Brookfield's Slump After S&P Snub Creates Buying Opportunity
Brookfield Asset Management 's goal of entering the S&P 500 Index while staying in the Canadian stocks benchmark has been delayed, setting up a 'tactical buying opportunity,' according to analysts with Bank of Nova Scotia.
S&P Dow Jones Indices did not change the company's domicile to the US from Canada during its latest round of quarterly rebalancing on Friday, an adjustment that is needed for it to join the key US stocks gauge. Shares of Brookfield Asset Management have fallen as much as 5.1% since the announcement, erasing $4 billion in market capitalization as investors unwind bets that the stock is imminently headed for inclusion.
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CBS News
an hour ago
- CBS News
Home rule special election questioned by Colorado county voters, as well as developer backing
Debate over home rule in Douglas County is heating up, with residents set to vote on the matter in less than two weeks. A special election will ask voters if they want the county to create their own home rule charter and who should serve on a charter commission. If voters say yes to home rule in the special election, the commission will craft a charter that will be voted on in November. CBS County leaders say that charter could free the county from strict state laws and increase local control over things such as taxes, gun laws and immigration enforcement. Douglas County residents should already have received their special election ballots. That June 24 election is costing the county about $500,000, and many are asking why it needed to happen so quickly. "I've never seen such backlash across party lines in the county," said Barrett Roth, a Douglas County resident. "If you rush, we don't have time to ask questions of the people that matter and can influence our votes." When Barrett Roth first heard about home rule, he wasn't sure how to feel. "I think, like everyone else, I was kind of shocked, and had to learn a lot about it," Roth said. And learn more he did. Reading through campaign finance reports, Roth found the "Yes on Local Control" campaign had received $110,000 in donations. Westside Property Investment Company, the developer behind Dawson Trails, contributed $10,000. Ventana Capital, which has numerous projects underway in the county, contributed $50,000, far surpassing any previously recorded donation under their name. Ventana is also involved in litigation with the city of Castle Pines over the city council's denial of a proposed McDonald's. "Why would a land developer be interested in home rule? If it's for all these liberal versus conservative policies, it's clearly for a land grab," Roth said. CBS Colorado reached out to both companies to ask why they supported the campaign. Westside had "no comment," and Ventana did not respond. "There are four committees that are set up in favor of home rule. I actually don't know all these people. So I don't know," County Commissioner George Teal told CBS Colorado. "We will have greater control of how we set the tax base for businesses under home rule. Maybe that's their interest." Teal says he doesn't know why the developers support home rule, but that the charter could give the county more local control over zoning and exempt them from some state development statutes. "We're pursuing home rule to put ourselves in a legal position here, as a legal entity of the state of Colorado, to have more local control," Teal said. "When you talk about public safety, you talk about having more control over our taxes and being able to lower taxes when we want to as we need to. And then when it comes to being able to work with other government agencies, home rule gives us far greater control with how we interact with other levels of government here in America." Other donors to the pro home rule campaign include "The Cundy Harbor Irrevocable Trust," which contributed $50,000, Teal's wife Laura Teal, who contributed $100, and Laura Tonner, who contributed $100. Tonner is married to Sean Tonner of Renewable Water Resources, the water developer behind a controversial plan to bring water from the San Luis Valley to Douglas County. On the other side, "Stop the Power Grab", a group opposing home rule, has received a total of $30,000 from hundreds of donors, including local Democratic politicians. Roth is a member of the group. He feels the promises being made about home rule are misleading. Metropolitan State University of Denver professor Dr. Robert Preuhs previously told CBS Colorado home rule does grant more policy-making authority to counties, but it may not be so easy to disregard state laws. Legal battles may ensue after controversial decisions to determine whether the matter is truly a local or a state concern. "The county commissioners will tell you that home rule will allow them to supersede state law," Roth said. "They've talked about how they can pass laws on gun safety, on abortion rights, on plastic bag fees, and try to battle the state. Well, the battles will take place in court." "As long as it is not a matter dealt with in state law, the home rule county does have the ability to legislate," Teal said. Roth feels home rule will waste taxpayer money on legal battles and the special election. "We're going to have an election in November 2025, so just in a few months, they could have placed it on the ballot for free in just a few months," Roth said. "But, instead, they're rushing it over the summer to the tune of $500,000 of taxpayer money. That's real money." "Right now, the cost of the election is coming in at just under $500,000," Teal said. "Average cost of a home in Douglas County is $800,000, so for less than the average cost of a home here in the county, we get to chart our own course and have that legal mechanism under the state constitution for complete local control." Roth was also upset to receive a white book from the county on the home rule measure that did not include an opposing viewpoint. "They're essentially putting out campaign literature on taxpayer dime," Roth said. The county says they have pro-con statements on their home rule webpage. "I do think home rule is the right thing to do, and I certainly encourage everyone to vote yes," Teal said. As the election draws near, tensions are running high over the county's future. "Often, the community feels very divided. If you talk to people, they feel pretty united that this is being rushed," Roth said. "It's a waste of money. It's something no one asked for, and I do think it's going to fail pretty substantially." One week before the special election, the county will hold one last town hall to answer any remaining questions. The town hall will be online at 6 p.m. June 17. Saturday, a "No Kings" protest held in Castle Rock will also protest the home rule initiative locally.
Wall Street Journal
2 hours ago
- Wall Street Journal
Investors Are Piling Into the Market, Driving Big Stock Rebound
The end of American Exceptionalism? Not so fast. At least, that's the thinking among many investors who have piled into stocks recently. Bank of America's private clients have bought stocks for 25 of the past 26 weeks, a stretch that is a record for the firm. The heavy buying shows that many investors have jumped into the market turmoil of the past two months to bet big on U.S. stocks, positioning for the volatility to ease. So far, it has. The S&P 500 has recouped its April losses and has edged into positive territory for the year. Market volatility has slumped to levels not seen since February.
The Verge
2 hours ago
- The Verge
Klarna's CEO is now taking your calls — over an AI hotline
Klarna CEO Sebastian Siemiatkowski has already used AI to replace himself during earnings reports, and now Klarna is using AI to clone him another way: through an AI-powered phone hotline. The hotline is now open for users to provide feedback to an interactive AI version of Siemiatkowski that's trained on his 'real voice, insights, and experiences,' according to a press release. 'Customers, including consumers and merchants alike, can speak to it about product features, issues and suggestions for improvements,' Klarna says. ''AI Sebastian' can also answer questions about Klarna's vision and mission, and speak about its founding story and journey so far, based on learnings from 'real life Sebastian.'' After the hotline takes a call, a transcript and summary are generated that are 'automatically analyzed by a large language model (LLM), populating an internal live feed and innovation dashboard.' Klarna says its product and engineering teams will then review the 'actionable insights immediately' and assign 'priority tasks.' The company claims that issues raised today could 'translate into tangible product improvements already the following day.' Phone numbers for the hotline are available now in the US, +14246675385, and Sweden, +46852512594. I called the US hotline just to see what the experience was like. After a brief message telling me the call may be recorded, the AI version of Siemiatkowski prompted me to share feedback about using Klarna. No matter what I asked AI Siemiatkowski, even sillier questions, the AI generally tried to push me back to sharing feedback. When I asked if it had talked to Fortnite's AI Darth Vader, for example, here's what it said: That's an interesting question. My focus is entirely on Klarna and gathering feedback to improve our services. I don't have information or conversations with characters from games like Fortnite. I'm here to hear your thoughts on Klarna. Is there anything else about your experience with Klarna that you'd like to share, or any ideas you have for how we could make things even better?
