Energy
Affirm heads for second-worst week on record on tariff worries, Klarna delayed IPO
Igor Golovniov | SOPA Images | Lightrocket | Getty Images Affirm shares have plunged nearly 30% over the past two trading days and are on track to close out their second-worst week on record, following President Donald Trump’s sweeping tariff announcement on Wednesday. Widespread tariffs could represent a particular problem for Affirm because the provider […]
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U.S. energy secretary’s former company crushed by oil sell-off after Trump tariff escalation
Chris Wright, chief executive officer of Liberty Energy Inc. and US energy secretary nominee for US President-elect Donald Trump, arrives for a Senate Energy and Natural Resources Committee confirmation hearing in Washington, DC, US, on Wednesday, Jan. 15, 2025. Al Drago | Bloomberg | Getty Images Liberty Energy shares lost around nearly a third of their […]
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Why OPEC+ is accelerating oil production as prices are tanking and tariffs hammer markets
The Phillips 66 Company’s Los Angeles Refinery in California. Bing Guan | Reuters The oil price outlook is being hit with more bearish forecasts on the back of U.S. President Donald Trump’s sweeping and market-hammering tariff announcements. Businesses and investors worry that a trade war and lower global growth lies ahead. Goldman Sachs on Thursday […]
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BP chair Helge Lund to step down after oil major pledges strategic reset
British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024. Nurphoto | Nurphoto | Getty Images British oil major BP on Friday said its chair Helge Lund will soon step down, kickstarting a succession process shortly after the company launched a fundamental strategic reset. “Having fundamentally […]
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Fintech stocks such as Affirm, PayPal plunge on concern Trump tariffs will hurt consumer spending
The global market rout on Thursday, sparked by President Donald Trump’s announcement of widespread tariffs, had an outsized effect on fintech companies and credit card issuers that are closely tied to consumer spending and credit. Affirm, which offers buy now, pay later purchasing options, plunged 19%, while stock trading app Robinhood slid 10% and payments […]
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Bitcoin-related startup deals soared in 2024 alongside crypto prices, research shows
Romain Costaseca | Afp | Getty Images As crypto prices rallied to record highs last year, venture investors piled into new bitcoin-related startups. The number of pre-seed transactions in the market climbed 50% in 2024, according to a report published Thursday from Trammell Venture Partners. The data indicates that more entrepreneurs entered the bitcoin arena […]
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Eric Trump says he moved to crypto after family business became ‘most canceled company’
Eric Trump says his family was “the most canceled company, probably on Earth.” That was then. With his dad, President Donald Trump, back in the White House, he sees a new money-making opportunity. “It actually is what drove us toward cryptocurrency,” the president’s middle son told CNBC, referring to the Trump family’s latest business endeavors. […]
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Stablecoin issuer Circle files for IPO as public markets open to crypto
Jeremy Allaire, Co-Founder and CEO, Circle David A. Grogan | CNBC Circle, the company behind the USDC stablecoin, has filed for an initial public offering and plans to list on the New York Stock Exchange. The prospectus, filed with the SEC on Tuesday, lays the groundwork for Circle’s long-anticipated entry into the public markets. JPMorgan […]
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Activist investor Elliott takes short position in Shell after building a stake in rival BP
A Shell gas station on May 03, 2024 in Austin, Texas. Brandon Bell | Getty Images U.S. activist investor Elliott Investment Management has taken a short position against British oil major Shell as part of a global hedging program. The move, which was first reported by British newspaper The Times on Thursday, comes shortly after […]
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Robinhood CEO sees Amazon-like subscription model as path to ‘loyalty’ in financial services
Robinhood CEO Vlad Tenev is betting that by rolling out a large enough portfolio of digital investment products, more consumers will be willing to pay a monthly subscription for its product suite. Subscribers to Robinhood Gold pay $5 a month or $50 a year for perks like 4% interest on uninvested cash, access to professional […]
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