BCG earned over $1.5m for mothballed Gaza aid project
A team from the consulting firm worked with Fogbow, an aid delivery group led by US military veterans, on a Qatar-funded project that aimed to sail humanitarian aid on barges into Gaza from Cyprus, according to people familiar with the work.
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Perth Now
10 hours ago
- Perth Now
S&P, Nasdaq end subdued after Trump tariff rumbling
The S&P 500 and Nasdaq Composite ended little changed on Friday, overcoming a brief dip triggered by a Financial Times report indicating US President Donald Trump was pushing for steep new tariffs on European Union products. The FT report, which said the Trump administration was eyeing a minimum tariff of between 15 per cent and 20 per cent in any deal with the European bloc, sent markets lower before they partly recovered. The S&P 500 lost 0.57 points, or 0.01 per cent, to 6,296.79, and the Nasdaq Composite gained 10.01 points, or 0.05 per cent, to 20,895.66. The Dow Jones Industrial Average fell 142.30 points, or 0.32 per cent, to 44,342.19. Both the S&P 500 and Nasdaq have been pushed to repeated record highs in recent weeks, as investors showed increased ambivalence to Trump's tariff threats, and confidence these policies may not damage the US economy as severely as once feared. Still, this week was seen as a proving ground for how Trump's economic policies are filtering into the wider economy. "People are a little tired of trying to trade tariff headlines or deadlines, and people are more concerned with seeing the proof of this come to fruition through numbers," said Greg Boutle, head of US equity and derivative strategy at BNP Paribas. A raft of economic data offered mixed signals, including robust retail sales, a rise in consumer inflation, and flat producer prices for June. The University of Michigan's Consumer Sentiment Index increased this month, although consumers were still worried about future price pressures. Earnings season kicked off this week, giving an opportunity to US corporations to showcase how tariffs were, or were not, affecting their businesses. Industrial giant 3M fell 3.7 per cent after the company said the impact of tariffs will mostly be felt in the second half of the year. Of the 59 S&P 500 companies to first report second-quarter earnings this season, 81.4 per cent have topped Wall Street's earnings expectations, according to LSEG I/B/E/S data. Charles Schwab was among the latest on Friday, advancing 2.9 per cent after posting higher profits. Regions Financial jumped 6.1 per cent after raising its forecasts for 2025 interest income. The week has shown, though, that beating estimates is not a recipe for trading higher. American Express outpaced second-quarter profit estimates, but its shares dropped 2.3 per cent. Netflix fell 5.1 per cent despite the success of Squid Game helping the company surpass earnings forecasts. The streaming company also lifted its annual revenue outlook. BNP's Boutle said while not all individual stocks popped from earnings, the broader market has continued to grind higher. More meaningful market gains could come, he added, should some major companies deliver blowout numbers. Cryptocurrency stocks rose after the US House of Representatives passed a bill that would develop a regulatory framework for cryptocurrencies. Robinhood Markets and Coinbase Global were up 4.1 per cent and 2.2 per cent, respectively. Of the S&P sectors in positive territory, utilities was the biggest gainer. Its 1.7 per cent advance pushed the index to a record close. Energy led those in the red, falling 1.0 per cent. It was weighed down by SLB, which dropped 3.9 per cent after reporting lower quarterly profit and a downbeat outlook, and Exxon Mobil , which slumped 3.5 per cent after losing a landmark legal battle over Chevron's acquisition of Hess. For the week, the S&P 500 gained 0.59 per cent, the Nasdaq rose 1.5 per cent, and the Dow slipped 0.07 per cent.
Sydney Morning Herald
11 hours ago
- Sydney Morning Herald
Warren Buffett has set alarm bells ringing on Wall Street
Wall Street banks are coining it in Donald Trump's America. Goldman Sachs last week reported a 22 per cent jump in profits, driven by record trading revenues as tariffs roiled stock markets. Citigroup's profits jumped by 25 per cent, beating analysts' expectations. The KBW Nasdaq Bank Index is close to an all-time high. But not everyone is convinced that the good times are going to last. Warren Buffett, the so-called Sage of Omaha, has been shedding his US bank holdings. At the start of the year, Buffett's Berkshire Hathaway sold about $US3.2 billion ($4.9 billion) of shares in American banks and financial companies. Buffett sold about a $US1 billion stake in Citigroup, ditched shares worth more than $US2 billion in Bank of America and dropped some of its holdings in Capital One. Loading 'Berkshire has clearly been reducing its exposure to US bank stocks,' Larry Cunningham, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware, says. 'That activity signals a cautious or even bearish outlook on banking.' Moves of this size are not unusual for Berkshire Hathaway. But Buffett, arguably the most successful investor of all time, has a reputation for being preternaturally gifted at foreseeing market trends.
The Age
11 hours ago
- The Age
Warren Buffett has set alarm bells ringing on Wall Street
Wall Street banks are coining it in Donald Trump's America. Goldman Sachs last week reported a 22 per cent jump in profits, driven by record trading revenues as tariffs roiled stock markets. Citigroup's profits jumped by 25 per cent, beating analysts' expectations. The KBW Nasdaq Bank Index is close to an all-time high. But not everyone is convinced that the good times are going to last. Warren Buffett, the so-called Sage of Omaha, has been shedding his US bank holdings. At the start of the year, Buffett's Berkshire Hathaway sold about $US3.2 billion ($4.9 billion) of shares in American banks and financial companies. Buffett sold about a $US1 billion stake in Citigroup, ditched shares worth more than $US2 billion in Bank of America and dropped some of its holdings in Capital One. Loading 'Berkshire has clearly been reducing its exposure to US bank stocks,' Larry Cunningham, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware, says. 'That activity signals a cautious or even bearish outlook on banking.' Moves of this size are not unusual for Berkshire Hathaway. But Buffett, arguably the most successful investor of all time, has a reputation for being preternaturally gifted at foreseeing market trends.
