Donald Trump, the wealthiest US president, has expanded his business empire and appointed several affluent individuals to key government positions, including Elon Musk. US ethics laws mandate the disclosure and potential divestment of significant financial holdings to avoid conflicts of interest, a requirement some of Trump's appointees struggled to meet during his first term. Critics have pointed out Trump's failure to distance himself from his assets, diverging from presidential traditions.
UBS Principal Capital sold a 1.03% stake in BSE Limited, with notable buyers including Amansa Holdings Private, Think India Opportunities Master Fund LP, and iShares Core MSCI Emerging Markets ETF. In a broader trading session, UBS offloaded shares in several Indian companies, including Alkem Laboratories, Kalyan Jewellers, and Oberoi Realty, while Amansa Holdings acquired 13.94 lakh shares of GMM Pfaudler. Other transactions included sales by Paradise Moon Investment Fund-I and Vikasa India EIF I Fund-Incube Global Opportunities in Mcon Rasayan India Ltd.
Expect a Santa rally and new highs in the stock market as the year comes to a close, according to insights from the Stock Trader's Almanac. This forecast suggests a positive trend for investors looking ahead to year-end performance.
The Rolex Cosmograph Daytona, launched in 1963, remains a cult icon among collectors, with its value soaring after Paul Newman’s model sold for $17.8 million in 2017. Despite market fluctuations, Rolex's resale prices have risen significantly, driven by its blend of rarity, craftsmanship, and cultural significance. The brand's recent entry into the certified pre-owned market further solidifies its appeal, ensuring that the Daytona continues to captivate both seasoned and new collectors alike.
At COP29 in Azerbaijan, Saudi Arabia successfully pushed to exclude specific references to fossil fuels from climate agreements, reversing earlier commitments made at COP28. The Saudis negotiated a climate finance deal of $300 billion annually for developing countries by 2035, but did not recommit to reducing fossil fuel reliance, raising concerns about future negotiations as the U.S. faces potential shifts in leadership.
French billionaire Vincent Bolloré's plan to split Vivendi SE into four parts to enhance its value has not succeeded, with shares plummeting 16% since the announcement in late 2023. The stock has fallen to its lowest level in a year, leading to skepticism among investors about the effectiveness of the breakup in addressing the conglomerate discount.
Damian Williams, the Manhattan US Attorney known for his role in overseeing Wall Street, will resign on December 13 after three years in office. His departure comes as Donald Trump prepares to return to the White House, with Deputy US Attorney Edward Kim set to take over temporarily.
The UK government risks losing the trust of corporate leaders due to the unexpected rise in employment costs introduced in last month’s budget, warns Rupert Soames, chair of the Confederation of British Industry. He cautioned that businesses could turn against the Labour government within the next six to twelve months, emphasizing the difficulty of reversing this sentiment once established.
Gerhard Pfister, president of the Center Party, is reevaluating support for homeowners' association proposals after recent defeats in referendums. He warns that the upcoming initiatives could face rejection if they lack broad backing, signaling a potential shift in tenancy law dynamics. Discussions for compromise are anticipated as both sides seek to navigate the parliamentary process effectively.
President-elect Donald Trump’s transition team is preparing an executive order to lift the Biden administration's moratorium on natural gas export permits. This action is part of a broader energy policy initiative, which may include mandating the Energy Department to approve pending export permits or resume application reviews.