The Federal Reserve isn’t happy about the pervasive talk of asset bubbles. Consider Tesla Inc., for instance. From my Bloomberg Opinion colleague John Authers: “The risks far outweigh the potential rewards. The more we see of such crazy behavior, the more we should prepare to take evasive action against a true investment bubble.” Or cryptocurrencies, […]
Walmart said Monday that it’s creating a fintech start-up with Ribbit Capital, one of the venture capital firms behind Robinhood. The big-box retailer did not share the name of the new company or say when its services will be available. It said it will develop unique and affordable financial products for Walmart employees and customers. […]
As domestic carmakers in China try to position themselves against Tesla in the growing Chinese electric vehicle space, Nio is well-placed to capture a sizeable chunk of the market, an analyst told CNBC. The Chinese electric car start-up released its first sedan, the et7, on Saturday with self-driving technology features that it claims surpass that of Tesla. An et7 with […]
After a brief stint as the wealthiest person on the planet, Tesla billionaire Elon Musk is again the second-richest person in the world after his fortune fell by nearly $14 billion in one day. Shares of his electric-vehicle maker, Tesla, fell by nearly 8% on Monday, pushing Musk’s net worth down by $13.5 billion, to […]
They’re still in the minority, but investors and economists who think America is in for a bout of inflation — perhaps a serious one — start the year with some fresh ammunition for their arguments.Vaccines hold out the prospect of an end to pandemic restrictions that could bring consumers roaring back. It’s what economists call […]
Chinese internet giant Baidu has formed a strategic partnership with automaker Geely to create a standalone electric vehicle unit, the companies confirmed on Monday. The new unit will operate as an independent subsidiary of Baidu, the company said on Monday. CNBC first reported the news on Friday, citing a person familiar with the matter. Beijing-headquartered Baidu will […]
China’s factory gate prices fell last month at their slowest pace since February, official data showed on Monday, suggesting China’s manufacturing sector continues to see a steady recovery from the COVID-19 shock. The producer price index (PPI) fell 0.4% from a year earlier, the National Bureau of Statistics said in a statement. The index was […]
Gold prices fell on Monday, after slumping more than 4% in the previous session, as the dollar strengthened and U.S. Treasury yields remained elevated, denting the non-yielding metal’s appeal. Spot gold was down 0.2% to $1,844.51 per ounce by 0044 GMT, after having touched its lowest since Dec. 15 on Friday. U.S. gold futures gained […]
Treasuries traders are piling into one of the market’s favorite reflation wagers, driving the yield curve to the steepest in four years, in a move that still appears to have momentum with a wave of long-term auctions straight ahead. The prospect of a unified Democratic government unleashed an aggressive selloff led by longer-maturity Treasuries this […]
Lebanon’s central bank governor Riad Salameh said on Friday the era of the dollar peg was finished but said any floatation of the currency would depend on negotiations with the International Monetary Fund. Salameh made his comments in an interview with France24. When asked in the interview whether the era of the dollar peg was […]
The Reserve Bank of New Zealand said on Sunday that it was responding with urgency to a breach of one of its data systems. A third-party file-sharing service used by the central bank to share and store some sensitive information was illegally accessed, the bank said in a statement. RBNZ Governor Adrian Orr said the […]
For years, nobody flew higher in China than Jack Ma, the pixie-faced founder of the $500 billion powerhouse e-commerce conglomerate Alibaba, the Amazon of Asia. Now he’s vanished and no one knows where he is. Ma, a member of the Communist Party who famously started out as an English teacher, symbolized the high-tech “China Dream” […]
