Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, selects her favorite stories in this weekly newsletter.ExxonMobil's CEO received a pay package last year worth nearly four times that of the bosses of rivals BP and Shell, highlighting the wide disparity between European and American wages in the booming oil sector.Darren Woods received salary, stock options and a bonus of up to $36.9 million in 2023, the largest U.S. oil company said in a securities filing on Thursday. This was $1 million more than the previous year. His pay compares with the $26.5 million paid to Mike Wirth,…
Author: ricardofrancois
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, selects her favorite stories in this weekly newsletter.Last week, the International Monetary Fund published a working paper on cross-border Bitcoin flows. Its main conclusion is interesting, but not surprising: when there is volatility in the dollar or a change in risk appetite, the flows recorded on the official blockchain (mostly used by whale traders/crypto exchanges) move inversely with regular assets. Off-chain transactions, which are Bitcoin's equivalent of over-the-counter trading, continue as usual. For a full discussion of the how and why, there is a PDF here.But what caught our…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, selects her favorite stories in this weekly newsletter.Taylor Swift has brought her music back to TikTok, putting her at odds with her record label, Universal Music, which went to war with the social media group in February, muting her songs and the rest of her massive catalog from the platform.A selection of Swift's songs were made available again on TikTok on Thursday, ahead of the album's planned release next week. Swift, who owns the copyright to her recordings through a 2018 deal with Universal, can control where her work…
Check out the companies making headlines in midday trading. CarMax – The used car seller fell 13% after reporting fourth-quarter earnings of 32 cents per share on revenue of $5.63 billion. Analysts had expected earnings per share of 49 cents on revenue of $5.80 billion, according to LSEG, formerly known as Refinitiv. Nike – The sports apparel maker added 3.2% after Bank of America upgraded Nike to buy from neutral. The bank said investors should buy lower stocks as estimates and valuations look compelling. Paramount – Shares rose 2% after CNBC's David Faber reported that deal talks with Skydance Media…
Vietnamese real estate tycoon Truong My Lan, center, looks on at a court in Ho Chi Minh City on April 11, 2024.Street | AFP | Getty ImagesVietnamese real estate mogul Truong My Lan was sentenced to death on Thursday for her involvement in the country's largest financial fraud case, state media Thanh Nien reported.Lan was convicted of embezzlement, bribery and violating banking rules related to lending. She was sentenced to death on the embezzlement charges and 20 years in prison on each of the other two charges, according to state media.Lan, who heads real estate developer Van Thinh Phat Holdings…
The huge Internet platforms are slowly merging to form a large monolith, and even the world's most famous companies are not immune to this trend. TikTok's winning strategy of focusing on short-form vertical video has found fans among other online platforms, and now TikTok is taking a page out of its competitor's books, reportedly borrowing from what made it famous. TikTok is launching a new app called TikTok Notes that will allow users to post photos in an apparent attempt to take on Instagram, a service known for its still photo sharing feature. Naturally, Instagram expanded to include videos and…
curry hallyu, Goldman Sachs' The head of strategy and investor relations has been promoted to global treasurer at the bank, according to people familiar with the matter Her new role, effective June 1, includes authority over the company's balance sheet worth more than $1.6 trillion, with responsibilities including oversight of the company's liquidity, financing and capital. She will report to Dennis Coleman, CFO of Goldman Sachs Philipp Berlinsky, the former global treasurer, will leave the bank to become co-chief operating officer of Millennium Management, a $62 billion hedge fund, according to the Financial Times. As part of her new role,…
Christine Lagarde, President of the European Central Bank (ECB), at an interest rate decision press conference in Frankfurt, Germany, on Thursday, March 7, 2024. Bloomberg | Bloomberg | Getty ImagesThe European Central Bank on Thursday held interest rates steady for the fifth straight meeting and gave its clearest signal yet for its next rate cut, despite uncertainty over the US Federal Reserve's next moves.“If the Governing Council’s updated assessment of inflation expectations, core inflation dynamics and the strength of monetary policy transmission increases its confidence that inflation is approaching the target in a sustainable way, it would be appropriate to…
A measure of wholesale prices rose less than expected in March, providing some potential relief from concerns that inflation will remain higher for longer than many economists expected.The producer price index rose 0.2% during the month, less than the Dow Jones estimate of 0.3% and not as much as the 0.6% increase in February, according to a statement Thursday from the Labor Department's Bureau of Labor Statistics.However, on a 12-month basis, the producer price index rose 2.1%, the largest increase since April 2023, suggesting pipeline pressures that could keep inflation high.Excluding food and energy, the core producer price index also…
Good morning. It's Thursday, April 11th. Here's what you need to know to start your day. the news You're reading the Essential California newsletter Our reporters walk you through the top news, features and recommendations every morning Enter your email address Involve me You may occasionally receive promotional content from the Los Angeles Times. Up and down is only 99 cents Californians love the deal. Over 40 years ago, we found one for just 99 cents. But the popular store announced last week that it would close all of its locations.Only 99 cents was the symbol of Los Angeles.The first…