Author: openjargon

  • It’s been 3 days since Modi won, and we’re already seeing what it’s costing him

    India's Prime Minister Narendra Modi addresses his supporters after Bharatiya Janata Party (BJP) won in the country's general election, in New Delhi on June 4, 2024.
    India's Prime Minister Narendra Modi addresses his supporters after Bharatiya Janata Party (BJP) won in the country's general election, in New Delhi on June 4, 2024.

    • Narendra Modi is prime minister again, but now his allies can start making demands of him.
    • These difference-makers want Cabinet positions and special funding, The Guardian and Reuters reported.
    • It's a stark change from when Modi won easily in previous elections without needing his allies.

    As Indian Prime Minister Narendra Modi assembles his next government, the calculus clearly differs from his last 10 years in power.

    Small political factions allied with his party, the Bharatiya Janata Party, have become vital to his hold on India's leadership. Tuesday's election result revealed that Modi would not have secured a simple majority in parliament had they not joined his cause.

    It's a humbling moment for the BJP, which, in the last two elections, easily achieved a simple majority without the need for its allies.

    This year, it fell 32 seats short of the 272 parliamentary seats necessary to win. The rest of its coalition, the National Democratic Alliance, pulled Modi through with another 52 seats, meaning a desertion of several allied parties could turn the tide of the election.

    And don't they know it. Now increasingly dubbed the "kingmakers" by international media, these smaller factions are jockeying for important concessions such as Cabinet positions and special status for their states.

    Two major players here are the Telugu Desam Party and Janata Dal (United) Party, which hold 16 and 12 seats, respectively. Modi's alliance would have only achieved 265 seats, seven below the majority mark without them.

    Both parties are known to have switched loyalties before and only joined forces with Modi in the months before the 2024 election.

    Reuters reported on Thursday, citing two anonymous sources, that the Telugu Desam Party is seeking federal funds to complete irrigation projects in the state of Andhra Pradesh and construction for its capital.

    The Guardian's South Asia correspondent Hannah Ellis-Petersen reported that the party also demands five Cabinet positions and the position of parliamentary speaker.

    Meanwhile, the Janata Dal (United) party is asking for three Cabinet seats, per Ellis-Petersen.

    That would drastically change Modi's government's composition, which had all Cabinet positions filled by BJP members.

    Local outlet The New Indian Express reported on Friday that the BJP was already considering dropping some of its previous Cabinet ministers, particularly out of a pool of 19 who lost big in their elections this year.

    There are about 50 portfolios to be filled, but ministers often take multiple positions or share responsibilities, meaning a typical Cabinet is just below 30 members.

    Still, Ellis-Petersen wrote that the BJP has set boundaries on what can be demanded.

    It is said to be refusing to entertain that any key posts in defence, finance, home affairs and external affairs, or indeed transport, highways and railways, would go to anyone other than its own ministers.

    Modi has so far secured the assent of his allies, who collectively declared this week that they would form a new government under him.

    Yet the haggling for loyalties is new territory for Modi's leadership, potentially marking a new era in how decisively he can project his vision over the country.

    He didn't have long to negotiate, either. Modi has already tendered his resignation to India's president and is expected to be sworn in for his third term over the weekend.

    The prime minister has campaigned heavily on India's rising status in the global economy and promised to turn the country into the world's manufacturing hub. He had boldly projected for the BJP to win 350 seats, with his coalition earning about 400 this year.

    With his election victory far less decisive than expected, the Indian stock market posted its worst day in four years.

    One of the major concerns from voters has been a surge in joblessness, particularly among young Indian graduates. India's unemployment rate was 8.1% in April, up from 7.4% in March, per the Centre for Monitoring Indian Economy.

    Read the original article on Business Insider
  • The answer to ‘Where are the women investors?’

    A woman holds out a handful of Australian dollars.

    Full disclosure… I am not a member of The Motley Fool’s investment team, nor would I consider myself an expert in finance. I am a forty-plus woman who is also a wife, mother, a full-time Fool and an investor. My first share purchase was many years ago when I took the advice of someone I’d just met at a barbeque – it was going to be a sure thing. It wasn’t.

    Just over 11 years ago I started working for The Motley Fool. I now lead The Motley Fool’s product team here in Australia. In what feels like another life I used to work as an accountant and taught secondary students Business and Economics – over the years I have seen things change in the world of investing.

    But one thing that hasn’t changed (enough in my opinion), though, is the number of women investors. Don’t get me wrong, there are women out there investing (and doing quite well for themselves) or who are wanting to invest, but the male voice is dominant in this area. This was highlighted in a conversation I had at a recent member event when I was talking to a guest who pointed out that it would be great to hear a “female” voice and more recently when Scott wrote “Where are the women investors” (hence the title of my article!).

    And that’s the reason why I came out from “behind the wall” today (and believe me when I say, this is really out of my comfort zone but hopefully there’s a lesson in that alone!).

    So while all the data shows that there is a lack of women investors  – amateur and professional – when compared to our male counterparts, the question is why?

    Because what we don’t read very often is that multiple studies have found that women outperform men when investing as we take on less risk, we don’t tend to invest in fads and our temperament sees us better able to handle volatility.

    Women talk. But are we talking about the right things? Growing up in the 80s (I’m showing my age) my family didn’t talk about finance, budgets or mortgages – I wish we had.

    So, it’s up to us. You, actually.

    Now think about what’s stopping you?

    Is it that you don’t know “how” or “where” to start?

    Is it that you think you don’t have enough funds to put away? What if I told you with a little bit of a mind shift you would be surprised with how you can make it work… for you?

    Does it seem overwhelming and you don’t feel you have the knowledge?

    No, this isn’t a sales pitch. I’m not going to ask for anything. I want more women to be investors (actually, I really want everyone to!). And, if you’re a woman reading this, I do want to help you take the first – or next – step in your investing journey.

    I know when I first started with The Fool my investing knowledge was limited – and I had studied finance! But in the years since, I have read more, listened (even more) and I have been patient.

    Now, let’s be honest. I’m not expecting we are going to solve the mystery of investing by writing one small piece… just like I wouldn’t be able to complete a marathon after going for my first 5 kilometre run… but both can start by taking some small steps and building onto them.

    It just starts with making a plan and setting your own goal.

    For me, that’s two words: financial freedom.

    You will often hear us talk about financial freedom, but what is it? I think this is a really personal question and will differ depending on who you ask. For me, it all comes down to my family and the opportunities I hope to provide them. For you, it might be an early retirement, being able to buy the designer handbag (Scott and I will agree to disagree on this), or to travel the world. We are all different, with different goals. But take a moment and think… What’s your goal and how can you get there?

    You might not know that answer… and what you think it is today, may change tomorrow (mine likely will!). I’ll return regularly in this space (it’s a nice little surprise for Scott!) but in the meantime if you have thoughts or questions, please drop us a line at info@fool.com.au.

    Fool on!

    The post The answer to ‘Where are the women investors?’ appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor Erin Bouwmeester has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Why this jumbo ASX gold stock is targeting a copper pipeline

    Open copper pipes

    ASX investors buy gold stocks for many reasons. Perhaps it might be the leveraged exposure to the price of gold that gold miners can provide. It could be a desire to hedge against inflation, deflation or economic or geopolitical uncertainty. It might even be to invest in what many people perceive to be a ‘real’ currency.

    But most ASX gold stock investors probably don’t buy a gold miner for its copper pipeline. Yet that’s exactly what one of the ASX’s largest gold miners is reportedly investing in today.

    Newmont Corporation (ASX: NEM) is one of the newest gold miners on the Australian share market. It only officially joined the ASX boards in October last year as a result of the US-based Newmont acquiring what was Australia’s largest gold miner at the time – Newcrest Mining – in full.

    As part of this takeover deal, Newcrest shares left the ASX, with Australian investors receiving ASX-listed Newmont stock in their place.

    At the time, the deal was one that Newcrest investors found too compelling to turn down. After all, Newmont is one of the largest gold miners in the world. And the addition of Newcrest’s portfolio to Newmont’s already impressive stable of long-life gold mines would enhance this reputation even further.

    But according to fresh reporting, Newmont is focusing just as much on the red metal as the yellow one going forward.

    ASX gold stock CEO sees a red future

    Newmont CEO Tom Palmer spoke to the Melbourne Mining Club this week, as reported by The Sydney Morning Herald (SMH). In this interview, Plamer stated that Newmont’s future project pipeline “is all copper”.

    Newmont is reportedly considering a joint venture with industrial metals giant BHP Group Ltd (ASX: BHP) in order to tap into BHP’s “significant copper reserves” in the wake of the latter’s failed bid for diversified British miner Anglo American plc (LSE: AAL)

    Palmer described the global demand for copper as “tectonic”, opening up opportunities across the mining sector:

    The world is going to continue to see the demand for copper drive opportunities where you can buy or where you can build… Whether that’s BHP or other mining companies, that is an important part of how we look at developing that project pipeline.

    Newmont currently produces around 150,000 tonnes of copper annually, but Palmer is hoping to expand this production base by focusing on Newmont’s opportunities in Canada and Papua New Guinea.

    The ASX gold stock has even indicated it could use proceeds from selling some of its lower-grade projects, such as Western Australia’s Telfer mine, to help expand its copper operations.

    Gold is a rather unusual commodity, with the vast majority of produced metal going into jewellery and bullion. Only a small fraction of the world’s annual gold production ends up in industrial applications. In contrast, copper is a foundational metal in the global economy.

    The rise in future-facing technologies like electric vehicles and renewable energy has seen many experts forecast a massive supply crunch for the red metal in coming years.

    Clearly, Newmont is paying attention. Let’s see what happens with this massive gold (and copper) miner going forward.

    The post Why this jumbo ASX gold stock is targeting a copper pipeline appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Newmont right now?

    Before you buy Newmont shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Newmont wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor Sebastian Bowen has positions in Newmont. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Brokers name 3 ASX shares to buy now

    A male sharemarket analyst sits at his desk looking intently at his laptop with two other monitors next to him showing stock price movements

    It has been another busy week for many of Australia’s top brokers. This has led to the release of a number of broker notes.

    Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone right now:

    ARB Corporation Ltd (ASX: ARB)

    According to a note out of Ord Minnett, its analysts have retained their buy rating and $44.00 price target on this 4×4 accessories company’s shares. The broker has been looking at industry data and was pleased with what it saw. It highlights that new vehicle sales remain strong, particularly in the SUV and 4WD categories. This bodes well for ARB and could be supportive of solid sales growth. In addition, the company’s expansion at home and overseas is another positive that is supportive of the broker’s buy thesis. The ARB share price is trading at $38.34 on Friday afternoon.

    IDP Education Ltd (ASX: IEL)

    A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this language testing and student placement company’s shares with a reduced price target of $21.75. This follows the release of a market update which revealed that it is being negatively impacted by a more restrictive policy environment in its key destination countries. While Goldman acknowledges that the trading update was soft, it believes it should help investors better frame the earnings base for FY 2025. So, with Goldman expecting IDP Education’s earnings to rebound in FY 2026, it feels now is a good time to snap up its shares while they are down in the dumps. The IDP Education share price is fetching $15.18 today.

    Treasury Wine Estates Ltd (ASX: TWE)

    Another note out of Goldman Sachs reveals that its analysts have reiterated their buy rating on this wine giant’s shares with an improved price target of $13.40. This follows the release of an update on its North American strategy and the reaffirming of its guidance for FY 2024. Goldman was pleased with both and has boosted its earnings estimates to reflect this. The broker also highlights that Treasury Wine’s shares look attractively priced given the positive delivery of its strategy reset, as well as its double-digit earnings per share growth. It is now eagerly anticipating the company’s China focused business update later this month. The Treasury Wine share price is trading at $12.04 this afternoon.

    The post Brokers name 3 ASX shares to buy now appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Arb Corporation right now?

    Before you buy Arb Corporation shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Arb Corporation wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor James Mickleboro has positions in Treasury Wine Estates. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ARB Corporation, Goldman Sachs Group, and Idp Education. The Motley Fool Australia has recommended ARB Corporation and Treasury Wine Estates. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • 3 ASX 200 stocks leading the charge higher in June

    A person sitting at a desk smiling and looking at a computer.

    Three S&P/ASX 200 Index (ASX: XJO) stocks are doing more than their fair share to get the benchmark index off to a strong start in June.

    After gaining a somewhat tepid 0.5% in May, the ASX 200 is up 1.9% so far in June.

    A trend we hope to see continue!

    With under three hours left before the closing bell sounds the end of trading for the first week of the new month, here are the three ASX 200 stocks leading the charge higher.

    Three soaring ASX 200 stocks

    First up we have Graincorp Ltd (ASX: GNC).

    Shares in the agribusiness and processing company closed out May trading for $8.32. At the time of writing, shares are swapping hands for $9.32 apiece, up 12.0% in June.

    That sees the Graincorp share price up more than 29% so far in 2024. The ASX 200 stock also trades on a fully franked dividend yield of 3.0%.

    As for what helped lift the share price this week, Graincorp shares look to have caught some tailwinds from a better-than-expected crop forecast.

    As Motley Fool analyst James Mickleboro wrote earlier in the week:

    Bell Potter’s analysts note that the ABARE June east coast crop forecast has surprised to the upside. This implies another strong cropping outcome for Graincorp in FY 2025, with the initial June forecast implying the fifth largest crop on record.

    Amid Graincorp’s strong run this year, Bell Potter increased its price target to $9.90 a share, implying a potential upside of more than 6% from current levels.

    Which brings us to the second ASX 200 stock leading the gainers board in June, Healius Ltd (ASX: HLS), Australia’s second-largest pathology provider.

    The Healius share price closed out May at $1.27. At the time of writing, shares are changing hands for $1.38 apiece, up 8.7% in June. Despite that big weekly gain, shares remain down more than 16% in 2024.

    Investor interest may have been stirred by the company’s announcement on 30 May that it had entered into a long-term agreement with Australia’s largest Phase 1 clinical research business, Nucleus Network, as its preferred safety pathology provider.

    Under the agreement, Healius Pathology will provide safety laboratory testing services for Nucleus Network’s Australian clinical trial sites in Brisbane, Melbourne and Geelong.

    Rounding off the list of ASX 200 stocks leading the charge higher in June is The Star Entertainment Group Ltd (ASX: SGR).

    Shares in the casino operator closed out May trading for 45 cents apiece. At the time of writing, shares are trading for 49 cents, up 8.9% in June.

    That leaves the Star Entertainment share price down just under 7% in 2024.

    With no fresh news out from the company, investors may have been doing some bargain hunting after the ASX 200 stock tanked 16.7% in the last two weeks of May.

    That big drop came after Star addressed media rumours to confirm it had not received a proposal directly from Hard Rock Hotels and Casinos.

    The post 3 ASX 200 stocks leading the charge higher in June appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Graincorp Limited right now?

    Before you buy Graincorp Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Graincorp Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Why IDP Education, Novonix, PYC, and Regis Resources share are racing higher

    Woman looks amazed and shocked as she looks at her laptop.

    The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. In afternoon trade, the benchmark index is up 0.4% to 7,853.5 points.

    Four ASX shares that are rising more than most today are listed below. Here’s why they are climbing:

    IDP Education Ltd (ASX: IEL)

    The IDP Education share price is up 4.5% to $15.16. Bargain hunters have been buying the language testing and student placement company’s shares after they were sold off again this week following a poor update. Analysts at Goldman Sachs think investors should be snapping them up while they are down. This morning, the broker reiterated its buy rating with a trimmed price target of $21.75. This implies potential upside of over 40% for investors from current levels.

    Novonix Ltd (ASX: NVX)

    The Novonix share price is up almost 8% to 69.5 cents. This morning, this battery materials company returned from a trading halt after denying that it is planning to launch a capital raising in the near future. Management stated that its capital position is strong and one is not required. It said: “NOVONIX Limited refers to the article published in the Australian Financial Review speculating that NOVONIX will undertake a capital raising. NOVONIX wishes to advise that it has considered its position and is not undertaking an equity capital raising at this time and that its capital position remains strong.”

    PYC Therapeutics Ltd (ASX: PYC)

    The PYC Therapeutics share price is up 10% to 11 cents. Investors have been buying the clinical-stage biotechnology company’s shares after an update on its drug discovery program, which is directed towards a severe neurodevelopmental disorder known as Phelan McDermid Syndrome (PMS). It notes that PMS is caused by a loss of one functional copy of the SHANK3 gene, resulting in insufficient SHANK3 protein expression in brain cells known as neurons. This morning, PYC revealed that it has been able to restore the missing SHANK3 protein. The company will now progress towards initiating the studies required to enter human trials. This is anticipated to commence in 2025.

    Regis Resources Ltd (ASX: RRL)

    The Regis Resources share price is up 3.5% to $1.92. Investors have been buying Regis Resources and other ASX gold shares today after the precious metal charged to a two-week high overnight on rate cut hopes. This has led to the S&P/ASX All Ordinaries Gold index outperforming on Friday afternoon with a 1.7% gain.

    The post Why IDP Education, Novonix, PYC, and Regis Resources share are racing higher appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Idp Education right now?

    Before you buy Idp Education shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Idp Education wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and Idp Education. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Fortescue shares rally amid claims of green tech theft

    Two buisnessmen: one poining a finger, the other holding his hands up in denial

    Fortescue Metals Group Ltd (ASX: FMG) shares are trading 1.5% higher today at $24.43 apiece.

    The gain comes today despite allegations of intellectual property theft involving its green iron technology. The ASX miner has accused two former executives of misusing confidential information to benefit a rival company, Element Zero.

    Investors aren’t deterred by the news by lunchtime Friday. Let’s take a closer look.

    Why are Fortescue shares in focus?

    Fortescue claims a former chief scientist and senior executive took proprietary information when they left the company in late 2021.

    According to reporting from The Australian, the mining giant executed secret raids on the homes and offices of these individuals under court-approved search orders.

    Fortescue alleges the former executives used this information to start Element Zero, a competitor in green iron technology. This was an “industrial pilot plant for an electrochemical reduction process”, according to Federal Court Judge John Logan.

    These actions represented an “industrial-scale misuse” of its intellectual property, particularly concerning its electrochemical reduction process for carbon-free iron, according to reporting in the Sydney Morning Herald.

    Element Zero’s response

    Element Zero has denied the allegations, calling them “spurious” and “entirely without merit”. The company plans to apply to set aside the original search orders.

    “As Element Zero will demonstrate, its green metals technology was developed independently of and is very different from anything that Fortescue is doing or has done in this space”, the company responded in SMH.

    The company continues to advance its technology and plans to build a $3.2 billion green iron ore processing plant in the Pilbara.

    Justice Logan noted no final determinations. As to what this means for Fortescue shares long term, only time will tell.

    Fortescue’s strategic moves

    Despite the legal battle, Fortescue is pushing forward with its green initiatives. In May, the company started its first negotiations to supply 100 million tonnes of green iron to China from its assets in the Pilbara.

    This follows a $50 million investment in a pilot plant that, according to The Australian, would produce 1,500 tonnes of green iron annually by 2025.

    “Dr Forrest has spruiked his ambitious goal of producing 200 million tonnes a year of carbon-free iron ore for export to the company’s customers”, the reporting said.

    Fortescue shares summary

    Fortescue shares have had a difficult time in 2024, trading more than 16% in the red since January. However, they have held onto a 21% gain over the 12 months. At the time of writing, they trade on a price-to-earnings (P/E) ratio of 8.6.

    The post Fortescue shares rally amid claims of green tech theft appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Fortescue Metals Group right now?

    Before you buy Fortescue Metals Group shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Fortescue Metals Group wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Steve Bannon has to actually go to prison by July 1, Trump-appointed judge says

    Steve Bannon, former advisor to President Donald Trump, and attorney Matthew Evan Corcoran, depart the E. Barrett Prettyman U.S. Courthouse on June 6, 2024 in Washington, DC.
    Steve Bannon, former advisor to President Donald Trump, and attorney Matthew Evan Corcoran, depart the E. Barrett Prettyman U.S. Courthouse on June 6, 2024 in Washington, DC.

    • Steve Bannon must start serving his four-month prison sentence by July 1, a judge ruled.
    • Bannon was convicted in 2022 of contempt of Congress for defying a January 6 Committee subpoena.
    • Bannon plans to appeal to the Supreme Court, claiming the Justice Department cannot silence him.

    Steve Bannon, a staunch ally of former President Donald Trump, must start serving his four-month prison sentence by July 1, a district judge in Washington DC has ruled.

    The former Trump chief strategist was found guilty in 2022 of two charges of contempt of Congress after he failed to appear for a January 6 House Committee hearing and refused to hand over documents related to Trump's efforts to overturn the 2020 election.

    Bannon, 70, was initially given a stay of his prison term by US District Judge Carl Nichols, a Trump appointee, as the Breitbart veteran appealed his conviction.

    But a federal appeals court upheld the original sentence in early May, and now Nichols says it's time for Bannon to serve his time.

    "I do not believe the original basis for my stay exists any longer," Nichols said on Thursday, per The Associated Press.

    Bannon told reporters outside the courthouse that he plans to bring his appeal to a higher court.

    "I've got great lawyers, and we're going to go all the way to the Supreme Court if we have to," he said.

    The right-wing podcaster slammed the "entire Justice Department," saying the institution would not be able to "shut up Trump" and his allies.

    "There's not a prison built or a jail built that will ever shut me up," Bannon added.

    His looming prison sentence comes as Peter Navarro, another close Trump ally, surrendered in March to serve his four months in prison for also refusing to comply with a congressional subpoena.

    Bannon, who was for about seven months Trump's chief strategist and senior counsel at the White House, previously declared he would be willing to go to jail for the former president.

    If he starts serving his sentence on July 1, his four-month sentence would last until just before the presidential elections on November 5.

    Read the original article on Business Insider
  • Some Tesla shareholders say diverting Nvidia chips is further proof that Elon Musk doesn’t deserve a multibillion-dollar pay package

    Elon Musk
    Elon Musk has been rallying Tesla shareholders to vote on a massive stock options package that was struck down in January by a Delaware court.

    • Elon Musk recently admitted on X that he delayed a shipment of thousands of Nvidia chips for Tesla.
    • Musk also hopes that Tesla investors will vote to reinstate his massive stock options package.
    • Several Tesla shareholders who have urged against the pay package say he still doesn't deserve it.

    Several institutional shareholders of Tesla told Business Insider that Elon Musk's decision to redirect a shipment of valuable Nvidia chips away from the EV company is further proof the CEO doesn't deserve a multibillion-dollar pay package.

    In May, a group of eight Tesla shareholders wrote a letter urging other investors to vote against Musk's compensation package. The group is just one faction of a growing number of investors who said they plan to vote against the deal.

    This package, now roughly worth $46 billion, was struck down in January by Delaware Chancery Court Chancellor Kathaleen McCormick, who said that the process to reach this "unfair price" for Musk was "deeply flawed."

    Tesla shareholders will vote on June 13 on whether to reinstate Musk's deal.

    But less than two weeks ahead of the shareholder vote, CNBC reported that Musk diverted a $500 million shipment of Nvidia chips, which are essential for powering artificial intelligence technology, away from Tesla and to his social media platform X instead.

    The internal memo from Nvidia indicating Musk's delay of the Nvidia chips procurement was from December, CNBC reported — months before the April earnings call in which the Tesla CEO insisted the automaker is an AI company. He also stated in the call that he would aggressively expand the number of Nvidia chips at Tesla from 35,000 to 85,000 units by the end of 2024.

    In response to the CNBC report, Musk said on X that "Tesla had no place to send the Nvidia chips to turn them on, so they would have just sat in a warehouse."

    "The south extension of Giga Texas is almost complete. This will house 50k H100s (Nvidia chips) for FSD training," Musk added, referring to Tesla's Full Self-Driving feature — a key component of the company's promise to deliver autonomous taxis.

    But some of the shareholders behind the effort to strike down Musk's big payday are not convinced.

    "The diversion of Nvidia's processors to X and xAI is just another example of Tesla's CEO reallocating Tesla's resources in favor of his other businesses and treating Tesla as though it is his own coffer as a result of the lack of oversight by Tesla's board," Tejal Patel, the executive director of SOC Investment Group, wrote in an email to BI.

    Patel added: "The key questions are why were these valuable processors 'just sitting there' in the first place, and if it was an operational issue, why was that not foreseen by management? Whatever decision-making there was for the processors to go unused by Tesla would have been up to CEO Musk."

    Musk did not respond to a request for comment from Business Insider.

    SOC Investment Group is one of the eight shareholders that co-signed a letter urging investors to vote against the ratification of Musk's stock options package and against the reelection of Musk's brother, Kimbal, and James Murdoch for seats on Tesla's board.

    The group — made up of pension fund managers, an asset management firm, and a bank — also includes Amalgamated Bank, AkademikerPension, Nordea Asset Management, New York City Comptroller Brad Lander, SHARE, Unison, and United Church Funds.

    In a statement to BI, Lander wrote that Musk's decision to divert Nvidia chips away from Tesla "should be a "red flag to investors."

    "This sudden move adds to the growing concerns about Musk's commitment to Tesla and highlights his glaring conflicts of interest," he wrote. "There is a pressing need at Tesla for a genuinely independent board that will ensure Musk prioritizes company interests."

    Matthew Illian, the director of responsible investing for United Church Funds, similarly criticized Musk's move to delay the shipment of Nvidia chips, stating that it was "further evidence" that the pay package "never achieved its purpose of maintaining the attention of Tesla's CEO."

    "This is all about Elon building an empire for himself with investor money and we can't let this happen," he wrote in an email to BI.

    It's not immediately clear how much Tesla stock the eight shareholders own altogether.

    Five of the eight shareholders, including Amalgamated Bank, Unison, Nordea, the New York City Retirement System, and United Church Funds, represent more than 4.9 million shares of Tesla stock.

    As of Thursday, those shares are worth more than $878 million.

    Spokespersons for SHARE, Nordea, and Unison could not be reached for comment or did not immediately respond for comment.

    In addition to the eight shareholders, the California Public Employees' Retirement System (CalPERS), which owns about 9.5 million shares of Tesla stock, signaled it would vote against Musk's pay package.

    "We do not believe that the compensation is commensurate with the performance of the company," CalPERS CEO Marcie Frost told CNBC.

    A CalPERS spokesperson declined to comment when asked about Musk's decision to divert the shipment of Nvidia chips.

    Read the original article on Business Insider
  • Why Beach Energy, Life360, Viva Leisure, and Wildcat shares are dropping today

    A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.

    In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with another gain. At the time of writing, the benchmark index is up 0.3% to 7,847.2 points.

    Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:

    Beach Energy Ltd (ASX: BPT)

    The Beach Energy share price is down almost 2% to $1.60. This appears to have been driven by the release of a bearish broker note this morning out of Citi. According to the note, the broker has downgraded the energy producer’s shares to a neutral rating (from buy) and cut its price target to $1.60 (from $1.70). Citi appears a touch nervous ahead of the announcement of the company’s strategic review later this month.

    Life360 Inc (ASX: 360)

    The Life360 share price is down almost 6% to $13.85. This follows the completion of its Nasdaq IPO and its debut on Wall Street overnight. The location technology company’s shares had a lukewarm debut and finished the session flat. And then in after hours trade its NASDAQ listed shares dropped 1.3% to $26.65. Investors may have been hoping for an explosive start to life on Wall Street and have been left underwhelmed by day one. Management stated that it views the listing and “increased exposure to U.S. investors as a natural next-step in its growth.”

    Viva Leisure Ltd (ASX: VVA)

    The Viva Leisure share price is down 2% to $1.53. This morning, this health club owner announced the successful completion of its fully underwritten institutional placement. Viva Leisure raised $16 million at a 7.1% discount of $1.45 per new share. Management advised that the placement had strong demand, reflecting support from both existing and new investors. Proceeds will be used to finance the strategic acquisitions of eight health club locations in Western Australia, reimbursement of recent capital expenditure, rebranding, working capital, offer costs, and other strategic initiatives.

    Wildcat Resources Ltd (ASX: WC8)

    The Wildcat Resources share price is up 5% to 35.5 cents. This is despite there being no news out of the lithium explorer today. However, it is worth noting that a number of ASX lithium stocks are in the red today. For example, lithium giant Pilbara Minerals Ltd (ASX: PLS) is down 1.5% this afternoon. The market appears to believe that lithium prices are not going to be going meaningfully higher any time soon due to a surplus.

    The post Why Beach Energy, Life360, Viva Leisure, and Wildcat shares are dropping today appeared first on The Motley Fool Australia.

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    Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.