Continental Resources CEO and Chairman Harold Hamm on Thursday fired back at renowned short-seller Jim Chanos after he revealed he is betting that shares of Hamm’s Oklahoma-based drilling company will fall. “Well, first of all, I can say almost, who is this guy?” Hamm told CNBC’s “Squawk on the Street.” Hamm speculated that Chanos — […]
Read more
WHEN it comes to liquefied natural gas (LNG), the supermajors have supersized appetites. The likes of Royal Dutch Shell, ExxonMobil and BP make discoveries described as “elephants”; their cost overruns alone can run into the tens of billions of dollars; and projects take the best part of a decade to complete. For years, the industry […]
Read more
ASTANA in Kazakhstan is one of the world’s most remote capitals, surrounded by thousands of kilometres of empty steppe. This summer Astana attempted to launch itself onto the global stage by hosting the World Expo, which closed on September 10th and underwhelmed many attendees. But there are other ways to have an impact. On the city’s […]
Read more
COMPANIES’ legal structures are usually mind-numbing fare. But occasionally it is worth pinching yourself and paying attention. Take “variable interest entities” (VIEs), a kind of corporate architecture used mainly by China’s tech firms, including two superstars, Alibaba and Tencent. They go largely unremarked, but VIEs have become incredibly important. Investors outside China have about $1trn […]
Read more
BROWSING websites that list sperm donors is weirdly similar to online dating. “Sanford is the total package,” begins one online ad, describing his strong jawline and piercing blue eyes. With a degree in finance and a “charming demeanour”, he is more than a pretty face. You can listen to a voice recording from Sanford himself. […]
Read more
“A DEFINING moment for the auto industry.” That is how usually restrained analysts at Sanford C. Bernstein, a research firm, described the news that China’s government wants to move towards a ban on gas guzzlers. On September 9th, Xin Guobin, vice minister of industry and information technology, told an automotive conference in Tianjin, a grimy […]
Read moreThe next-generation 5G network will “usher in what I think is the fourth industrial revolution in this country,” Verizon CEO and chairman Lowell McAdam said on CNBC’s “Squawk on the Street” on Thursday. McAdam was a speaker at the Goldman Sachs 26th Annual Communacopia Conference in New York on Thursday. He said the company the […]
Read moreThe Federal Trade Commission said Thursday it is investigating the data breach at Equifax that exposed the personal information of 143 million people. News of the investigation sent Equifax’s stock sinking. “The FTC typically does not comment on open investigations,” agency spokesman Peter Kaplan said. “However in light of the intense public interest and the […]
Read moreCNBC’s Jim Cramer said Thursday that Equifax Chief Executive Richard Smith “should be fired today” after the fallout from the credit reporting agency’s massive data breach. “I think the board is unbelievable. What does it take to get fired in this country?” Cramer said on “Squawk on the Street.” “I mean, this was — you […]
Read moreJPMorgan becomes just seventh bank to cover Buffett's Berkshire Hathaway, calling it a screaming buy
If there is anyone out there who doesn’t need affirmation from Wall Street analysts, it’s the 87-year-old investing icon Warren Buffett. But JPMorgan gave it to the “Oracle of Omaha” anyway Thursday, initiating coverage on Berkshire Hathaway, the conglomerate he’s run for five decades, with an overweight rating. Despite Berkshire being the sixth-largest company in […]
Read more