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
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
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
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
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
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 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
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
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 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