Author: Jack Mulligan

Goldman Sachs Group Inc. has lifted its gold price forecast to $3,300 an ounce by the end of 2025, citing intensified central bank demand and increased interest in bullion-backed exchange-traded funds (ETFs). This marks a notable shift from the bank’s previous forecast of $3,100, issued just last month. Analysts Lina Thomas and Daan Struyven pointed to monthly central bank purchases averaging 70 tons this year—up from the prior estimate of 50 tons—as a key driver behind the upgrade. Central Bank Buying Surges The analysts highlighted that between November and January, central banks collectively bought around 190 tons of gold per…

Bankers enjoy windfall as dealmaking rebounds Wall Street banker bonuses surged 31.5% in 2024 to an average of $244,700, according to New York State Comptroller Thomas DiNapoli. The increase reflects a strong rebound in dealmaking, propelling the bonus pool to a record $47.5 billion — the highest since records began in 1987. “This financial market strength is good news for New York’s economy and our fiscal position, which relies on the tax revenue it generates,” DiNapoli said in a statement. The securities industry remains a critical pillar of the city’s economy, directly or indirectly supporting one in every 11 jobs.…

OpenAI is making it easier to edit images in ChatGPT and create visuals for work that include lengthy, legible text, potentially broadening the chatbot’s appeal for businesses and everyday users. During a livestreamed event on Tuesday, the San Francisco-based company showed how ChatGPT users will be able to refine images by having a series of conversations with the chatbot. A user might, for example, request an image of a snail in a city, then ask to change part of the backdrop and add a hat. ChatGPT will also be able to better create images with coherent text, according to the…

March PMI shows growth — but confidence weakens U.S. business activity picked up in March, but S&P Global’s latest survey reveals a more troubling undercurrent: rising input costs, tariff anxiety, and shrinking confidence across both services and manufacturing sectors. The Composite PMI Output Index climbed to 53.5 from 51.6 in February, signaling expansion. Services drove the gains, aided by warmer weather, while manufacturing fell back into contraction territory at 49.8 — down from 52.7. However, optimism is eroding. Business confidence dropped to its second-lowest level since 2022, weighed down by the Trump administration’s tariff plans and sweeping federal budget cuts,…

New Feature Allows Users to Bet on Real-World Events Robinhood (HOOD) has launched a prediction markets hub within its app, enabling users to bet on outcomes of sports, politics, and economic events. The feature, announced on Monday, is part of Robinhood’s strategy to attract younger investors and diversify its financial services. The new offering is powered by KalshiEX LLC, a Commodities and Futures Trading Commission (CFTC)-regulated exchange. It comes just in time for March Madness, allowing users to wager on NCAA basketball tournament results. “We believe in the power of prediction markets and think they play an important role at…

Safety Warning System Detected Rapid Descent A preliminary report by the Transportation Safety Board of Canada (TSB) revealed that a safety warning system had alerted the crew of a Delta Air Lines (DAL.N) regional jet about a rapid descent before it crash-landed and overturned at Toronto Pearson International Airport on February 17. Passengers Injured, But No Fatalities The aircraft, a CRJ900 jet operated by Delta’s Endeavor Air subsidiary, was carrying 80 people on board during its flight from Minneapolis-St. Paul International Airport. Despite nearly two dozen injuries, there were no fatalities. Passengers Struggled to Escape The report highlighted challenges faced…

Revenue and Profit Surpass Expectations Tencent posted stronger-than-expected fourth-quarter results, driven by surging gaming and advertising revenues. The company also ramped up its capital expenditures, tripling investments in 2024 to enhance its artificial intelligence capabilities amid rising competition from Chinese tech giants like Alibaba. Key Q4 2024 Results (vs. Refinitiv estimates): This represents an 11% year-on-year revenue increase and a 90% rise in profits compared to Q4 2023. Gaming and Advertising Drive Growth Tencent, one of the world’s largest gaming firms, saw domestic gaming revenue in China rise 23% year-on-year to 33.2 billion yuan in Q4. The growth was fueled…

Google on Tuesday announced new healthcare updates to Search, including an AI-powered feature that helps users compare their health experiences with others. AI-Powered Health Insights The company introduced “What People Suggest”, a tool that uses AI to compile online commentary from patients with similar conditions. For instance, someone with arthritis can now explore how others manage exercise routines. The feature is currently available on mobile devices in the U.S., Google said. Google has also expanded its knowledge panels—the information boxes appearing next to search results—to cover thousands more health topics. These panels are rolling out in multiple languages, including Spanish,…

China dipped into its crude oil stockpiles for the first time in 18 months during the January-February period as refiners processed more oil than was available from imports and domestic production. Refinery throughput exceeded crude availability by approximately 30,000 barrels per day (bpd), according to calculations based on official data from the National Bureau of Statistics (NBS). Crude Oil Processing vs. Imports In the first two months of 2025, Chinese refiners processed 14.74 million bpd, marking a 2.1% increase from the same period in 2024. Meanwhile, crude imports dropped 5%, totaling 10.37 million bpd, with domestic production at 4.34 million…

OpenAI has submitted its recommendations to the White House Office of Science and Technology Policy (OSTP) for the upcoming US AI Action Plan. As OpenAI CEO Sam Altman has emphasized, the world is entering the Intelligence Age, a period of transformative economic and technological progress. However, OpenAI warns that achieving this prosperity requires ensuring freedom of intelligence. This means safeguarding access to AI advancements while protecting against both autocratic control and excessive regulations that could hinder innovation. Key Proposals from OpenAI Building on its Economic Blueprint released in January, OpenAI has outlined a comprehensive set of proposals aimed at securing…