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(Bloomberg Opinion) -- “If I’d had more time,” the French mathematician Blaise Pascal once wrote, “I’d have written with more brevity.” Joe Kaeser, the chief executive officer of German industrial giant Siemens AG, should have heeded that dictum.His 1,800-word open letter this week explaining Siemens’s decision to provide rail signaling for the controversial Carmichael coal project in Australia must count as one of the strangest pieces of executive communication since Elon Musk last opened his mouth. Almost twice the length of “The Love Song of J. Alfred Prufrock,” it’s a stream-of-consciousness that veers in the space of a few paragraphs between lecturing, grovelling, evasion and soul-searching. The effect, which you should really experience yourself, doesn’t resemble the blandly polished platitudes issued by corporate boardrooms so much as an anguished love letter. The reason for all this is the storm of protest that Siemens has run into since announcing its contract with Carmichael, a thermal coal pit being developed by Adani Enterprises Ltd.,...
The gold mining ETF’s are testing critical support – the next few trading days are important. If support holds in GDX and GDXJ, then we could see a springboard effect and rally to fresh highs. A failure here would set the stage for a more profound correction....
Where does India go from here?...
(Bloomberg) -- With tech earnings looming this month, investor attention is zeroing in on some of Asia’s largest chipmakers. And there’s reason for it: the sector’s influence on the region’s stocks has kept on growing.Taiwan Semiconductor Manufacturing Co. is set to report fourth-quarter results Thursday, potentially hitting record revenue of more than $10.2 billion and its highest quarterly gross margins since 2018, Bloomberg Intelligence analyst Charles Shum said in a Jan. 7 preview. TSMC shares are up more than 4% this month and touched an intraday high Tuesday.“Many of TSMC’s customers such as Huawei, Qualcomm and Mediatek are quickening their pace of adopting cutting-edge processes to prepare for the launch of 5G mobile devices,” Shum said in the report.Rival Samsung Electronics Co. releases its final results Jan. 30. Preliminary figures announced earlier this month showed quarterly earnings beat estimates as global chip prices have shown signs of escaping a protracted slump.The...
Amazon, which was seen as a favorite for the contract, plans to file a motion for a temporary restraining order on Jan. 24 and a federal court will issue its decision on Feb. 11, according to the filing. The e-commerce giant has blamed U.S. President Donald Trump of exerting "improper pressure" and bias that led the U.S. Department of Defense (DoD) to award the Joint Enterprise Defense Infrastructure Cloud (JEDI) contract to Microsoft....
(Bloomberg) -- BNP Paribas SA and Citigroup Inc. are among global banks with the most exposure to about $14 billion of accepted claims related to the collapse of two Saudi business empires more than a decade ago.The French bank is owed about $750 million by Maan al-Sanea’s Saad Group and Ahmad Hamad Algosaibi & Brothers Co. -- two family holding companies that defaulted on roughly $16 billion in 2009 -- after a Saudi court accepted its claims, according to documents seen by Bloomberg. The U.S. bank is owed about $270 million by Saad Group, the documents show.The court’s approval last month of claims from more than 100 local and international banks, hedge funds and other creditors is a milestone in the Middle East’s longest-running and biggest defaults that have involved court cases spanning from London to the Cayman Islands.Family-owned conglomerate Algosaibi, known as AHAB, defaulted on about $9 billion of debt,...
(Bloomberg) -- The former chairman of one of China’s bad banks has confessed to taking millions of yuan in bribes which he kept in metal cabinets in a Beijing apartment he nicknamed “the supermarket.”Lai Xiaomin, former head of China Huarong Asset Management Co., has been charged with taking bribes, corruption and bigamy in one of China’s biggest financial corruption cases.On Monday, he confessed in a state TV documentary that he preferred cash payments and said he would drive trunk loads of bills to the apartment, where more than 200 million yuan ($29 million) was uncovered.“I got the money and just left it there, just like making regular trips to the supermarket,” the 57-year-old Lai, wearing a gray-blue polo shirt, said on the program. “I didn’t spend a cent. It’s all confiscated in the end.”Confessions such as Lai’s are becoming a more common ritual in China as President Xi Jinping tightens his...
