MARKETS - Page 16

A study released on Monday by the Boston Consulting Group suggests that global banks have the potential to increase their combined valuations by $7 trillion over the next five years. Despite obstacles, lenders could double their current valuations if they pursue growth and improved price-to-book ratios. The most significant obstacle is the large gap in profitability, with net interest margins (NIMs) having peaked or even deteriorated in recent years and likely to decline again this year. While regulatory requirements and

On Friday, crypto asset manager Bitwise said that $240 million flowed into its spot bitcoin exchange-traded fund (ETF), the most of the ten such products that began trading on Thursday. The funds are the latest sign that investors are warming to digital assets after a decade-long tussle with the industry. The new ETFs have triggered a fee war as fund issuers compete to lure money by slashing fees and waiving them for the first six months of trading. Bitwise, a

On Wednesday, the U.S. securities regulator approved the first U.S.-listed exchange-traded funds to track bitcoin in a watershed for the world’s largest cryptocurrency and the broader crypto industry. The Securities and Exchange Commission said it approved 11 applications, including from BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck, despite warnings from some officials and investor advocates that the products carried risks. Most products are expected to begin trading Thursday, kicking off a fierce competition for market share. Cryptocurrency proponents say the

Hewlett Packard Enterprise is in the early stages of a deal to buy Juniper Networks, which would help the nearly 100-year-old technology company compete better in the emerging artificial intelligence industry. A deal could be announced as early as this week, reports. Shares of Juniper rose more than 22% in extended trading Monday following the report. The networking equipment maker specializes in high-performance networks and services. It offers routing, switching, wireless fidelity, networking security, and software-defined networking. Its solutions are

According to Jefferies analysts, Apple iPhone sales in China dropped by 30% in the first week of 2024. That’s a significant drop for the world’s largest smartphone market and signals growing competitive pressures from domestic rivals such as Huawei (HWT.UL) for the U.S. tech giant. The brokerage said that the decline in Apple’s sales was the primary catalyst for a double-digit drop in China smartphone shipments for the first week, citing industry checks. Other Android brands and Huawei achieved relatively

Tesla gains a competitive advantage in the world’s largest auto market, China, by implementing a real-time, proactive management approach for its sales staff. This strategy sets Tesla apart from dealerships representing brands like BYD, providing an edge in the highly competitive automotive landscape, as reported by three individuals familiar with the matter. This real-time collection of data lets the U.S. company better judge supply and demand, allowing it to make pricing changes more quickly than rivals like Chinese carmaker Geely

Taiwan’s Foxconn, the world’s largest contract electronics maker and Apple Inc’s biggest iPhone assembler, said on Friday it expected an on-year drop in first-quarter revenue coming off a high base. The quarterly report echoed weak forecasts from fellow Apple suppliers in December and added to fears of a slowdown in smartphone demand. Apple suppliers’ shares, including casing maker Jabil Circuit Inc. and chipmaker Dialog Semiconductor GmbH, fell between 2 percent and 6 percent. They were among the worst-performing stocks on

Ocean cargo rates are surging after a missile attack and attempted hijacking of a Maersk ship this weekend prompted carriers to suspend plans to restart transits through the Red Sea, a critical artery to the vital Suez Canal trade route. Yemen-based Houthi militants have been attacking high-value cargo vessels in the Red Sea since November in a show of support for the Palestinian Islamist group Hamas fighting Israel in Gaza. It has forced ships to reroute around the southern tip

US car maker Tesla has lost its crown for most sales of all-electric vehicles to Chinese firm BYD, which has capitalized on Beijing’s strong government support for the burgeoning sector. The US-based car manufacturer run by billionaire Elon Musk delivered a record 484,507 vehicles in the fourth quarter of 2023, according to a company filing Tuesday — up more than 11 percent from the previous quarter. However, more than the jump was insufficient needed to keep the Silicon Valley darling