Pyramid schemes or Ponzi schemes as they are often called have been around in the market economy for quite some time now. They have even wrecked significant havoc and always end up being part of some form of crisis or another. Even in 2008, the Bernie Madoff scandal caused chaos on Wall Street as a pyramid scheme had been used to siphon off $50 billion from under the nose of the world’s most competent regulators. Pyramid schemes have therefore always been regarded as dangerous, to say the least. However, none of the pyramid schemes had brought about a revolution and…
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( Reuters) – Canada’s main stock index was set to extend gains on Tuesday, tracking higher crude-oil prices, ahead of inflation data. The consumer price index is expected to have eased to 5.4% from a year earlier in February, from a 5.9% rise in the previous month, according to a Reuters poll. The data is due at 8:30 a.m. ET. The consumer price index is expected to have eased to 5.4% in February from a 5.9% rise in the previous month, according to a Reuters poll. The data is due at 8:30 a.m. ET. Money-market participants are expecting the Bank…
By Andy Bruce and Sachin Ravikumar LONDON (Reuters) -Britain’s government borrowed more than expected in February, official data showed on Tuesday, but finance minister Jeremy Hunt may still hope that falling energy costs and inflation will offer leeway later this year for a pre-election tax cut. The Office for National Statistics said public sector net borrowing, excluding state-owned banks, was 16.7 billion pounds ($20.4 billion) last month, the largest February deficit since monthly records began in 1993. The reading was above all predictions in a Reuters poll of economists, which had a median forecast for 11.4 billion pounds in borrowing.…
By Senad Karaahmetovic Stifel analysts resumed research coverage of Alphabet (NASDAQ:GOOGL) at Buy with a price target of $130 per share. Despite investor concerns about the success of Microsoft’s (NASDAQ:MSFT) Bing search engine on the back of the OpenAI integration, the analysts remain positive that Google will maintain its large market share. “We don’t expect the public as a whole to change their daily habits regarding search behavior (Google is a verb, at least today). In an attempt at being conservative, we model share loss of 150bps for each of 2023 and 2024 in the Search business (revenue share) against GroupM’s Search…
By Amanda Cooper and Tom Westbrook LONDON/SINGAPORE (Reuters) -Global shares rose on Tuesday, after the rescue of Credit Suisse arrested a rout in bank stocks, but signs of stress in the financial system are making investors wonder if another lender may deliver a nasty surprise, and how central banks might respond. The Federal Reserve begins a two-day meeting later in the day and after a wild few sessions, U.S. interest rate futures pricing implies that a peak in rates is either imminent or has already been reached. Many investors had thought concerns about the stability of the banking sector were…
By Amanda Cooper and Tom Westbrook LONDON/SINGAPORE (Reuters) -Global shares rose on Tuesday, after the rescue of Credit Suisse arrested a rout in bank stocks, but signs of stress in the financial system are making investors wonder if another lender may deliver a nasty surprise, and how central banks might respond. The Federal Reserve begins a two-day meeting later in the day and after a wild few sessions, U.S. interest rate futures pricing implies that a peak in rates is either imminent or has already been reached. Many investors had thought concerns about the stability of the banking sector were…
By Michael Elkins Morgan Stanley upgraded Harley-Davidson Inc (NYSE:HOG) to an Overweight rating (From Equal Weight) and reiterated a $50.00 price target for the stock. Analysts recently spent a full day with management in Milwaukee and have increased conviction in Chairman and CEO Jochen Zeitz’s focus on generating cash flow from the core motorcycle business while judiciously managing the risks of the LVWR business. Taking over as CEO at the start of COVID, Jochen Zeitz used the crisis to drive improved efficiency in the HOG business model, including rationalizing product lines, consolidating the dealer network, concentrating growth initiatives, and carving…
By Senad Karaahmetovic Investor sentiment is close to levels of pessimism seen at lows in the last 2 decades, according to Bank of America’s March Global Fund Manager Survey (FMS). The sentiment/positioning is consistent with prior major market lows, according to BofA’s strategists. The investor sentiment declined in March with the average percentile rank of next-12-month growth expectations, cash allocation, and equity allocation falling to the lowest level since December 22. “Net 51% of FMS investors expect a weaker economy in 12 months, up from 35% last month and highest since Nov’22. Note that the S&P 500 index has been flat over…
BERLIN/BRUSSELS (Reuters) -The European Commission has drafted a plan allowing sales of new cars with internal combustion engines that run only on climate neutral e-fuels, in an attempt to resolve a spat with Germany over the EU’s phasing out of combustion engine cars from 2035. The draft proposal, seen by Reuters on Tuesday, suggests creating a new type of vehicle category in the European Union for cars that can only run on carbon neutral fuels. Such vehicles would have to use technology that would prevent them from driving if other fuels are used, the draft said. This would include a…
By David Lawder, John Revill and Selena Li (Reuters) – Investors stepped cautiously into bank stocks on Tuesday, emboldened by the rescue of Credit Suisse, with share prices inching tentatively higher amid continuing concerns about smaller U.S. lenders and further financial market ructions. After a tumultuous 10 days which culminated in the 3 billion Swiss franc ($3.2 billion) Swiss-regulator-engineered takeover of Credit Suisse by its rival UBS, attention has now shifted to this week’s meeting of the U.S. Federal Reserve. As concern over the health of U.S. mid-sized lenders lingers, Treasury Secretary Janet Yellen plans to tell bankers later on…
