"Investors think that the worst is over," between Israel and Iran, says Tanto Capital
"Investors think that the worst is over," between Israel and Iran, Tanto Capital Co-founder Ozan Ozkural tells CNBC's Dan Murphy on Access Middle East
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
27 minutes ago
- CNBC
Tariffs top CFO concerns as recession fears grow
Frank Holland on CNBC's Worldwide Exchange breaks down Q2 CFO Survey: 41% see tariffs raising costs, 79% expect Trump tax cuts extended, and nearly 70% expect a recession by 2026.
CNBC
an hour ago
- CNBC
Why mega-merger speculation between oil majors Shell and BP is raising eyebrows
British oil giant Shell on Thursday said it has "no intention" of making an offer for its embattled domestic rival BP , further distancing itself from reports of a blockbuster takeover . It comes shortly after the Wall Street Journal reported late Wednesday that Shell was in early-stage talks to acquire BP in a deal valued near $80 billion. Shell swiftly denied talks were taking place and re-emphasized its commitment to focus on capital discipline. A spokesperson at BP declined to comment. BP has been thrust into the spotlight as a prime takeover candidate , following a protracted period of underperformance relative to its industry peers. Energy analysts remain skeptical about the merits of a prospective Shell-BP tie-up, however, pointing out that speculation surrounding a landmark combination is far from new. "Absent a very attractive valuation, we do not see the merits of buying BP as it would not necessarily leave Shell better off or address its lack of growth, even as it would get it back into the Permian," Allen Good, director of equity research at Morningstar, told CNBC by email. He added that such a deal could have appeal under the correct valuation — if Shell were able to reduce combined costs and spending and divest assets that BP otherwise might not. "Positively, it would also place BP's assets in the hands of a management team that has deftly guided Shell through a strategic pivot. From this perspective, selling BP might be the best thing BP's board and management could do for shareholders," he said. For months now, BP has sought to fend off a prospective takeover by restoring investor confidence. The company launched a fundamental strategic reset earlier in the year and, despite posting weaker-than-expected first-quarter profit, CEO Murray Auchincloss told CNBC in late April that the firm was " off to a great start " in delivering on its new direction. BP shares have stabilized in recent weeks, following a sharp fall in early April, as trade war volatility rocked financial markets. The stock price is down more than 6% in the year to date. 'Hugely complex' Among other concerns, energy analysts have flagged that a Shell-BP merger would likely trigger antitrust concerns, particularly given the potential for job losses. Russ Mould, investment director at AJ Bell, said Shell doubling down on its denial of an offer for BP fits with the firm's "well-defined" capital allocation policy. "While it is possible to make a case for a deal on the scale it would provide in oil and gas, and perhaps on valuation grounds, any integration would be far from straightforward, given the companies' different cultures and the likely job losses, which could well have proven politically sensitive," Mould told CNBC by email. "Talking about these things is easy. Making them work, to the benefit of shareholders and stakeholders, is not," he added. Shell investors will be relieved by the firm's quashing of the story, Mould said, noting the oil major's share price fell on Wednesday when rumors of a prospective bid resurfaced. Shares of Shell were trading nearly 1% higher on Thursday morning. The stock price is up over 4% so far this year. "I'm not going to get drawn into the speculation around BP and Shell other than to say that even if something were to happen, [it is] hugely complex, hugely overlapping portfolios and a lot of regulatory hurdles to jump through," Nick Wayth, CEO of the Energy Institute, told CNBC's " Squawk Box Europe " on Thursday. Wayth, who worked for BP from 1999 to 2020, confirmed he still holds some BP stock.
CNBC
2 hours ago
- CNBC
Trump Organization scraps 'made in the USA' tag for its gold T1 smartphone
The Trump Organization scrapped a reference that its recently revealed smartphone will be made in the U.S., amid doubts that such a device can be manufactured on American shores at its price tag. A spokesperson for the Trump Organization, which is owned by U.S. President Donald Trump, nevertheless maintained the handset would be made in the U.S. This month, the Trump Organization introduced the T1, a gold-colored device set to retail for $499. At the time of the announcement, a banner on the homepage of the company's website said: "Our MADE IN THE USA 'T1 Phone' is available for pre-order now." The reference to where the phone will be produced has been completely removed. The change was first noted by The Verge. The T1's webpage now says the phone has "American-Proud Design" and is "brought to life right here in the USA" — though it's unclear if that means it will actually be manufactured in America. When the T1 was initially announced, experts told CNBC the device would likely be made in China by a local third-party company. The U.S. does not have an advanced supply chain to manufacture smartphones. Even if it did, many components would still need to come from overseas. However, in a statement to USA TODAY, Trump Mobile Spokesperson Chris Walker, said that "T1 phones are proudly being made in America." "Speculation to the contrary is simply inaccurate," Walker said. The language about manufacturing location is not the only thing that has changed on the T1 website. Some of the features and specs of the device have also been updated. In the initial announcement, the Trump Mobile website said the T1 would have a 6.8-inch AMOLED screen. That has now been reduced to 6.25-inch AMOLED display. A reference to the device having 12 gigabytes of random access memory (RAM), has also been dropped. It's an unusual move for a smartphone company to change the specs of a device after it has been announced. CNBC has reached out to the Trump Organization about the changes in language regarding the device being manufactured in the U.S., as well as amendments to the phones specs. Trump has made reshoring manufacturing in tech a key priority. While his initial attention was on getting semiconductor manufacturing capacity built up, the White House leader has turned his sights on smartphones. He has also poured scrutiny on Apple's supply chain, urging the iPhone maker to manufacture its flagship handset in the U.S.
