Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, selects her favorite stories in this weekly newsletter.When I spoke this week with Christopher Groves, a London-based tax lawyer who advises the wealthy, he was sitting in the Milan office of his firm, Withers. It wasn't a coincidence. While the UK has been steadily reducing tax breaks for highly paid “non-residents”, such as bankers, Italy is attracting them by offering “empty London” to foreign residents.Move to Italy (or come back after being away for nine years) and not only will you get to sample its food, sunshine and drinks,…
Author: ricardofrancois
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, selects her favorite stories in this weekly newsletter.The rise of stock markets and the popularity of a new Bitcoin exchange-traded spot fund has enabled BlackRock to record $10.5 trillion in assets under management and net income that rose by more than a third.The world's largest financial manager reported a 36 percent year-on-year jump in net income to $1.57 billion in the fiscal first quarter, with an 11 percent increase in revenue to $4.7 billion. Those numbers, along with adjusted net income of $1.47 billion, all beat the expectations of…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, selects her favorite stories in this weekly newsletter.Iron ore bulls are thin on the ground these days – as are those who want to drill for big iron ore miners like Rio Tinto. However, the future for the Anglo-Australian group is not as bleak as it may seem.And Rio isn't alone in generating a little excitement. Mining as a whole is going through the dismal end of the commodity cycle. CEO Jacob Stasholm successfully stabilized the group after it dynamited the sacred rock shelters of indigenous tribes in 2020.…
With two major expansions of downtown Los Angeles' cultural institutions underway, Bunker Hill is poised to raise its profile as the region's leading arts center even as the surrounding area struggles with ongoing homelessness and post-pandemic office tenant losses.Bunker Hill will soon house the largest concentration of Frank Gehry-designed buildings in the world, the architect told the Los Angeles Times, and promises to become a cultural center “unlike anywhere else.”The Broad recently announced a $100 million project that will increase the gallery space at one of the city's most popular museums by 70%, and the Colburn School of the Performing…
Ford needs to close the gap with GM. We think Ford can do this by following GM's lead with buybacks – as well as improving its mix of electric and hybrid vehicles as well as reining in warranty expenses. Shares of club name Ford are up about 7% year to date, largely lagging GM's roughly 22% advance over the same period. The discrepancy in performance – while frustrating – can be attributed to a variety of factors, including different approaches to returning cash to shareholders. General Motors is buying back a ton of stock. Ford, so far, not so much.…
The International Energy Agency on Friday lowered its forecast for oil demand growth in 2024, citing “exceptionally weak” OECD deliveries, a largely complete post-Covid-19 recovery and an expansion of the electric vehicle fleet.In its latest monthly report on the oil market, the International Energy Agency said that it had revised its forecast for oil demand growth in 2024 by about 100,000 barrels per day to 1.2 million barrels per day.The global energy watchdog said it expects the pace of expansion to slow further to 1.1 million barrels per day next year “as the post-Covid-19 recovery comes to an end.”The IEA…
India is getting a three-wheeled electric passenger car that charges from 0 to 100% in 15 minutes. The launch of the new electric vehicle – a collaboration between car manufacturer Omega Seiki Mobility and battery technology startup Exponent Energy – comes amid India's ambition to electrify 80% of all its three-wheelers by 2030 in a bid to reduce emissions. The new three-wheeler, called Stream City Qik and priced at $3,900 (INR 3,24,999), was launched on Friday and will go on sale from May 15 in Delhi and Bengaluru. It's a version of the previous Omega Stream City and carries a…
The jet streaks across the sky over Regent Street on February 15, 2024 in London, England. Dan Kitwood | Getty ImagesLONDON – The United Kingdom's gross domestic product rose 0.1% in February, marking another sign of a return to sluggish economic growth this year, the Office for National Statistics said Friday.On a monthly basis, this figure is consistent with expectations in a Reuters poll. On an annual basis, GDP decreased by 0.2%.The economy contracted in the third and fourth corners of 2023, putting the UK into a technical recession.January recorded slight growth, which was revised up to 0.3% on Friday.Construction…
Last year, Elon Musk's social network X rolled out a feature for paid users to hide their check marks from others. Now, the company is sending notifications to users that the feature will disappear soon. Just like many of the decisions made by X, there's no set timeline on when the Hide Your Checkmark feature will go away. Last week, the company removed the section describing how to hide the checkmark feature from the X Premium support page before sending notifications to users. The feature was not available to basic tier subscribers. “As a Premium or Premium+ subscriber, you can…
Jamie Dimon, president and CEO of JPMorgan Chase, speaks on CNBC's “Squawk Box” at the World Economic Forum's annual meeting in Davos, Switzerland, on January 17, 2024.Adam Galese | CNBCJPMorgan Chasee is scheduled to report first-quarter earnings before the opening bell on Friday.Here's what Wall Street expects:Earnings: $4.11 per share, according to LSEG Revenue: $41.85 billion, according to LSEGNet Interest income: $23.18 billion, according to StreetAccountTrading Revenue: Fixed income $5.19 billion and stocks $2.57 billion, according to StreetAccountJPMorgan will be closely watched for clues about the banks' performance at the start of the year.While the largest U.S. bank by assets…