Latest news with #commodities
Bloomberg
3 hours ago
- Business
- Bloomberg
Oil Extends Gains on Weaker Dollar, Geopolitical Uncertainty
Oil rose for a second day as a weakening dollar boosted the appeal of commodities priced in the currency and geopolitical ructions limited the chance of more supply from Russia and Iran. West Texas Intermediate traded near $63 a barrel after jumping 2.9% on Monday, while Brent closed above $64. A gauge of the dollar was near its lowest since 2023, with Wall Street banks reinforcing their calls that the greenback will decline further.
CTV News
3 days ago
- Business
- CTV News
S&P/TSX composite trades lower on Friday, U.S. markets mixed
The TMX Market Centre is shown in Toronto, Wednesday, Sept. 11, 2024. THE CANADIAN PRESS/Paige Taylor White TORONTO — Canada's main stock index closed lower on Friday along with some U.S. markets as commodities also trended down. The S&P/TSX composite index was down 35.51 points at 26,175.05. In New York, the Dow Jones industrial average was up 54.34 points at 42,270.07. The S&P 500 index was down 0.48 points at 5,911.69, while the Nasdaq was down 62.11 points at 19,113.77. The Canadian dollar traded for 72.68 cents US compared with 72.43 cents US on Thursday. The July crude oil contract was down 15 cents US at US$60.79 per barrel and the July natural gas contract was down seven cents US at US$3.45 per mmBTU. The August gold contract was down US$28.50 at US$3,315.40 an ounce and the July copper contract was flat at US$4.68 a pound. This report by The Canadian Press was first published May 30, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) The Canadian Press
Globe and Mail
3 days ago
- Business
- Globe and Mail
UBS Group's Arm to Divest O'Connor Business to Cantor Fitzgerald
UBS Group AG 's UBS subsidiary, UBS Asset Management (Americas) LLC, has announced a definitive agreement to sell O'Connor, its hedge fund, private credit, and commodities business, to Cantor Fitzgerald as part of its ongoing strategy to streamline operations. The initial close of the transaction is expected during the fourth quarter of 2025, subject to regulatory approvals and other customary closing conditions. Details of UBS's Divestiture Deal The sale includes six investment strategies with approximately $11 billion in assets under management. Upon closing the deal, O'Connor's investment and support teams will transition to Cantor Fitzgerald. Additionally, UBS Asset Management and Cantor Fitzgerald will work closely together to ensure a seamless transition for clients. As part of the agreement, UBS Asset Management and Cantor Fitzgerald will establish a long-term commercial arrangement, maintaining continuity for UBS Global Wealth Management clients. Following the sale, UBS will remain one of the leading alternative investment managers, with over $440 billion in invested assets across its Unified Global Alternatives, Global Real Assets, and Credit Investments Group businesses. Aleksandar Ivanovic, president of UBS Asset Management, stated, 'We have substantial growth ambitions and are focused on expanding our differentiated alternatives capabilities where we are positioned to win at scale. In deciding to sell O'Connor, we considered several factors, including its strategic fit and growth potential within UBS, and have been guided by the best interests of investors.' Ivanovic added, 'Our priority has been to select a buyer with complementary capabilities, culture and team, and we believe that Cantor Fitzgerald is strongly placed to take the O'Connor business forward.' Blake Hiltabrand, Global Head of O'Connor, stated, 'This marks a pivotal new chapter for our business. As a cornerstone of Cantor Fitzgerald's alternative investment platform, the O'Connor team is excited about the opportunity to invest in and expand our capabilities while staying true to our roots as fundamental investors.' Our Take on UBS Restructuring Efforts The decision to divest the hedge fund unit aligns with UBS's overall strategy of streamlining its operations, focusing on its core operations following the acquisition of Credit Suisse in 2023. According to its business restructuring plans, it is likely to wind down its non-core and legacy portfolio and aims to reduce non-core and legacy risk-weighted assets to below $8 billion by the end of 2025 and around $2 billion by the end of 2026. In sync with its restructuring plan, in April 2025, UBS made a strategic partnership with 360 ONE WAM Ltd, one of India's leading wealth and asset managers. Under this arrangement, UBS will purchase warrants to acquire a 4.95% share and will sell its onshore Indian wealth business to 360 ONE, while clients based in Singapore will continue to be served by UBS Singapore. Through these efforts, the company is well-positioned to enhance the client experience and unlock further cost reductions toward the end of 2025 and into 2026 as it delivers on its ambition of $13 billion in gross cost savings by the end of 2026. Zacks Rank & Price Performance of UBS Shares of UBS have dipped 2.4% against the industry 's 21.7% growth in the past six months. Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Restructuring Efforts by Other Finance Firms This week, Citigroup Inc. C, through its subsidiary Citibank Europe Plc, announced that Citi Handlowy has announced an agreement to sell its consumer banking business in Poland to VeloBank S.A. (Velobank). This transaction aligns with Citigroup's broader strategy to exit consumer banking and strengthen its focus on core operations. The agreement involves the demerger of Citi Handlowy's consumer banking operations, including wealth management, micro business banking, credit cards, consumer loans, deposits, and assets under management, consumer clients of the brokerage business, branches, and other consumer-related assets to VeloBank. Notably, employees and branches of the consumer business of C will also transition to VeloBank S.A. upon completion of the transaction. Likewise, in February 2025, SEI Investments Co. SEIC agreed to divest its Family Office Service operations to Acquiline Capital Partners LP (Acquiline) for $120 million. The family office business of SEIC will continue to operate as Archway upon completion. Under the terms of the transaction, employees based in SEI's Indianapolis, Denver and Oaks offices, including key members of the leadership team, will transition to Aquiline along with the business. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Citigroup Inc. (C): Free Stock Analysis Report UBS Group AG (UBS): Free Stock Analysis Report SEI Investments Company (SEIC): Free Stock Analysis Report
Entrepreneur
4 days ago
- Business
- Entrepreneur
How to Build an Attractive Business for Potential Buyers
A seasoned entrepreneur reflects on his journey and offers key lessons on how to build a business that appeals to potential buyers. Opinions expressed by Entrepreneur contributors are their own. As entrepreneurs, we embark on journeys full of uncertainty, risks and challenges. But it's those very challenges that mold our growth and drive our passion. Looking back at the 18 years I spent building OTC Global Holdings into the world's largest independent interdealer brokerage, I've come to realize that entrepreneurship is as much about resilience as it is about innovation and vision. When I founded OTC Global Holdings in 2007, I was driven by a singular vision: to create a platform that brought efficiency and transparency to the global energy and commodities markets. We were starting from scratch in a highly competitive field, but I believed in the potential to redefine how commodities trading could be done. Related: 3 Lessons I Learned Selling My Billion-Dollar Company The power of persistence and innovation In the early days, like most entrepreneurs, I faced doubts — both from outside and within. The world of interdealer brokering was traditionally dominated by large players with established reputations. We had a small, highly motivated team and a platform that was still evolving. But we were committed to making a difference. Innovation played a crucial role in our journey. Whether it was streamlining trade execution or adopting cutting-edge technologies to improve risk management, our ability to continuously innovate allowed us to stay ahead of the curve. But it wasn't just about technology; it was about creating a culture that valued collaboration and adaptability. We empowered our team to take ownership, make decisions and think outside the box. This mindset cultivated a level of trust and loyalty that was invaluable as we grew. In those early days, it was often easy to lose sight of the bigger picture. But staying focused on the long-term vision allowed us to weather the storms. Our resilience helped us push through market downturns and periods of stagnation, knowing that every setback was a learning opportunity. Scaling with purpose As we grew, I faced the challenge of scaling our business. We had built something special, but the market was becoming more complex. Our next step was to expand internationally, and that meant entering markets with different regulatory environments, cultural nuances and operational challenges. It was a daunting task, but one that required bold decision-making. The key to scaling successfully was not just expanding the footprint of our business, but creating sustainable and scalable operational processes. We developed the right systems, built strong leadership teams and leveraged partnerships that enhanced our global presence. But it all came down to our people — the ones who believed in the company's mission and helped steer us toward success. Building a company of that size and complexity requires more than a strong product or service. It requires you to constantly evolve as a leader, understanding the balance between empowering your team and making critical strategic decisions. Leadership is about giving your people the tools and trust to succeed while ensuring that the company's core values and mission stay intact. Related: I Wish I Knew These Things Before Selling My Company The decision to sell: A new chapter In 2025, after years of hard work and dedication, we made the decision to sell OTC Global Holdings to BGC Group, a leading global brokerage and financial technology company. It was a monumental moment, not just for the company but for all those who had been part of the journey. It wasn't an easy decision to make, but it was the right one for the next chapter. The sale was an acknowledgment of what we had built and a reflection of the strength and potential of our business. BGC's commitment to innovation, its global reach and its complementary strengths made it an ideal partner to help take OTC Global Holdings to the next level. For us, this acquisition wasn't just about financial success — it was about ensuring the continued growth and impact of the company we had worked so hard to build. Key takeaways for entrepreneurs Resilience is key: The entrepreneurial journey is never linear. There will be setbacks, obstacles and failures. But those challenges are opportunities to learn, adapt and grow. Your ability to persist, no matter how difficult, is what will ultimately define your success. Innovation drives success: Always be looking for ways to innovate. Whether through technology, operational improvements or customer service, innovation is what will differentiate your business in a crowded market. Build the right team: You can't do it alone. Surround yourself with people who share your vision and who bring diverse skills to the table. Empower them to take ownership of their work, and they will help take your business to new heights. Scale smartly: Growth requires careful planning. Focus on building scalable systems and processes that will enable you to expand without losing the essence of what makes your company unique. Scaling isn't just about growth — it's about sustainable growth. Know when to let go: At some point, every entrepreneur must face the decision to let go of their company. For me, selling OTC Global Holdings to BGC Group wasn't about giving up — it was about taking our business to new heights with a partner who could help us reach our full potential. Related: How Leaders Can Build Acquisition-Ready Companies Entrepreneurship is a lifelong learning experience. It requires vision, grit and the willingness to evolve. As I reflect on my journey, I'm grateful for the lessons I've learned and the incredible people I've had the privilege of working with. And now, as I transition to my next chapter with GETCHOICE!, I'm more excited than ever to continue innovating and pushing boundaries in the energy and utilities space. The journey may never be easy, but it's always worth it.
Globe and Mail
5 days ago
- Business
- Globe and Mail
BioSig Appoints Former OppenheimerFunds and Wafra Inc Executive, Mitch Williams, CFA, as Chief Investment Officer
Los Angeles, CA and Vancouver, BC, May 28, 2025 (GLOBE NEWSWIRE) -- BioSig Technologies, Inc. (Nasdaq: BSGM) ("BioSig" or the 'combined company'), which today acquired Streamex Exchange Corporation ('Streamex') as its wholly owned subsidiary, announced the appointment of Mitch Williams, CFA, as Chief Investment Officer, significantly bolstering the combined company's leadership team and advancing its mission to tokenize real world assets and bring commodity markets on-chain. Key Highlights of the Appointment: Mr. Mitch Williams, former OppenheimerFunds and Wafra Inc. executive and Strategic Advisor to Streamex, will be appointed Chief Investment Officer of the combined company. Mr. Williams brings over 20 years of experience in capital markets, having held senior executive roles at OppenheimerFunds, and Wafra Inc. At Wafra Inc., Mr. Williams grew assets under by more than 3-fold and consistently delivered asymmetric returns with top-quartile performance over all rolling five-year periods. At OppenheimerFunds, Mr. Williams was the top-ranked equity analyst and led the firm's flagship fund. Mr. Williams will help lead Streamex in its strategic positioning within the US$142.851 trillion global commodity market, aiming to unlock new value by bringing commodities on-chain through secure and scalable real world asset tokenization solutions. As CIO, Mitch will lead the combined company's strategic vision and commodity tokenization initiatives, while overseeing key areas and reporting directly to Chief Executive Officer Henry McPhie. Mitch commented, 'As an early investor in Streamex and later a Strategic Advisor I have been consistently impressed with Henry, Morgan, and the team and the innovative platform they've built. As a believer in disruptive technology, I see RWA tokenization as an incredibly scalable technology. For me it is a leap forward in finding real world applications for blockchain- a technology whose value has only begun to be realized. As an investor, I see Streamex as one of the few pathways for investors interested in both a hedge against fiat currency regimes and recurring revenue model.' 'We are thrilled to welcome Mitch as our new Chief Investment Officer,' said Henry McPhie, Chief Executive Officer of the combined company. 'Mitch's exceptional record of delivering disciplined, high-return investment strategies over his career at large New York funds paired with his collaborative leadership style perfectly complements our culture and growth ambitions. I am confident that his vision will unlock new opportunities for our shareholders, and I couldn't be happier to have him join our leadership team.' About Mitch Williams In his over two decades on Wall Street, Mitch has had a front row seat for disruptive technologies and market innovation. From his early role during Web 1.0 at Credit Suisse on the Internet Financial Services team to high-profile positions at OppenheimerFund and Wafra Inc managing multi-billion dollar domestic and global teams and portfolios, Mitch has driven consistent value creation for both his clients and employers. At Wafra, Mitch grew assets under management by more than 3-fold during his tenure, delivering asymmetric returns characterized by upside capture consistently above 100% and downside capture below 100%. Under his lead Wafra achieved top-quartile performance for every rolling five-year period his team managed the Global Equity strategy. At OppenheimerFunds, he was a top-ranked analyst and took a leading role in managing one of the firm's flagship funds. As Chief Investment Officer at Streamex, Mitch will apply his deep capital markets expertise and strategic vision to shape the firm's direction. Prior to this role, he served as a Strategic Advisor on Capital Markets to Streamex, working closely with Streamex founders Henry, Morgan, and Mathew August to develop and implement transformative business strategies. Outside of his professional commitments, Mitch is an active mentor and speaker. He volunteers with the Michael Price Student Investment Fund at NYU's Stern School of Business and has spoken on investing at numerous leading universities. He holds an MBA from NYU Stern, where he was awarded the Stern Fellowship, and a BA from the University of Florida. About Streamex Exchange Corporation Streamex is a real-world asset (RWA) tokenization company focused in the commodities space. With the goal to bring commodity markets on chain, Streamex has developed primary issuance and exchange infrastructure that will revolutionize commodity finance. Streamex is led by a group of highly successful and seasoned executives from financial, commodities and blockchain industries. Streamex believes the future of finance lies in tokenization, innovative investment strategies, and decentralized markets. By merging advanced financial technologies with blockchain transparency, Streamex has created infrastructure and solutions that enhance liquidity, accessibility, and efficiency. Streamex's goal is to bridge the gap between traditional finance and the digital economy, unlocking new opportunities for investors and institutions worldwide. Forward Looking statements This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words 'intends,' 'may,' 'will,' 'plans,' 'expects,' 'anticipates,' 'projects,' 'predicts,' 'estimates,' 'aims,' 'believes,' 'hopes,' 'potential' or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond our control. It is possible that our actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements, depending on factors including whether we will be able to realize the benefits of the acquisition of Streamex, whether shareholder approval of the transaction will be obtained and whether we will be able to maintain compliance with Nasdaq's listing criteria in connection with the acquisition and otherwise. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in forward-looking statements, see our filings with the Securities and Exchange Commission, including the section titled 'Risk Factors' in our Annual Report on Form 10-K, filed with the SEC on April 15, 2025. We assume no obligation to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise, except as required by law.
