Jonathan Kitchen The Middle East conflict has disrupted supplies of vital raw materials and increased prices of the printed circuit boards, or PCBs, used in electronic devices, Reuters reported, citing industry sources and executives. Earlier this month, Iran struck Saudi Arabia's Jubail petrochemical complex, which led to a pause in the production of high-purity polyphenylene ether, or PPE, resi...
Jonathan Kitchen The Middle East conflict has disrupted supplies of vital raw materials and increased prices of the printed circuit boards, or PCBs, used in electronic devices, Reuters reported, citing industry sources and executives. Earlier this month, Iran struck Saudi Arabia's Jubail petrochemical complex, which led to a pause in the production of high-purity polyphenylene ether, or PPE, resin, a key base material used to manufacture PCB laminates, the report added. SABIC, which accounts for about 70% of the world's high-purity PPE supply and operates in the Jubail complex on the Gulf Coast, has not been able to restart production, severely tightening the availability of the material globally, the report noted. Shipping in and out of the Gulf has been severely disrupted by the Iran war. PCB prices have increased since late last year, driven by a rising demand for AI servers. Demand has been booming since March as manufacturers have been looking to secure raw material supplies and soften the impact of rising costs, the report added. In April, PCB prices soared up to 40% from March, according to Goldman Sachs analysts. Cloud service providers are willing to accept increases as they anticipate that demand will outpace supply over the coming years, as per the report. The global PCB industry is forecast to grow 12.5% to reach $95.8B in 2026, as per a recent report from Prismark. Daeduck Electronics, a South Korean PCB maker whose customers include Samsung Electronics ( SSNLF ), SK hynix ( HXSCL ), and AMD ( AMD ), has started discussions with customers over price increases, a senior executive at the company told the news agency. The executive said his priority has now changed from meeting customers to suppliers, as the waiting time for chemical materials like epoxy resin has grown to 15 weeks from three weeks previously, the report added. The sharp increase in PCB prices has also been due to a shortage of other crucial materials, such as glass fiber and co...
J Studios/DigitalVision via Getty Images In the last decade, having the Vanguard Total International Stock Index Fund ETF ( VXUS ) in a portfolio would not have brought either a reduction in volatility or competitive returns. But it's natural. In the last decade, what did the fund's holdings have that was competitive compared to the USA? Well... let me tell you that this, in my opinion, is a reaso...
J Studios/DigitalVision via Getty Images In the last decade, having the Vanguard Total International Stock Index Fund ETF ( VXUS ) in a portfolio would not have brought either a reduction in volatility or competitive returns. But it's natural. In the last decade, what did the fund's holdings have that was competitive compared to the USA? Well... let me tell you that this, in my opinion, is a reasoning that doesn't hold today. The TTM dividend of 2.77%, combined with attractive valuations, is generating demand for VXUS, reducing the performance gap compared to the S&P 500. And in my opinion, this trend, net of some short-term misalignments generated by the conflict in Iran, is destined to continue. Here's why, but first... What is VXUS It's an ETF with an expense ratio of 0.05% that replicates the FTSE Global All Cap ex US Index (benchmark) , a float-adjusted, market capitalization-weighted index designed to measure the performance of equity markets of companies in developed and emerging markets, excluding the United States. VXUS: profile (Seeking Alpha) It has an expense ratio of 0.05% that is completely absorbed with the dividend yield, which here is approximately equal to ~3% trailing, distributed with good linearity and consistency, and a track record difficult to replicate: in fact, the fund has almost 15 years of track record, and for all these years it has physically held all the index securities in the same proportions. VXUS: Dividend (Seeking Alpha) How is it built? There are about 8,794 securities (as of 03/31/2026) inserted with a Float-adjusted market capitalization weighting method covering about 98% of the investable market cap outside the USA. Specifically, approximately this geographic representation could be considered true. VXUS: Geo. Diversification (Author) Tilting attention to individual countries, Japan covers over 15% (it's the single most weighted country), followed on the podium, by the UK at about 9% and China at ⅞%. Moving to the sector sid...
BASF SE is raising prices on plastic-protecting chemicals, commonly used in the car and consumer goods industries, for a second time since the start of the Iran conflict in February. The German manufacturer’s customers will see prices go up by an additional 25% on products in its antioxidant, process stabilizer and light stabilizer portfolio for plastic applications, BASF said Monday. The increase...
BASF SE is raising prices on plastic-protecting chemicals, commonly used in the car and consumer goods industries, for a second time since the start of the Iran conflict in February. The German manufacturer’s customers will see prices go up by an additional 25% on products in its antioxidant, process stabilizer and light stabilizer portfolio for plastic applications, BASF said Monday. The increase comes on top of a 20% hike announced on March 4 and is effective immediately. BASF cited “substantial” gains in raw material, energy and logistic costs due to the Middle East conflict. The products impacted are used to prolong the lifespan of plastics by preventing molecules from breaking down when exposed to oxygen, light and heat. They’re used in a variety of materials, including those used to make wire and cabling insulation, steering wheels, car door trims and outdoor plastic furniture. The Iran war has triggered global supply chain bottlenecks and rising costs for industries dependent on petroleum and petroleum-derived products. As costs rise, disruption to global shipping routes carrying vital raw materials and intermediate goods is now compounding the strain. Read More: German Chemical Firms See Output Cuts as War Crimps Supplies
Morgan Stanley charged a flat 1% transaction fee, while Goldman Sachs proposed a costlier structure involving ongoing management fees and a profit share.
Morgan Stanley charged a flat 1% transaction fee, while Goldman Sachs proposed a costlier structure involving ongoing management fees and a profit share.
Some people assume that once they start collecting Social Security, their days of earning money must come to an end. But you're allowed to continue working while receiving Social Security benefits, or go back to work if you stopped for a while. That said, there are rules that apply in these scenarios. And some Social Security recipients who work do risk losing benefits. It's important to know whet...
Some people assume that once they start collecting Social Security, their days of earning money must come to an end. But you're allowed to continue working while receiving Social Security benefits, or go back to work if you stopped for a while. That said, there are rules that apply in these scenarios. And some Social Security recipients who work do risk losing benefits. It's important to know whether an earnings limit applies to you and how much money you can make before risking having benefits withheld. Image source: Getty Images. Continue reading
A Swedish power trader behind a major collapse in Finland’s electricity market in 2023 is facing a €9.25 million ($11 million) fine. A botched bid by Kinect Energy Sweden AB sent shockwaves through the market about two and a half years ago, halting intraday trading across northern Europe and driving prices deep into negative territory. Some Finns even enjoyed a full day of free electricity. The co...
A Swedish power trader behind a major collapse in Finland’s electricity market in 2023 is facing a €9.25 million ($11 million) fine. A botched bid by Kinect Energy Sweden AB sent shockwaves through the market about two and a half years ago, halting intraday trading across northern Europe and driving prices deep into negative territory. Some Finns even enjoyed a full day of free electricity. The company mistakenly offered to sell the equivalent of roughly half of Finland’s total consumption in an hourly auction, and later had to trade in the market to correct its position. Authorities urged the public to keep usage at normal levels to safeguard grid stability. Read: Power Trader Whose Error Crashed Market Will Be Fined Finland’s Energy Authority said Monday in a statement it has proposed that the country’s Market Court order the World Kinect Corp. unit to pay an administrative fine of €9,254,600. The company was found to have “acted negligently,” breaching rules against market manipulation. The proposed fine amounts to 5.5% of the unit’s 2023 revenue, below the maximum penalty of 10%. The error was estimated to have cost the firm as much as €50 million to make good on the trades. Kinect’s order in the day-ahead electricity market on Nov. 23, 2023, caused the average price in the Finnish bidding zone to plunge to -€203.4 per megawatt-hour, including 10 hours at the minimum level of -€500. The error also spilled over into neighboring markets, reflecting the region’s tightly interconnected grids.
Darren415/iStock via Getty Images Boeing ( BA ) the airline manufacturing giant that is ordinarily the envy of the world and one of only two airline manufacturers across the globe (Airbus ( EADSF , EADSY ) being the other), reported their Q1 ’26 financial results on Wednesday morning, April 22nd, 2026, and while the results weren’t great, the results do indicate Boeing is slowly moving forward wit...
Darren415/iStock via Getty Images Boeing ( BA ) the airline manufacturing giant that is ordinarily the envy of the world and one of only two airline manufacturers across the globe (Airbus ( EADSF , EADSY ) being the other), reported their Q1 ’26 financial results on Wednesday morning, April 22nd, 2026, and while the results weren’t great, the results do indicate Boeing is slowly moving forward with aircraft construction and deliveries but may not hit “peak” output until 2028. According to Jeffries, free cash flow (FCF) was “the star of the quarter” even though FCF was still a loss of ($1.4 billion), so cash flow from operations was likely better than expected at just a loss of ($179 million). Jefferies also noted that the MAX 7 and MAX 10 certifications are coming in 2026. From a valuation perspective, Morningstar noted that half of BA’s enterprise value will come from the 737, thanks to its higher margin. Morningstar expects the 737 to return to 2018-level production by late 2027, which is just 18 months away. This blog’s analytic update noted that with Q1 ’26 results, BA’s price-to-sales has fallen under 2x to 1.93x. Looking at forward BA EPS estimates, readers can see how it’s 2027, but really 2028 where the delivery leverage will likely fully materialize for BA, and shareholders will likely see operating margin growth, and cash flow and free flow growth. BA’s forward revenue estimates reflect the fact that certifications and FAA relief on deliveries per month continue, which will help the company’s revenue estimates. 2027 revenue estimates continue to rise even though the 2027 EPS continue to reflect pressure. (You wonder why Kelly Ortberg looks so grim every time he’s on CNBC.) BA summary Even though BA’s GAAP financial statements look grim, the company will print record revenue sometime in 2027, surpassing the previous $102-103 billion peak late last decade. Also, BA (the stock) beat the S&P 500 in 2025 (as discussed in the earnings preview last week ) and is ...