US President Donald Trump, who has been facing a probe for the alleged collusion with Russia to manipulate the 2016 elections, is now in the midst of another controversy. Trump has now come under scrutiny for his ties with Deutsche Bank. Last week, the New York Attorney General’s office issued subpoenas to Deutsche Bank and Investors Bank.
Now, a New York Times report has cited instances of alleged malpractice on Trump’s behalf including exaggerating his wealth to get loans and also rewarding bankers with a stay at his Mar-a-Lago resort. Notably, the proposed meeting between Trump and Chinese President Xi Jinping was being planned at the same resort.
Meanwhile, Trump, who has frequently taken credit for a strong economy and rising markets (SPY), tweeted yesterday, “GDP growth during the four quarters of 2018 was the fastest since 2005. This Administration is the first on record to have experienced economic growth that meets or exceeds its own forecasts in each of its first two years in office. GROWTH is beating MARKET EXPECTATIONS!”
Interestingly, in his 2018 annual shareholder letter, Berkshire Hathaway (BRK-B) chair Warren Buffett seemed to take potshots at Trump without actually naming him. Buffett said, “It is beyond arrogance for American businesses or individuals to boast that they have ‘done it alone’.” Buffett also said, “Americans will be both more prosperous and safer if all nations thrive.” The comments were seen in the context of Trump taking credit for a strong US economy as well as China’s slowdown.
Read Warren Buffett and the Problem with Elephants for a detailed analysis of Buffett’s 2018 shareholder letter.
Yesterday, Apple (AAPL), Amazon (AMZN), General Electric (GE), and Alibaba (BABA) gained 0.97%, 1.7%, 2.4%, and 0.48%, respectively. However, Facebook (FB), NVIDIA (NVDA), Advanced Micro Devices (AMD), and Alphabet (GOOG) lost 3.5%, 0.51%, 0.15%, and 0.12%, respectively.
After a bitter dispute for six years, Southwest Airlines (LUV) is finally going to make peace with its mechanics.
Verizon Communications stock (VZ) closed down 2.09% on Tuesday after the leading US mobile carrier reported mixed results for the first quarter of 2019 before the market bell yesterday.
Several European auto companies want Nokia’s (NOK) patent business subjected to an antitrust probe.
The first-quarter semiconductor earnings season has begun, and the stock market is showing bullish sentiment as investors buy ahead of earnings releases.
Netflix (NFLX) is working its way through a series of price increases in several markets, including the United States and parts of Europe.
Netflix (NFLX) is aiming to add 14.6 million paying subscribers in the first six months of 2019.
Earlier today, the second-largest US automaker, Ford Motor Company (F), announced a plan to invest $500 million in Plymouth-based automotive company Rivian.