Month: July 2022

Michael R Strain is director of economic policy studies at the American Enterprise Institute Although the price of oil has fallen in recent weeks, it is still going through the roof, seeping into gas prices and causing economic and political challenges in the US, UK and Europe. An increase in Russian supply would lower prices, but the revenue from those additional sales would feed President Vladimir Putin’s war machine. Adding to the problem is a new round of European sanctions that will target Russian oil imports later this year. Such sanctions could further increase prices, potentially triggering a global recession….

Deutsche Bank’s fixed-income traders helped propel its investment bank to an 11% rise in the second quarter, even as the bank posted sharp falls in trading fees. The German lender posted revenue of €2.6bn at its investment bank in the three months to the end of June, which beat analysts’ expectations and rose 11%. €2.4 billion in fixed income trading revenue rose 32% in the period and ahead of market predictions. The bank said revenue within its rates, foreign exchange and emerging markets business units more than doubled from a year earlier, offsetting declines in credit trading. However, Deutsche Bank…

Payments giant PayPal has finally attracted an activist. PayPal had been a pandemic darling as households increasingly shopped online, but shares have fallen more than 60% this year as people returned to their pre-pandemic spending habits. Earlier this year, the company cut its earnings forecast for 2022, prompting the company’s worst one-day selloff in its history as a publicly traded company. That steep decline over the past year, which saw PayPal go from a $350 billion company at its peak to one valued at about $89 billion, had investors wondering whether an activist would call the payment company’s door. Elliott…

Michael R Strain is director of economic policy studies at the American Enterprise Institute Although the price of oil has fallen in recent weeks, it is still going through the roof, seeping into gas prices and causing economic and political challenges in the US, UK and Europe. An increase in Russian supply would lower prices, but the revenue from those additional sales would feed President Vladimir Putin’s war machine. Adding to the problem is a new round of European sanctions that will target Russian oil imports later this year. Such sanctions could further increase prices, potentially triggering a global recession….

US regulators issued a joint letter ordering bankrupt cryptocurrency broker and lender Voyager Digital to stop trading as insured by the Federal Deposit Insurance Corporation, saying statements on its website and other sites were false and misleading. The joint letter released July 28 by the Federal Reserve and the FDIC said the company’s statements “likely misled and relied on customers who placed their funds with Voyager and do not have immediate access to their background”. Voyager filed for Chapter 11 bankruptcy protection earlier this month. A spokesman did not immediately respond to a request for comment on the letter. Voyager…

RALEIGH-DURHAM, NC–(BUSINESS THREAD)–Avaya Holdings Corp. (NYSE: AVYA) today announced certain preliminary financial results for the third quarter ended June 30, 2022 and expects to report full third quarter results on August 9, 2022. Based on currently available information for the third quarter ended June 30, 2022, the company expects revenue to be between $575 million and $580 million, compared to guidance of $685 million to $700 million, and adjusted EBITDA between $50 million and $55 million. , compared to guidance of $140 million to $150 million.1 The company is also finalizing tests of its goodwill and intangible assets that are…