Finance
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Jamie Dimon slams Coinbase CEO as ‘full of sh*t’ and warns banks won’t accept crypto bill
J.P. Morgan CEO Jamie Dimon is back on frank form when it comes to crypto bill the Clarity Act, saying a proponent of the legislation—Coinbase CEO, Brian Armstrong—is “full of shit.” Dimon, the leader of the largest bank in the U.S., was asked on Friday about the landmark bill that would establish a regulatory framework…
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Exclusive: Binance adds U.S. stocks in ‘super app’ push, plans to launch tokenized shares
Binance, the world’s biggest cryptocurrency exchange, announced on Monday that its users will be able to trade more than 7,000 U.S. stocks and ETFs. The company also announced an upcoming plan to allow customers to convert the stocks they hold into crypto-style digital assets as part of its broader ambition to become a “multi-asset financial…
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Billionaires already couldn’t talk to their grandchildren. Now they’re on opposite sides of the AI divide
The scene plays out in family offices from Greenwich to Geneva, in slightly different variations but with a familiar arc. A junior analyst — often the founder’s grandchild, or close to it — has spent the last six months running investment memos through an AI summarization tool. The results are good. Hours of work compressed…
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Powell keeps battling Trump without saying his name: ‘Like many other institutions, the Fed has been undergoing a stress test’
Former Federal Reserve Chair Jerome Powell used one of his first major public appearances since leaving office to defend independent institutions while accepting an award Sunday honoring his efforts to preserve the central bank’s independence. Speaking at the John F. Kennedy Presidential Library overlooking Boston Harbor, Powell called universities, courts, Congress and the central bank…
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Berkshire Hathaway to buy Taylor Morrison for $6.8 billion
Berkshire Hathaway Inc. will acquire Taylor Morrison Home Corp. in an all-cash deal worth about $6.8 billion, the two companies announced on Sunday. The offer of $72.50 per common share represents a 24% premium to the home builder’s latest closing price on Friday. The deal is expected to close in the second half of this…
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Wall Street may have solved a nagging mystery in global oil markets as doomsday scenarios have yet to arrive
China has quietly emerged as the global oil market’s stealthy swing consumer, potentially holding off doomsday a while longer. For months, investors wondered why crude oil prices failed to reach worst-case scenarios, even as a fifth of the world’s supply remained bottled up in Persian Gulf. To be sure, Saudi Arabia diverted exports to bypass…
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Financial markets are losing the security blanket that’s bailed them out of trouble so many times, top economist warns
Stocks continue notching record high after record high as the AI boom overwhelms fears about the global oil shock, but markets are doing it without a long-implied safety net. That’s according to Mohamed El-Erian, chief economic adviser at Allianz and chair of Gramercy Funds Management, who warned in a Financial Times op-ed that a decades-old…
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I wrote that Boomers were choking America’s economy. Their responses to me were revealing
I thought I was writing an interesting column about demographic changes and structural forces in the economy, but “the pig and the python” struck a nerve. America’s Boomers told me so. The piece argued that the U.S. economy is like a python that swallowed a pig when boomers entered the housing and labor markets in…
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Chinese factory activity flattens as analysts wonder about true damage from Iran War
China’s factory activity was flat in May, according to an official survey released Sunday, raising questions about how much further the country’s economy can shield itself from the fallout of the ongoing Iran war and pressure on demand. The official manufacturing purchasing managers index moderated to 50 from 50.3 in April, according to the National Bureau of Statistics.…
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If Elon Musk merges SpaceX with Tesla he’ll create a $3.4 trillion behemoth—with zero profits
On May 27, CNBC reported that, according to a Tesla employee and others familiar with the talks, the EV-maker and rocket and AI purveyor are weighing a merger. Prior to that story, speculation about the potential tie-up was already running rampant. Wedbush Securities analyst Dan Ives put the chances for a combo at 80%, adding…