Anheuser-Busch InBev was downgraded on Wednesday by an HSBC analyst who said the firm is now dealing with a “Bud Light crisis” after the company produced a can with the face of a transgender influencer last month, sparking widespread backlash. Carlos Laboy, with the banking giant, downgraded the company’s stock to “hold,” saying there are…
US Corporate Bankruptcies at Highest Level in 13 Years
May 10, 2023
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U.S. corporate bankruptcies have reached their highest level since 2010. Many American companies have been stumbling in the wake of the pandemic due to increasing interest rates, supply-chain issues, and rising costs. Several of the firms have filed for bankruptcy after access to low interest loans and access to easy money began to wane. “For…
US Crypto Exchange Bittrex Seeks Bankruptcy After SEC Complaint
May 9, 2023
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Cryptocurrency exchange Bittrex filed for bankruptcy protection three weeks after the Securities and Exchange Commission (SEC) accused it of operating an unregistered securities exchange for years. On May 8, the crypto firm made the filing in a Wilmington, Delaware, court after announcing in March that it would wind down operations in the United States by the…
Australia’s Largest Super Funds Invest $34 Billion in Fossil Fuels in 2022: Report
New research has found that the 30 largest superannuation funds in Australia invested $34 billion in fossil fuel companies, both domestic and overseas, in 2022. Market Forces, an environmentalist organisation that wants financial institutions to “go green,” has released an analysis indicating that Australia’s biggest funds have raised their investment in companies developing coal, oil…
Investors Should Prepare for Threat of a ‘Minsky Moment,’ Says Economist
May 8, 2023
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Investors should prepare for months of market readjustments due to the imminent threat of a “Minsky Moment,” said a top economist. The “Minsky moment” is named after economist Hyman Minsky’s description of a precipitous drop in asset prices after a build-up of debt. Ludovic Subran, the chief economist at Allianz, formerly worked at the World Bank…
Diesel Prices on Cusp of $4 a Barrel as Pump Prices Decline for Third Straight Week
May 8, 2023
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Average U.S. diesel prices have declined, while gas prices declined for the third consecutive week. The national average price of diesel fell by $0.063 over the last week, and now stands at $4.01 per gallon, $1.51 lower from a year ago, according to GasBuddy. The most common U.S. diesel price was $3.99 per gallon, which stood…
Investing: Cutting Through the Noise
May 8, 2023
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Commentary As an investor, it’s very easy to look at the current environment and shake one’s head. There’s a tremendous amount of headwinds. Given the volumes of headlines involving inflation, the debt ceiling, incompetence in Washington, geopolitical risks, China, etc., some investors may just give up and stash away their cash. But that could prove…
Binance Lifts 2nd Block on Bitcoin Withdrawals Within a Day, Citing Unprecedented Cashing Out Volumes
Cryptocurrency exchange Binance halted bitcoin withdrawals twice within 24 hours on Sunday and Monday, citing heavy cash out volumes. For 90 minutes on Sunday morning and again for a few hours later Sunday night, Binance stopped all bitcoin withdrawals on its platform, saying there were too many pending transactions. “We’ve temporarily closed $BTC withdrawals as the #Bitcoin network is…
Berkshire Hathaway Annual Meeting: Buffett Bullish on America Despite Political Divisions
Billionaire Warren Buffett said during Berkshire Hathaway’s annual meeting in Omaha that he’s bullish on America’s economic prospects despite the bitter political divisions of today, although value investors like himself should get used to “making less” in part because so many are following similar strategies. In the annual event that Buffett calls the “Woodstock for…
‘One of the Greatest Decisions in My Life’: Short Seller Closed Fund Before Fed’s Monetary ‘Bazooka’
May 5, 2023
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After a decade in the securities business, Bill Fleckenstein began to see the writing on the wall at 2051 Constitution Avenue in the mid-1990s. Around that time, the Marriner S. Eccles Federal Reserve Board Building—at the time occupied by chairman Alan Greenspan—had a stark shift in philosophy and governance style. Once a student of the…
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