Elon Musk called the environmental, social, and governance (ESG) scoring “a scam” in a series of Tweets on May 18, citing S&P Global’s inclusion of ExxonMobil Corporation in its ESG Index while his own electric car company, Tesla Motors, was removed. “Exxon is rated top ten best in world for environment, social & governance (ESG)…
Elon Musk Calls ESG ‘A Scam’ After S&P Index Drops Tesla
May 18, 2022
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Wells Fargo CEO Predicts Economic Downturn For US Economy
May 18, 2022
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Business & EconomyCompanieseconomic policieseconomyinflationInvestmentMarketspersonal financerecessionstocksUncategorizedUSus inflation issueWells Fargo
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The CEO of Wells Fargo, Charlie Scharf said on May 17 that there was “no question” that the United States is heading for an economic downturn, in an interview at The Wall Street Journal’s Future of Everything Festival. “It’s going to be hard to avoid some kind of recession,” said Scharf, who happened to be in…
Data Show Investing in Chinese Stocks Has Historically Been Bad Idea
The Chinese economy has grown tremendously over the past three decades, but its stock market has offered investors very dismal returns. Chinese stocks have had the worst performance among Asian and the world’s largest stock markets, according to the Morgan Stanley Capital International (MSCI) April data. Since its inception in December 1992, the MSCI China…
Elon Musk: Twitter Deal ‘Cannot Move Forward’ Until Bot Data Clarified
Twitter shares tumbled again after Elon Musk said that his $44 billion purchase of the social media platform “cannot move forward” until there is more clarity on the website’s spam bots. “My offer was based on Twitter’s SEC filings being accurate,” Musk wrote on Twitter Tuesday. “Yesterday, Twitter’s CEO publicly refused to show proof of <5%….
Verizon Bumps Up Wireless Prices Citing Inflation Woes After AT&T
For the first time in two years, Verizon Communications Inc will raise prices on its wireless bills, helping it shift the burden of higher costs, Bloomberg reports. Industry watchdogs had warned that post-T-Mobile US, Inc’sacquisition of Sprint Corp, there would be fewer wireless competitors, making it easier to raise prices. Implementing higher charges under cover of surging inflation represents a ripe…
Shanghai Sold No Cars in April; Former Goldman CEO: Prepare for Recession | NTD Business
Car sales in Shanghai last month fell 100 percent. Zero cars were sold. China’s economic woes are fueling concerns of a global recession. Where do you put your money, during this time of financial chaos, when there doesn’t seem to be any safe haven? We ask experts for their advice. McDonald’s exiting Russia after three…
Saudi’s Aramco Sees Profits Soar to $39.5 Billion in Q1 as Global Gas and Oil Prices Surge
May 16, 2022
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Saudi oil giant Aramco on May 15 posted its highest profits since its initial public offering in 2019 as global gas and oil prices continue to surge in the wake of Russia’s invasion of Ukraine. The world’s largest oil exporter disclosed in its first-quarter 2022 results that it has made $39.5 billion in earnings in the first quarter…
Global Equity Firms See Investor Exodus, a Sign of a Future Economic Slowdown
Several global equity funds are witnessing a surge in outflows for the week ending May 11, as investors are shaken with news of a potential economic slowdown caused by further tightening by the Federal Reserve to fight inflation. Many investors have so far stripped $10.53 billion from global equity funds, after liquidating their shares for a…
‘Small But Powerful’ Group Pushing SEC Climate Disclosures: Professors
May 13, 2022
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Law and finance professors from across the country have criticized the Securities and Exchange Commission’s (SEC’s) March 21 proposal to compel climate-related disclosures by public companies, arguing that the move exceeds the SEC’s authority and reflects the outsized influence of “institutional asset managers who are managing other people’s money, not their own.” “Rather than provide…
The Silver Lining to Legacy Energy’s ‘Green Death’
Sponsored Content While the clean energy movement appears to be gaining traction across the globe, it nevertheless remains a controversial emergence. Those against the initiatives see it as a usurper of a legacy industry still at the height of its powers, a misguided investment that may end up costing more than it can yield while…
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