alipay+ is South…