Author: FX
© Reuters. By Michael Elkins Investing.com — Here is your weekly Pro Recap of the past week’s biggest headlines in the electric vehicle space: a buzzy Ford-Tesla pact; political battles over EVs; a delisting threat at Nikola; and more news out of Stellantis and VinFast. InvestingPro subscribers got these EV headlines at lightning speed. Start your 7-day trial now.Ford’s deal with Tesla, a brand-new electric SUV, and moreFord Motor Company (NYSE:) jumped 6.2% after announcing late Thursday that it struck a major deal with Tesla (NASDAQ:) that will allow Ford-produced electric vehicles to charge at Tesla Supercharger stations in the…
Cryptocurrency exchange Gemini and bankrupt crypto lender Genesis Global Capital have jointly filed for the dismissal of a Securities and Exchange Commission (SEC) lawsuit. The lawsuit claims “Gemini Earn” — which let customers lend crypto assets such as (BTC) to Genesis, with Gemini taking a fee as high as 4.29% — violated securities regulations by offering unregistered securities. The companies’ legal filings contend that Gemini Earn should not be classified as a security. Genesis argued the transactions were essentially loans and requested the court to dismiss the complaint or, alternatively, strike the SEC’s requests for a permanent injunction and disgorgement.Continue…
ssuaphoto/iStock via Getty Images Tensions are rising between Saudi Arabia and Russia, as Russia continues to pump huge volumes of cheaper crude oil into the market and undermining Saudi efforts to boost prices, The Wall Street Journal reported Saturday. Saudi Arabia reportedly has expressed its anger to Russia for not keeping its previous pledge to curb production in response to Western sanctions, ahead of a crucial OPEC+ meeting set for Vienna on June 4. Earlier this week, the Saudi energy minister issued a warning to oil speculators, signaling to the market that a further production cut was possible, but Russia’s…
The debt ceiling charade is all over.This was the 79th time it’s been raised since 1960 and the US still hasn’t defaulted. Remember that next time.The US has averted a major economic crisis by raising its debt ceiling as part of a new two-year budget agreement that echoes the structure of the past three such deals. The agreement keeps non-defense spending roughly flat for the current fiscal year and 2024 and removes budget caps after 2025. The spending levels reached reflect those the Biden administration had negotiated at the end of the last calendar year, thereby averting a potentially catastrophic…
Arthur Madrid, co-founder and CEO of metaverse project The Sandbox, was the victim of a Twitter account hack on May 26, according to a post from Madrid that was apparently made after he recovered the account. The attacker allegedly used Madrid’s account to promote a fake “airdrop” phishing scam. In Madrid’s post, he warned Sandbox users that they should “never click on any link that promote Airdrop or URL and look SCAMMY – and not 100% using our proper and unique URL/domain name : http://sandbox.game.” Continue Reading on Coin Telegraph Source link
Abu Hanifah Spinoffs are nothing new in the world of publicly traded companies, but with the way things have gone in 2023 and anticipated for the remainder of the year, it could be a banner year for them in healthcare industries. The advantages of a spinofffor a parent company are that it allows the separated entity to further grow or do better as an independent company, and permits the parent company to focus on its core business. So far in 2023, there have been three spinoffs in the healthcare space, the largest being Johnson & Johnson’s (JNJ) spinout of its…
A debt ceiling deal isn’t done yet but it’s safe to trade as if it is. Here are the latest comments from US House majority leader Kevin McCarthy.We do not have a deal yetJune 5 date doesn’t change thingsWe’ll get debt ceiling deal when it gets rightHave not dropped permitting reform from debt ceiling negotiations’Firmly believe’ all Americans will like debt ceiling billCan meet June 5 deadlineI don’t doubt there will be one more scare as the details are hammered out but — like I’ve said from the beginning — the US was never going to default and this whole…
By Timour Azhari BAGHDAD (Reuters) – Iraq launched a $17 billion project on Saturday to link a major commodities port on its southern coast by rail and roads to the border with Turkey, in a move designed to transform the country’s economy after decades of war and crisis. The Development Road aims to tie the Grand Faw Port in Iraq’s oil-rich south to Turkey, turning the country into a transit hub by shortening travel time between Asia and Europe in a bid to rival the Suez Canal. “The Development Road is not just a road to move goods or passengers.…
piranka/E+ via Getty Images The Industrial Select Sector (XLI) was back in the red for the week ending May 26 (-1.44%), briefly halting the 3-week slide by gaining in the previous week. Meanwhile, the SPDR S&P 500 Trust ETF (SPY) was in the green for the second week in a row (+0.33%). The top five gainers in the industrial sector (stocks with a market cap of over $2B) all gained more than +6% each this week. YTD, 4 out of these 5 stocks are in the green. Vertiv (NYSE:VRT) +26.86%. The Ohio-based company, which provides infrastructure and services for data…
© Reuters. FILE PHOTO: U.S. President Joe Biden hosts debt limit talks with U.S. House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. REUTERS/Leah Millis/File Photo By Steve Holland, Moira Warburton and Rami Ayyub WASHINGTON (Reuters) -Democratic President Joe Biden and a Republican negotiator said on Friday they were working on a deal to raise the U.S. government’s $31.4 trillion debt ceiling after the Treasury Department warned that a June 5 default loomed without action. The two sides have been negotiating for weeks on an agreement to raise the federal…