Community Trust Bancorp: Q2 Earnings Snapshot
The Pikeville, Kentucky-based bank said it had earnings of $1.38 per share.
The bank holding company for Community Trust Bank posted revenue of $101.7 million in the period. Its revenue net of interest expense was $70.2 million, surpassing Street forecasts.
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New York Post
10 minutes ago
- New York Post
Left-wing hedge fund D.E. Shaw fears ‘reprisals' over DEI from Trump administration: sources
Staffers at the notoriously secretive hedge fund D.E. Shaw fear the wildly lucrative left-wing firm could face 'reprisals' from the Trump administration over its woke DEI policies, The Post has learned. The New York-based powerhouse founded by billionaire David E. Shaw — whose algorithm-driven trades made it the most profitable hedge fund in 2024, raking in $11.1 billion for investors, according to Institutional Investor magazine — has grown remarkably quiet of late when it comes to diversity, equality, and inclusion, sources said. D.E. Shaw did not respond to The Post's emailed request for comment for this article. 8 Billionaire David E. Shaw, who has a long history of donating to Democrats, founded the money-spinning firm in 1988. YouTube/WebsEdge Science The company, which gave a young Jeff Bezos his big break in finance before he set up Amazon in 1994, has promoted DEI policies for years. A June 2019 memo obtained by The Post that was written by managing director Eddie Fishman encouraged staffers 'to display their pronouns' that 'align with their gender identity' in their emails so managers could 'foster an inclusive culture.' 8 The June 2019 memo. Obtained by the NY Post But a review by The Post of archived pages from D.E. Shaw's website shows that its DEI language has since been scrubbed, including references to how the firm 'actively promotes LGBTQ+ inclusion.' Now, its site merely says it's seeking 'talented people with diverse perspectives and backgrounds.' One insider said top brass at the Wall Street firm — whose 74-year-old namesake helped bankroll the presidential campaigns of Kamala Harris, Joe Biden, Barack Obama and Hillary Clinton — made 'a strategic move' to steer away from full-throated wokeness over fear of catching the attention of the White House. 'There was some concern that aggressive policies would make the firm a target for reprisals by the current administration,' the source said. 'And we were about as aggressive as you could get.' 'They were going 100 miles an hour on DEI in public, only then to drop to zero and fall off a cliff,' said another staffer. 'The communications have certainly been ratcheted back,' claimed a third employee. 'It's not as in-your-face as it once was.' 8 Amazon founder Jeff Bezos met his ex-wife Mackenzie Scott while working at D.E. Shaw. The then-couple quit in 1994 when Bezos set up the online retail giant. REUTERS 8 Top DOJ lawyer Harmeet K. Dhillon issued a stern warning to corporate America in a Senate hearing on July 23: 'The goal is clear: either DEI will end on its own, or we will kill it.' CQ-Roll Call, Inc via Getty Images D.E. Shaw's retreat follows a Supreme Court ruling last month and a White House-led crackdown on corporate DEI policies, which critics say lower performance standards and foster so-called reverse discrimination. Top Department of Justice lawyer Harmeet K. Dhillon, the assistant attorney general for civil rights, issued the starkest of warnings to corporate America during a testimony to the Senate Judiciary Committee on July 23. 'The goal is clear: either DEI will end on its own, or we will kill it,' the top Trump administration official said. Nevertheless, five sources with direct knowledge of the matter told The Post that executives at the company — founded by computer scientist Shaw in 1988 after he did stints at Stanford, Columbia and Morgan Stanley — are still paying lip service to wokeness to the rank and file. 'They have said internally that our commitment and programs regarding DEI are not changing,' said another senior D.E. Shaw source, who spoke on condition of anonymity. 'They have themselves in a bit of a bind. They went hardcore DEI to appear progressive and cater to liberal recruits,' a veteran of the firm added. 'Internally, they are putting a brave face on it. But they are now very worried that the administration will start looking into them.' 8 President Trump has ordered the DOJ to crack down on the DEI policies that flourished under the Biden-Harris administration. Bloomberg via Getty Images 8 The woke job placements mysteriously disappeared from the DE Shaw website after The Post approached the firm for comment about its DEI policies. Fearing Trump's ire, the hedge fund appears to have axed its 'inclusive' Bridge internship. The program was set up in 2016 for 'historically underrepresented' groups in finance. The 'woke' job placement schemes still featured prominently on D.E. Shaw's website last week. But they have now been deleted after The Post approached the firm for comment on their DEI policies on Friday. According to an archived version of D.E. Shaw's Campus website — an online recruitment portal — the firm created three programs aimed at diverse recruitment. Its 'Discovery' program was 'designed for students who self-identify as women', while 'Momentum' was aimed at those 'who self-identify as part of the LGBTQIA+ community D.E. Shaw also had a program called 'Latitude,' which was 'for students who self-identify as Native American or Alaska Native, Black or African American, Hispanic or Latino, or Native Hawaiian or Other Pacific Islander.' 8 One scheme called Momentum was open to students who self-identify as part of the 'LGBTQIA+ community.' Other Wall Street giants including Goldman Sachs, BlackRock, Bank of America and Jamie Dimon's JPMorgan Chase have scaled back their public commitments to DEI. The Post reported exclusively how Goldman decided to give woke the boot — on its website at least — when its partners met with CEO David Solomon in Miami in February. The Post attempted to speak to additional employees at D.E. Shaw, but they declined, citing fears of retribution from D.E. Shaw's management, which has even been known to weigh in on whether employees can attend social gatherings with people who have left the company. 'It is definitely something that people are talking about at the firm,' a separate person briefed on the matter told The Post. 'The irony is that the whole firm is still very white and very male,' said another source. 8 Former Treasury Secretary Larry Summers is one of the biggest names among the DE Shaw alumni. He served both the second Clinton and first Obama administrations. Getty Images The hedge fund's leadership team counts two females, Alexis Halaby and managing director Anne Dinning, amongst its ranks. The firm last made major headlines in 2022 when it was forced to pay a $52 million defamation settlement to one of its former rising stars, Dan Michalow, after an arbitration panel found that it had falsely accused him of sexual misconduct. Michalow, who always denied any wrongdoing, left the company not long after the start of the #MeToo movement, where hundreds of rich and powerful men were accused of sexual misdeeds. Aside from Amazon's Bezos and his ex-wife, Mackenzie Scott, D.E. Shaw's most famous alum is arguably Lawrence Summers. He served as treasury secretary under Bill Clinton and as director of Barack Obama's National Economic Council.
San Francisco Chronicle
10 minutes ago
- San Francisco Chronicle
As Trump shows off his golf courses for Britain's leader, crisis in Gaza looms
EDINBURGH, Scotland (AP) — President Donald Trump once suggested his golf course in Scotland 'furthers" the U.S.-U.K. relationship. Now he's getting the chance to prove it. British Prime Minister Keir Starmer is meeting Monday with Trump at a golf property owned by the president's family near Turnberry in southwestern Scotland — then later traveling to Abderdeen, on the country's northeast coast, where there's another Trump golf course and a third is opening soon. During his first term in 2019, Trump posted of his Turnberry property, 'Very proud of perhaps the greatest golf course anywhere in the world. Also, furthers U.K. relationship!' Starmer is not a golfer, but toggling between Trump's Scottish courses shows the outsized influence the president puts on properties bearing his name — and on golf's ability to shape geopolitics. However, even as Trump may want to focus on showing off his golf properties, Starmer will try to center the conversation on more urgent global matters. He plans to urge Trump to press Israel to allow more aid into Gaza and attempt to end what Downing St. called 'the unspeakable suffering and starvation' in the territory, while pushing for a ceasefire in Israel's war with Hamas. Britain, along with France and Germany, has criticized Israel for 'withholding essential humanitarian assistance' as hunger spread in Gaza. Over the weekend, Starmer said Britain will take part in efforts led by Jordan to airdrop aid after Israel temporarily eased restrictions. But British Business Secretary Jonathan Reynolds acknowledged Monday that only the U.S. has 'the leverage' to make a real difference in the conflict. Still, asked about the crisis in Gaza on Sunday night, Trump was largely dismissive — focused more on how he's not personally gotten credit for previous attempts to provide food aid. 'It's terrible. You really at least want to have somebody say, 'Thank you,'' Trump said. The president added, 'It makes you feel a little bad when you do that" without what he considered proper acknowledgement. Starmer is under pressure from his Labour Party lawmakers to follow France in recognizing a Palestinian state, a move both Israel and the U.S. have condemned. The British leader says the U.K. supports statehood for the Palestinians but that it must be 'part of a wider plan' for a two-state solution to the Israel-Palestinian conflict. Also on Monday's agenda, according to Starmer's office, are efforts to promote a possible peace deal to end fighting in Russia's war with Ukraine — particularly efforts at forcing Russian President Vladimir Putin to the negotiating table in the next 50 days. Trump in the past sharply criticized Ukrainian President Volodymyr Zelenskyy for also failing to express enough public gratitude toward U.S. support for his country, taking a similar tack he's now adopting when it comes to aid for Gaza. The president, though, has shifted away from that tone and more sharply criticized Putin and Russia in recent weeks. On Tuesday, Trump will be at the site of his new course near Aberdeen for an official ribbon-cutting. It opens to the public on Aug. 13 and tee times are already for sale — with the course betting that a presidential visit can help boost sales. Protesters have planned a demonstration in Balmedie, near Trump's existing Aberdeen golf course, after demonstrators took to the streets across Scotland on Saturday to decry the president's visit while he was golfing. Starmer and Trump are likely to find more common ground on trade issues. While China initially responded to Trump's tariff threats by retaliating with high import taxes of its own on U.S. goods, it has since begun negotiating to ease trade tensions. Starmer and his country have taken a far softer approach. He's gone out of his way to work with Trump, flattering the president repeatedly during a February visit to the White House, and teaming up to announce a joint trade framework on tariffs for some key products in May. Starmer and Trump then signed a trade agreement during the G7 summit in Canada that freed the U.K.'s aerospace sector from U.S. tariffs and used quotas to reduce them on auto-related industries from 25% to 10% while increasing the amount of U.S. beef it pledged to import. Discussions with Starmer follow a Trump meeting Sunday with European Commission chief Ursula von der Leyen at his Turnberry course. They announced a trade framework that will put 15% tariffs on most goods from both countries, though many major details remain pending. The president has for months railed against yawning U.S. trade deficits around the globe and sees tariffs as a way to try and close them in a hurry. But the U.S. ran an $11.4 billion trade surplus with Britain last year, meaning it exported more to the U.K. than it imported. Census Bureau figures this year indicate that the surplus could grow. There are still lingering U.S.-Britain trade issues that need fine-tuning. The deal framework from May said British steel would enter the U.S. duty-free, but it continues to face a 25% levy. U.K. Business Secretary Jonathan Reynolds said Monday that 'negotiations have been going on on a daily basis' and 'there's a few issues to push a little bit further today,' though he downplayed expectations of a resolution. The leader of Scotland, meanwhile, said he will urge Trump to lift the current 10% tariff on Scotch whisky. First Minister John Swinney said the spirit's 'uniqueness' justified an exemption. Even as some trade details linger and both leaders grapple with increasingly difficult choices in Gaza and Ukraine, however, Starmer's staying on Trump's good side appears to be working — at least so far.
Bloomberg
28 minutes ago
- Bloomberg
Abu Dhabi Firm Looks to Build Data Centers in Space
Bloomberg Daybreak: Middle East Africa Horizons Middle East and Africa TV Shows Madari Space, an Abu Dhabi-based firm aiming to build data centers in space, is planning its first mission in the third quarter of 2026, founder and CEO Shareef Al Romaithi tells Joumanna Bercetche on Bloomberg's Horizons: Middle East and Africa. (Source: Bloomberg)
