Facebook Memoir Spotlights Meta's About-Face on China
Welcome to Tech In Depth, our revamped daily newsletter with reporting and analysis about the business of tech from Bloomberg's journalists around the world. Today, Riley Griffin reports on the fight between Meta Platforms Inc. and former employee Sarah Winn-Williams over her book, Careless People.
Alibaba and BMW team up: Alibaba and BMW will work together on AI-infused cars in China. The partnership gives Alibaba an opportunity to monetize its artificial-intelligence products, while BMW hopes that using locally developed technology will help it catch up to Chinese automakers dominating a key market.
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Bloomberg
34 minutes ago
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Euro Could Reach $1.40 Within Two Years: Macro Hive
Macro Hive CEO Bilal Hafeez says the euro could reach $1.40 within one or two years. "There has to be an outlet somewhere for dollar weakness," Hafeez tells Bloomberg Television. FX options show growing appetite for medium-term euro upside. Markets now see nearly a 1-in-2 chance of the single currency trading above $1.20 by the end of 2027, a far cry from a year ago where there was talk of parity. (Source: Bloomberg)
Forbes
44 minutes ago
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Platinum Chases Gold Hitting A Four Year High Of $1218/oz
Platinum has returned as a precious metals star, delivery fat profits as investors rotate funds out of gold, the sector leader. Platinum's sister metal palladium is also rising strongly. Both platinum and palladium seem likely to continue outperforming as a decade of oversupply gives way to signs of a shortage developing. A miner handles a piece of raw platinum ore in South Africa. Photographer: Waldo Swiegers/Bloomberg Over the past month the platinum price has risen by 24% to a four-year high of $1218 an ounce, while palladium is up 13% at $1077/oz. Gold, on the other hand, has risen by 1.5% to $3205/oz, though that modest move needs to be seen against a background of three spectacular years of soaring demand and an 83% increase from a price around $1810/oz in June 2022. The platinum rebound has been a long time coming though some investors might remember that it wasn't that long ago when the platinum price was comfortably higher than gold. In mid-2008 an ounce of platinum cost $2068, more than double gold which was selling for $903/oz. Demand for platinum and palladium has traditionally been driven by a combination of jewelry and industrial uses, especially for in the catalytic converters of internal combustion engines where they play a role in minimising the emission of environmentally damaging nitrous oxide. But in 2015 the platinum market crashed after it was revealed that the big German car maker Volkswagen had been falsifying exhaust system measurement sparking a scandal dubbed Dieselgate. Within months the platinum price had crashed to just $804/oz. Palladium, which is the preferred metal in the exhausts of gasoline powered vehicles, also fell but not as steeply. Further weighing on the prices of platinum and palladium has been the rise in sales of electric vehicles, which do not require a catalytic converter – though hybrid electric cars do, and in some case their converters require a heavier coating of platinum or palladium. A General Motors catalytic converters. (Photo by Reuter Raymond/Sygma via Getty Images) But the major factor in this year's platinum revival is as simple as the run-down of stockpiles which date back to the Dieselgate days meaning that newly mined supply is struggling to keep up with demand. Mines in South Africa, the major source of platinum, have cut back during the years of low prices, as have the palladium mines of Russia which are the primary source of that metal. A measure of the changing fundamentals of the platinum market came last month in a report from the World Platinum Investment Council (WPIC) which forecast a supply deficit this year of 966,000oz, the third consecutive deficit year. More importantly, the latest deficit could put pressure on the platinum price because the WPIC is forecasting that the stockpile will shrink to 2.16 million ounces, enough to meet just three months of demand. The sudden shift in the platinum market, which has really been 10-years in the making, has sparked a sharp increase in the prices of platinum miners with the biggest beneficiary being Valterra Platinum, the renamed Anglo American Platinum. Since listing earlier this month on the London Stock Exchange Valterra shares have followed the platinum price, up 24%. Smaller platinum stocks have done better. Zimplats, a Zimbabwe-focused miner controlled by South Africa's Impala Platinum has risen by 60% over the past month while Australian-listed Southern Palladium, which is planning to develop a new platinum mine in South Africa is up 120%.
CNBC
an hour ago
- CNBC
Gold falls as traders watch US-China trade talks in London
Gold declined on Tuesday as market participants awaited further developments from ongoing U.S.-China trade talks in London, with negotiations extending into a second day. Spot gold fell 0.5% to $3,311.16 an ounce, as of 0125 GMT. U.S. gold futures also fell 0.7% to $3,330.90. High-level trade talks between the U.S. and Chinese officials are extending into a second day, with discussions encompassing issues ranging from tariffs to rare earth restrictions. "With these key the U.S.-China trade talks still in the works, gold is trading reservedly until we see what if any progress is made between the two global superpowers," said Tim Waterer, chief market analyst at KCM Trade. U.S. President Donald Trump said his administration was "doing well" in the negotiations and noted positive reports from the talks. Last month, both sides agreed to a temporary pause tariffs, offering some relief to financial markets. "If traders come away from the U.S.-China talks this week thinking that the two nations remain on track to achieve a broader trade deal, safe-haven demand for assets such as gold could ease." Data from China showed export growth slowed to a three-month low in May as U.S. tariffs impacted shipments, while factory-gate deflation worsened to its deepest level in two years. Meanwhile, investors are now awaiting U.S. inflation data on Wednesday for more cues on the Federal Reserve's monetary policy path. "If CPI has ticked marginally higher that would be an expected result, but if it jumps then that could raise some alarm bells for investors, and any resulting flight to safety could help the gold price," Waterer said. Gold gains appeal during uncertain geopolitical and economic times and tends to do well when interest rates are low. Elsewhere, spot silver was down 0.6% to $36.51 per ounce, platinum dropped 0.8% to $1,210.46, while palladium fell 0.2% to $1,071.75.
