Warren Buffett’s Berkshire Hathaway ups stakes in 5 Japanese trading firms
Berkshire Hathaway seems pretty convinced by Japanese markets after bagging over $17B to add its stakes in five different Japanese trading firms. Berkshire Hathaway said on June 19 that its wholly-owned subsidiary National Indemnity Company had increased its stake in five Japanese trading firms to average more than 8.5%.
Fidelity Investments to follow BlackRock and file for an iShares Bitcoin ETF
Fidelity Investments is rumoured to be planning on filing for an iShares Bitcoin ETF on top of acquiring troubled digital assets manager Grayscale. The news comes at a time when the crypto space is anticipating the swarming of TradFi institutions into the crypto industry following an initial bold move by BlackRock.
Oil prices skyrocket following Saudi Arabia’s new voluntary production cuts
Saudi Arabia has pledged further voluntary oil production cuts, increasing oil prices. According to a statement by the energy minister, the Kingdom is set to decline its production by a million to 9 million barrels a day.
U.S.A. jobs rose 339K in May; unemployment rates spiked too
Non-farm U.S.A. jobs increased in May by 339,000, which is much higher than the 190K that Dow Jones estimated.
U.S. Senate passes debt ceiling bill; Markets and community reacts
The U.S. Senate has passed the debt ceiling bill preventing the U.S. from defaulting on its debt which would have been the first event of its kind.
U.K. economy check: Eurozone inflation falls, easing cost of living; Brexit remains a historic economic error
Eurozone inflation has fallen faster than anticipated a month ago, easing living costs.
U.K. house prices are falling at the fastest annual rates since 2009
Former U.S. Treasury Secretary Larry Summers says Brexit was a “historic economic error” that has hurt the U.K. economy, driving up inflation.
Elon Musk becomes the richest person in the world again
Tesla CEO Elon Musk has regained his status as the world’s richest man once again as he overtakes Bernard Arnault. Elon Musk is touring China for the first time in three years on May 31, 2023, meeting China’s foreign minister Qin Gang.
Debt ceiling bill passes in the House; Senate to have the last laugh
The House passed a debt ceiling bill on Wednesday night, days before the U.S. Treasury runs out of money to pay its bills.
Treasury Yields fall as investors anticipate debt ceiling vote
U.S. Treasury Yields have fallen as investors wait for a crucial debt ceiling vote to be held in the House of Representatives later in the day.
Argentina to expand de-dollarisation efforts: fostering better relations with China
Argentina, one of the countries struggling with the highest inflation rates currently, is planning to expand its plans to de-couple from the U.S. dollar. The Minister of Economy, Sergio Massa, will enter into talks with China to expand the current swap line from $5 billion to $10 billion lent in Chinese Yuan.
U.S. economy check- Debt ceiling talks deferred, Commerce Department hold talks with China
The U.S. economy may have a fighting chance as the debt ceiling may bear fruit soon as Speaker McCarthy and President Biden are set to reach common ground next week to save the U.S. from an almost imminent debt default.
E.U. markets rise as US debt ceiling talks enter final stages
European stock market opened higher on May 16, 2023, following a previous report that the US was reaching the final stages of best ceiling talks.