Mohamad Faizal Bin Ramli/iStock via Getty Images Machines work according to their moving parts A fairly obvious point is that a machine works according to how the moving parts interact with each other. In order to understand what the machine does and whether we wish to use the machine, we therefore should probably spend some time working out how those moving parts work together in order to see how...
Mohamad Faizal Bin Ramli/iStock via Getty Images Machines work according to their moving parts A fairly obvious point is that a machine works according to how the moving parts interact with each other. In order to understand what the machine does and whether we wish to use the machine, we therefore should probably spend some time working out how those moving parts work together in order to see how well the machine does whatever it is the machine is designed to do. And fairly obviously, whether we want to do what the machine can do. Financial instruments are machines in a sense, and therefore we need to spend a little time working out how the moving parts within the financial instrument work so as to give the final result. We can then match that against what our investment desires are and see whether we wish to use this specific financial instrument. This requires a certain attention to detail, but then we are talking about money here, so that's worthwhile. Western Asset Managed Municipals Fund ( MMU ) MMU is a perfectly sensible municipal bond fund. My final conclusion is that there are other such bond funds that work better at what we might want to do, but this is not to say that there is anything wrong with the way the Western Asset Managed Municipals Fund works. Rather to say that I think it is my opinion that there are better ways of approaching the same market. Or if we prefer, of achieving the same goal. I thus end up saying that there's nothing wrong with MMU. It's just that I think we can do better in other instruments addressing the same investing needs. Bonds To start that investigation of details, there are two sets of risks with investing in bonds. The first is credit risk, which is simply that the person, company, or organisation that borrowed the money decides not to pay it back. They might not pay it back because they haven't got it or they've gone bankrupt, or they reschedule, but that's credit risk: that we don't get our money back on the day when i...
In this article DBSM-SG SIAL-SG STEL-SG .STI Follow your favorite stocks CREATE FREE ACCOUNT The Temasek Holdings Pte. logo during a news conference in Singapore. Bloomberg | Bloomberg | Getty Images Singapore state investor Temasek Holdings saw its net portfolio value climb to 518 billion Singapore dollars ($401 billion) for the year ended March 31, a second straight annual record. Temasek record...
In this article DBSM-SG SIAL-SG STEL-SG .STI Follow your favorite stocks CREATE FREE ACCOUNT The Temasek Holdings Pte. logo during a news conference in Singapore. Bloomberg | Bloomberg | Getty Images Singapore state investor Temasek Holdings saw its net portfolio value climb to 518 billion Singapore dollars ($401 billion) for the year ended March 31, a second straight annual record. Temasek recorded a 10.5% total shareholder return in the financial year, which it said was driven by the strong performance of its Singapore holdings as well as gains from divestments. The Straits Times Index rose more than 23% from April 2025 to March 2026, powered by the Equity Market Development Programme announced by the country's monetary authority to unlock greater value in stocks. Stock Chart Icon Stock chart icon Returns would have been better if not for the Iran war that broke out on Feb. 28, which dragged down portfolio value by about 2%. A stronger Singapore dollar also reduced the one-year total shareholder return by about 2 percentage points, Temasek said in a media briefing. Singaporean companies that the investor holds stakes in include DBS Bank , Southeast Asia's largest bank, Singapore Airlines , and telecommunications firm Singtel. Temasek made SG$31 billion of divestments in the period, among them a reported S$8.18 billion stake sale in Schneider Electric India in June 2025. Five-year total shareholder returns were 4.6%, depressed by headwinds in China's markets from 2021 to 2024, Temasek said. The firm portfolio exposure to China has been pared down in recent years, from 24% in 2016 to 2026's figure of 17%. However, Temasek said it "remains committed" to China, pointing out that in absolute terms, its exposure to the world's second-largest economy increased by SG$10 billion over the past year. On a 10-year basis, total shareholder returns stood at 7.1% in Singapore dollar terms. AI, infrastructure and private credit Temasek said it sees opportunities in three areas: a...
panida wijitpanya U.S. President Donald Trump said his tentative ceasefire with Iran is over after Washington launched a fresh wave of strikes against the country and tightened sanctions, escalating tensions between the two nations. “For me, I think it’s over,” he said on Wednesday in Ankara, sitting next to NATO Secretary General Mark Rutte at the military alliance’s annual summit. “As far as I’m...
panida wijitpanya U.S. President Donald Trump said his tentative ceasefire with Iran is over after Washington launched a fresh wave of strikes against the country and tightened sanctions, escalating tensions between the two nations. “For me, I think it’s over,” he said on Wednesday in Ankara, sitting next to NATO Secretary General Mark Rutte at the military alliance’s annual summit. “As far as I’m concerned it’s just a waste of time.” Trump's remarks came after the U.S. launched a new wave of strikes against Iran and revoked a waiver that allowed the sale of Iranian oil. The moves followed attacks on three commercial vessels transiting the Strait of Hormuz, which Washington blamed on Iran. Tehran has repeatedly said it will not allow ships to pass through the strategic waterway without its permission. The halt in attacks on commercial shipping and the U.S. waiver on Iranian oil sales were key elements of a memorandum of understanding that ended hostilities between Washington and Tehran and established a 60-day window for negotiations on a broader peace agreement. “I don’t want to deal with them, but they’re scum,” Trump added. “You know what scum is? They’re scum. They’re sick people, they’re led by sick people, and they’re vicious, violent people, and if they had a nuclear weapon, they’d use it.” Crude oil futures ( CL1:COM ) ( CO1:COM ) climbed more than 4% early on Wednesday as supply concerns reignited after the fresh strike. Oil prices, which surged to nearly $125 a barrel in late April, had eased back toward pre-conflict levels this month as tensions showed signs of cooling. More on United States Oil Fund LP ETF, State Street® Energy Select Sector SPDR® ETF, etc. Commodities: Oil Bounces On Persian Gulf Re-Escalation Stock Dispersion Jumps As The Equity Rally Broadens AI Bubble: Good Bubble, Bad Trade Oil futures up over 4% as fresh U.S.-Iran strikes reignite supply fears U.S. crude stockpiles fell 400K barrels last week, API says
Apple ( AAPL ) lost an EU court battle on Wednesday, failing to block regulators from applying strict Digital Markets Act antitrust rules to both its App Store and iPhone operating system. "The General Court dismisses Apple's actions regarding its designation as a gatekeeper in relation to the App Store and iOS," the Luxembourg-based tribunal said, as per Reuters . It also said that Apple's act...
Apple ( AAPL ) lost an EU court battle on Wednesday, failing to block regulators from applying strict Digital Markets Act antitrust rules to both its App Store and iPhone operating system. "The General Court dismisses Apple's actions regarding its designation as a gatekeeper in relation to the App Store and iOS," the Luxembourg-based tribunal said, as per Reuters . It also said that Apple's actions regarding the iMessage service are inadmissible. Apple ( AAPL ) took its grievances to the Luxembourg-based General Court in 2024 after the European Commission designated its five App Stores on iPhones, iPads, Mac computers, Apple TVs and Apple Watches as a single core platform service under the Digital Markets Act subject to onerous obligations. The iPhone maker also contested the labelling of its operating system iOS as an important gateway for businesses to reach users requiring it to allow rivals to inter-operate with the system. More on Apple Apple Nears A Peak; Accelerating Services Monetization Meets Demand Destruction Risks Apple's Possible New iPhone Pricing Strategy Apple Is Best Positioned To Face Memory Shock: Reiterate Buy Apple reportedly testing DRAM chips from China’s CXMT Samsung eyes edge over Apple with new shorter, wider Galaxy Z Fold 8 in July
Labour party chair says Reform UK leader must cooperate with authorities instead of trying to distract public with byelection • UK politics live – latest updates The revelation that a £5m gift to Nigel Farage by a cryptocurrency billionaire was reported to the National Crime Agency by bankers concerned it may have been laundered money, has been described as “astonishing and deeply serious”. Respon...
Labour party chair says Reform UK leader must cooperate with authorities instead of trying to distract public with byelection • UK politics live – latest updates The revelation that a £5m gift to Nigel Farage by a cryptocurrency billionaire was reported to the National Crime Agency by bankers concerned it may have been laundered money, has been described as “astonishing and deeply serious”. Responding to the Guardian story, Anna Turley, the chair of the Labour party, also called on Farage to “come clean and cooperate” with the NCA. Continue reading...
Chinese oil refiners have been granted more permits to export gasoline, diesel and jet fuel this month, according to people familiar with the matter, in a major relaxation of restrictions imposed during the Iran war. At least three refiners are being allowed to export this month, said the people, asking not to be named because the information is private. This includes private processor Zhejiang Pe...
Chinese oil refiners have been granted more permits to export gasoline, diesel and jet fuel this month, according to people familiar with the matter, in a major relaxation of restrictions imposed during the Iran war. At least three refiners are being allowed to export this month, said the people, asking not to be named because the information is private. This includes private processor Zhejiang Petroleum & Chemical Co. , majority owned by Rongsheng Petrochemical Co., and some state-owned refiners, they said. Authorities have approved the export of a combined 1.3 million tons of oil products in July, according to traders. That compares with 2.5 million tons of clean-product shipments in February, before the war, official data show. Even prior to the conflict, Beijing maintained strict control of oil-product shipments via a quota system. China banned fuel exports in early March, in order to safeguard the domestic market from the loss of Persian Gulf oil. By late April, however, energy supplies had stabilized enough for state-owned refiners to begin applying for permits to resume exports . Beijing has been allowing a small amount of shipments to some energy-starved countries since May. Bloomberg reported last week that China had informed some state refiners that they were now allowed to export fuels to a wider range of countries . Representatives at Rongsheng Petrochemical didn’t respond to an emailed request for comment. China’s Ministry of Commerce didn’t reply to a fax seeking comment. There’s already been more shipping activity in response. Chinese refiners have been approaching shipowners and brokers this week, searching for available tankers that can carry gasoline, according to a separate group of people familiar with the matter, who asked not to be named as they’re not authorized to speak to the media. The prospect of additional exports is already pressuring regional refining margins , with the spread between Asian gasoline prices against Dubai crude falling to...
In this article .IBEX Follow your favorite stocks CREATE FREE ACCOUNT President Donald Trump has slammed Spain for not contributing enough to NATO, as he attended the defense alliance summit in Turkey. "Spain is a terrible partner in NATO. They don't participate. They don't pay. I don't want anything to do with Spain. Cut off all trade with Spain, please, including visits," he said at a press conf...
In this article .IBEX Follow your favorite stocks CREATE FREE ACCOUNT President Donald Trump has slammed Spain for not contributing enough to NATO, as he attended the defense alliance summit in Turkey. "Spain is a terrible partner in NATO. They don't participate. They don't pay. I don't want anything to do with Spain. Cut off all trade with Spain, please, including visits," he said at a press conference in Ankara with NATO Secretary General Mark Rutte. "Don't even talk to them. They're hopeless, bad people," the president said. It marks the latest development in Trump's row with Spain over its defense spending. It is the only member of the military alliance to not have committed last year to spending 5% of its GDP on defense by 2035. Spanish bonds — which had already been selling off before the press conference — slid further after Trump's comments, with the yield on Spain's benchmark 10-year bond last seen trading 7 basis points higher at 3.5408%. The Spanish IBEX 35 equity index also fell, and was last seen trading more than 1% lower. This is breaking news. Please refresh for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Greg Abel, Warren Buffett's successor as CEO of Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) , made few changes to Berkshire's portfolio when he first took the role in January, but over the past month, he has made some major moves. As you may recall, last month, Berkshire announced plans to acquire homebuilder Taylor Morrison for $8.5 billion. However, while this represents the first major acquisi...
Greg Abel, Warren Buffett's successor as CEO of Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) , made few changes to Berkshire's portfolio when he first took the role in January, but over the past month, he has made some major moves. As you may recall, last month, Berkshire announced plans to acquire homebuilder Taylor Morrison for $8.5 billion. However, while this represents the first major acquisition of the Abel era, last month, Berkshire committed to an even larger capital investment, agreeing to purchase $10 billion in newly issued Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) shares in a private placement. Berkshire is no stranger to such private deals. Buffett executed plenty of them during his 60-year tenure. However, while Buffett's private deals typically involved financially distressed, "old economy" companies, Abel is making a different type of wager. That is, he's upping Berkshire's bet on a "Magnificent Seven" stock , perhaps as a means to increase the conglomerate's exposure to the artificial intelligence (AI) megatrend. And this deal could affect investors' perception of Berkshire Hathaway stock moving forward. Continue reading
Dmitry Vinogradov Stock index futures were lower before the opening bell on Wednesday as tensions in the Middle East were reignited after the U.S. and Iran traded fresh strikes, threatening their fragile truce. Dow futures ( INDU ) fell 0.44%, while S&P 500 futures ( SPX ) slipped 0.15%, and Nasdaq 100 futures ( US100:IND ) lost 0.25%. Iran targeted U.S. military sites in Bahrain and Kuwait on Wed...
Dmitry Vinogradov Stock index futures were lower before the opening bell on Wednesday as tensions in the Middle East were reignited after the U.S. and Iran traded fresh strikes, threatening their fragile truce. Dow futures ( INDU ) fell 0.44%, while S&P 500 futures ( SPX ) slipped 0.15%, and Nasdaq 100 futures ( US100:IND ) lost 0.25%. Iran targeted U.S. military sites in Bahrain and Kuwait on Wednesday after the U.S. launched strikes on Iran in response to attacks on three commercial vessels transiting the Strait of Hormuz. Investors also looked ahead to the release of the FOMC minutes and consumer credit data for further clues on the outlook for interest rates and consumer spending. U.S. Treasury yields edged lower as investors sought the safety of government bonds. The 10-year Treasury yield ( US10Y ) slipped 1 basis point to 4.55%, while the 2-year yield ( US2Y ) fell nearly 2 basis points to 4.18%. The 30-year Treasury yield ( US30Y ) eased marginally to 5.05%. Top gainers in premarket trading included Allstate ( ALL ) +2.22%, Vertex Pharmaceuticals ( VRTX ) +2.15%, and Biogen ( BIIB ) +2.00%. Decliners included Regions Financial ( RF ) -5.20%, VeriSign ( VRSN ) -4.83%, and Teledyne Technologies ( TDY ) -4.52%. More on markets Stock Dispersion Jumps As The Equity Rally Broadens AI Bubble: Good Bubble, Bad Trade The Economic Dilemma Destined To Crash The Market At a glance: stocks gapping up premarket AM Need to Know: OpenAI stake talks, Google antitrust setback & more