Italy’s billionaire Agnelli family has acquired a 15 per cent stake in Dutch conglomerate Philips in a roughly €2.6bn transaction, backing the group’s effort to shift away from consumer electronics to healthcare following a costly product recall. As part of the deal announced on Monday, Exor, the Agnellis’ holding company, can increase its stake to
“France cannot be France without greatness,” wrote Charles de Gaulle in the opening of his memoirs. His nation, he insisted, must always be in “the first rank”. Vladimir Putin feels the same way about Russia. Back when I was still able to visit that country, Fyodor Lukyanov — a foreign policy thinker close to Putin
Bitcoin (BTC) is painting a classic August picture as it starts the new week — volatility is nowhere to be seen. In a continuation of some of the quietest BTC price action ever seen, the largest cryptocurrency remains locked in a narrow trading range below $30,000. Whether it be long or short timeframes, Bitcoin is
European stocks pushed higher on Monday as gains for the tech sector drew investors’ attention away from China’s flagging property market and slowing post-pandemic recovery. Europe’s region-wide Stoxx 600 rose 0.1 per cent, recouping early losses. France’s Cac 40 added 0.2 per cent and Germany’s Dax climbed 0.5 per cent. Shares in Amsterdam-based Philips led
Today we’re going to take a look at investing in IPOs or initial profit offerings. Investing in IPOs is something that people are often attracted to because they think that company could be the next Google, it could be the next Facebook or the next Microsoft, and as those companies increase their value in the
An Argentinian politician with a knack for supporting Bitcoin and calling for the abolishment of his country’s central bank has taken the lead in the country’s presidential primary elections. With over 90% of the votes counted, libertarian pro-Bitcoin (BTC) candidate Javier Milei is currently leading with nearly 32% and is trailed by the conservative Together
The rouble has fallen to a 16-month low against the dollar as a surge in Russian military spending and a collapse in export revenues add pressure to a currency suffering under western sanctions and an escalation of capital outflows. Russia’s currency has lost about 25 per cent of its value this year and traded below
Good morning. After a few months of risk-on, the market’s feeling nervy again. The S&P 500 is off 3 per cent from its recent peak, as investors sweat the timid price reaction to earnings beats. Tech is looking the shakiest. With long yields rising, Microsoft is down 11 per cent from mid-July and Nvidia is
Shares in Country Garden slumped to a record low on Monday after the Chinese developer suspended trading in at least 10 of its mainland bonds, spurring a wider sell-off in property-linked stocks. The company, formerly the largest developer in China by sales, missed international bond payments last week in a sign that a two-year liquidity
Uniswap dev loses job, was it worth it? A Uniswap developer known as “AzFlin” has been sacked by the founder of Uniswap Labs, Hayden Adams, for allegedly creating a memecoin and rug pulling it a few hours later for 14 wrapped-Ether (wETH), worth $25,800. It is understood that AzFlin developed and deployed FrensTech token (FRENS)
Finland is unconcerned by Russia’s threat to bolster troop numbers along the border, the Nordic country’s foreign minister has said, adding that Moscow had left the frontier almost undefended following its full-scale invasion of Ukraine. Elina Valtonen told the Financial Times that the pledge made by Russian defence minister Sergei Shoigu to increase soldiers was
A 25 per cent chance of survival is not a risk that any banker worth their salt would accept on a client loan application. But those are the career odds confronting the next chief executive of part-state-owned bank NatWest, following the departure of Alison Rose, the group’s third boss in four to be ousted by
Tech decoupling between the US and China is about many things, but chief among them is the notion that western technology should not feed Chinese military modernisation and expansion. From an American standpoint, this seems pretty obvious. Why should US money, products and expertise aid the military strength of its chief strategic adversary? That’s the
Lithium-ion batteries have already changed the world, putting smartphones, laptops and wireless headphones in the hands of billions of people. Now they are triggering another revolution. The technology of choice both in electric cars and the nascent electricity storage industry, the cells will be a vital pillar in the global transition to a carbon-free economy.
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The United States’ securities regulator could completely u-turn its approach to crypto enforcement, depending on a key election in the United States in 2024, according to former SEC official John Reed Stark. In an Aug. 13 tweet, the former SEC Office of Internet Enforcement chief predicted that a Republican President could drastically shift the crypto-regulatory
Decentralized finance protocol Zunami Protocol has confirmed it has encountered an attack on its “zStables” stablecoin pools. Blockchain security firm PeckShield was one of the first to detect the possible exploit on Curve on August 13 at 10:47 UTC. Zunami then confirmed the attack about 20 minutes later. Zunami said that collateral in the pools
UK employers are increasingly resorting to bidding wars to retain staff, according to a survey that appears to contradict recent data suggesting the labour market is beginning to cool and wage inflation is easing. In the past year, 40 per cent of employers have made a counter-offer to try to keep an employee who has
But not everyone’s on board with the crypto ETF train. Critics argue that Bitcoin-linked ETFs could be even worse than centralized exchanges for the crypto market. Their main beef? There’s zero possibility of withdrawing the underlying instrument. This means the holders are never able to take advantage of the single most important feature of Bitcoin:
Tesla lowered the price of some vehicles in China on Monday, the first cut since the scrapping of a pledge from the US electric vehicle company and 15 Chinese carmakers to avoid “abnormal pricing”. The company cut the price of the higher-end Model Y Long-Range and Performance models to Rmb299,900 ($41,640) and Rmb349,900, respectively. It
US Steel, a corporate vestige from the era of American industrialists Andrew Carnegie and JP Morgan, has put itself up for sale, saying on Sunday it has hired financial advisers to evaluate bids for the company. The company said it has already received multiple unsolicited bids that ranged from the possible acquisition of the whole