Facebook reported glowing results, as first-quarter revenue rose a better-than-projected 26 percent on the strength of its advertising business. Microsoft topped estimates too, raking in $30.6 billion in revenue thanks to a flurry of cloud-computing deals. The results were less rosy at Tesla. While the carmaker reaffirmed its delivery guidance for the year, it lost $2.90 a share for the period, missing estimates for a loss of $1.30.
Goldman Guilty Plea for 1MDB?Goldman Sachs may have to plead guilty to a crime to settle a U.S. probe into its dealings with 1MDB, the FT reported. Prosecutors recommended the penalty to senior Justice Department officials, who may opt for a less-onerous punishment, it said. The bank has blamed rogue employees for its malfeasance in Malaysia, and a spokesman said charging the institution criminally wasn’t warranted.
Oil Rally Hits a Wall After Surprise Supply SurgeOil futures ended a two-day rally that had pushed prices to their highest since October due to a surprisingly big jump in U.S. crude inventories. The build was tempered somewhat by the 10th consecutive drawdown for gasoline supplies and a ramp-up in refinery activity. “The market is trying to find its footing and make sense of the heightened geopolitical uncertainty,” said Brian Kessens, a managing director at money manager Tortoise.
Both Sides Claim Victory in IndonesiaA week after Indonesia’s election, the nation remains deeply divided with both candidates continuing to claim victory, prompting the authorities to warn against public displays of discord. President Joko Widodo and challenger Prabowo Subianto both say they’ve won even though a dozen unofficial quick counts showed Jokowi, as Widodo is known, beating his rival by a margin of almost 10 percentage points.
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Business Maverick: Thursday April 18: Five Things You Need to Know to Start Your DayChina and the U.S. schedule yet more tariff talks. Corporate earnings, not trade, remain the focus for markets. And a special note to readers: We're planning to make the redacted Mueller report available soon after the Department of Justice releases it on Thursday. Here are some of this morning’s key stories.
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Business Maverick: Wednesday April 24: Five Things You Need to Know to Start Your DayTwitter helps stocks fly to a record high, Netflix returns to the junk bond market and Islamic State claims responsibility for the deadly attacks in Sri Lanka. Here are some of this morning’s key stories.
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Business Maverick: Cartoon Friday: Rico
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Business Maverick: Pinterest Tops Targeted IPO Range to Raise $1.4 BillionPinterest Inc. raised about $1.4 billion in its initial public offering, pricing its shares above a targeted range as the year’s tech unicorn stampede gains momentum.
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BUSINESS MAVERICK ANALYSIS: Central banks’ musical chairs put independence up for grabsA changing of the guards at central banks around the world at a time when the value of both political and operational central bank independence is up for debate could yield some surprises. History shows these can be pretty dramatic as tensions run high between presidents and bank governors.
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Business Maverick: Competition watchdog names and shames MTN, Vodacom for high data pricesThe Competition Commission’s provisional report on the cost of mobile data in South Africa has confirmed what many people have long suspected.
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Business Maverick: Kraft Heinz’s Problems Run Deeper Than Its CEOKraft Heinz Co.’s problems stem not from a single manager but rather an ethos brought to the company by its private equity owner, 3G Capital, and championed by billionaire Warren Buffett. And so it remains to be seen whether replacing the packaged-food giant’s CEO is enough to right the ship, writes Tara Lachapelle for Bloomberg Opinion
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Business Maverick: S. Africa Reserve Bank Says Too Early to Claim Inflation WinSouth Africa’s central bank says it’s premature to claim victory in the war against inflation and sees price growth stabilizing at 4.5 percent only by the end of 2021.
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Business Maverick: Musk Makes Self-Driving Technology Tesla’s Costly New CallingTesla Inc.’s calling used to be bringing affordable electric cars to the masses. Elon Musk is now ripping up the script, vowing to pair self-driving technology with a sharing service that will make it crazy for consumers to buy other cars.
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BUSINESS MAVERICK: China, South Africa and the middle-income trapChina and South Africa seem so distant and so different. Chinese economic growth has been fabulous; over the past decade, South Africa’s has been miserable. China is enormous; SA is small… and so on. But in one singular respect, China and South Africa are similar — they may be both caught in the middle-income trap. If there is such a thing.
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