BlackRock, a major player in the asset management industry, reported a 10% increase in profits in the second quarter. This growth was primarily driven by the strong performance of its Exchange-Traded Funds (ETFs), which saw record inflows in the first half of the year. The company achieved a milestone by reaching $10.6 trillion in assets
Profits
The Australian economy is closely tied to economic indicators from China, given that China accounts for one-third of Australian exports. As investors analyze the implications of the Australian inflation numbers on the RBA rate path, attention is also turning to Chinese industrial profit numbers and their potential influence on buyer appetite for the Aussie dollar.
As we head into the final trading week of the first half of the year, Asian markets are experiencing a mixed bag of performance across equities, currencies, and bonds. While Asian stocks are generally in decent shape, Chinese markets are struggling to keep up with their regional and global peers. Chinese stocks have been underperforming
The Group of Seven (G7) wealthy democracies are gearing up to send a firm message to small Chinese banks about their involvement in assisting Russia in evading Western sanctions. Leaders from the G7 countries are expected to have intense conversations during their upcoming summit in Italy about the growing trade relationship between China and Russia
In a recent meeting of the G7 finance chiefs in STRESA, Italy, a draft statement revealed discussions on utilizing the future income from frozen Russian assets to assist Ukraine. This move comes after the G7 and its allies froze approximately $300 billion of Russian assets following Moscow’s invasion of Ukraine in February 2022. The aim
British neobank Monzo recently announced that it has raised an additional $190 million in funding, bringing its total raised this year to $610 million. This funding round saw participation from new investors such as Hedosophia, CapitalG, and Singaporean sovereign wealth fund GIC. The latest funding round values Monzo at around $5.2 billion, surpassing its previous
The crypto market capitalisation has experienced a 2% increase over the past week, with a significant 13% surge from the lows observed on May 1st. This growth was marked by a bottom formation on Wednesday, followed by a moderate rebound on Thursday and stronger buying activities on Friday. However, the market hit a roadblock over
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Recently, a former Societe Generale trader, Kavish Kataria, made headlines after accusing the French bank of unfairly firing him for unauthorized risky bets. Kataria claimed that he was made a “scapegoat” by the bank and that it failed to take responsibility for missing the trades. According to Kataria, the profits and losses on his trades
Australia’s banking sector is facing challenges that could lead to weaker first-half profits for the country’s biggest banks. Operating costs and competition for mortgage and deposit sales are putting pressure on margins, potentially reversing the stock rally that has propelled the sector in recent years. Traditionally, rising interest rates have benefited Australia’s largest banks. However,
The latest data from the National Bureau of Statistics (NBS) in China revealed that industrial profits in the first quarter experienced a smaller increase compared to the first two months of the year. The profits of China’s industrial firms only rose by 4.3% year-on-year, which is significantly slower than the 10.2% growth recorded in the
The proposal to utilize future interest earned on some $300 billion worth of frozen Russian assets to support Ukraine, instead of seizing them outright, is gaining traction among the Group of Seven nations. The plan involves collateralizing the interest accrued on these assets, estimated at around $5 billion annually, which seems to be a favored