Latest news with #ofCreativeDestruction
Yahoo
28-02-2025
- Business
- Yahoo
Gold on Track for Worst Week This Year as Tariff Threats Ramp Up
(Bloomberg) -- Gold was on track for its first weekly loss of 2025 as investors booked profits from a record-breaking rally amid increasing concern over President Donald Trump's tariff agenda, which has strengthened the US dollar. Cuts to Section 8 Housing Assistance Loom Amid HUD Uncertainty The Trump Administration Takes Aim at Transportation Research Shelters Await Billions in Federal Money for Homelessness Providers NYC's Congestion Pricing Pulls In $48.6 Million in First Month NYC Office Buildings See Resurgence as Investors Pile Into Bonds Bullion traded near $2,860 an ounce, down for a second straight session. That's after Trump said Thursday that tariffs on Canada and Mexico were set to be implemented on March 4, and he would impose additional levies on Chinese imports. The greenback climbed, making the precious metal less appealing for foreign investors as it's denominated in the currency. Gold's decline in recent days has come after increasing haven demand helped push prices to a record high of $2,956.19 an ounce on Monday. Widespread uneasiness about the impact of Trump's tariffs on US inflation, trade, the global economy and geopolitics have underscored bullion's role as a store of value in uncertain times. While those concerns haven't eased, this week bullion has been more impacted by the rising dollar and profit taking. Later Friday, investors will analyze the US core personal consumption expenditures price index — which excludes often-volatile food and energy costs — for more clues about the monetary policy path. The Federal Reserve's preferred inflation gauge is expected to cool to the slowest pace since June. Lower rates are positive for non-interest bearing bullion. Spot gold eased 0.5% to $2,861.92 an ounce at 10:15 a.m. in London, on track for a weekly decline of about 2.5%. The Bloomberg Dollar Spot Index gained 0.1%, following its 0.6% spike in the previous session. Silver platinum and palladium all traded in a narrow band. --With assistance from Jack Ryan. Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction OXO Fought Back Against the Black Spatula Panic. People Defected Anyway ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
28-02-2025
- Business
- Yahoo
China Keeps Unprecedented Hold on Metals With Mining Push Abroad
(Bloomberg) -- China last year committed more resources than ever to mining abroad as part of Xi Jinping's global infrastructure program, a new study found, underscoring its growing grip on the metals supply chain just as fears of over-reliance on Beijing grow around the world. Cuts to Section 8 Housing Assistance Loom Amid HUD Uncertainty The Trump Administration Takes Aim at Transportation Research Shelters Await Billions in Federal Money for Homelessness Providers NYC's Congestion Pricing Pulls In $48.6 Million in First Month New York's Congestion Pricing Plan Faces Another Legal Showdown China's involvement in the metals and mining sector — in the form of equity investments and construction contracts — reached over $21 billion under Xi's Belt and Road Initiative, according to a report from Griffith University in Australia and Fudan University in Shanghai. The tally marks the highest since the Chinese president's signature effort started in 2013. China's engagement has been very strategic and growing over the past years, thanks to advantages including its know-how and ability to fund large-scale projects, said Christoph Nedopil, a professor at Griffith University and one of the report's authors. 'It is likely that Chinese policymakers are also welcoming strategic control by Chinese – often private - companies in critical minerals,' he said. The country's global footprint is a reflection of its dominance over production and refining of many minerals that gives it huge influence over commodity markets. Beijing earlier this month flexed its muscles by imposing export restrictions on tungsten and other critical metals used in electronic, aviation and defense industries, in response to the initial tariffs from the Trump administration. The European Union, Japan and the US have been highlighting concerns over China's hold on the metals value chain. The world's No. 2 economy accounts for more than half of the global production of battery metals including lithium, cobalt, and manganese. In 2023, it also made up 69% of global rare earth output, according to the US government. Lithium, used in electric-vehicle batteries, is a case in point. While the US is building out supply networks with free-trade partners such as Canada and Australia, China is consolidating its relationships with African nations that are expected to be among the world's biggest producers of the metal by the end of the decade. China has also sought to forestall the west's efforts to develop new mining and processing capacity by restricting exports of key technology and equipment. Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction OXO Fought Back Against the Black Spatula Panic. People Defected Anyway ©2025 Bloomberg L.P.
Yahoo
28-02-2025
- Business
- Yahoo
DeepSeek Means More Data Center Capacity Needed, Brookfield Says
(Bloomberg) -- The progress made by Chinese startup DeepSeek means that more data center capacity is needed to handle the growing artificial intelligence workload, according to Brookfield Corp.'s Bruce Flatt. Cuts to Section 8 Housing Assistance Loom Amid HUD Uncertainty The Trump Administration Takes Aim at Transportation Research Shelters Await Billions in Federal Money for Homelessness Providers NYC's Congestion Pricing Pulls In $48.6 Million in First Month New York's Congestion Pricing Plan Faces Another Legal Showdown As the costs of running AI comes down, 'more use cases come about and that's what's going to happen in the next 10 years,' the investment firm's chief executive officer told Bloomberg TV in an interview in London on Wednesday. Brookfield is investing tens of billions of dollars in data centers and other AI infrastructure, on the expectation that tools built by the likes of DeepSeek and OpenAI will be adopted throughout the global economy. Flatt, who has run Brookfield for more than two decades, said the firm's credit arm, which manages more than $300 billion, is another area of growth and could 'quadruple over the longer term.' 'Once in a while we buy something, but we grow methodically' in this space, Flatt added. Asked whether Brookfield was considering buying the minority stake in credit specialist Oaktree Capital Management it doesn't already own, Flatt said Brookfield was 'pretty happy' with the current partner-manager model. Speaking on the economy more broadly, Flatt said 'if I had to pick a spot where more capital will go over the next 18 months, it's probably in the United States.' Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction OXO Fought Back Against the Black Spatula Panic. People Defected Anyway ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
26-02-2025
- Business
- Yahoo
Trump Declines to Say If US Would Protect Taiwan From Invasion
(Bloomberg) -- President Donald Trump said he didn't want to comment when asked Wednesday whether it was the policy of his administration to prevent China from taking control of Taiwan by force. The Trump Administration Takes Aim at Transportation Research NYC's Congestion Pricing Pulls In $48.6 Million in First Month Shelters Await Billions in Federal Money for Homelessness Providers NYC to Shut Migrant Center in Former Hotel as Crisis Eases New York's Congestion Pricing Plan Faces Another Legal Showdown 'I never comment on that,' Trump said in response to a question from a reporter Wednesday during a Cabinet meeting at the White House. 'I don't comment on any — because I don't want to ever put myself in that position. And if I said it, I certainly wouldn't say it to you. I'd be saying it to other people, maybe people around this table.' The refusal to comment is a notable departure from the statements of former President Joe Biden, who said repeatedly that he would intervene militarily if China were to invade Taiwan. The US has traditionally avoided making an explicit security guarantee, instead maintaining a policy of strategic ambiguity. The 1979 Taiwan Relations Act calls on the US to provide Taiwan the resources to defend itself and opposes any unilateral change in status, but does not explicitly say the US would intervene. During the campaign, Trump suggested in an interview with Bloomberg News that Taiwan 'should pay us for defense.' On Wednesday, Trump went on to say that he had a 'great relationship' with Chinese leader Xi Jinping and expected to foster improved trade with Beijing. 'The relationship we'll have with China will be a very good one,' Trump said. Trump's SALT Tax Promise Hinges on an Obscure Loophole Walmart Wants to Be Something for Everyone in a Divided America Meet Seven of America's Top Personal Finance Influencers China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction Why Private Equity Is Eyeing Your Nest Egg ©2025 Bloomberg L.P.
Yahoo
26-02-2025
- Business
- Yahoo
Uber Rival Bolt Lines Up Adviser for Potential IPO
(Bloomberg) — Bolt Technology OU is working with an adviser to explore options including a potential initial public offering, according to people familiar with the matter. NYC's Congestion Pricing Pulls In $48.6 Million in First Month The Trump Administration Takes Aim at Transportation Research Shelters Await Billions in Federal Money for Homelessness Providers NYC to Shut Migrant Center in Former Hotel as Crisis Eases New York's Congestion Pricing Plan Faces Another Legal Showdown The Estonian mobility firm has lined up PJT Partners Inc. (PJT) for strategic advice, said the people, who asked not to be identified because the matter is private. The company could pursue a listing as soon as next year, the people said. Bolt is still discussing the merits of listing in Europe or the US and it could pursue other avenues to raise capital, they said. Deliberations are at an early stage and the plans could still change, the people said. 'As with any company considering a public listing, we consult with specialist advisers on a number of areas to assist,' a Bolt spokesperson said by email. 'We continue to evaluate a number of potential listing venues.' An IPO date would depend on market conditions, the spokesperson said. A spokesperson for PJT declined to comment. Bolt — which offers ride-hailing, food delivery and scooter rentals — last year secured a €220 million ($231 million) credit facility that Chief Executive Officer Markus Villig said would help it to 'work towards being IPO-ready.' The company earned a €7.4 billion valuation in a 2022 funding round after raising €628 million from Sequoia Capital, Fidelity Management and other investors. Already competing against Uber Technologies Inc. (UBER) in Europe, Africa, Asia and Latin America, Bolt has extended a push into North America under the app name 'Hopp' in recent months. The IPO preparations coincide with the plans of other European technology startups considering to go public. Swedish buy-now, pay-later fintech Klarna Group Plc is working toward a New York IPO as soon as the first half of 2025, Bloomberg News has reported. —With assistance from Vinicy Chan, Lizette Chapman and Natalie Lung. Trump's SALT Tax Promise Hinges on an Obscure Loophole Walmart Wants to Be Something for Everyone in a Divided America Meet Seven of America's Top Personal Finance Influencers China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction Why Private Equity Is Eyeing Your Nest Egg ©2025 Bloomberg L.P.
