Twitter’s board has issued a unanimous recommendation that shareholders approve Elon Musk’s $44 billion bid to buy the social media platform, regulatory filings show. In a preliminary proxy statement filed with the Securities and Exchange Commission (SEC) on June 21 addressed to Twitter stockholders (pdf), the company’s board says it “unanimously recommends” that shareholders vote…
Little-Known Inflation Bonds Gain Huge Popularity As Inflation Worsens
Inflation-protected bonds issued by the Treasury Department have exploded in popularity in recent months as Americans seek safe investments after being battered by the stock and bond markets. I bonds, inflation-linked savings bonds, currently offer an annual interest rate of 9.62 percent. Investors can purchase these bonds at the current rate through October 2022 by…
As ESG Comes Under Scrutiny, Skeptics and Contrarians Rise Up
June 20, 2022
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Environmental, social, and governance (ESG) principles have rapidly taken hold in the financial sector in recent years. Now, against the backdrop of increasing regulatory enforcement, rising anti-ESG activism, and criticism of the Securities and Exchange Commission’s (SEC) climate disclosure proposal, ESG skeptics are coming to the fore, pushing back against the SEC and developing new…
Deep Pockets Full of Cash Keeping the Luxury Home Market Going
While inflation runs rampant and mortgage rates continue to inch upward, many luxury home buyers are apparently unaffected as home prices are still escalating through the roof in affluent communities across the United States. April stats from the National Association of Realtors (NAR) indicate over 20 percent of homes priced at $1 million or above…
Crypto Industry Fears Contagion as Bitcoin Slips Under $20,000
LONDON/HONG KONG—The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout. Bitcoin, the world’s biggest cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours—roughly the peak of…
Germany’s Producer Price Inflation Soars to Record High as Cost Pressures Slam Firms
Soaring energy costs pushed Germany’s producer prices to a record high in May, suggesting households in Europe’s biggest economy should brace for even higher consumer price inflation as at least a portion of higher business costs tends to be passed along to end consumers. Germany’s statistical agency said on June 20 that its gauge of…
Large Private Investment Funds Need Closer Oversight
June 18, 2022
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Commentary Recent news reports that the top Justice Department antitrust lawyer, Jonathan Kanter, is planning to scrutinize large private investment funds’ practice of “rolling up” competing companies to create monopolies and oligopolies. That may be a good idea on the antitrust front, but let’s take a step back and look at the risk front. In 1995,…
Australian Stock Market Drops to 19-Month Low
The Australian Securities Exchange (ASX) has plummeted to the lowest level since November 2020 as international markets fell due to intensified worries about the world economy. As of noon on June 17, the benchmark S&P/ASX200 index dropped 2.23 percent to 6,452.9, while All Ordinaries went down 2.12 percent to 6,641.7. “The backdrop for equities right…
Jeffrey Gundlach Correctly Predicted Bitcoin Would Retreat to $20,000: Here’s His Next Call on the Crypto
Bitcoin has fallen more than 50 percent since the start of the year and one investor says he wouldn’t be surprised to see it cut in half again. What Happened Billionaire investor Jeffrey Gundlach on Wednesday warned that Bitcoin’s plunge may not be over. “It looks like it’s being liquidated,” Gundlach said Wednesday on CNBC’s “Closing…
British Central Bank Hikes Rates In Bid to Tame Runaway Inflation
June 16, 2022
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Britain’s central bank has raised its benchmark interest rate for the fifth time in a row in an effort to quell the country’s cost-of-living crisis, becoming the latest monetary authority to tighten in response to runaway inflation. Policymakers at the Bank of England (BOE) decided on June 16 to raise the so-called Bank Rate by…
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