Combination showing Taylor Swift (L) and Ray Dalio. Getty Images (L) | CNBC (R) Hedge fund billionaire Ray Dalio attended Taylor Swift’s Eras Tour in Singapore, and posted a selfie from the packed venue along with a caption explaining why he thought the megastar should be the next president of the United States. “@TaylorSwift for President!” Dalio wrote Thursday on Instagram. “I just saw her at her concert in Singapore and realized that she can bring together Americans and people in most countries much better than either of the candidates, and that bringing people together is the most important thing,”...
NYCB lost 7% of deposits in past month, slashes dividend to 1 cent
New York Community Bank said Thursday it lost 7% of its deposits in the turbulent month before announcing a $1 billion-plus capital injection from investors led by former Treasury Secretary Steven Mnuchin’s Liberty Strategic Capital. The bank had $77.2 billion in deposits as of March 5, NYCB said in an investor presentation tied to the capital raise. That was down from $83 billion it had as of Feb. 5, the day before Moody’s Investors Service cut the bank’s credit ratings to junk. NYCB also said it’s slashing its quarterly dividend for the second time this year, to 1 cent per...
Powell reinforces position that the Fed is not ready to start cutting interest rates
Federal Reserve Chair Jerome Powell on Wednesday reiterated that he expects interest rates to start coming down this year, but is not ready yet to say when. In prepared remarks for congressionally mandated appearances on Capitol Hill Wednesday and Thursday, Powell said policymakers remain attentive to the risks that inflation poses and don’t want to ease up too quickly. “In considering any adjustments to the target range for the policy rate, we will carefully assess the incoming data, the evolving outlook, and the balance of risks,” he said. “The Committee does not expect that it will be appropriate to reduce...
Tesla shares slip 4.5% after suspected arson attack halts production at Berlin Gigafactory
Tesla’ logo is seen on the Tesla factory building in Berlin, Germany on February 22, 2024. In the southeastern outskirts of Berlin, within the Grunheide district, local residents are expressing opposition to the expansion plans of the first automobile factory of US electric car manufacturer, Tesla in Europe. Anadolu | Anadolu | Getty Images Tesla shares fell Tuesday morning after the carmaker’s gigafactory near Berlin was forced to halt production due to a suspected arson attack at a nearby electricity substation. The facility is likely to be without power for several days and production is not expected to resume this...
Flying car firm Alef hits 2,850 preorders, worth over $850 million
BARCELONA, Spain — Alef Aeronautics, a SpaceX-backed flying car firm, says it has reached 2,850 preorders for its futuristic electric vertical takeoff and landing (eVTOL) vehicle. Alef Aeronautics, which is based in San Mateo, California, said preorder numbers recently hit a fresh record after previously reporting 2,500 preorders for its two-seater flying car, the Alef Model A. Customers can access preorders for the Model A online, and to preorder, you have to put down a $150 deposit for the vehicle. Customers can pull the deposit at any time if they want to, so they’re not locked in. Alef is planning to...
Saudi Arabia and Russia extend voluntary crude oil supply cuts until the end of June
Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman al-Saud gesture upon his arrival at the 8th OPEC International Seminar in Vienna on July 5, 2023 Alex Halada | AFP | Getty Images Heavyweight oil producers Saudi Arabia and Russia will extend their voluntary crude supply cuts until the end of the second quarter. The two countries steer the group of the Organization for the Petroleum Exporting Countries and its allies, known as OPEC+. Saudi Arabia will stretch out its voluntary crude production cut of 1 million barrels per day until the end of the second quarter, the state-owned Saudi...