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American software technology firm MicroStrategy has announced the pricing of a new $700 million debt offering due in 2032. The company plans to use the proceeds from this offering to purchase more Bitcoin, continuing its aggressive strategy to add the cryptocurrency to its corporate treasury. Details of the debt offeringAccording to an official press release, the notes will be sold in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933. The offering, initially announced at $500 million, has been upsized to $700 million. MicroStrategy plans to use ...
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Shares of Boeing (NYSE: BA) and Airbus (EPA: AIR) have been under pressure recently due to a combination of poor sales performance and increasing scrutiny over safety and manufacturing practices. Boeing, in particular, has faced significant challenges, receiving orders for only four new planes in May. For the second consecutive month, none of these orders were for its best-selling 737 Max, a setback linked to the fallout from a side panel blowout on a Max during a flight in January. In contrast, Europe’s Airbus reported net orders for 15 planes in May—27 sales but 12 cancellations. While this ...
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The USD/TRY exchange rate drifted upwards this week after the Federal Reserve delivered a somewhat hawkish decision. It has also soared after a report showed that Turkey’s inflation continued soaring in May. It was trading at 32.50, a few points below its all-time high of 32.80. Turkish lira crashesThe US inflation data and the Federal Reserve were the biggest catalysts for the USD/TRY pair this week. In a report on Wednesday, the Bureau of Labor Statistics (BLS) said that the headline and core inflation numbers dropped in June. A few hours later, the Federal Reserve delivered what seemed like...
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The South African rand is back. After soaring to 19 last week, the USD/ZAR pair has plummeted to 18.40 as investors focus on the coalition talks between the Africa National Congress (ANC) and the Democratic Alliance (DA). Coalition talks advanceThe USD/ZAR pair has been in the spotlight recently after the recent South African election in which the ruling ANC failed to win a majority for the first time in the post apartheid era. In the aftermath, the two leading parties, ANC and DA, have been talking about forming a coalition government in which Ramaphosa will be the president. Therefore, inves...
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The United States expanded its sanctions against Russia on Wednesday as G7 leaders prepared to gather in Italy for a summit. The primary focus of the summit is to boost support for Ukraine and further debilitate Russia’s military capabilities. New sanctions target foreign entitiesThe latest sanctions package targets Chinese companies that aid Russia’s war effort in Ukraine and raises the stakes for foreign financial institutions doing business with sanctioned Russian entities. This move underscores the dynamic nature of sanctions, as noted by Aaron Forsberg, the State Department’s Director for...
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Gold price has retreated recently as the focus shifts to the upcoming Federal Reserve decision and US consumer price index (CPI) data. After peaking at a record high of $2,450 in May, it has now dropped by over 5.57% to $2,315. Bullish catalysts for goldThe price of gold has done well in the past few months. It has jumped from a low of $1,615 in 2022 to the current $2,315. It has retreated recently as demand from Chinese retail investors faded and as traders focused on the next actions by the Federal Reserve. The Fed is expected to leave interest rates unchanged between 5.25% and 5.50%. I expe...
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WeWork announced on Tuesday that its Chief Executive Officer and Director, David Tolley, will step down following the company’s global restructuring. The transition is set to occur officially once WeWork emerges from Chapter 11 bankruptcy, which is expected to happen later today. Achievements during Tolley’s tenureDavid Tolley, who led WeWork through this period, commented on the progress made: I’m delighted to have had the opportunity to lead our unique, incredible company into and out of this remarkably successful, transformational restructuring. We cut our future lease obligations in half, ...
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Apple Inc. (NASDAQ: AAPL) climbed over 5% on Tuesday to a record high of $203.89, a day after the company announced that it would introduce Apple Intelligence, its long-awaited AI program. At 4:07 pm BST, Apple shares were up 5.2% to $203.27, reflecting strong investor enthusiasm following the announcement. Introduction of Apple IntelligenceDuring this year’s Worldwide Developers Conference (WWDC), Apple revealed its plans to collaborate with OpenAI, the developer of ChatGPT, to enhance the AI capabilities of its services and devices. Apple Intelligence is designed to improve the user experien...
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In May, shares of KKR (NYSE: KKR) increased by 10.5%, driven by the company’s first-quarter results and several strategic partnerships. According to S&P Global Market Intelligence, KKR reported notable financial performance and expanded its investment footprint through various collaborations. KKR’s first-quarter earnings report reveals significant growthKKR reported strong first-quarter results in early May, highlighting over 20% growth in fee-related earnings, total operating earnings, and adjusted net income. The private equity firm also increased its assets under management (AUM) by 13%, re...
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Eli Lilly and Company announced on Tuesday that the National Medical Products Administration (NMPA) in China has approved the distribution of its injection Mufenda. This injection is designed to treat diabetes, improve blood sugar control, and aid in weight loss for adults with type 2 diabetes. The approval marks a significant milestone for Eli Lilly as it aims to expand its footprint in the giant Asian market. Addressing China’s diabetes challengeChina faces a significant challenge with diabetes, with a large portion of its population affected by the condition. The Healthy China 2030 plan out...
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