Royal Dutch Shell has announced a $9.5 billion cash deal to sell all of its assets that are located in the Permian Basin. The West Texas oil giant made the deal with ConocoPhillips and is expected to close during the last quarter of 2021. Around 225,000 net acres comprise the...
The FDIC unveiled an investment fund that is geared towards supporting minority-owned banks. Two anchor co-investors have been identified in support of the fund -- Microsoft and Truist Financial. Each company has invested tens of millions in helping to launch the fund. The mega-media company, Discovery also supported the...
Goldman Sachs has announced that it plans to acquire the fintech GreenSky, a credit technology platform that provides chartered financial institutions with revolving credit and installment loan products. The $2.24 billion deal is the latest move by Goldman to push further into the consumer finance sector. Goldman has historically...
Varo Bank, the San Francisco-based, mobile-only neobank, raised $510 million in a funding round led by Lone Pine Capital. The Series E round saw several existing investors, as well as new ones, invest in the fund. The cash infusion helped to more than triple the firm’s valuation from $700 million...
This week, New York City-based JPMorgan announced that it intends to buy a nearly 75 percent majority stake in Volkswagen’s payments division. The Volkswagen arm will be under JPMorgan’s wholesale payments division business. Over the past year, JPMorgan has made several investments and acquisitions. Earlier this year, the investment...
The S&P 500 pandemic low occurred on March 23, 2020, ending the session at 2,237.40. Today, nearly 17 months later, the broad equity index more than doubled that low, closing the trading day at 4479.71, up from the previous closing by 0.3 percent. Typically, it takes a bull market over...
Google’s parent company, Alphabet, has reportedly exceeded the expectations of Wall Street analysts concerning its advertising growth. The company’s advertising revenue crushed expectations. For Q2 2021, the company’s revenue was estimated to be around $61.88 billion compared to the $56.16 billion that was anticipated. Google’s Cloud revenue was also better...
Backup power generation company Generac has posted record sales numbers for the second quarter of 2021. But the company warned investors and consumers that supply issues are hampering production and raising costs. At one point on Wednesday, Generac shares fell by almost 13 percent. The stock’s performance on the...
The Dow Jones Industrial Average closed higher than 35,000 for the first time in history on Friday. Its gains for the year are now over 14 percent higher, and on Friday, the Dow rose 238.20 points to 35,061.55. The blue-chip average had gains four days in a row. The Nasdaq...
Swiss financial firm UBS reported that its second-quarter earnings were higher than expected. Analysts had previously expected 1.34 billion in revenue, but the bank reported $2 billion. The banking empire said its net profit was 63 percent higher than last year from the same timeframe.  In an earnings report, UBS...