Hong Kong is ready to discuss land, tax incentives and financial support for businesses setting up in the Northern Metropolis, the finance chief has told a trade seminar in Beijing, stressing a “flexible and innovative” approach will be taken with developing the megaproject. Financial Secretary Paul Chan Mo-po on Thursday also met Xia Baolong, Beijing’s point man on Hong Kong affairs, who undersco...
Hong Kong is ready to discuss land, tax incentives and financial support for businesses setting up in the Northern Metropolis, the finance chief has told a trade seminar in Beijing, stressing a “flexible and innovative” approach will be taken with developing the megaproject. Financial Secretary Paul Chan Mo-po on Thursday also met Xia Baolong, Beijing’s point man on Hong Kong affairs, who underscored the central government’s support for the city’s efforts to bolster its competitiveness through its first local five-year plan. Delivering the keynote address at the Hong Kong Trade Development Council seminar, Chan stressed the Northern Metropolis’s position as a cooperation platform in the Greater Bay Area, noting the cross-border innovation and technology (I&T) cooperation zone in Hetao would promote the flow of personnel, resources, capital and data across the border with mainland China. Advertisement “We welcome mainland and overseas enterprises to actively participate in the Northern Metropolis, bringing cutting-edge technologies and talent, as well as upstream and downstream industry chains,” he said. “With Hong Kong’s strengths, we can explore international markets and support Hong Kong’s development as an international I&T hub. Advertisement “The administration is ready to offer its preferential policy packages, while we will adopt a flexible and innovative cooperation model. We can talk about land, tax incentives, financial support and co-investment.”
matejmo/iStock via Getty Images Investment thesis. Gold prices have been reacting in an arguably unpredictable way to the Iran war. One would ordinarily expect the safe-haven buying effect to drive the price of gold higher at a time of great upheaval. Nearly three weeks into this war, the price of gold is down just slightly, by about 5% as I write this. It continues to trade in inverse correlation...
matejmo/iStock via Getty Images Investment thesis. Gold prices have been reacting in an arguably unpredictable way to the Iran war. One would ordinarily expect the safe-haven buying effect to drive the price of gold higher at a time of great upheaval. Nearly three weeks into this war, the price of gold is down just slightly, by about 5% as I write this. It continues to trade in inverse correlation to oil prices ( CL1:COM ), meaning that as oil prices continue to steadily rise, we might expect further downside. The turning point for gold might not come for a few months. I expect that the Federal Reserve, as well as other central banks around the world, will do little to fight the coming wave of inflation, claiming it is transitory, which will be the trigger for gold prices to move higher again. With this in mind, I have the GLD ETF ( GLD ) as a buy, in expectation that gold prices will start a new, sustained rally once the market realizes that central banks will be in no mood to deal with rising inflation, triggered by higher oil prices. About the GLD ETF. The SPDR GLD ETF is designed to provide indirect exposure to the price of gold. The ETF covers outstanding shares with physical gold held in storage. It charges .4% for this service, which can add up over time. GLD ETF shares (orange) versus gold spot price (green) (Seeking Alpha.) Because there is a significant cumulative discrepancy in performance over a more prolonged period, I intend to eventually convert GLD shares into physical gold. At the moment, I find the convenience of trading the gold market instantly, versus the practical difficulties of trading physical gold, to be more than worth the convenience fee. On the risk factor subject that is regularly debated when it comes to this ETF, I do not see the fact that one cannot redeem GLD shares for physical gold as a risk factor. I can sell the shares and buy physical gold at my convenience, as I already stated. On the often-brought-up issue of trust in the ETF...
posteriori/E+ via Getty Images Stocks for the week ended March 13 were 1,883 Bcf vs. 1,848 Bcf for the week ended March 6. Net change: + 35 Bcf vs. -38 Bcf for the week ended March 6. Consensus: 39 B. Natural Gas Futures ( NG1:COM) +5.8% to $3.2/MMBtu. ETFs: ( UNG ), ( BOIL ), ( KOLD ), ( FCG ), ( UNL ), ( HNU:CA ) Click here to read the full EIA Weekly Natural Gas Storage Report. More on Natural ...
posteriori/E+ via Getty Images Stocks for the week ended March 13 were 1,883 Bcf vs. 1,848 Bcf for the week ended March 6. Net change: + 35 Bcf vs. -38 Bcf for the week ended March 6. Consensus: 39 B. Natural Gas Futures ( NG1:COM) +5.8% to $3.2/MMBtu. ETFs: ( UNG ), ( BOIL ), ( KOLD ), ( FCG ), ( UNL ), ( HNU:CA ) Click here to read the full EIA Weekly Natural Gas Storage Report. More on Natural Gas Futures, United States Natural Gas Fund LP ETF, etc. Commodities: Middle East Escalation Sends Energy Prices Higher Despite LNG Up On The Iran Crisis, U.S. Gas Is Flat - Yet The Sector Is Attractive Natural Gas Stabilizes Near $3 As Consolidation Holds Below Key Resistance Inflation likely to stay elevated for several more years - Peter Boockvar Quant ratings spotlight winners and laggards among large-cap energy stocks
The Dow Jones Industrial Average and other major stock indexes dropped sharply in early trading Thursday, threatening to extend losses from the prior session, as attacks on Gulf region energy infrastructure in the U.
The Dow Jones Industrial Average and other major stock indexes dropped sharply in early trading Thursday, threatening to extend losses from the prior session, as attacks on Gulf region energy infrastructure in the U.
Micron Technology announced record results for the second quarter of fiscal 2026, surpassing market expectations by double-digit figures and confirming that the AI-driven memory supercycle is entering an unprecedented profitability phase. Despite the fundamentally euphoric reception of the results, the company’s shares fell five to seven percent after the session due to concerns over higher capita...
Micron Technology announced record results for the second quarter of fiscal 2026, surpassing market expectations by double-digit figures and confirming that the AI-driven memory supercycle is entering an unprecedented profitability phase. Despite the fundamentally euphoric reception of the results, the company’s shares fell five to seven percent after the session due to concerns over higher capital expenditures, representing a classic “sell the news” scenario that does not alter the long-term growth trajectory. Key Financial Results Q2 FY2026: Revenue : USD 23.86 billion (+75% q/q, +196% y/y; market consensus USD 19 billion) Net Income: USD 14.02 billion EPS: USD 12.20 Gross Margin: 74.4% Operating Cash Flow: USD 11.90 billion Such a spectacular beat of estimates is no accident. Micron is fully leveraging sold-out HBM and server DRAM inventories, where hyperscaler demand significantly exceeds supply. Margins have returned to historical cycle highs, and strong operating leverage has translated revenue growth into exponential profit gains. Segment Growth Breakdown Q2 FY2026 results demonstrate that Micron’s growth is primarily driven by cloud and AI-related segments, which have become the foundation of the memory supercycle. Cloud Memory Business Unit: Revenue reached USD 7.75 billion with an operating margin of 66%, driven by strong demand for HBM3E and HBM4 for AI accelerators. The backlog for the current fiscal year is effectively sold out, providing exceptional revenue visibility for upcoming quarters. Core Data Center Business Unit: Revenue totaled USD 5.69 billion, a 139% q/q increase, with an operating margin of 62%. This segment primarily serves server DRAM for hyperscalers and data centers investing in AI infrastructure. Mobile & Client Business Unit: Generated USD 7.71 billion in revenue with a 76% operating margin, reflecting a recovery in smartphones and PCs, as well as a growing share of high-margin products in the sales mix. Automotive & Embedded Busines...
Billionaire Paul Singer’s Elliott Investment Management is backing credit specialist Debdeep Maji ’s new hedge fund, the latest move in a wave of multistrategy firms tapping outside talent to help manage their billions. Elliott is investing more than $100 million in Maji’s 37Spruce Investment Partners, which is expected to start trading later this year with a focus on collateralized loan obligatio...
Billionaire Paul Singer’s Elliott Investment Management is backing credit specialist Debdeep Maji ’s new hedge fund, the latest move in a wave of multistrategy firms tapping outside talent to help manage their billions. Elliott is investing more than $100 million in Maji’s 37Spruce Investment Partners, which is expected to start trading later this year with a focus on collateralized loan obligations, according to people familiar with the matter. It will offer early investors a share of firm revenue, the people said, requesting not to be identified discussing confidential details. In securing the early cash, 37Spruce has won over one of the industry’s biggest players. Elliott manages about $80 billion and has made a name for itself with high-profile activist bets on distressed companies and foreign debt. Read More: Paul Singer’s Elliott Is Raising $7 Billion for a New War Chest A representative for Elliott declined to comment. Maji didn’t respond to requests for comment. Hedge funds such as Elliott, which deploy multiple portfolio managers across an array of asset classes, have grown popular in recent years as investors rely on them to churn out steady returns. With an intensifying talent war and ballooning assets, multistrats have increasingly turned to emerging outside managers to invest their money. While Izzy Englander’s Millennium Management has led the charge on seeding new firms, Elliott also made a notable wager on the debut of CLO firm Elmwood Asset Management , which now oversees about $23 billion . Maji spent about 16 years at CLO equity and debt-focused Oxford Funds , where he was a portfolio manager before leaving in 2022, according to his LinkedIn profile . The following year, Maji joined Irradiant Partners as head of structured credit before departing in 2025.
DigitalVision/iStock via Getty Images Introduction Endeavour Mining ( EDV:CA ) ( EDVMF ) is the largest gold producer in West Africa with a total output of around 1.2 million ounces and a relatively low-cost structure (but operating expenses are increasing). At the current gold price, the company’s net sustaining margin on the mine operating level should be around $3,300/oz, resulting in close to ...
DigitalVision/iStock via Getty Images Introduction Endeavour Mining ( EDV:CA ) ( EDVMF ) is the largest gold producer in West Africa with a total output of around 1.2 million ounces and a relatively low-cost structure (but operating expenses are increasing). At the current gold price, the company’s net sustaining margin on the mine operating level should be around $3,300/oz, resulting in close to $4B in net operating mine cash flow. This means Endeavour Mining has a good shot at reporting a record free cash flow result, even after deducting overhead expenses, net finance costs, and taxes. As the company is only active in West Africa , it is trading at a relatively low multiple compared to its peers that are focusing on Tier-1 jurisdictions. Data by YCharts I last covered the company almost 10 years ago , and although the total performance of +450% is quite good, the share price flatlined until the gold price really started to run, and the majority of that 450% total return was only generated in the past two years. Now that gold is trading at around $5000/oz, I wanted to have another look at this Africa-focused story. A good production result equals strong cash flows in Q4 In the final quarter of 2025, Endeavour Mining produced just over 298,000 ounces of gold, and sold just under 302,000 ounces of gold at an average realized gold price of just under $3900/oz. The all-in sustaining cost was $1650/oz , indicating a very healthy margin of in excess of $2000/oz. Looking at the full-year production, we see a total output of just over 1.2 million ounces of gold that were sold at an average price of just under $3250/oz. And with an all-in sustaining cost of $1433/oz, the net margin (pre-tax) on the mine level was approximately $1800/oz. This resulted in a total revenue of $4.23B , an increase of approximately 50% compared to the preceding year, while the total mine operating earnings more than doubled to almost $2.1B. EDV Investor Relations The total reported operating inc...
Igor Suka/E+ via Getty Images Market Review Reflecting on 2025 from early 2026, the past year marked a pivotal resurgence in global mergers and acquisitions (M&A). It was one of the most constructive environments for merger-arbitrage and event-driven strategies in recent memory, defined by historic deal size, improved financing conditions, and renewed corporate confidence. Global M&A activity reac...
Igor Suka/E+ via Getty Images Market Review Reflecting on 2025 from early 2026, the past year marked a pivotal resurgence in global mergers and acquisitions (M&A). It was one of the most constructive environments for merger-arbitrage and event-driven strategies in recent memory, defined by historic deal size, improved financing conditions, and renewed corporate confidence. Global M&A activity reached $4.8 trillion in 2025, up 35% year-over-year—the second-highest total on record. While deal count increased only modestly, 2025 was defined by large-scale transformative transactions. Roughly 70 megadeals above $10 billion were announced, reflecting a bold corporate appetite for scale and strategic repositioning. North America remained the engine of global dealmaking, accounting for $3 trillion in announced transactions. Supportive regulation, better financing conditions, fiscal stability, and a renewed willingness by corporates and private equity (PE) sponsors all contributed to the surge. For merger-arbitrage investors, the environment was highly attractive. The median annualized spread held in the 8–9% range, with plain vanilla deals trading at 4–6%, and more complex or regulated situations offering low- to mid-teens annualized returns. Spin-offs and corporate reorganizations also rose roughly 30%, offering similarly compelling outcomes with manageable volatility relative to broader equity markets. What Drove Momentum In 2025 Deal activity accelerated in 2025. Corporates were particularly active, with over 85% of transactions tied to strategic objectives. PE also rebounded sharply, with deal volume that reached $1.6 trillion (up 45% year-over-year), the second-highest level on record. Take-private activity hit $400 billion, with a record 60 deals over $1 billion. This included the $55 billion take-private of Electronic Arts ( EA ), now the largest leveraged buyout in history. With exits accelerating and new deals emerging, PE significantly expanded the event-driven o...
One of Kazakhstan’s most prominent construction tycoons agreed to buy gold producer JSC AK Altynalmas and its units as he continues to expand his business interests. Shakhmurat Mutalip’s Central Asia Resources Holding Ltd. signed a purchase agreement with majority owner Gouden Reserves BV and eight other shareholders, the company said in an emailed statement, without giving a value for the transac...
One of Kazakhstan’s most prominent construction tycoons agreed to buy gold producer JSC AK Altynalmas and its units as he continues to expand his business interests. Shakhmurat Mutalip’s Central Asia Resources Holding Ltd. signed a purchase agreement with majority owner Gouden Reserves BV and eight other shareholders, the company said in an emailed statement, without giving a value for the transaction. A representative of Altynalmas confirmed the deal. “The acquisition of JSC AK Altynalmas is an important step in the implementation of the Holding’s long-term investment strategy,” Mutalip said in the statement Thursday. “This transaction reflects our confidence in the Group’s potential and its future development.” Altynalmas is one of Kazakhstan’s largest gold producers, with output totaling 15.9 metric tons of gold in 2024. Mutalip and Nurlan Artykbayev, who bought copper producer Kazakhmys in December, have emerged as prominent members of a business elite that’s become more influential since President Kassym-Jomart Tokayev consolidated power in the wake of riots in 2022. Since then, there has been a noticeable shift of wealth and authority away from circles that flourished during Nursultan Nazarbayev ’s long-term rule. Mutalip, the owner of infrastructure building group Integra Construction KZ, is in discussions with Glencore to purchase the miner’s 70% stake in zinc and gold producer Kazzinc Ltd., Bloomberg reported last month, citing people familiar with the matter. Mutalip is also in discussions to buy 40% of Eurasian Resources Group from the families of two of the Kazakh mining group’s founders, the people said.
In today's uncertain economic environment, several tech stocks once regarded as high-flyers have sold off. Amid high capital expenditure (capex) costs and uncertainty as to how artificial intelligence (AI) will affect the tech landscape, many investors have soured on the sector. Fortunately, the sell-off could be a blessing in disguise for investors who wanted to buy into tech but felt valuations ...
In today's uncertain economic environment, several tech stocks once regarded as high-flyers have sold off. Amid high capital expenditure (capex) costs and uncertainty as to how artificial intelligence (AI) will affect the tech landscape, many investors have soured on the sector. Fortunately, the sell-off could be a blessing in disguise for investors who wanted to buy into tech but felt valuations were too frothy. As many stocks trade at a significant discount, it may be time to consider these two tech stocks. Oracle Perhaps no stock over the last few months has seen a more dramatic reversal of fortune than Oracle (ORCL +1.35%). The stock was riding high after it formed a $300 billion partnership with OpenAI that sent its stock soaring in 2025. However, hope gave way to skepticism as the year ended and 2026 began, as some questioned whether OpenAI could live up to its end of the bargain. Moreover, investors are balking at Oracle's massive debt and its spending spree to keep up with the heavy demand for its lower-cost AI infrastructure. Expand NYSE : ORCL Oracle Today's Change ( 1.35 %) $ 2.06 Current Price $ 154.96 Key Data Points Market Cap $440B Day's Range $ 148.89 - $ 155.30 52wk Range $ 118.86 - $ 345.72 Volume 6.4M Avg Vol 27M Gross Margin 64.30 % Dividend Yield 1.31 % Additionally, it has already run up nearly $135 billion in debt and plans to spend an additional $50 billion on capex in 2026. Investors likely overreacted to Oracle's situation and caused a sell-off that wiped out more than half of the stock's value. Oracle recently delivered encouraging news in its earnings report for the third quarter of fiscal 2026 (ended Feb. 28). Its backlog has grown to $553 billion, with an 84% increase in cloud infrastructure revenue suggesting those bookings are increasingly translating into revenue. Amid the negativity, Oracle's price-to-earnings (P/E) ratio has fallen to 28, and looking ahead, the forward P/E ratio of 21 indicates the stock has moved into oversold ter...
Billionaire Vincent Bolloré was ordered to face trial in December over allegations including bribery to win a port contract in Togo a decade and a half ago. The French court case will extend to embezzlement allegations related to another contract to operate container terminals in Guinea, according to prosecutors at the Parquet National Financier, confirming an earlier report by Le Monde. Bolloré f...
Billionaire Vincent Bolloré was ordered to face trial in December over allegations including bribery to win a port contract in Togo a decade and a half ago. The French court case will extend to embezzlement allegations related to another contract to operate container terminals in Guinea, according to prosecutors at the Parquet National Financier, confirming an earlier report by Le Monde. Bolloré faces claims that the Havas advertising company he controlled provided discounted campaigning advice that facilitated the elections as presidents of Alpha Condé in Guinea and Faure Gnassingbé in Togo. The trial order comes nearly a decade after the tycoon was first charged. Bolloré unsuccessfully tried to end the proceedings with a guilty plea in 2021 just as his eponymous firm clinched a €12 million ($13.8 million) settlement with the PNF. Read more: Billionaire Bollore Is Charged in French Bribery Investigation As part of the case, French investigators have said that a unit of the Bolloré group paid €300,000 — three quarters of the total bill — for the Gnassingbé campaign advice. Lawyers for the French billionaire disputed that the payment was a bribe and said that it was made as part of “normal commercial relations” between the Bolloré and Havas groups. The lawyers, Olivier Baratelli and Céline Astolfe, argue that that a fair trial is impossible after the botched plea bargain. They say it has “irrevocably” harmed their client’s defense rights and the presumption of innocence.