TITAN Financial

2022-06-16 12:00:21 #quotes Open / Comment

2022-06-16 09:00:03 Apple's $2 trillion market capitalization stands on shaky ground

Apple Inc.'s breakout as a company with a market capitalization of more than $3 trillion proved fleeting. Now its grip on the $2 trillion market value looks shaky, too.

After briefly surpassing the $3 trillion mark in January, the iPhone maker lost more than $800 billion in capitalization as tech stocks fell. Given growing concern that interest rate hikes by the Federal Reserve could send the U.S. into recession, a drop below the $2 trillion mark looks very likely. On Tuesday, Apple's capitalization was at $2.15 trillion.

This year's FAANG companies - Meta Platforms Inc, Apple, Amazon com Inc, Netflix Inc and Google Alphabet Inc - have lost a combined $2.6 trillion in market value. Amazon's capitalization is also close to falling below the $1 trillion mark, Bloomberg.

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2022-06-15 19:30:03 Warren Buffett donates $4 billion to charity

Rosneft is considering the idea of creating an oil trading unit in Dubai

Apple ramps up ambitions around sports broadcasts

Qualcomm wins EU court, overturning $1 billion antitrust fine

BTS pop group's split triggers $1.7 billion stock plunge

#business_digest Open / Comment

2022-06-15 17:00:09 Bill Gates blasts crypto, NFTs as based on ‘greater-fool’ theory

Billionaire Bill Gates dismissed cryptocurrency projects such as NFT as shams “based on the greater-fool theory” at a climate conference Tuesday, reviving past criticisms of digital assets.

“Obviously, expensive digital images of monkeys are going to improve the world immensely,” Gates said sarcastically while speaking at an event, hosted by TechCrunch. He said he holds neither long nor short positions in this asset class.

Gates has criticized crypto before, sparring with Elon Musk last year over whether Bitcoin is too risky for retail investors and the environmental harm of mining coins.

Gates also defended digital banking efforts he’s supported through his philanthropic foundations, which he described as “hundreds of times more efficient” than cryptocurrencies, Bloomberg.

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2022-06-15 15:00:16 Russia’s oil revenue jumps to $20 billion in May

Russia's oil export revenues rose to about $20 billion in May, despite lower supplies, as rising global energy prices boosted its coffers, according to the International Energy Agency.

That's up 11% from a month earlier, bringing Russia's total oil and petroleum products export revenue roughly back to pre-invasion Ukraine levels, even though exports fell by about 3%, according to IEA estimates.

Asian buyers are snapping up supplies, but are demanding record discounts from Russia - about 30% off international Brent crude prices. However, this year's Brent price rally, with prices up nearly 60%, has partially offset the effect of lower prices. The average price of Urals crude, Russia's main export blend, was $78.8 a barrel in May, up almost 12% from a month earlier, Bloomberg.

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2022-06-15 12:00:20 #quotes Open / Comment

2022-06-15 09:00:04 FedEx boosts dividend and shakes up board

FedEx Corp. has increased its dividend and announced a board change in coordination with activist investor D.E. Shaw & Co., shaking up the courier company in just two weeks with new CEO Raj Subramaniam.

The quarterly dividend will rise 53% to $1.15 per share, the company said in a statement. That is well above analysts' forecast of $0.87. FedEx also said it will cut capital spending and rework its executive compensation program.

FedEx shares rose more than 12% to $226.22 Tuesday, the biggest intraday jump in nearly two years. The company's stock is down about 12% this year.

As part of the agreement with D.E. Shaw, FedEx also tied executive pay to total shareholder return and made a number of changes to its board of directors, Bloomberg.

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2022-06-14 19:30:05 Startup Lightyear to start selling first solar-powered electric car

Google may allow competitors to place ads on YouTube

BMW to test ONE's advanced battery in its iX electric SUV

PlayStation takes on Xbox with new subscription service

Elon Musk to address Twitter employees for first time

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2022-06-14 17:00:07 World’s richest have lost $1.4 trillion in 2022 after rapid gains

The 500 wealthiest people in the world have lost a combined $1.4 trillion this year, including $206 billion on Monday alone, according to the Bloomberg Billionaires Index, as global financial markets buckle under the weight of higher interest rates and inflation anxiety.

It's a stark contrast to last year, when soaring markets boosted the world’s population of high-net-worth individuals by about 8%, including 13% in North America. The data show that the ranks of the wealthy in Asia-Pacific increased just 4.2% - trailing Europe and falling further behind North America after dominating the growth of rich people for the past decade.

The US, Japan, China and Germany remain among the top countries where most of the world’s wealthy live. The four are home to almost 64% of high-net-worth individuals globally, Bloomberg.

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2022-06-14 15:00:14 Bitcoin drop could force MicroStrategy to sell some assets

Bitcoin neared a price level on Tuesday that could force software firm MicroStrategy Inc to stake more tokens against a bitcoin-backed loan or trigger selling of some of its vast holdings.

MictroStrategy, which is an aggressive bitcoin investor, borrowed $205 million from Silvergate Capital in March, with the three-year loan mostly secured by about 19,466 bitcoins.

If the price of bitcoin falls below $21 000, it would trigger a "margin call" or the need to secure additional collateral.

Bitcoin fell below that level to $20 816 on Tuesday before steadying near $23 000.

MicroStrategy said in May that it had 95,643 "unencumbered bitcoins" that it could use as extra collateral.

On Monday, MicroStrategy shares were down 25% and Silvergate shares were down 17%, Reuters.

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