Latest news with #regulatorychanges
Yahoo
a day ago
- Business
- Yahoo
Asian markets mixed as bitcoin surges to new high
Bitcoin hit a new peak during early Asian trading on Thursday, as the yen surged after the US Treasury Secretary said he expects Japan to hike interest rates. The cryptocurrency rose above its previous July record, briefly exceeding $124,500 before retreating. Bitcoin's value has recently soared, fuelled by US regulatory changes under US President Donald Trump, a strong backer of the crypto sector. "The crypto market is enjoying a period of highly favorable fundamentals," said Samer Hasn, senior market analyst at Japan's currency rose significantly against the dollar, climbing to its highest level since late July after US Treasury Secretary Scott Bessent said he had told the Bank of Japan (BoJ) governor that it was "behind the curve" in its fight against inflation. "So they're going to be hiking and they need to get their inflation problem under control," Bessent told Bloomberg TV. The Bank of Japan, which has long maintained a negative interest rate policy, began monetary tightening in 2024. However, it left rates unchanged at the end of July and is expected by observers to maintain the status quo at its next monetary policy meeting in September. Bessent "may be trying to weaken the dollar through his comments," according to Hideo Kumano of Dai-Ichi Life Research Institute, as cited by Bloomberg. Bessent and President Donald Trump are pushing Federal Reserve Chairman Jerome Powell to lower rates as quickly as possible. Hopes of rate cuts following soft inflation data released Tuesday had boosted stock markets, with the broad-based S&P 500 index and the tech-heavy Nasdaq reaching new summits this week. Tokyo's Nikkei hit a record as it closed 1.3 percent higher on Wednesday. - Key figures at around 0400 GMT - Tokyo - Nikkei 225: DOWN 1.3 percent at 42,698.81 Hong Kong - Hang Seng Index: DOWN 0.1 percent at 25,597.85 Shanghai - Composite: UP 0.2 percent at 3,690.88 Euro/dollar: UP at $1.1706 from $1.1704 on Wednesday Pound/dollar: FLAT at $1.3577 from $1.3577 Dollar/yen: DOWN at 146.43 yen from 147.40 yen Euro/pound: UP at 86.22 pence from 86.21 pence West Texas Intermediate: UP 0.3 percent at $62.86 per barrel Brent North Sea Crude: UP 0.4 percent at $65.86 per barrel New York - Dow: UP 1.0 percent at 44,922.27 (close) London - FTSE 100: UP 0.2 percent at 9,165.23 (close) bur-aph/lb Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Asian markets mixed as bitcoin surges to new high
Bitcoin hit a new peak during early Asian trading on Thursday, as the yen surged after the US Treasury Secretary said he expects Japan to hike interest rates. The cryptocurrency rose above its previous July record, briefly exceeding $124,500 before retreating. Bitcoin's value has recently soared, fuelled by US regulatory changes under US President Donald Trump, a strong backer of the crypto sector. "The crypto market is enjoying a period of highly favorable fundamentals," said Samer Hasn, senior market analyst at Japan's currency rose significantly against the dollar, climbing to its highest level since late July after US Treasury Secretary Scott Bessent said he had told the Bank of Japan (BoJ) governor that it was "behind the curve" in its fight against inflation. "So they're going to be hiking and they need to get their inflation problem under control," Bessent told Bloomberg TV. The Bank of Japan, which has long maintained a negative interest rate policy, began monetary tightening in 2024. However, it left rates unchanged at the end of July and is expected by observers to maintain the status quo at its next monetary policy meeting in September. Bessent "may be trying to weaken the dollar through his comments," according to Hideo Kumano of Dai-Ichi Life Research Institute, as cited by Bloomberg. Bessent and President Donald Trump are pushing Federal Reserve Chairman Jerome Powell to lower rates as quickly as possible. Hopes of rate cuts following soft inflation data released Tuesday had boosted stock markets, with the broad-based S&P 500 index and the tech-heavy Nasdaq reaching new summits this week. Tokyo's Nikkei hit a record as it closed 1.3 percent higher on Wednesday. - Key figures at around 0400 GMT - Tokyo - Nikkei 225: DOWN 1.3 percent at 42,698.81 Hong Kong - Hang Seng Index: DOWN 0.1 percent at 25,597.85 Shanghai - Composite: UP 0.2 percent at 3,690.88 Euro/dollar: UP at $1.1706 from $1.1704 on Wednesday Pound/dollar: FLAT at $1.3577 from $1.3577 Dollar/yen: DOWN at 146.43 yen from 147.40 yen Euro/pound: UP at 86.22 pence from 86.21 pence West Texas Intermediate: UP 0.3 percent at $62.86 per barrel Brent North Sea Crude: UP 0.4 percent at $65.86 per barrel New York - Dow: UP 1.0 percent at 44,922.27 (close) London - FTSE 100: UP 0.2 percent at 9,165.23 (close) bur-aph/lb Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
a day ago
- Business
- CNA
Asian markets mixed as bitcoin surges to new high
TOKYO: Bitcoin hit a new peak during early Asian trading on Thursday (Aug 14), as the yen surged after the United States Treasury Secretary said he expects Japan to hike interest rates. The cryptocurrency rose above its previous July record, briefly exceeding US$124,500 before retreating. Bitcoin's value has recently soared, fuelled by US regulatory changes under US President Donald Trump, a strong backer of the crypto sector. "The crypto market is enjoying a period of highly favourable fundamentals," said Samer Hasn, senior market analyst at XS. Japan's currency rose significantly against the dollar, climbing to its highest level since late July after US Treasury Secretary Scott Bessent said that he had told the Bank of Japan governor that it was "behind the curve" in its fight against inflation. "So they're going to be hiking and they need to get their inflation problem under control," Bessent told Bloomberg TV. Bessent said that the Bank of Japan was "behind the curve" in its fight against inflation, telling Bloomberg he had discussed the issue with the institution's governor, Kazuo Ueda. "So they're going to be hiking and they need to get their inflation problem under control," he added. The Bank of Japan, which has long maintained a negative interest rate policy, began monetary tightening in 2024. However, it left rates unchanged at the end of July and is expected by observers to maintain the status quo at its next monetary policy meeting in September. Bessent "may be trying to weaken the dollar through his comments", according to Hideo Kumano of Dai-Ichi Life Research Institute, as cited by Bloomberg. Bessent and President Donald Trump are pushing Federal Reserve Chairman Jerome Powell to lower rates as quickly as possible. Hopes of rate cuts following soft inflation data released on Tuesday had boosted stock markets, with the broad-based S&P 500 index and the tech-heavy Nasdaq reaching new summits this week.
Daily Mail
3 days ago
- Business
- Daily Mail
Hedge fund raider must be opposed by Third Point investors, says ALEX BRUMMER
Labour efforts to bulldoze the rules governing listed London companies are designed to encourage growth and bolster the London Stock Exchange. Sometimes government should question what it has wished for. Regulatory changes make it easier for sharpshooting hedge funds to undermine the rights of minority investors. Magnate Dan Loeb, of US-based Third Point – supported by activist Boaz Weinstein of Saba infamy – is seeking to do just that at British-listed fund Third Point Investors Limited (TPIL). Loeb and his associates will this week seek approval at an extraordinary general meeting to hijack TPIL and its shareholders and inject its £500million of capital into Third Point-controlled reinsurance fund Malibu, based in the Cayman Islands. The transaction, approved by a Loeb-dominated TPIL board, has outraged asset managers at AVI, Evelyn Partners, Metage Capital, Staude Capital and Almitas Capital. Advisers say the funds are being 'mugged' and capital funds managed on behalf of clients, including retail investors, are at risk of being trapped in the Caymans. Prior to the change in listing rules, a related party transaction, such as that proposed by Loeb, would have required an independent poll. That would have prevented Third Point from using its own voting shares to railroad a contentious deal. Voting advisory group ISS recommends votes against eight resolutions at the EGM designed to usher through the change. A note from JPMorgan Cazenove describes the proposals as 'sub-optimal'. Dissenting investors note that most of the existing board members will join the Malibu reinsurance vehicle and have access to better remuneration of between £0.5m and £1.5m as well as share incentives. If Dan Loeb were prevented from exercising his votes at the special meeting this week, the transaction would be defeated by the rebels currently speaking for around 24pc of the stock. Investors are blindly being led into Malibu without any prospectus or business plan from what is an unproven enterprise. The intention of changes to the listing regulations was to encourage equity investment in Britain. Instead, relaxed rules offer ruthless hedge funds the opportunity to run roughshod over shareholder rights. Loeb's assault must be opposed. Buyout risks Rolls-Royce finance director Helen McCabe describes the offload of the group's £4.3billion UK pension fund, servicing 36,000 present and former workers, to the Pension Insurance Corporation (PIC) as a 'win-win'. Certainly, it relieves the Rolls Royce balance sheet of a big liability and the group of a responsibility, which potentially could be a distraction to core engineering operations. PIC is respectable enough. But it lacks some of the transparency and reputation of insurance giants Legal & General and Aviva – two leaders in pension buyouts. What the Rolls-Royce announcement doesn't say is that PIC is being bought by Athora for £5.7billion. Headed by former Prudential chief executive Mike Wells, Athora would appear to be in good hands. It doesn't end there. Athora is an offshoot of US hedge fund Apollo which holds a 25 per cent 'strategic' stake and chooses five members of the board. Apollo was founded by Leon Black who stepped down in 2021 after it was revealed that he had entrusted some £118million of funds to the care of disgraced financier Jeffrey Epstein. The stain is behind Apollo. But it should be remembered that the Bank of England in its July Financial Stability Report warned of 'key vulnerabilities' associated with 'high leverage' in private markets, especially for insurers and reinsurers. Maybe not such a win after all. Bejewelled sale Aficionados of the BBC's Antiques Road Show will be more than aware of the flushes and weak knees which infect even the most phlegmatic of dealers when jewellery fabricated by Faberge turns up. Tech entrepreneur Sergei Mosunov has gone one better by snapping up the whole shebang for £37million from miner Gemfields. Over the decades, the St Petersburg connection has faded. The collection is designed in Britain and made where craftsmanship is alive, in Switzerland and Italy.
Yahoo
27-07-2025
- Automotive
- Yahoo
Why Is Wall Street So Bearish on Rivian? There's 1 Key Reason.
Key Points EV stocks are facing intense regulatory changes. Several key government subsidies are set to expire. Rivian's new models may experience rocky launches. 10 stocks we like better than Rivian Automotive › The average price target from Wall Street analysts for Rivian Automotive (NASDAQ: RIVN) stock is just $14.72. That implies just 5% in potential upside over the next 12 months. One analyst even downgraded the stock to a "sell," predicting 50% in potential downside. Why is Wall Street so bearish? There's one obvious cause. Expect EV stocks to feel the pain It's not a good time to be an electric car stock. The U.S. government is preparing to eliminate several key subsidies. The electric vehicle (EV) buyer tax credit -- which can effectively reduce the cost of buying an EV by as much as $7,500 -- is set to expire in September. Federal automotive regulatory credits, which have provided the industry with hundreds of millions of extra profit, will also cease to be of any value this year since penalties for non-compliance will be eliminated. Rivian's new mass market vehicles -- the R2, R3, and R3X -- were all expected to qualify for federal tax credits. The company also earned roughly $300 million in the last quarter of 2024 alone from selling automotive regulatory credits. While much of that income stream will remain from state sources, federal sources will likely be non-existent in 2026. Both of these factors will cause direct and immediate pain for Rivian, but also for competitors like Tesla and Lucid Group. Investors in any of these companies should be paying close attention. When analysts at Guggenheim downgraded Rivian stock in July, they cited "reduced confidence in demand and the impact of weaker electric vehicle (EV) incentives." This comes right as Rivian attempts to market its new models, all of which are expected to debut under $50,000. Sales should still spike due to these product introductions. But expect the sales launch to be weaker than previously anticipated. Long term, Rivian shares remain promising. However, the path to renewed growth just got a bit longer. Should you invest $1,000 in Rivian Automotive right now? Before you buy stock in Rivian Automotive, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Rivian Automotive wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy. Why Is Wall Street So Bearish on Rivian? There's 1 Key Reason. was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
