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Yahoo
12 minutes ago
- Yahoo
Barclays profit up 23% as Trump tariff turmoil lifts trading
By Lawrence White and Stefania Spezzati LONDON (Reuters) -Barclays first-half profit rose by a better-than-expected 23%, the British bank said on Tuesday, with its markets business reaping bumper returns from the frenzied trading activity sparked by U.S. President Donald Trump's trade tariffs. Pretax profit for the January-June period totalled 5.2 billion pounds ($6.94 billion), above analysts' average forecast of 4.96 billion pounds. The bank also announced a share buyback of 1 billion pounds and a half year dividend of 3 pence per share, equating to 1.4 billion pounds of total capital distributions to shareholders, up 21% from the year before. The earnings update from the Britain and U.S.-focused lender showed continued progress in its strategy to cut costs and prioritise spending on its domestic, retail and corporate focused unit above its investment bank. "We remain on track to achieve the objectives of our three-year plan, delivering structurally higher and more stable returns for our investors," CEO C. S. Venkatakrishnan said in the statement. The lender's investment bank nonetheless followed Wall Street peers in reporting a robust second quarter, as market turmoil led to increased trading activity in fixed income products and stocks in particular. Second-quarter income in the investment bank was 3.3 billion pounds, better than the 3 billion pounds forecast by analysts, thanks to strong gains in those trading businesses that offset a decline in fees from advising on deals. ($1 = 0.7492 pounds) (Reporting By Lawrence White and Stefania Spezzati; Editing by Kirsten Donovan and Louise Heavens) Sign in to access your portfolio
CNBC
14 minutes ago
- CNBC
CNBC Daily Open: Investors are signaling it's time for tariffs to move aside
Stock markets in the U.S. and Europe didn't seem that delighted with the U.S.-European Union trade deal reached over the weekend. The S&P 500 ticked up, but by the barest margin, while the Stoxx Europe 600 fell. Both indexes were trading higher during their respective sessions but had given up those gains as the day ended. For those on the continent, perhaps there was a dawning realization that the agreement wasn't too much in their favor. German Chancellor Friedrich Merz said he would have welcomed further easing of trade, while France's minister for Europe, Benjamin Haddad, said the deal was "unbalanced," according to a Google translation. With U.S. President Donald Trump announcing Monday that he would probably impose a blanket tariff of between 15% and 20% on countries without trade agreements, it's starting to seem like most duties will settle around that level eventually, easing some uncertainty. What's more, economists appear to be revising downward their expectations of the impact tariffs will have on the U.S. economy — so any deals in the future might not trigger rallies, or strong ones at least, on Wall Street. Tariff considerations, then, are on the backburner for now. Investors can turn their attention to Magnificent Seven earnings and data on the U.S. economy coming out the next few days. If all goes well, they might give markets the cheer that was missing on Monday. Global baseline tariff of between 15% and20%. For countries that have not negotiated separate trade agreements with the U.S., Trump said he would likely impose that blanket tariff rate on their exports. But Wall Street doesn't seem as frightened of tariffs anymore. Less than two weeks for Russia to reach a peace deal with Ukraine. That's the new deadline Trump issued to Moscow — if Russia fails to meet it, the U.S. president will implement massive "secondary tariffs" on the country's trade partners, Trump said. India has exported more smartphones to the U.S. than China. In the second quarter, 44% of U.S. smartphone imports were assembled in India, while 25% were from China, according to research firm Canalys. India's and China's share a year earlier were 13% and 61%, respectively. A muted response to the EU deal. On Monday, the S&P 500 closed mostly flat, giving up earlier gains. Asia-Pacific markets fell Tuesday. Shares of Singapore Airlines lost as much as 8% after the carrier reported a 59% slump in profit for its fiscal first quarter. [PRO] Watch this index for signs of a new bull phase. This index, which is calculated differently from the price-weighted S&P 500, gives a better gauge of the health of the entire economy and stock market. China's latest AI model claims to be even cheaper to use than DeepSeek Chinese startup formerly known as Zhipu, announced Monday that its new GLM-4.5 AI model would cost less than DeepSeek to use. At about half the size of DeepSeek's model, GLM-4.5 only needs eight Nvidia H20 chips to operate, CEO Zhang Peng told CNBC on Monday. In late June, OpenAI named Zhipu in a warning about Chinese artificial intelligence progress. The U.S. has also added the startup to its entity list that restricts American companies from doing business with it. —
Forbes
14 minutes ago
- Forbes
Porn Ban—New Threat For Millions Of Smartphone Users
Do not put yourself at risk. Here we go again. Millions of iPhone and Android users are suddenly at risk as the latest porn ban comes into effect. But it turns out the most serious threat to all those smartphone users is not the content, but the dangerous workarounds. In the U.S., as state after state has passed porn ban legislation, users have turned to virtual private networks (VPNs) to maintain their adult content fix. These apps tunnel web traffic via remote servers. And if those servers are located in a different state or country, the porn site thinks the phone is there as well. The porn ban is bypassed. Now the U.K. has enacted its own version of this leaky, pointless legislation, resulting in VPNs suddenly dominating app download charts. One app developer told BBC News, 'it had seen an 1,800% spike in downloads' and many others have experienced the same. Similar surges have been seen in the U.S. as each new ban comes into effect. The reality is that the bans or requirement for age verification — which amount to the same when users don't want to associate real-world identifies with porn sites — do not work. Much worse though, these countermeasures are dangerous and are putting millions at risk. To run a VPN, a developer needs to operate expensive infrastructure — the servers and network capacity to route traffic between devices and websites. Good VPNs offer a menu of locations, enabling users to pick the country or state where they will seem to be. Porn sites take your IP address at face value. If there's a ban or restriction in your location but your IP address suggests you're somewhere else, you will be granted access. It would be very easy for the websites to check if you're using a VPN. A clash between your IP address and your browser fingerprints for example. But they don't. The risk is that users don't need a complex, fully-featured VPN to beat the bans. Any app will do. And China's free app industry is happy to oblige. Using a free VPN without good security and data protection is very much worse than using no app at all. Researchers have even found many free VPNs are linked to the Chinese government and its military. The Tech Transparency Project warns 'millions of Americans have downloaded apps that secretly route their internet traffic through Chinese companies.' Top10VPN's Simon Migliano says this means 'the risks are too great,' and 'in light of these findings, I strongly urge users to avoid Chinese-owned VPNs altogether." You should actually avoid any free VPN. Either use one you subscribe to, or one from a bluechip provider which is an add-on to its other services. As BeyondTrust's James Maude points out, 'if you aren't paying for a product, you are the product; these VPN services are a perfect example of the hidden costs of free apps.' My advice on VPNs is simple:
