All posts tagged: financial markets

Former Binance CEO CZ sentenced to four months | Crypto News

Former Binance CEO CZ sentenced to four months | Crypto News

[ad_1] Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating US money-laundering laws at the world’s largest cryptocurrency exchange. The sentence was imposed by United States District Judge Richard Jones in Seattle, who rejected prosecutors’ request that the 47-year-old Zhao serve a three-year term. Once considered the most powerful person in the cryptocurrency industry, Zhao, known as “CZ,” is the second major crypto boss to be sentenced to prison after Sam Bankman-Fried. In March, Bankman-Fried received 25 years behind bars for stealing eight billion dollars from customers of his now-bankrupt FTX exchange. Zhao pleaded guilty in November to one count of failing to take required anti-money-laundering measures and stepped down as Binance agreed to pay $4.3bn to settle related allegations. US officials said Zhao deliberately looked the other way as people conducted transactions that supported child sex abuse, the illegal drug trade and “terrorism”. “I failed here,” Zhao said before US District Judge Richard A Jones issued the sentence. “I deeply regret my failure, and I …

US stock market hits record high after three-day lull | Financial Markets

US stock market hits record high after three-day lull | Financial Markets

[ad_1] S&P 500 rises 0.9 percent as major players including Apple and Tesla see gains. The US stock market has hit a record high after a string of downbeat trading sessions. All three leading stock indexes rose on Wednesday, ending a three-day lull. The S&P 500, which tracks the performance of 500 of the largest US companies, finished up 0.9 percent on Wednesday, surpassing last week’s record. The rise leaves the benchmark index up more than 10 percent so far in 2024. The Dow Jones Industrial Average and Nasdaq Composite rose 1.22 percent and 0.51 percent, respectively. Among the big corporate players, Apple and Tesla climbed 2.12 percent and 1.22 percent, respectively, while semiconductor company Nvidia Corp declined 2.5 percent. Pharmaceutical giant Merck climbed 5 percent after announcing that the US Food and Drug Administration had approved its drug Winrevair to treat pulmonary arterial hypertension. Cruise line Carnival rose 1 percent after the company raised key earnings and revenue projections and revised its costs downward. Cintas, an office supplies company, surged 8.2 percent after reporting …

Nikkei breaks 1989 record and surges to all-time high

Nikkei breaks 1989 record and surges to all-time high

[ad_1] Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. The index closed Thursday at 39,098.68, up 2.2%. Its previous record was 38,915.87, set on Dec. 29, 1989. So now it is back to where it was 34 years ago. That was more than a generation ago at the height of Japan’s post-war boom. But this time around, the economy is in recession and nobody’s talking about a bubble. Preliminary measures of exports, manufacturing, services and other indicators released Thursday suggested continued weakening. The market sank after hitting its 1989 peak, as banks wrote off some 100 trillion yen in bad debts. Share prices remained well below the record for many years — dipping below 7,000 at one point before a series of market-boosting measures championed by the late Prime Minister Shinzo Abe in 2013 began nudging them higher. The market has logged sharp gains in recent months, helped by strong interest from foreign investors who account for …

Why is the US economy so resilient? | Business and Economy

Why is the US economy so resilient? | Business and Economy

[ad_1] The US economy is on a tear, and it has pulled far ahead of the rest of the world. Geopolitical tensions, the pandemic’s lingering aftershocks, high inflation and steep borrowing costs. Countries across the globe have faced multiple crises for months. And just last year, the world’s biggest economy, the United States, was at risk of recession. Today, its gross domestic product is growing faster than expected. Stocks are soaring. And the job market is hot. The US economy is not just strong. It has also powered ahead of the European Union, the United Kingdom, Japan and other advanced economies. Why are farmers across Europe protesting? Plus, North Korea looks to false eyelashes to shore up its economy. [ad_2] Source link

India budget 2024: What does it say about the economy, elections? | Business and Economy News

India budget 2024: What does it say about the economy, elections? | Business and Economy News

[ad_1] With national elections around the corner, the Indian government on Thursday announced an interim budget mostly along expected lines, with a few surprises rolled in both for investors and rural voters. The world’s fifth-largest economy, and its most populous nation, will vote between March and May to choose its next federal government. The final budget before the national vote is often the last chance for an incumbent administration to shower voters with promises and projects. Yet, while the budget announced by Indian Finance Minister Nirmala Sitharaman includes references to key segments of voters who will be critical in the elections, it mostly follows expected lines, economists said. Here are some key takeaways from the budget: Targets: Lower fiscal deficit, better investment rating The government of Prime Minister Narendra Modi has set a fiscal deficit target of 5.1 percent for the financial year starting April 1, after lowering the current year’s deficit to 5.8 percent of gross domestic product (GDP), Sitharaman said. The projected fiscal deficit is lower than market expectations with most economists expecting it …

Has the war on Gaza hurt Israel’s economy? | Business and Economy News

Has the war on Gaza hurt Israel’s economy? | Business and Economy News

[ad_1] Israel’s war on Gaza, now well into its fourth month, has taken a toll on its own economy with many industries pausing business even as a few continue to get new investments. Since October, Israel’s government has subsidised the salaries of reportedly 360,000 mobilised reservists deployed to Gaza – many of whom are high-tech industry workers in finance, artificial intelligence, pharmaceuticals and agriculture. In November, the Bank of Israel put the war’s “gross effects” on Israel at 198 billion shekels ($53bn) and pared back its estimates for economic growth to 2 percent per year for 2023 and 2024, down from 2.3 percent and 2.8 percent. In December, Israel’s Finance Ministry said that the war will likely cost Israel approximately $13.8bn this year if its high-intensity phase concludes during the first quarter of 2024. In the midst of that, experts are watching to see how business is doing on the ground. One of the industries that have continued to do well is the high-tech sector, its fastest-growing area for several years, which today accounts for …

Bid by meatpacker JBS to join New York Stock Exchange faces opposition over Amazon deforestation

Bid by meatpacker JBS to join New York Stock Exchange faces opposition over Amazon deforestation

[ad_1] BRASILIA, Brazil (AP) — In recent weeks, lawmakers in the United States and the United Kingdom have sent letters to the Securities and Exchange Commission cautioning against the listing of JBS, the world’s largest meatpacking company, on the New York Stock Exchange. Trading on the world’s largest exchange would give JBS access to more capital and enhance its credibility. But the lawmakers, along with environmental groups, argue that expanded capital would allow the company, responsible for much deforestation in the Amazon rainforest, to do even more harm. The dispute surrounding JBS’ bid highlights the connection between finance and various drivers of climate change, including deforestation. It also raises questions about gauging claims that a company is committed to improving its environmental record. Many companies listed on the New York and other stock exchanges have had, or still have, questionable environmental records. But often they have been listed for decades, having gone public when there was much less scrutiny of ecological impacts from business operations. “Dozens of journalistic and NGO reports have shown that JBS …

The global economy in 2024: Key clues to watch out for | Business and Economy News

The global economy in 2024: Key clues to watch out for | Business and Economy News

[ad_1] The world economy has proved more resilient than most analysts anticipated at the start of 2023. In particular, global inflation has fallen without big surges in unemployment. But policymakers, desperate to engineer a “soft landing“, are not out of the woods yet. According to the Organisation for Economic Co-operation and Development (OECD), global output, while highly fragmented, will slow in 2024 as high interest rates snuff out persistent inflation and, by extension, economic activity. The Paris-based organisation does not anticipate growth to edge up until 2025, at which point leading central banks are expected to aggressively slash borrowing costs. Until then, global gross domestic product (GDP) is forecast to rise by 2.7 percent next year, down slightly from 2.9 percent in 2023. The OECD’s outlook points to a long fiscal hangover from COVID-19, followed by surging energy prices after Russia invaded Ukraine. Moreover, even if monetary policy does begin to unwind next year, global interest rates will remain high by recent historical standards. Still, economic forecasting is an inexact science. Twelve months ago, predictions …

The Case That Could Destroy the Government

The Case That Could Destroy the Government

[ad_1] This Wednesday, the Supreme Court will hear a case that poses the most direct challenge yet to the legitimacy of the modern federal government. The right-wing legal movement’s target is the “administrative state”—the agencies and institutions that set standards for safety in the workplace, limit environmental hazards and damage, and impose rules on financial markets to ensure their stability and basic fairness, among many other important things. The case, Securities and Exchange Commission v. Jarkesy, threatens all of that. Terrifyingly, this gambit might succeed. The case involves garden-variety securities fraud. George R. Jarkesy Jr., a right-wing activist and conservative-radio talk-show host, ran a pair of investment funds with $24 million in assets. But he misrepresented how the funds were run, paid himself and his partner exorbitant fees, and inflated the assets’ value. As punishment, the SEC fined him several hundred thousand dollars and prohibited him from working in some parts of the securities industry—very standard stuff. Jarkesy responded with what can be described only as chutzpah. He didn’t just contest the SEC’s ruling; he …

Peru president survives impeachment vote amid virus turmoil

Peru president survives impeachment vote amid virus turmoil

[ad_1] LIMA, Peru (AP) — Peruvian President Martín Vizcarra easily survived an impeachment vote Friday night after opposition lawmakers failed to amass enough support to oust the leader as the country copes with one of the world’s worst coronavirus outbreaks. The decision came after long hours of debate in which legislators blasted Vizcarra but also questioned whether a rushed impeachment process would only create more turmoil in the middle of a health and economic crisis. “It’s not the moment to proceed with an impeachment which would add even more problems to the tragedy we are living,” lawmaker Francisco Sagasti said. In the end, only 32 lawmakers voted to remove the president, while 78 voted against and 15 abstained. A two-thirds majority was needed to oust Vizcarra. The political feud was sparked by the release of several covertly recorded audios that Vizcarra’s detractors contend show he tried to obstruct an influence peddling probe. And despite the failed vote, that conflict was likely to continue, afflicting the president’s ability to carry forward his anti-corruption agenda could be …