DIRS.INFO The most relevant business & tech news

☆ China’s economy is way more screwed than anyone thought
▼ + stars: | 2023-06-14 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

The bubble in China's property market finally popped. In April, China's economic data came in weak largely across the board. The problem is that while consumers may be picking up, the biggest drivers of the Chinese economy — property and exports — are going to stay dormant. Consumer consumption makes up about 37% of the Chinese economy (in the US that figure is about 70%). Beijing has tried to shift the country toward a consumption model, like the US, but exports still make up 20% of China's economy.

Persons: lockdowns, it's, Xi Jinping, Stanley Druckenmiller, We're, Morgan Stanley, Goldman Sachs, Wei Yao, Leland Miller, Miller, Yao, Wright, I've, —, Kearney, Linette Lopez Organizations: Trade, JPMorgan, Bloomberg Invest Conference, Bank of America's, China's National Bureau, Statistics, Societe Generale, Analysts, Beijing, China, Chinese Communist Party, China's Locations: China, globalism, Beijing, York, Asia

☆ Goldman Sachs COO warns of 'mini stagflationary' scenario where sticky inflation eats away at economic growth
▼ + stars: | 2023-06-09 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Brace for a "mini stagflation" scenario where sticky inflation eats away at US economic growth, Goldman Sachs' COO said. "That's not going to be called a recession, but it's not going to feel great," John Waldron said at the Bloomberg Invest conference. While the US economy may avoid a recession, inflation remains of key concern, he said. "If you want to paint a more cautious picture, you would say we might have a mini stagflationary scenario. Waldron added "the persistence of inflation in the system" on the supply side is what's being felt by the Wall Street bank's corporate clients.

Persons: Brace, Goldman Sachs, That's, it's, John Waldron, —, that's, Stagflation, Waldron, you've Organizations: Bloomberg Invest, Service, Fed, ECB, Federal Reserve Locations: New York

☆ Goldman Sachs No. 2 explains the bank's layoffs as it embarks on its third round of job cuts in less than a year
▼ + stars: | 2023-06-08 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

Goldman COO John Waldron said economic uncertainty has been a major challenge for the bank. 2 said he could not guarantee the bank won't make more job cuts this year, citing continued economic uncertainty. When asked about the potential for future job cuts, Waldron cited those "crosscurrents" as a reason the bank's cost-cutting may not be over. In September, Goldman cut a few hundred staffers, including members of the investment bank's technology, media, and telecommunications team, Insider reported. "I think we have done a better job in the last four or five years really trying to build a deeper succession pipeline," Waldron said.

Persons: Goldman, John Waldron, Goldman Sach's, Goldman Sachs, Waldron, it's, Goldman isn't, Morgan Stanley Organizations: Bloomberg Invest, Street, JPMorgan, First Republic Bank Locations: Manhattan

☆ Don't bank on AI predicting the stock market anytime soon
▼ + stars: | 2023-06-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +2 min

But for those on Wall Street, one question of AI reigns supreme. At least, that's according to Wall Street vet Marty Chavez. "There's a really profound technical reason why the AIs, I think, are not going to predict the stock market," said Chavez while speaking at the Bloomberg Invest conference in New York. But cats are not the same as the stock market (in case you were unaware). "The stock market is notoriously not a stable distribution."

Persons: Marty Chavez, Chavez, who's, Goldman Sachs, didn't, we've, —, you've Organizations: Wall, Sixth, AIs, Bloomberg Invest Locations: New York

☆ Billionaire investor Ray Dalio says the US is at the start of a debt crisis - and worse times are ahead for the economy
▼ + stars: | 2023-06-08 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Bridgewater founder Ray Dalio said the US is at the start of a "late, big cycle debt crisis." The billionaire investor warned there's a shortage of buyers at a time when the US is selling so much debt. He added the US economy faces tougher times ahead - and forecast a balance-sheet recession. "When one looks at the buyers, there appears to be a significant shortage of the buyers for that government debt. Looking ahead, Dalio was downbeat.

Persons: Ray Dalio, there's, —, Dalio, Joe Biden, we're Organizations: Bridgewater, Service, Privacy, Bloomberg Invest, Congress, Treasury

☆ Stanley Druckenmiller says Nvidia stock is worth holding for the next few years amid AI bullishness
▼ + stars: | 2023-06-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Nvidia is worth holding for two to three years, Stanley Druckenmiller said in a Bloomberg conference. His bullishness comes as other investors have called Nvidia overvalued. His bullishness comes as other investors have called Nvidia overvalued after it briefly soared to a market cap of $1 trillion last month. During the Bloomberg interview, Druckenmiller also noted that even if a hard landing for the economy affects some AI development, he expects Nvidia to thrive in the long run. In the first quarter, his family office snapped up $220 million worth of the chipmaker's stock.

Persons: Stanley Druckenmiller, Druckenmiller, —, he'd, Bard, they're, Cathie Wood, Asmath Damodaran, Goldman Sachs Organizations: Nvidia, Bloomberg, Microsoft, Service, Privacy, Bloomberg Invest, Duquesne Family, Bank of America, ARK

☆ Billionaire Marc Lasry, who sold his stake in the Milwaukee Bucks, says the next "big opportunity" is in women's sports
▼ + stars: | 2023-06-07 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

The former co-owner of the NBA's Milwaukee Bucks is raising money for a sports fund. Lasry said he would like to go out and buy basketball teams in Africa and potentially Asia. "Women's soccer should go from $50 million to $500 million in the next 10 years," he said. This year, the famed distressed-debt investor agreed to sell his 25% stake in the Milwaukee Bucks basketball team. Lasry also said he would like to go out and buy basketball teams in Africa and potentially Asia.

Persons: Marc Lasry, Lasry, Aurelien Meunier, Getty Organizations: Milwaukee Bucks, Billionaire, Capital, Bloomberg Invest, National Women's Soccer League, Milwaukee Bucks basketball, National Basketball Association Locations: Africa, Asia

Search resuls for: "Bloomberg Invest Conference"

7 mentions found