Gini said whenever Anita and her family came to London, "they would always see me, even if they were stopping at the airport for one night on the way to somewhere else".
Gini said whenever Anita and her family came to London, "they would always see me, even if they were stopping at the airport for one night on the way to somewhere else".
Even before factoring in Monday's monster surge in oil and gas stocks, the energy sector was already up 24.2% year to date compared to just 0.5% for the S&P 500 (^GSPC 1.33%). Sectorwide underperformance in 2025, paired with rising oil prices and now geopolitical tensions in Iran, are fueling the rally. But investors may be surprised to learn that energy stocks account for only 3.5% of the S&P 500...
Even before factoring in Monday's monster surge in oil and gas stocks, the energy sector was already up 24.2% year to date compared to just 0.5% for the S&P 500 (^GSPC 1.33%). Sectorwide underperformance in 2025, paired with rising oil prices and now geopolitical tensions in Iran, are fueling the rally. But investors may be surprised to learn that energy stocks account for only 3.5% of the S&P 500, whereas Nvidia (NVDA 2.94%) alone makes up 6.9%. That means Nvidia is worth more than the combined value of ExxonMobil (XOM +0.34%), Chevron (CVX +0.02%), and the other 20 or so energy stocks that are S&P 500 components. Here's why Nvidia deserves to make up such a large portion of the U.S. stock market, how to think about energy within the context of the broader market, and why energy stocks are still relatively cheap. Earnings speak for themselves Part of the reason Nvidia is worth so much more than the entire energy sector is valuation. Nvidia sports a 36.1 price-to-earnings (P/E) ratio compared to 22.3 for the State Street Energy Select Sector SPDR ETF (XLE +0.16%), which tracks energy stocks that are components of the S&P 500. But Nvidia is also massively profitable. Nvidia earned $120 billion in trailing-12-month profit, making it the second-most profitable company in the world behind Alphabet. The chip giant's trailing-12-month earnings are nearly triple those of ExxonMobil (XOM +0.34%) and Chevron (CVX +0.02%) combined, and significantly higher than the 10 largest holdings in the Energy Select Sector SPDR ETF. Nvidia is an incredible value Not only is Nvidia raking in the net income, but it is also converting well over half of its revenue into after-tax net profit. Even the best oil and gas companies can't compete with those margins. Nvidia is still growing rapidly, with revenue up 65% over the past year. And because Wall Street analysts expect Nvidia's earnings to continue soaring, its forward P/E ratio is way lower than its trailing P/E. In fact, it's even lower...
This live blog is freely available to our registered users. Please log in or create an account below. For full coverage of the 15th five-year plan, including policy and economic shifts plus Trump’s visit, subscribe with our China Super March offer now. Chinese Foreign Minister Wang Yi is facing the media this morning to outline Beijing’s foreign policy direction in one of the most-watched events d...
This live blog is freely available to our registered users. Please log in or create an account below. For full coverage of the 15th five-year plan, including policy and economic shifts plus Trump’s visit, subscribe with our China Super March offer now. Chinese Foreign Minister Wang Yi is facing the media this morning to outline Beijing’s foreign policy direction in one of the most-watched events during the annual “two sessions” The press conference is held as China carefully manages its strategic rivalry with the United States, a dynamic that has evolved from a period of intense friction into one tempered by recent high-level exchanges and dialogue. Meanwhile, Beijing has sought to deepen economic ties with Europe as countries, including Washington’s traditional allies, are recalibrating their relations with China amid the Donald Trump administration’s unpredictability. Reporting by Cao Jiaxuan, Alyssa Chen, Fan Chen, Meredith Chen, Shi Jiangtao, Dewey Sim, Orange Wang, Laura Zhou and Zhao Ziwen
Gulf nations reported on Sunday missiles and drone attacks, while Iran vowed to press on with strikes against neighbouring countries as the regional war entered its second week. Saudi Arabia, Qatar and Kuwait all reported new attacks, after loud explosions were heard in Dubai and Bahrain’s Manama a day earlier, and Kuwait’s national oil company announced a “precautionary” cut to production. Qatar’...
Gulf nations reported on Sunday missiles and drone attacks, while Iran vowed to press on with strikes against neighbouring countries as the regional war entered its second week. Saudi Arabia, Qatar and Kuwait all reported new attacks, after loud explosions were heard in Dubai and Bahrain’s Manama a day earlier, and Kuwait’s national oil company announced a “precautionary” cut to production. Qatar’s defence ministry said on Sunday that the country was targeted a day earlier by 10 ballistic missiles and two cruise missiles fired from Iran, but most of them were intercepted and caused no casualties. Advertisement Saudi Arabia’s defence ministry on Sunday said it had intercepted and destroyed 15 drones that entered the kingdom’s airspace, including six east of the capital Riyadh. Also on Sunday, Kuwait’s military said it had responded “to a wave of hostile drones that penetrated the country’s airspace”. Advertisement Fuel tanks at Kuwait’s international airport were targeted in a drone attack, the military said, calling the drone attack “a direct targeting of vital infrastructure”.
New York Millionaire's Club Says They're Happy Paying Higher Taxes Under Mamdani Sigh. It's all so exhausting. Not all of New York’s wealthiest residents are sounding alarms over Mayor Zohran Mamdani’s plan to raise taxes on high earners. In fact, a small group of millionaires says the backlash is a bit over the top, according to Bloomberg . Members of the Patriotic Millionaires — including filmma...
New York Millionaire's Club Says They're Happy Paying Higher Taxes Under Mamdani Sigh. It's all so exhausting. Not all of New York’s wealthiest residents are sounding alarms over Mayor Zohran Mamdani’s plan to raise taxes on high earners. In fact, a small group of millionaires says the backlash is a bit over the top, according to Bloomberg . Members of the Patriotic Millionaires — including filmmaker Abigail Disney, granddaughter of Roy O. Disney of The Walt Disney Company — argue the rich can easily afford to contribute more if it helps fund things like schools, transit and child care. “I’ve gotten tax cut after tax cut after tax cut. And I never needed any of them,” Disney said, backing Mamdani’s proposed 2-percentage-point income-tax surcharge on millionaires. “All these things have fallen out from under the middle class — an education system that works, public transportation, infrastructure, health care.” Bloomberg writes that the mayor has floated several ways to boost city revenue, including higher income taxes for people earning more than $1 million and an increase in the top corporate tax rate. Critics, including hedge fund billionaire Bill Ackman, say the approach risks driving wealthy residents and companies to lower-tax states like Florida or Texas — a concern echoed by Kathy Hochul and business groups. Supporters counter that the idea of a billionaire stampede out of Manhattan is exaggerated. “I’m certainly not going to move because of higher taxes. That’s ridiculous,” said Morris Pearl, a former executive at BlackRock. “I live where I want to live, and so do most rich people.” New York isn’t short on potential taxpayers. Nearly 35,000 city residents earned at least $1 million in 2023, and the top 1% already generate roughly two-fifths of the city’s income-tax revenue, according to the New York City Independent Budget Office. For some wealthy advocates, that just proves the point: the people with the deepest pockets can afford to keep the city running. P...
There are a lot of projects ahead for Fluor Corporation (FLR 2.48%). The engineering, procurement, and construction company has billions in contracts on the docket for 2026, but the stock has still dropped more than 14% in the past week. This begs the question: is Fluor a buy now, or is the market sending a warning sign to investors? Expand NYSE : FLR Fluor Today's Change ( -2.48 %) $ -1.14 Curren...
There are a lot of projects ahead for Fluor Corporation (FLR 2.48%). The engineering, procurement, and construction company has billions in contracts on the docket for 2026, but the stock has still dropped more than 14% in the past week. This begs the question: is Fluor a buy now, or is the market sending a warning sign to investors? Expand NYSE : FLR Fluor Today's Change ( -2.48 %) $ -1.14 Current Price $ 45.04 Key Data Points Market Cap $6.6B Day's Range $ 44.28 - $ 45.53 52wk Range $ 29.20 - $ 57.50 Volume 133K Avg Vol 2.9M Gross Margin -77.40 % Fluor's business fundamentals are strong Fluor has a large contract backlog of $25.5 billion. Of that amount, 81% is reimbursable. This is a good thing as it shifts risk back onto clients, improving Fluor's revenue quality and visibility. These types of contracts are a shift from how Fluor used to operate. Previously, the company dealt mostly in fixed-price contracts. These deals meant Fluor was tasked with coming in under budget or else the company would need to eat any overages. Reimbursable contracts force clients to pay Fluor for all costs plus a fee for profit. This business structure is far more advantageous for Fluor. Fluor has generally exhibited solid financial discipline, even with short-term challenges related to an adverse ruling on its Santos project in Australia. This long dispute resulted in Fluor owing Santos more than $450 million. Two of Fluor's three business lines were profitable in 2025. The Energy Solutions division was the only one that reported a loss, and that was directly attributable to the Santos judgment. The metrics for all three businesses should improve this year. Fluor's 2026 outlook included an EBITDA estimate of $525 million to $585 million. This is a modest but steady increase from 2025's result of $504 million. Fluor is also busy repurchasing shares, which is a bullish signal from the business. In 2025, Fluor repurchased shares worth $754 million and plans another $1.4 billion this yea...
They have found one of the healthiest, most diverse reefs in the region, free from the ravages of the stoney coral disease plaguing the Caribbean. It is likely that this reef is protected, for now, by its depths and the mountain's steep slopes.
They have found one of the healthiest, most diverse reefs in the region, free from the ravages of the stoney coral disease plaguing the Caribbean. It is likely that this reef is protected, for now, by its depths and the mountain's steep slopes.
That is no longer the case. This is just the latest example of President Trump being openly critical towards the prime minister, and it is clear he is still angry the UK blocked him from using British bases when he first launched strikes against Iran.
That is no longer the case. This is just the latest example of President Trump being openly critical towards the prime minister, and it is clear he is still angry the UK blocked him from using British bases when he first launched strikes against Iran.
US President Donald Trump’s nomination of Kevin Warsh to head the Federal Reserve is likely to add more volatility to global financial markets, as his historical stance against financial easing could complicate the Fed’s decision-making in terms of monetary easing, according to analysts. The White House nomination came a month after Trump said the former Fed governor, who opposed rate cuts during ...
US President Donald Trump’s nomination of Kevin Warsh to head the Federal Reserve is likely to add more volatility to global financial markets, as his historical stance against financial easing could complicate the Fed’s decision-making in terms of monetary easing, according to analysts. The White House nomination came a month after Trump said the former Fed governor, who opposed rate cuts during the 2008 global financial crisis, would be his choice to succeed Jerome Powell, whose chair term ends in May. Warsh’s official appointment still requires Senate confirmation. Advertisement UK money manager Schroders said in a report on Thursday that longer-dated US Treasuries had yet to fully price in Warsh’s succession and that they still had some downside room. HSBC Qianhai Securities argued that emerging stock markets, including Chinese equities, would face challenges if the Fed refrains from expanding its balance sheet. “Warsh has shifted from a strict hawk to more of a ‘pro‑growth reformer’, which may explain his appeal to the administration,” said Bertram Lai, analyst at CGS International. “A smaller Fed balance sheet paired with lower rates is worth watching in the weeks ahead.” Advertisement The uncertainty around a new Fed chairmanship adds to challenges facing investors, who have endured declines in stocks and bonds over the past week after US strikes against Iran drove up oil prices and reignited stagflation concerns.
Hong Kong’s new budget is positioned to foster high-quality, inclusive growth through innovation and finance. Ahead of projections, a surplus of HK$2.9 billion (US$370.8 million) is now expected, largely due to the stronger-than-expected stock market and tax receipts. Reflecting a sound fiscal approach and forward thinking, the 2026-27 budget will maintain an operating surplus and allocate about 6...
Hong Kong’s new budget is positioned to foster high-quality, inclusive growth through innovation and finance. Ahead of projections, a surplus of HK$2.9 billion (US$370.8 million) is now expected, largely due to the stronger-than-expected stock market and tax receipts. Reflecting a sound fiscal approach and forward thinking, the 2026-27 budget will maintain an operating surplus and allocate about 60 per cent of recurrent spending to vital sectors such as health, social welfare and education. The introduction of AI+ , artificial intelligence as a tool for economic reinvention, emphasises the commitment to leveraging technology for enhanced growth. With any long-term growth strategy, however, human capital resilience is as critical as technological investment. As society embraces AI, we need to ensure its development and adoption in our business activities do not come at the expense of Hong Kong’s mental wellness – a major systemic vulnerability. Advertisement The recently released World Mental Health Hong Kong Study found that over a 10th of the population had suffered for at least a year from a mental disorder, with anxiety the most common. In addition, the latest figures from the Hong Kong Jockey Club Centre for Suicide Research and Prevention put the 2024 suicide rate at 14.1 per 100,000 people, higher than in 2023, with a marked rise among men aged 25-39, a cohort essential for workforce renewal. Hong Kong’s service capacity, however, presents challenges. Last year, new non-urgent outpatient psychiatric patients had to wait a median 30-76 weeks for treatment, according to Hospital Authority data, with some waiting 101 weeks – compounding illness severity, the strain on families and downstream costs. Advertisement Hong Kong needs to urgently address its mental health concerns – and there are strong economic reasons for doing so. The World Health Organization found that every US$1 invested in scaled-up treatment for depression and anxiety yields roughly US$4 in impr...