Musk’s $56 billion pay package opposed by CalPERS CEO, CNBC reports

(Reuters) -The California Public Employees Retirement System (CalPERS) CEO Marcie Frost is planning to oppose Tesla CEO Elon Musk’s $56 billion pay package, CNBC reported on Wednesday. “We do not believe that the compensation is commensurate with the performance of the company,” Frost said in an interview to CNBC. Asked if the pension fund was “duped” when it supported the proposal in 2018, Frost said it had not been. “We used the information we had … Read more…

Nasdaq crosses 17,000 mark ahead of inflation test

By Johann M Cherian and Lisa Pauline Mattackal (Reuters) -The Nasdaq breached the 17,000 level for the first time on Tuesday, buoyed as AI darling Nvidia jumped to a record high, even as focus shifted to key inflation data later in the week that could sway expectations for the Federal Reserve’s rate-cut path. Nvidia’s gains lifted its fellow chip stocks, with the Philadelphia Semiconductor Index up 1.7% as traders returned from a holiday-extended weekend. The … Read more…

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Hess shareholders approve merger with Chevron

By Sabrina Valle HOUSTON (Reuters) – Hess Corp on Tuesday approved the company’s $53 billion merger with the No. 2 U.S. oil company Chevron, according to preliminary results of the vote. The merger required a majority vote to approve the deal by a majority of Hess’ 308 million shares outstanding to pass. The company did not immediately provide the vote tally. Chevron offered to acquire Hess last October in a move to gain a foothold … Read more…

AI darling Nvidia’s market value surges closer to Apple

By Zaheer Kachwala (Reuters) – Nvidia’s shares rallied around 6% to hit a record high on Tuesday, leaving the AI chipmaker’s stock market value about $100 billion away from overtaking Apple in a major reshuffle of Wall street’s biggest players. Last trading at $1,128, Nvidia’s market capitalization reached $2.8 trillion, compared to a market value of $2.9 trillion for Apple, which is Wall Street’s second-most valuable company after Microsoft. Its stock surged as much as … Read more…

Wall Street ushers in new era of faster trade settlement

By Laura Matthews and Carolina Mandl NEW YORK (Reuters) -U.S. trading on Tuesday moved to a shorter settlement cycle for securities transactions, putting investors and regulators on alert for increased trade failures and other hiccups in the world’s largest financial market over the coming days. Investors in U.S. equities, corporate and municipal bonds and other securities now must settle their transactions one business day after the trade, instead of two, to comply with a rule … Read more…

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ECB has significant room for rate cuts – Villeroy

PARIS (Reuters) – The European Central Bank has plenty of room for rate cuts and current market expectations for easing over the long-run are reasonable, ECB policymaker Francois Villeroy de Galhau said in a newspaper interview on Monday. After a first rate cute next month that Villeroy described as a “done deal”, debate among ECB policymakers remains open about how fast and far to keep easing after that. Villeroy, who is also the governor of … Read more…

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Elon Musk’s xAI valued at $24 billion after fresh funding

(Reuters) -Elon Musk’s AI startup xAI raised $6 billion in series B funding, reaching a post-money valuation of $24 billion as investors bet big on challengers to companies like OpenAI in the intensifying AI race. The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said in a blog post on Sunday. The company’s pre-money valuation was $18 billion, Musk said in a post on X. The money will be … Read more…

Alibaba’s AliExpress recruits Beckham to ‘score more’ global sales

By Casey Hall SHANGHAI (Reuters) – AliExpress, an e-commerce site owned by Chinese giant Alibaba, has signed former England soccer captain David Beckham as a brand ambassador as it plays catch-up with rival PDD Holdings’ Temu in a battle to sell cheap made-in-China goods to the world. A low-key cross-border player until recently, Alibaba is now investing aggressively to boost global sales as domestic e-commerce growth wanes. Its international division, which includes AliExpress, is its fastest … Read more…

Stocks rebound to close higher but Dow down for the week

By Chuck Mikolajczak NEW YORK (Reuters) -U.S. stocks rebounded on Friday from sharp losses the day before on news of an improving consumer outlook on inflation, sending the Nasdaq to a fifth straight week of gains and record closing high. The Commerce Department said new orders for key U.S.-manufactured capital goods rebounded more than expected in April while the University of Michigan reported that consumers’ inflation expectations improved in late May after deteriorating early in … Read more…

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BlackRock pushed Anglo to extend talks with BHP, FT reports

(Reuters) – Anglo American was pressed by key shareholders including BlackRock to extend talks with BHP Group over its proposed 38.6 billion pound ($49.18 billion) mining merger, the Financial Times reported on Saturday. BHP, the world’s biggest listed mining group, now has until May 29 to make a firm bid for Anglo American or it will be forced to walk away for at least six months under the UK’s takeover rules after it was granted … Read more…