Buenos Aires Debt Climbs as Milei Confronts Local Election Test
Investors are snapping up debt from Argentina's largest province on bets that President Javier Milei's political party will extend its winning streak in another local election in less than three months.
Dollar notes issued by the Province of Buenos Aires are the best-performing government credits across emerging-markets since the president's libertarian bloc, La Libertad Avanza or LLA, won in a city hall race in mid-May, according to pricing data compiled by Bloomberg.
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14 minutes ago
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Elon Musk Deletes Tweet Linking Trump to ‘Epstein Files'
Former 'First Buddy' Elon Musk has deleted a spate of explosive tweets in which he claimed President Donald Trump 'is in the Epstein files.' He added in the since-scrubbed June 5 tweet, 'That is the real reason they have not been made public.' He then promised, 'Mark this post for the future. The truth will come out.' The dramatic claim came amid Musk's nearly three-day blitzkrieg attack against Trump, urging Congress to 'kill' the MAGA head's 'big beautiful bill,' ripping it as 'ugly and 'pork-filled,' and suggesting Trump should be impeached again for his plan to add an estimated $2.4 trillion to the federal deficit through the megabill. Yet Musk appears to have reset and climbed out of his 'Trump Derangement Syndrome,' as the president labeled it, amid MAGA's calls for the billionaire to make amends with the Republican president. Investor and former DOGE architect James Fishback—who told Politico that he left the so-called department amid the Trump-Musk feud—tweeted Friday that Musk owed Trump a 'full-throated apology.' He added, 'And every hour you delay, it'll make an eventual apology less sincere.' Amid disagreements on policy between the Trump and Musk, Fishback said Musk 'should not have baselessly and personally attacked him.' Musk used Fishback's tweet as an opportunity to share his side, writing in successive comments under the post: 'What's the apology for exactly.' He added, 'Be precise,' declaring, 'I will apologize profusely as soon as there is a full dump of the Epstein files.' Musk's comments under the post have also since been deleted. Keeping the pressure on Musk, Fishback followed up by sharing his Friday appearance on CNN with two specific directives on why the Tesla CEO should apologize to Trump. 'First, randomly calling for the impeachment of the duly elected President of the United States over a policy disagreement,' Fishback wrote. 'Second, and it just pains me to bring this up, is the slanderous accusation that somehow the President of the United States was a co-conspirator in a multi-decade sex trafficking ring of minors.' Attempting to play peacekeeper, Fishback added that it was 'not okay' for Musk to drag Trump 'in the mud' with 'scumbag' Epstein. 'As Americans, we are allowed to disagree on the substance of the issue—but ad hominem attacks have no place in the public square,' Fishback wrote. Another commentator added, 'The Epstein comment went too far, whether it is true or not.' However, other commentators weren't convinced Musk owed Trump anything at all. 'He owes Trump exactly nothing,' commented X user John Roush under Fishback's post. 'He made the mistake of believing Trump's talk about reigning in spending, agreed to try and help, ended up becoming one of the most reviled men in America, and then found out that Trump doesn't give a damn about spending & was just using him as an election prop.' Rumors have swirled that White House aides have set up a deescalation call between Trump and Musk. Despite this, BBC News reported that the president is 'not interested' in making up with Musk.
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Warren Buffett-led Berkshire Hathaway Owns 400 Million Shares of This Recession-Proof Dividend Stock: Could It Make You a Millionaire?
This single position generates over $800 million in annual income for Berkshire Hathaway. Demand for this company remains resilient in difficult economic conditions, something investors might appreciate today. The stock's rise in recent memory can provide clues as to its potential going forward. 10 stocks we like better than Coca-Cola › Besides the operating businesses that it fully owns, Berkshire Hathaway also has a massive $281 billion equities portfolio. Investors pay close attention to the companies here, as they could present potential buying opportunities. There's one dominant business that Warren Buffett is undoubtedly a huge fan of, as evidenced by his conglomerate owning 400 million shares currently worth $29 billion. This single company represents 10% of Berkshire's portfolio. Can this top Buffett stock make you a millionaire one day? Quenching Buffett's thirst is none other than Coca-Cola (NYSE: KO). Berkshire has held a position for quite some time. Those 400 million shares are a boon. Because the beverage giant pays a dividend that has increased in 63 straight years and that yields 2.86%, Berkshire brings in $816 million in annualized income. No one will have an issue with this passive flow of money that requires zero effort. In total, Coca-Cola spent $8.4 billion just on dividends in fiscal 2024. This is a gargantuan sum that only very profitable companies can handle. In the past three years, Coca-Cola's net profit margin averaged 23%, which is superb. I'm sure there is no shortage of businesses that wish they had that kind of bottom-line performance. There's no sugarcoating it. Today's economic environment doesn't really give investors reasons to be very optimistic. There is an ongoing trade war between the U.S. and its trading partners that makes things uncertain. Credit card delinquencies are close to a 10-year high. And consumer sentiment is at a low. Understanding the current backdrop might make investors want to add some stability to their portfolios. Here's where Coca-Cola might look very interesting. It possesses a sustainable competitive advantage in its brand. Being the market leader with over 200 different drink brands that are offered in every corner of the world helps it achieve unmatched visibility and consumer mindshare. It also helps that Coca-Cola is a master when it comes to marketing and getting its message across, an expression that emphasizes happiness when consuming its beverages. As a result, the business has historically been able to flex its pricing power, even in economic scenarios that aren't exactly robust. During the first quarter, volume was up 2%. But pricing and mix had a positive 5% impact. Coca-Cola could probably raise its prices indefinitely, within reason, and not lose customers thanks to their loyalty to the brand. This would probably be true in a recession as well. Coca-Cola experiences relatively stable demand. For example, during the Great Recession, revenue dipped slightly in 2009. But it bounced right back after. The market appears to be picking up on the belief that Coca-Cola might be a safe stock to own. Shares are up 15% in 2025 (as of June 4), excluding the dividend. Every investor wants to generate huge wealth from their holdings. Having a long-term mindset, while also being able to invest early and at frequent intervals, can raise your chances. However, don't bank on a single company taking you to the promised land. With Coca-Cola, dividend investors have a lot to get excited about. This company can generate steady income far into the future. For those who want to become millionaires, on the other hand, it's best to look elsewhere. This isn't a stock that's going to experience significant capital appreciation. Coca-Cola's stock price is up just 75% in the past decade. That's nothing to write home about. 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CNN
35 minutes ago
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Analysis: Bruce Springsteen and the battle for America's soul
They know all about glory days on the Kop – the fabled terrace that is the spiritual home of fans of Liverpool – England's Premier League champions. But they're more used to legends like Kenny Dalglish or Mohamed Salah banging in goals than political cries for help. So, it was surreal to watch alongside thousands of middle-aged Brits as Bruce Springsteen bemoaned America's democracy crisis on hallowed footballing ground. 'The America that I love … a beacon of hope and liberty for 250 years, is currently in the hands of a corrupt, incompetent and treasonous' administration, Springsteen said at Anfield Stadium on Wednesday night. The Boss's latest warnings of authoritarianism on his European tour were impassioned and drew large cheers. But they did seem to go over the heads of some fans who don't live in the whirl of tension constantly rattling America's national psyche. Liverpudlians waited for decades for Springsteen to play the hometown of The Beatles, whose 'I Wanna Hold Your Hand' set his life's course when he heard it on the radio as a youngster in New Jersey. Most had a H-H-H-Hungry heart for a party. They got a hell of a show. But also, a lesson on US civics. 'Tonight, we ask all of you who believe in democracy and the best of our American experiment to rise with us, raise your voices, stand with us against authoritarianism and let freedom ring!' Springsteen said. His European odyssey is unfolding as Western democracies are being shaken again by right-wing populism. So, his determination to engage with searing commentary therefore raises several questions. What is the role of artists in what Springsteen calls 'dangerous times?' Can they make a difference, or should stars of entertainment and sports avoid politics and stick to what they know? Fox News polemicist Laura Ingraham once told basketball icon LeBron James, for instance, that he should just 'shut up and dribble.' Springsteen's gritty paeans to steel towns and down-on-their-luck cities made him a working-class balladeer. But as blue-collar voters stampede to the right, does he really speak for them now? Then there's this issue that Springsteen emphatically tried to answer in Liverpool this week: Does the rough but noble America he's been mythologizing for 50 years even exist anymore? Trump certainly wants to bring the arts to heel – given his social media threats to 'highly overrated' Springsteen, Taylor Swift and other superstars and his takeover of the Kennedy Center in Washington. Any center of liberal and free thought from pop music to Ivy League universities is vulnerable to authoritarian impulses. But it's also true that celebrities often bore with their trendy political views, especially preaching at Hollywood awards ceremonies. Springsteen, however, has been penning social commentary for decades. And what's the point of rock 'n' roll if not rebellion? Rockers usually revolt in their wild-haired youth, rather than in their mid-70s, but desperate times call for desperate measures. Oddly, given their transatlantic dialogue of recent weeks, Trump and Springsteen mine the same political terrain – globalization's economic and spiritual hollowing of industrial heartlands. 'Now Main Street's whitewashed windows, And vacant stores, Seems like there ain't nobody, Wants to come down here no more,' Springsteen sang in 1984 in 'My Hometown' long before Trump set his sights on the Oval Office. The White House sometimes hits similar notes, though neither the Boss nor Trump would welcome the comparison. 'The main street in my small town, looks a heck of a lot worse than it probably did decades ago before I was alive,' Trump's press secretary Karoline Leavitt said rather less poetically in March. Political fault lines are also shifting. In the US and Europe, the working class is rejecting the politics of hope and optimism in dark times. And the Democratic politicians that Springsteen supported – like defeated 2004 nominee John Kerry, who borrowed Springsteen's 'No Surrender' as his campaign anthem, and former President Barack Obama – failed to mend industrial blight that acted as a catalyst to Trumpism. There are warning signs in England too. The Boss's UK tours often coincided with political hinge moments. In the 1970s he found synergy with the smoky industrial cities of the North. In his 'Born in the USA' period, he sided with miners clashing with Prime Minister Margaret Thatcher. A new BBC documentary revealed this week he gave $20,000 in the 1980s to a strikers' support group. Liverpool, a soulful, earthy city right out of the Springsteen oeuvre is a longtime Labour Party heartland. But in a recent by-election, Nigel Farage's populist, pro-Trump, Reform Party overturned a Labour majority of nearly 15,000 in Runcorn, a decayed industrial town, 15 miles upstream from Liverpool on the River Mersey. This stunner showed Labour's working class 'red wall' is in deep peril and could follow US states like Ohio in shifting to the right as workers reject progressives. Labour Cabinet Minister Lisa Nandy, whose Wigan constituency is nearby, warned in an interview with the New Statesman magazine this month that political tensions were reaching a breaking point in the North. 'People have watched their town centers falling apart, their life has got harder over the last decade and a half … I don't remember a time when people worked this hard and had so little to show for it,' Nandy said, painting a picture that will be familiar to many Americans. In another sign of a seismic shift in British politics last week, Reform came a close third in an unprecedented result in a parliamentary by-election in a one-time industrial heartland outside Glasgow. Scotland has so far been immune to the populist wave – but the times are changing. Still, there's not much evidence Trump or his populist cousins in the UK will meaningfully solve heartland pain. They've always been better at exploiting vulnerability than fixing it. And Trump's 'big, beautiful bill' would hurt the poor by cutting access to Medicaid and nutrition help while handing the wealthy big tax cuts. 'When conditions in a country are ripe for a demagogue, you can bet one will show up,' Springsteen told the crowd in Liverpool, introducing 'Rainmaker' a song about a conman who tells drought-afflicted farmers that 'white's black and black is white.' As the E Street Band struck up, Springsteen said: 'This is for America's dear leader.' Springsteen has his 'Land of Hope and Dreams.' But Trump has his new 'Golden Age.' He claims he can 'Make America Great Again' by attacking perceived bastions of liberal power like elite universities and the press, with mass deportations of undocumented immigrants and by challenging due process. Springsteen implicitly rejected this as un-American while in Liverpool, infusing extra meaning into the lyrics of 'Long Walk Home,' a song that predates Trump's first election win by a decade: 'Your flag flyin' over the courthouse, Means certain things are set in stone. Who we are, what we'll do and what we won't.' Sending fans into a cool summer night, the Boss pleaded with them not to give up on his country. 'The America I've sung to you about for 50 years now is real, and regardless of its many faults, is a great country with a great people and we will survive this moment,' he said. But his fight with Trump for America's soul will go on. The contrast would be driven home more sharply to Americans if he tours on US soil at this, the most overtly politicized phase of a half-century-long career. Perhaps in America's 250th birthday year in 2026?
