SEC Flags Musk’s Tweets on Abuse of Court-Ordered Policy
The SEC informed Tesla that CEO Elon Musk’s tweets breached a court decree policy on two occasions in 2020, according to the Wall Street Journal. The decree mandated Musk’s tweets…
Aramco to Tap Global Capital Markets to Raise $5 Billion to Pay Dividend
Saudi Aramco prepares to raise $5 billion from global capital markets to fund its $75 billion dividends, according to Bloomberg. The company has picked about 15 banks to manage sales…
Mudrick Capital Makes U-turn and Sells its $230.5 Million Stake in AMC
Mudrick Capital has sold its entire holdings in AMC Entertainment, calling the meme stock overvalued, according to Markets Insider. The sale happened the same day Mudrick had purchased $230.5 million…
OPEC+ Agreement to Ease Production Cuts Sees Oil Climb to 2-Year High
Brent crude futures jumped by about 2.7% on Tuesday to trade at $71.17 a barrel after OPEC+ agreed on gradual easing of output cuts, CNBC reports. OPEC+ agreed to boost…
Supreme Court Decline Appeal by J&J to Compensate Aggrieved Women $2.1B
U.S top court has rejected an appeal by Johnson & Johnson to pay $2.1 billion to women as ordered by a St. Louis jury, according to Bloomberg. The compensatory award…
Euro Area Inflation Expected to Jump to 2.0% in May. Unemployment Steadies
Annual inflation in the Euro area is expected to hit 2.0% in May, up from 1.6% in April, according to the Eurostat press release. Energy is projected to post the…
AMC Entertainment Surges 17% after Selling 8.5 Million Shares
Meme stock AMC Entertainment extended gains on Tuesday after raising $230.5 million from Mudrick Capital Management, according to CNBC. The money, raised through sale of 8.5 million shares, will be…
Eurozone Manufacturing Reaches a Record High Amid Supply Chain Headaches
Manufacturing PMI in the Eurozone hit a record 63.1 in May, from April’s 62.9, according to the IHS Markit press release. The activity came at the back of deteriorations in…
U.S Junk Bond Investors Exercise Caution as Inflation Pressures Mount
Rising inflation worries are resulting in a loss of momentum on U.S junk bonds, according to Financial Times. Additional yields for holding the junk bonds to U.S Treasuries were almost…
China’s Banks to Hold 7% Forex Reserves to Control Ballooning Yuan
Chinese banks will hold 7% of foreign currencies in reserves, according to Bloomberg. The rate is a 2% increase and is the first in ten years aiming to counter the…
Brent Surpasses the $70 Mark ahead of OPEC+’s Crucial Output Meeting
Brent oil rose past the $70 a barrel level after OPEC+ said it expects tightening of the global market, reports Bloomberg. OPEC+ says surplus oil accumulated during the pandemic has…
Futu and Tiger Defy Crypto Crackdown in China in International Expansion
China’s Futu and Tiger Brokers are seeking a Singapore and U.S license to avail trading in digital tokens, according to CNBC. The companies, set to rival stock trading app Robinhood,…
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