News Analysis The Nasdaq Golden Dragon China Index fell for eight straight sessions—the longest losing streak in over a year—amid heightened tension between the United States and China. Meanwhile, threatened by the U.S. Holding Foreign Companies Accountable Act, Chinese companies have shifted large chunks of equity to Hong Kong. The Nasdaq Golden Dragon China Index,…
ANALYSIS: Nasdaq Golden Dragon Index Plunges as China Concept Stocks Retreat to Hong Kong
May 4, 2023
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Business & MarketsChinaChina Business & EconomyChina Concept Stocksgary genslerHK BusinessHong KongJanet YellenMarketsNasdaq Gold Dragon China IndexThe Holding Foreign Companies Accountable ActTsai Ing-wenUS-China relations
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Shell’s Profits Hit $9.6 Billion Despite ‘Volatile Market’
British energy giant Shell has published its first-quarter profits, reporting adjusted earnings of $9.6 billion. The company achieved the results despite an “unfavourable” tax climate and “lower realised oil and gas prices.” Shell announced on May 4 that its numbers are $500 million higher than the same period last year. The company’s adjusted earnings for…
PacWest Confirms It’s Considering Sale as Stock Selloff Deepens
Pacific Western Bank has confirmed that it’s exploring its “strategic options,” which is Wall Street code for the possibility of a sale to a white knight, with the bank saying it has been approached by potential investors. PacWest Bancorp, the California-based holding company that owns Pacific Western Bank, said in a statement on May 4…
French Oil Company Sues Greenpeace Over ‘False, Misleading’ Emissions Report
May 4, 2023
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Business & Marketscivil complaintCompanieseconomyenergyEuropegreenhouse gas emissionsGreenpeaceInvestmentMarketsTotalEnergiesUncategorizedWorld
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One of the world’s top five oil companies is suing Greenpeace over what it calls a false and misleading emissions report. The French oil giant, TotalEnergies, has filed a lawsuit against environmentalist group Greenpeace France and climate consulting firm Factor-X over a report accusing the company of massively underreporting its total greenhouse gas emissions in…
Stock Market Today: Markets Slip After Latest Fed Rate Hike
NEW YORK—Stocks dipped Wednesday after the Federal Reserve announced its latest hike to interest rates but said it’s not sure what may come next. The S&P 500 fell 28.83, or 0.7 percent, to 4,090.75. The Dow Jones Industrial Average lost 270.29, or 0.8 percent, to 33,414.24, and the Nasdaq composite slipped 55.18, or 0.5 percent,…
PacWest Shares Fall More Than 55 Percent in After-Hours Trading As It Seeks Rescue
PacWest Bancorp (NASDAQ: PACW) shares fell more than 55 percent in after-hours trading on Wednesday following news that company executives were considering a potential sale. Bloomberg reported, citing anonymous sources, that the regional bank, which has been weakened by the failure of three California-based lenders, has been contemplating a number of strategic alternatives, including a…
Closing Prices for Crude Oil, Gold and Other Commodities (May 3)
May 3, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for June delivery fell $3.06 to $68.60 a barrel Wednesday. Brent crude for July delivery fell $2.99 to $72.33 a barrel. Wholesale gasoline for June delivery fell 11 cents $2.32 a gallon. June heating oil fell 6 cents $2.23 a gallon. June natural gas fell 4 cents to $2.17 per 1,000…
British Regulator Easing Rules to Stem Company Outflow From UK Stock Markets
May 3, 2023
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Business & MarketsCompanieseconomic policieseconomyFinancial Conduct Authorityfinancial regulationsInvestmentLondon Stock ExchangeMarketsstockstech firmsUKWorld
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Britain’s top financial regulator announced plans to make stock markets in the United Kingdom and its overseas territories more attractive to companies. The Financial Conduct Authority (FCA) has discussed simplifying financial regulations to make the United Kingdom “more competitive” with foreign stock markets, but there are some concerns that the proposals could hurt shareholders’ rights….
Florida Defines ‘Money,’ Passes Bill to Ban a Central Bank Digital Currency
May 3, 2023
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Business & MarketsCentral Bank Digital Currency (CBDC)cryptocurrencydesantisFloridaMarketsPolicies & ImpactsRegional & State NewsState NewsUSUS News
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Florida’s House of Representatives passed a bill that seeks to ban the use of a central bank digital currency (CBDC) in the state, which is in line with Republican governor Ron DeSantis’s stance on the matter. The bill SB 7054 (pdf) defines the term “central bank digital currency” and revises the term “money” to make…
ANALYSIS: Will Commercial Real Estate Be the Next Market to Crash?
News Analysis A storm is brewing in the U.S. commercial real estate market, says Charles Munger, vice chair of Berkshire Hathaway. During an interview, the 99-year-old legendary investor told the Financial Times that U.S. banks have plenty of “bad loans” and will be vulnerable when the “bad times come” and commercial property prices crater. “It’s…
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