IPO ARM IPO Smashes The awaited IPO of the chip designer, seems to be an initial success, surging around 31% from its IPO price. On the surface it looks like it’s surge is due to the rising tide of AI, but the truth is ARM relies more on smartphone products vs AI, so the initial …
CRYPTO FTX Exec Pleads Guilty In the continuing saga of FTX, former FTX executive Ryan Salame, pleaded guilty to two criminal counts: Federal campaign finance and money-transmitting crimes. In doing so, he will forfeit $1.5 billion as part of his guilty plea. COMMODITIES Kenya to Buy Corn at Market Prices Diverting from its normal corn-buying …
ECONOMY China’s Industries Showing Signs of Decline It’s not a good sign for the world when one of the biggest economies of the world shows multiple signs of decline, such as real estate, manufacturing and consumer spending. BANKING UBS Posts Historic Q2 Profits Thanks to taking over beleagured Credit Suisse, UBS posted a historic Q2 …
BANKRUPTCY WeWork Rebrands to WeBroke The embattled co-working space company, once the leader of the pack, has fallen far from grace and is potentially in a precarious status, close to filing for bankruptcy. ECONOMY BRICS Making New Friends The emerging market coalition known as BRICS, is expanding its membership to six new countries: Argentina, Egypt, …
BANKRUPTCY China Evergrande Group Files for Bankruptcy in US One of China’s largest real estate developers, China Evergrande Group has filed for bankruptcy in the US (New York) as Chinese property sector struggles. COMPLIANCE Goldman Sachs Looks at Hiring Spree After rounds of layoffs, Goldman Sachs is now looking at a hiring spree in a …