Turkey’s top economic policymakers will meet on Friday morning to discuss measures to stem market turbulence after a court ordered the removal of the main opposition party’s leadership. Finance Minister Mehmet Simsek will convene the Financial Stability Committee at 8:30 a.m. in Istanbul with the aim of ensuring the “efficient, healthy and seamless function” of Turkish markets, according to a stat...
Turkey’s top economic policymakers will meet on Friday morning to discuss measures to stem market turbulence after a court ordered the removal of the main opposition party’s leadership. Finance Minister Mehmet Simsek will convene the Financial Stability Committee at 8:30 a.m. in Istanbul with the aim of ensuring the “efficient, healthy and seamless function” of Turkish markets, according to a statement. A court ruling on Thursday ousted Ozgur Ozel as the head of the Republican People’s Party, known by its Turkish initials CHP, and ordered the return of the party’s former leader Kemal Kilicdaroglu . Stocks tumbled, closing down 6.1%, and state lenders stepped in on behalf of the central bank to support the lira via foreign currency sales . The lira was trading 0.3% lower at 45.74 per US dollar as of 8:23 a.m. in Istanbul. The decision removes even more barriers to President Recep Tayyip Erdogan extending his almost quarter-century of rule ahead of elections slated for 2028. The opposition says Erdogan is weaponizing the legal system to undermine rivals he fears could defeat him at the ballot box. The government defended Thursday’s ruling as an independent judicial decision. The CHP said it will appeal to a higher court. The party has faced an aggressive crackdown in the past two years. One of its most high-profile figures, Istanbul Mayor Ekrem Imamoglu , was jailed last March on charges of corruption just days before he was set to announce his presidential bid. “It’s a dark day for democracy,” Ozel said at CHP headquarters in Ankara late Thursday evening. “The damage they’ve done to the country within a half hour is $10 billion,” he added, referring to market losses. “We will wake up to a disaster tomorrow.” Turkey Court Unseats Opposition Head, Triggering Market Rout Turkey Liquidated Almost All US Treasury Holdings in March Turkey’s FX Sales Reach $6 Billion After Opposition Ruling The ruling has not been received well by markets, said Daniel Wood , a fixed income ...
Emerging-market stocks extended gains into a second day, putting the benchmark on track for a weekly advance, as investors continued to pour into the AI trade and easing Middle East tensions supported sentiment. The MSCI Emerging Markets Index rose as much as 0.9% on Friday, bringing weekly gains to nearly 1.3%. A similar measure for EM currencies traded steady, while the Bloomberg Dollar Spot Ind...
Emerging-market stocks extended gains into a second day, putting the benchmark on track for a weekly advance, as investors continued to pour into the AI trade and easing Middle East tensions supported sentiment. The MSCI Emerging Markets Index rose as much as 0.9% on Friday, bringing weekly gains to nearly 1.3%. A similar measure for EM currencies traded steady, while the Bloomberg Dollar Spot Index edged higher. Investors are doubling down on bets that the AI boom still has more upside. As Middle East concerns ease, focus is shifting to earnings, with Lenovo Group Ltd. the latest to beat estimates on AI-driven growth. The trend is also lifting tech-heavy markets such as South Korea, where the Kospi is nearing record highs on strength in chipmakers. “With global rates and commodity prices looking more anchored, the market’s attention is returning to the exceptional strength in tech sector’s fundamentals and the broadening positive spillover from the related capex activities,” said Homin Lee , a strategist at Lombard Odier in Singapore. “We still think there is more to go in this hardware sector rally in EM, and we maintain our overweight in EM equities partly for this reason.” Still, the sentiment is fragile. While Iran said that the latest proposal from the US had partly bridged the gap between the warring sides, investors warn the outlook is far from settled. Given the “two-way” nature of the war-related risks, caution is warranted, according to Shaun Lim , a foreign exchange strategist at Malayan Banking Bhd. Meanwhile, South Korea’s won underperformed regional peers for a second day as foreign investors sold local stocks. In the Philippines, central bank Governor Eli Remolona said it remains active in the currency market to curb volatility and signaled that rate hikes could be on the table.
This article was first published on May 23, 1976. Australia’s long distance swimming heroine, Linda McGill, staggered ashore at crowded Repulse Bay beach yesterday afternoon (May 22, 1976) after completing her round Hong Kong Island swim and said: “I’d do it again – for A$20,000 (HK$883,817 in 2026).” Linda, looking exhausted and close to collapse after just over 17 hours in the water, fell into t...
This article was first published on May 23, 1976. Australia’s long distance swimming heroine, Linda McGill, staggered ashore at crowded Repulse Bay beach yesterday afternoon (May 22, 1976) after completing her round Hong Kong Island swim and said: “I’d do it again – for A$20,000 (HK$883,817 in 2026).” Linda, looking exhausted and close to collapse after just over 17 hours in the water, fell into the arms of her fiance, Dr Bruce Logan, and hundreds of spectators clapped and cheered. Advertisement With cameras clicking and whirring, the 29-year-old former Olympic star was helped off the beach and into a waiting taxi which took her to her hotel in Central. Confessing to be very, very tired, she said: “That was the toughest, longest swim of my life. Now I really want to rest and rest.” Advertisement Linda took to the waves at Repulse Bay at 11.30pm on Friday night, considerably earlier than scheduled because of the threatening rain and thunderstorms. She waded ashore back at the popular beach at 4.36pm yesterday afternoon after experiencing many of the problems she had feared – but not, thankfully, sharks. Late last night, manager John Foley denied speculation that McGill had actually been out of the water for some of the time taken to complete the 28-mile (45km) circuit of the island.
(Bloomberg) -- After several years flying high as Asia’s best Nvidia Corp. proxy, Taiwan Semiconductor Manufacturing Co. is increasingly vying with other artificial intelligence stocks for investor attention. Most Read from Bloomberg Stock traders are chasing a wider array of beneficiaries as mainstream usage of AI creates demand for hardware beyond the most-advanced chips TSMC makes for Nvidia. S...
(Bloomberg) -- After several years flying high as Asia’s best Nvidia Corp. proxy, Taiwan Semiconductor Manufacturing Co. is increasingly vying with other artificial intelligence stocks for investor attention. Most Read from Bloomberg Stock traders are chasing a wider array of beneficiaries as mainstream usage of AI creates demand for hardware beyond the most-advanced chips TSMC makes for Nvidia. Subthemes from the deepening memory crunch to advances in robotics are also luring bids. At the same time, investment caps on single stocks are pushing funds to diversify, while retail investors long familiar with TSMC through its American depositary receipts are being offered a broader set of Asian tech alternatives. As a result, TSMC shares are underperforming those of local chip designer MediaTek Inc. by the most on record, on an annual basis. Meanwhile, Samsung Electronics Co., the world’s largest memory maker, has narrowed its market valuation gap with TSMC to join it in the elite $1 trillion club. There’s a “structural diversification away from TSMC,” said Jason Hsu, Boston-based chief investment officer at Rayliant Global Advisors. New capital being raised in funds is “disproportionately going to other tech companies which also benefit from the record AI capex.” TSMC’s shares are up about 46% this year on bumper sales and earnings, but that pales in comparison with gains of more than 140% each in MediaTek and Samsung. This mirrors underperformance in shares of Nvidia even as it’s still seeing strong growth. There’s little doubt TSMC will continue to benefit from AI demand for some time, as the manufacturer of virtually all of Nvidia’s leading-edge graphics processing units. Still, other players are emerging as winners as AI moves deeper into the inferencing phase that focuses on targeted tasks. Hot trades have popped up among chip designers like MediaTek, which is helping Alphabet Inc. create application-specific integrated circuits. Need is also growing for less-soph...
The AI sector is about to get even bigger. According to several media reports, OpenAI, the ChatGPT creator is aiming to file confidentially for an IPO in the coming weeks with the goal of going public as soon as September. The news comes as another blockbuster IPO, SpaceX, is headed for the public markets. Elon Musk's space exploration is set to go public as soon as June after filing confidentiall...
The AI sector is about to get even bigger. According to several media reports, OpenAI, the ChatGPT creator is aiming to file confidentially for an IPO in the coming weeks with the goal of going public as soon as September. The news comes as another blockbuster IPO, SpaceX, is headed for the public markets. Elon Musk's space exploration is set to go public as soon as June after filing confidentially in April. OpenAI's offering is likely to attract a ton of attention as the company itself kicked off the AI boom and remains, arguably, the leader today. It's forged close relationships with many of the top chipmakers like Nvidia and AMD, and Nvidia and several other top tech companies own stakes in the start-up. It's too soon to judge OpenAI's IPO prospects, as we don't know its key financial information, but the timing of the offering gives us some clues into how it will do. Where OpenAI is today OpenAI's decision to go public comes as Anthropic, the AI start-up that owns the chatbot Claude, has gone from an underdog in the AI race a couple of years ago to arguably the leader. Anthropic is currently in talks to raise new funding at a valuation between $900 billion and $950 billion, which would make it more valuable than OpenAI, which was valued at $852 billion in its last funding round in March. In addition to Anthropic's valuation topping OpenAI's, Anthropic also seems to be the faster-growing of the two. Anthropic's revenue is expected to more than double from $4.8 billion in the first quarter to $10.9 billion in the second quarter. OpenAI, on the other hand, reached annualized revenue of $25 billion in March, up 17% from the beginning of the year. If that growth rate has continued, Anthropic would be the bigger of the two companies based on second-quarter revenue. In addition to OpenAI falling behind Anthropic, the company is also facing a significant cash crunch, as it is spending heavily on the tech infrastructure required to run its AI models. In April, The Wall S...
Trygve Finkelsen Nintendo Co. ( NTDOY ) has reportedly asked partners and suppliers to assemble about 20 million Switch 2 consoles in the year through March, roughly 20% more than the public sales outlook it issued earlier this month. The latest production volume plan is not final and may be revised depending on demand, Bloomberg reported. Still, the current schedule suggests the company is confid...
Trygve Finkelsen Nintendo Co. ( NTDOY ) has reportedly asked partners and suppliers to assemble about 20 million Switch 2 consoles in the year through March, roughly 20% more than the public sales outlook it issued earlier this month. The latest production volume plan is not final and may be revised depending on demand, Bloomberg reported. Still, the current schedule suggests the company is confident in its ability to stoke Switch 2 sales with its upcoming games lineup. However, concerns have also grown because Nintendo ( NTDOY ) remains heavily dependent on its gaming business compared with rivals such as Sony ( SONY ) , whose shares rose after it projected stronger gaming profits and outlined cost-control measures. More on Nintendo Co., Ltd. Nintendo: Economic Uncertainty Puts Short Term Expectations In Check Nintendo: A Timeless Franchise, Finally Reasonably Priced Again Nintendo: Mario 2, A Megahit, And Profit In J-Curve With Improvement Ahead Nintendo slumps 9% over Switch 2 pricing and cautious guidance Nintendo to raise Switch 2 price to $500
In a report released yesterday, Joshua Buchalter from TD Cowen maintained a Buy rating on Nvidia. The company’s shares closed yesterday at $223.47. Start a conversation with TipRanks’ trusted, data-backed investment intelligence Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds According to TipRanks, Buchalter is a top 100 analyst with an aver...
In a report released yesterday, Joshua Buchalter from TD Cowen maintained a Buy rating on Nvidia. The company’s shares closed yesterday at $223.47. Start a conversation with TipRanks’ trusted, data-backed investment intelligence Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds According to TipRanks, Buchalter is a top 100 analyst with an average return of 41.0% and a 69.92% success rate. Buchalter covers the Technology sector, focusing on stocks such as Broadcom, Marvell, and Nvidia. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Nvidia with a $283.26 average price target, a 26.76% upside from current levels. In a report released yesterday, Mizuho Securities also reiterated a Buy rating on the stock with a $300.00 price target. Based on Nvidia’s latest earnings release for the quarter ending January 25, the company reported a quarterly revenue of $68.13 billion and a net profit of $42.96 billion. In comparison, last year the company earned a revenue of $39.33 billion and had a net profit of $22.09 billion Based on the recent corporate insider activity of 136 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NVDA in relation to earlier this year. Most recently, in March 2026, Mark A Stevens, a Director at NVDA sold 221,682.00 shares for a total of $38,500,809.92.
A State Grid transmission and distribution station in Huai’an, Jiangsu province, on Feb. 14. Photo: VCG China is still in the early stages of coordinating artificial intelligence (AI) computing demand with electricity supply, and fast-growing data centers are beginning to pose new challenges for grid planning and operations, experts said at a Wednesday industry forum. The issue is becoming more ur...
A State Grid transmission and distribution station in Huai’an, Jiangsu province, on Feb. 14. Photo: VCG China is still in the early stages of coordinating artificial intelligence (AI) computing demand with electricity supply, and fast-growing data centers are beginning to pose new challenges for grid planning and operations, experts said at a Wednesday industry forum. The issue is becoming more urgent as China’s AI buildout shifts grid concerns from total power consumption to real-time power delivery, flexibility and local system stability.
Malaysia’s Asia Digital Engineering Sdn. Bhd. has secured a $100 million bank loan to refinance part of its expensive private debt, a sign lenders are growing comfortable backing the company after its parent Capital A Bhd .’s exit from distressed status. The proceeds of the loan received from Qatar’s QNB Group will be used to fund the aircraft maintenance firm’s planned expansion and capacity grow...
Malaysia’s Asia Digital Engineering Sdn. Bhd. has secured a $100 million bank loan to refinance part of its expensive private debt, a sign lenders are growing comfortable backing the company after its parent Capital A Bhd .’s exit from distressed status. The proceeds of the loan received from Qatar’s QNB Group will be used to fund the aircraft maintenance firm’s planned expansion and capacity growth, the company said in a statement on Friday. Part of the debt has also been used to refinance a 2023 loan of the same amount from private credit provider OCP Asia Ltd. , an ADE representative said in response to a Bloomberg query. OCP declined to comment. The bank loan facility follows Capital A’s exit earlier this week from Practice Note 17 status, a Malaysian stock exchange’s classification for distressed listed companies. The move capped a six-year restructuring that included the disposal of its aviation business to AirAsia X Bhd . this year. Varde Partners Aims to Raise $1 Billion Asia Private Credit Fund Indonesia Wealth Fund Taps Mandiri Banker Ramadhana as CEO (1) RRJ, Pimco Invest in HK Developer PCPD’s $500 Million Bond Sale Firms often choose to refinance their private credit facility with cheaper bank loans after improvements in their credit profile. For example, Canadian International School took a bank loan from Deutsche Bank AG and DBS Group Holdings Ltd. to replace a private credit facility from BlackRock Inc. ADE, controlled by Malaysian businessman Tony Fernandes , started as an internal engineering unit serving budget airline AirAsia . It has since expanded into an aviation services provider supporting global airlines. AirAsia Aviation Group, also controlled by Fernandes, is looking to lower its borrowing costs as well. It was planning a bond sale of as much as $600 million last year to refinance a $443 million two-tranche securitized bond raised in 2024. Private credit funds Ares Management Corp. and Indies Capital Partners Pte. provided a $200 million ...
Rubio doubtful of diplomacy with Cuba as Trump raises new threat of military action toggle caption Stefano Rellandini/Pool AFP/AP WASHINGTON — President Donald Trump and America's top diplomat on Thursday again raised the specter of U.S. military intervention in Cuba, a renewed threat that takes on greater weight a day after the administration announced criminal charges against the island's former...
Rubio doubtful of diplomacy with Cuba as Trump raises new threat of military action toggle caption Stefano Rellandini/Pool AFP/AP WASHINGTON — President Donald Trump and America's top diplomat on Thursday again raised the specter of U.S. military intervention in Cuba, a renewed threat that takes on greater weight a day after the administration announced criminal charges against the island's former leader, Raúl Castro. Trump said previous U.S. presidents have considered intervening in Cuba for decades but that "it looks like I'll be the one that does it." "Other presidents have looked at this for 50, 60 years, doing something," Trump told reporters when asked about Cuba during an environmental event in the Oval Office. "And, it looks like I'll be the one that does it. So, I would be happy to do it." Sponsor Message Secretary of State Marco Rubio told reporters separately that Cuba has been a national security threat for years because of its ties to U.S. adversaries and that Trump is intent on addressing it. Rubio says the US prefers a negotiated agreement with Cuba Rubio, the son of Cuban immigrants who has long taken a hard-line against Cuba's socialist leadership, said the Trump administration wants to resolve differences with Cuba peacefully but is doubtful the U.S. can reach a diplomatic resolution with the island's current government. Trump's "preference is always a negotiated agreement that's peaceful. That's always our preference. That remains our preference with Cuba," Rubio said in Miami before boarding a plane to attend a NATO meeting in Sweden and then visit India. "I'm just being honest with you, you know, the likelihood of that happening, given who we're dealing with right now, is not high," he said. Top Trump aides — including Rubio, CIA chief John Ratcliffe and other senior national security officials — have met with Cuban officials in recent months to explore possible improvements in relations. But the U.S. side has come away unimpressed from those ta...
Julius Baer Group Ltd. said it expects to post profit for the first half of 2026 which is “substantially higher” than a year ago, as the Swiss wealth manager signals progress in an ongoing restructuring. The bank said it had seen “exceptionally” high activity in the first four months of 2026, against a backdrop of the conflict in the Middle East. At the same time, client inflows slowed to 3 billio...
Julius Baer Group Ltd. said it expects to post profit for the first half of 2026 which is “substantially higher” than a year ago, as the Swiss wealth manager signals progress in an ongoing restructuring. The bank said it had seen “exceptionally” high activity in the first four months of 2026, against a backdrop of the conflict in the Middle East. At the same time, client inflows slowed to 3 billion Swiss francs, from 4.2 billion francs in the period a year ago. Julius Baer remains under a formal review by Swiss regulator Finma related to risk management failures under prior management. The bank is unable to carry out share buybacks to return capital to investors until the matter is concluded. Despite net new money slowing, the bank reconfirmed its target of 4–5% by 2028. The bank said that client inflows had been “impacted by the continued implementation of the Group’s comprehensively revised risk and compliance framework, heightened uncertainty linked to the ongoing conflict in the Middle East, and a pause in client re-leveraging.” The bank again made tweaks to its executive board, which has been substantially shrunk since Chief Executive Officer Stefan Bollinger took over last year. The Group General Counsel, Christoph Hiestand , will not be part of the board going forward but will continue to report to the CEO, the bank said. The Co-Head of the western markets and Switzerland region, Thomas Frauenlob will, effective June 1, be joining the executive board along with Co-Head Global Products and Solutions, Rajesh Manwani.