Calpers reports a loss of 6.1% for its fiscal year

Calpers reports a loss of 6.1% for its fiscal year

The California Public Employees’ Retirement System returned a negative 6.1% for the year ended June 30, the fund said Wednesday. The loss in the country’s largest pension fund reflects the gloomy investment climate for both institutional and household savers over the past 12 months. It’s also bad news for other pension funds around the country, … Read more

The Fed should not raise interest rates too quickly

The Fed should not raise interest rates too quickly

Here’s a letter to both the Federal Reserve and the financial markets: As the Fed raises interest rates, remember the tortoise, the hare and Milton Friedman. In the well-known fable, the Tortoise, who was methodical, not at all flashy, but firmly focused on the end game, defeated the Hare, who was mercurial and easily distracted. … Read more

Natural gas remains Putin’s weapon of choice

Natural gas remains Putin’s weapon of choice

Twenty percent capacity on the Nord Stream gas pipeline is an ideal number to keep global gas markets on edge. Russian President Vladimir Putin said late Tuesday that gas flows would restart this week on the vital artery into Europe, but that it could be as low as 20% of capacity. This avoids the worst-case … Read more

Tesla ready to profit from China’s factory shutdown

Tesla ready to profit from China’s factory shutdown

Updated July 20, 2022 at 1:08 p.m. ET Listen to the article (2 minutes) Tesla is expected to report its first sequential drop in quarterly profit in more than a year as it recovers from an extended shutdown at its Shanghai assembly plant. Covid-19-related restrictions in China and ongoing supply chain disruptions limited the company’s … Read more

This is how Europe’s will is being strengthened after the nuclear agreement with Iran

This is how Europe’s will is being strengthened after the nuclear agreement with Iran

President Biden admitted last week that his long-suffering efforts to revive the 2015 Iran nuclear deal were finally coming to an end: “We’re waiting for their response. When that will come, I’m not sure. But we’re not going to wait forever .” We have been hearing this since December 2021, even from the Europeans, the … Read more

Market Rout shows the dangers of margin lending, crypto style

Market Rout shows the dangers of margin lending, crypto style

Eugene Erlikh had about $25,000 in his account at Celsius Networks LLC last September when he borrowed $4,000 in a so-called margin loan to buy cardano, a cryptocurrency. The loan put the 32-year-old Los Angeles resident on the wrong side of one of the major meltdowns in the cryptocurrency world. On June 12, Celsius told … Read more

Abbott raises earnings outlook as revenue rises

Abbott raises earnings outlook as revenue rises

Abbott Laboratories raised its annual earnings guidance after posting higher-than-expected revenue from Covid-19 testing products. Abbott, based in Abbott Park, Ill., now forecasts $6.1 billion in revenue from sales of Covid tests this year, up nearly a third from an earlier projection. Most of these sales have already taken place. It expects only $500 million … Read more

US home prices hit new record of $416,000 in June as sales continue to slide

US home prices hit new record of $416,000 in June as sales continue to slide

The median existing home price hit another record in June, rising to $416,000, and sales fell for a fifth straight month as higher interest rates pushed more buyers out of the market. Sales of previously owned homes fell 5.4% in June from the previous month to a seasonally adjusted annual rate of 5.12 million, the … Read more

US disrupts North Korean Ransomware campaign against hospitals

US disrupts North Korean Ransomware campaign against hospitals

U.S. law enforcement agencies recently disrupted a North Korean state-sponsored hacking campaign targeting U.S. hospitals and other medical facilities, an operation by the Department of Justice that involved the seizure of about half a million dollars in ransom cryptocurrency, Deputy Prosecutor Lisa Monaco said Tuesday. The disruption and recovery of funds is the latest example … Read more

China Evergrande prepares to shed light on restructuring as creditors’ patience wears thin

China Evergrande prepares to shed light on restructuring as creditors’ patience wears thin

China Evergrande Group has yet to reach an agreement with its international bondholders on a restructuring of the troubled property giant, according to people familiar with the matter, as a self-imposed July deadline to unveil an interim plan looms. The Chinese property developer, which has more than $300 billion in liabilities, defaulted on its US … Read more