
American Banker on Trial Says Innocent Verdict Will Help Japan
An American former executive of a large Japanese brokerage who has been criminally charged in Japan asked a court to rule him innocent, and said the outcome of his trial will have bearings on the country's standing as an international financial hub.
'Unfounded and speculative conclusions drawn by the prosecutors in this case have led to widespread concerns about the legal risk of working in Japan,' Trevor Hill, the former head of equity at SMBC Nikko Securities Inc., said in the Tokyo District Court on Thursday.

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Time Magazine
13 minutes ago
- Time Magazine
Where Things Stand With the Epstein Files Following Musk's Allegation Against Trump
The breakdown in relations between President Donald Trump and his one-time ally Elon Musk has played out over social media in spectacular fashion, with the two engaging in a tit-for-tat spat. The row initially started over politics. Musk expressed his vehement disapproval of Trump's 'Big, Beautiful Bill,' calling it a 'disgusting abomination' and encouraging people to 'kill the bill.' Meanwhile, Trump maintained that the fall-out was prompted by Musk being upset over the removal of electric vehicle subsidies —a provision that made Tesla vehicles more affordable. But the fight has since taken a far more personal turn, bolstered by Musk's allegation that Trump is listed in the files related to the late financier and alleged sex trafficker Jeffrey Epstein. 'That is the real reason they have not been made public,' Musk said in a post shared via his social media platform, X. He did not provide evidence pertaining to this. The accusation has spurred Democrats to chase the full unsealing of the Epstein files. California Rep. Robert Garcia and Massachusetts Rep. Stephen F. Lynch—Democratic members of the House Committee on Oversight and Government Reform—sent a letter on June 5 to U.S. Attorney General Pam Bondi and Director of the Federal Bureau of Investigation (FBI) Kash Patel. 'We write with profound alarm at allegations that files relating to convicted sex offender Jeffrey Epstein have not been declassified and released to the American public because they personally implicate President Trump,' read the letter titled 'Is Trump Suppressing The Epstein Files?' The White House responded, saying that the move by the Oversight Committee members was 'another baseless stunt that bears no weight in fact or reality.' Here's what to know about the Epstein files and the renewed push to declassify them following Musk's allegation. What do we know about the Epstein files so far? On Feb. 27, Bondi released more than 100 pages of declassified documents related to Epstein—as part of the Trump Administration's vow to be more transparent regarding the high-profile case. During the presidential election, Trump promised to appease the clamoring for the alleged 'client list' of Epstein's since his arrest and subsequent death by suicide in 2019. Though Bondi called this the 'first phase' of declassified files, people were underwhelmed by the published pages, as much of the text had been redacted. Bondi's release included Epstein's 'black book,' which had previously been published. It featured names like Trump and former President Bill Clinton, but as the New York Times reported, there were people in the book with whom Epstein had never even met, and thus listed names are not necessarily connected to Epstein's activities. One of the only never-before-seen documents included in the release was an 'Evidence List' of catalogued evidence obtained by investigators. Bondi blamed the FBI for the fact that the report was incomplete, suggesting in a published letter to Patel that the FBI had more information related to Epstein. Bondi ordered Patel to deliver the rest of the investigation documents and 'conduct an immediate investigation' to understand why she had only received parts of the files. There is much discussion as to whether a fully-fledged 'Epstein client list' even exists. Jacob Shamsian, Business Insider's legal correspondent who has covered the Epstein case for years, said via social media on Feb. 27: 'I should also point out that the 'Jeffrey Epstein client list' does not exist and makes no sense on multiple levels (you think he made a list???). But if Pam Bondi wants to prove me wrong, I welcome it.' Will the Musk allegations prompt the release of further Epstein files? Musks' allegations have brought the Epstein files back into the spotlight, but there were already calls for them to be published in full. In April, Trump was asked by a reporter about when the next phase of the files are due to be released, to which he responded: 'I don't know. I'll speak to the Attorney General about that. I really don't know.' Since then, Democrats have continued to push for more documents to be released. Democratic Rep. Dan Goldman of New York released a statement in May, 'demanding that [Bondi] promptly release the Jeffrey Epstein Files in full.' Spurred by Musk's allegation, Democrats including Garcia, Goldman, and Lynch are now renewing these calls for more transparency. But it remains to be seen whether or not the pressure will be enough for Bondi, Patel, or Trump to provide more answers. What do we know about Trump's relationship with Epstein? Trump's connection to Epstein dates back decades. In a 2002 interview with New York magazine, he famously said that Epstein was 'a lot of fun to be with.' 'It is even said that he likes beautiful women as much as I do, and many of them are on the younger side,' Trump told the reporter. In July 2019, NBC News' TODAY released unearthed video footage believed to be from 1992, which showed Trump greeting Epstein at his Mar-a-Lago estate. The two men could be seen laughing as they engaged in conversation. After Epstein's 2019 arrest on federal sex trafficking charges, Trump made strides to distance himself. Speaking to reporters in the Oval Office in 2019, Trump said: 'I had a falling out with him [Epstein]. I haven't spoken to him in 15 years. I was not a fan of his, that I can tell you.'
Yahoo
15 minutes ago
- Yahoo
Why more and more companies are buying bitcoin
More corporations are adding bitcoin to their balance sheets, boosting demand. Low-growth firms would be good candidates to follow Strategy's lead, Bernstein said. Here's why bitcoin has turned into a must-have asset for some companies. The bitcoin boom is drawing the attention of more companies, who are following Strategy's lead and piling up the token in their corporate treasuries. A growing list of firms have turned themselves into bitcoin holding companies recently, incorporating the top crypto in their balance sheets along with more traditional assets like cash and bonds. To date, 80 companies have embraced the "bitcoin standard," and they own about 3.4% of the total bitcoin supply, according to a report from Bernstein Research. Many are trying to replicate the success of Strategy, which pioneered the bitcoin treasury strategy and has amassed a trove of around 554,000 bitcoins. The company's stock has outperformed the Magnificent Seven, S&P 500, and its underlying bitcoin holdings in the last 12 months. Following suit, last month, GameStop added $500 million of bitcoin to its balance sheet in its first-ever crypto purchase, and Trump Media & Technology Group announced plans to raise $2.5 billion for a bitcoin treasury. In April, the SPAC Cantor Equity Partners merged crypto firm Twenty One Capital with the goal of becoming a pure-play bitcoin holding company and saw its shares spike nearly 500% in the first week of trading. Bernstein predicts that company demand could drive $330 billion of inflows into bitcoin by 2029, with up to $124 billion of that from Strategy alone. That influx of corporate money would be bullish for bitcoin's price. However, buying bitcoin isn't a one-size-fits-all maneuver, and Strategy's success may be hard to replicate, Bernstein said. Bernstein estimates that around 2,000 global companies with market caps under $100 billion could be prime candidates for bitcoin adoption. These firms share characteristics like low growth (defined as sub-5% yearly revenue growth rate), low leverage, and high cash piles of $100 million or more. Bitcoin could be a lifeline for these types of companies. Firms with poor growth prospects might decide that their cash is better spent on investing in bitcoin than letting it sit on their balance sheet earning minimal returns. A prime example is Japanese hotel-management company turned bitcoin treasury, MetaPlanet. After years of weak profitability and stock-price stagnation, MetaPlanet began purchasing bitcoin in 2024 via cash raised from bond and equity sales. The move paid off, and the stock is up over 500% in the last year. Some larger companies, such as Tesla, have also purchased bitcoin in the past. However, other mega-cap companies have rejected proposals to buy bitcoin. Meta is the latest example, with over 99% of shareholders voting against a bitcoin treasury plan earlier this week. Proposals have also failed at Amazon and Microsoft. Not all businesses will find the same success as Strategy. The business software company has been piling up bitcoin for five years, enticing investors with equity, convertible debt, and preferred stock offerings to fund even more purchases. The stock provides investors with price appreciation, convertible debt offers more capped upside, and preferred stock provides dividend payouts. The company also has the benefit of experience after weathering multiple bitcoin price crashes. MetaPlanet and other treasury companies have issued convertible debt and equity, but Bernstein points out these companies don't have the same scale and ability to raise funds as Strategy. However, as bitcoin popularity skyrockets, it's clear that lack of experience won't stop these companies from taking a page from the Strategy playbook. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15 minutes ago
- Yahoo
Lululemon Stretched by Tariffs, Macro
Lululemon beat Wall Street's top- and bottom-line expectations, but it cut guidance over macroeconomic concerns. The company's international business posted solid growth, but the Americas region was weak. Lululemon is taking steps to mitigate the impact of tariffs, but until U.S. consumer confidence grows, there is little the company can do to bounce back. 10 stocks we like better than Lululemon Athletica Inc. › Here's our initial take on Lululemon Athletica's (NASDAQ: LULU) financial report. Metric Q1 2024 Q1 2025 Change vs. Expectations Revenue $2.2 billion $2.4 billion 7.3% Beat Earnings per share $2.54 $2.60 2% Beat Comparable sales 6% 1% -500 bps n/a Gross margin 57.7% 58.3% 60 bps n/a Athletic apparel specialist Lululemon beat Wall Street top- and bottom-line expectations for the quarter, delivering 7.3% revenue growth and a slight uptick in earnings per share. But CEO Calvin McDonald warned of a "dynamic macroenvironment" that the company expects to weigh on results in the quarters to come. First, the good news. Revenue growth came in toward the top of Lululemon's guidance, fueled by strong 6% international comparable sales. Overall international net revenue increased by 19%, or 20% when adjusted for currency fluctuations. But Americas comp sales were down 2% and overall revenue was up by just 3%, pressured by an uncertain American consumer. Lululemon does not expect those pressures to ease in the months to come. The company cut its full-year guidance, saying it now expects to earn between $14.58 and $14.78 per share. That's down from its previous $14.95 to $15.15 per share guidance, and below Wall Street's $14.89 consensus estimate. The somber tone and cut guidance appeared to have caught investors off guard. Lululemon shares, already down 11% for the year heading into earnings, were down 20% in after-hours trading ahead of the New York open Friday. McDonald pledged to "leverage our strong financial position and competitive advantages to play offense, while we continue to invest in the growth opportunities in front of us." Lululemon has the wherewithal to weather this storm, but there is only so much the company can do in this environment. Chief financial officer Meghan Frank, on the post-earnings call, said the company is looking to take "strategic price increases" to mitigate the impact of tariffs, as well as evaluating sourcing options. But any efficiency gains made will take time to play out. The good news for investors is Lululemon market share held up well in a rough environment, which implies there is nothing wrong with the brand. But until there is more certainty on the macro front, Lululemon stock could be stuck in neutral. Full earnings report Investor relations page Additional coverage Before you buy stock in Lululemon Athletica Inc., consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Lululemon Athletica Inc. wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $674,395!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $858,011!* Now, it's worth noting Stock Advisor's total average return is 997% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Lululemon Athletica Inc. The Motley Fool has a disclosure policy. Lululemon Stretched by Tariffs, Macro was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data