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Saudi billionaire Prince Alwaleed, a prominent investor known for his stakes in Citibank and various global enterprises, faced a dramatic shift in 2017 when he was detained by Crown Prince Mohammed bin Salman. After 83 days, he was released and has since maintained a lower public profile while continuing to invest in sectors aligned with Saudi Arabia's Vision 2030, including projects linked to Elon Musk, with whom he speaks weekly. Alwaleed's historical ties with figures like Donald Trump add another layer to his complex business relationships.
Capital One has secured regulatory approvals for its $35.3 billion acquisition of Discover, set to close on May 18, making it the largest U.S. credit card issuer with approximately $250 billion in loan balances. The acquisition enhances Capital One's position by integrating Discover's payments network, allowing it to process transactions while expanding its revenue streams. Both companies have evolved from their subprime roots, targeting different market segments, with Capital One focusing on affluent travelers and Discover appealing to prime customers.
Major British banks, including Barclays, NatWest, Citibank, and JPMorgan, are taking a forex rigging case to the Supreme Court. In 2019, the European Commission found that these banks participated in FX spot trading cartels. A successful appeal could render the Court of Appeal's decision moot, jeopardizing the claim certification.
Stablecoin issuer Circle is partnering with JPMorgan Chase and Citi Bank for a planned initial public offering (IPO) in April 2024, having filed paperwork with the U.S. Securities and Exchange Commission (SEC) in January. This IPO could be the largest in the crypto sector since Coinbase's debut in 2021. Circle's USDC stablecoin, redeemable 1:1 for US dollars, is the second-largest stablecoin by market cap, following Tether's USDT.
Morgan Stanley has upgraded its rating on Chinese stocks for the second time in over a month, forecasting significant growth by year-end. The firm anticipates the Hang Seng Index and MSCI China Index to rise by over 8%, driven by improved earnings and a positive economic outlook.Year-to-date, the MSCI China Index has surged approximately 16%, outperforming global markets, aided by advancements in generative AI and Beijing's stimulus measures. Other Wall Street firms, including Goldman Sachs, share a positive sentiment, with investor interest at its highest since early 2021, despite lingering uncertainties around U.S. tariffs.
Sadie McKeown, a Democratic donor and head of the Community Preservation Corporation, facilitated the sale of Asbury Terrace Apartments in Tarrytown, leading to an 80% rent increase that displaced low-income residents. Despite receiving $3 million from a Biden-era climate fund, local residents express skepticism about the benefits of the new affordable housing initiatives, claiming they do not serve the community's needs. McKeown continues to lobby for the release of additional funds to support taxpayer-funded projects.
The FBI, EPA, and Treasury have instructed Citibank to freeze funds as part of the Trump administration's efforts to recover climate-related financial resources. This move highlights ongoing tensions surrounding climate funding and federal oversight.
The U.S. stock market will be closed on Martin Luther King Jr. Day, January 20, 2025, marking its third closure of the year. Most banks will also be closed in observance of the federal holiday, following the Federal Reserve's lead. Additionally, January 20 coincides with Inauguration Day for President-elect Donald Trump.
The S&P 500 is nearing a complete reversal of its post-election gains, up just 0.92% since November 5, while the Dow is only 0.18% higher. A slump in tech stocks, influenced by new Biden administration rules on AI chip sales, has contributed to this decline. Investors are preparing for fourth-quarter earnings reports and key inflation data, which are expected to significantly impact market trading.
Solana is rapidly outpacing Ethereum across key metrics, with a recent report indicating its Real Economic Value at 111% of Ethereum's. The surge is attributed to increased activity from Solana's memecoin platform, Pump.fun, which has generated over $390 million in revenue. Upcoming upgrades, including Firedancer, are expected to further enhance Solana's scalability and stability, positioning it for continued growth in the crypto market.
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