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Semafor Business: Bill comes due for money-losing tech companies that borrowed billions
In today’s edition, we look at firms that borrowed against the promise of runaway growth that didn’t materialize, with the help of lenders with looser standards.
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The US Fed keeps interest rates steady
The move was expected, but investors are closely watching for hints from Fed Chair Jerome Powell about the central bank’s next moves.
REUTERS/Elizabeth Frantz/File Photo
FTC clears Exxon-Pioneer deal but with board twist
Pioneer’s former CEO, Scott Sheffield, won’t be allowed to serve on the combined company’s board as the FTC looks into price-fixing allegations, people familiar with the matter said.
Lucas Jackson/Reuters
Bill comes due for money-losing tech companies that borrowed billions
With the help of lenders with looser standards, firms borrowed against the promise of runaway growth that didn’t materialize. Now tripwires to turn a profit are kicking in.
Xi due in Europe as continent split on political rivalry between Washington and Beijing
Europe finds itself in a conundrum as leaders clash on Chinese green tech overcapacity and their security reliance on Washington.
REUTERS/Tingshu Wang
Biden on notice as inflation jumps and growth slows
The US economy is cooling down, negatively impacting voters’ perception of Biden in critical swing states.
REUTERS/Kevin Lamarque
Victor Khosla on “toasty” equity, a real-estate reckoning, and ducks
The founder of Strategic Value Partners warns about volatility ahead and notes the current market isn’t a good fit for a regular investor buying regular debt.
Arturo Holmes/Getty Images
Private equity’s latest trade: The financial futures of millions of retirees
Regulators and workers are worried, and recent lawsuits challenge the plans of AT&T, Lockheed and Alcoa to turn their pensions over to an insurer owned by Apollo.
Boeing lost less revenue than expected amid safety crisis
Boeing’s cash burn was less than forecasted, largely driven by operations outside its commercial airplane sector.
Tesla reports 55% drop in profit as Chinese competitors dominate
Tesla has slashed prices and announced global layoffs in recent months as the EV giant struggles to compete with Chinese companies.
More than one in five cars sold in 2024 will be electric: IEA
Despite an ongoing slowdown in global EV sales, the IEA forecasted that sales will pick up this year, thanks to Chinese consumers’ access to cheaper EVs.
Axel Springer’s Trump years
The courtship between Axel Springer and the Trump administration offers an unusual glimpse of a publisher navigating the new political landscape.
Semafor unveils expansion of flagship live journalism platform ‘The World Economy Summit: Fall Edition’
Returning to Washington D.C. to coincide with the IMF/World Bank fall meetings in October, Semafor is leveraging its hugely successful April summit to convene power brokers on the record this fall
Out of control spending risks economic crisis, Goldman’s Waldron says
Goldman Sachs President John Waldron warned that Washington needs to get “its spending under control” to prevent a market crisis similar to what happened in the UK in 2022.
Semafor World Economy Summit 2024 Livestream
Experience every moment of the largest and most consequential gathering on the state of the global economy on April 17 and 18, live from Washington, D.C.
White House science chief reiterates that Biden wants TikTok divestment, not ban
Arati Prabhakar, the director of the White House Science and Technology Policy ,said at Semafor’s World Economy Summit that there were larger social media privacy concerns not exclusive to TikTok.
NY Fed chief: No ‘urgency’ to cut interest rates
John Williams, the president of the Federal Reserve Bank of New York, acknowledged that inflation has been a bit of a “bumpy road,” but overall, “the trend is that inflation is gradually coming down.”
Former US Treasury Secretary warns Trump plans would ‘set off an inflationary spiral’
A populist turn could lead the U.S. down the same economic path as Argentina, Larry Summers said at the Semafor World Economy Summit.
German chancellor doesn’t rock the boat in China visit
German Chancellor Olaf Scholz on Tuesday met with Chinese leader Xi Jinping to discuss unfair trade practices stoking anxiety in Europe.