India will become $10 trillion economy over next decade, GCCs to contribute $0.5 trillion: Goldman Sachs executive
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Globe and Mail
an hour ago
- Globe and Mail
Goldman Gains as Q2 Earnings Beat Estimates, Boosts Dividend 33.3%
The Goldman Sachs Group, Inc. 's GS second-quarter 2025 adjusted earnings per share of $10.91 surpassed the Zacks Consensus Estimate of $9.43. This compares favorably with $8.62 in the year-ago quarter. Shares of the company gained 1.6% in the pre-market trading on better-than-expected results. The volatile market lifted Goldman's net revenues in Equities by 36% year over year to $4.3 billion. Fixed income, currency and commodities trading revenues rose 9% year over year to $3.5 billion. Investment Banking (IB) fees rose 26% year over year to $2.2 billion in the quarter, driven by significantly higher net revenues in Advisory, reflecting strength in the Americas and EMEA. Goldman's results benefited from solid growth in the Global Banking & Markets division. Yet, increased expenses and provision were concerning. Net earnings (GAAP basis) of $3.7 billion increased 22% from the prior-year quarter. GS's Revenues & Expenses Increase Net revenues rose 15% to $14.6 billion for the quarter from the year-ago quarter. Also, the top line surpassed the Zacks Consensus Estimate by 8.1%. Total operating expenses increased 8% year over year to $9.2 billion. Provision for credit losses was $384 million, up 36% from the prior-year quarter. Goldman's Quarterly Segmental Performance: Mixed Bag The Asset & Wealth Management division generated revenues of $3.8 billion in the reported quarter, down 3% year over year. The decrease reflected significantly lower net revenues in equity investments and debt investments, partially offset by higher management and other fees. Firmwide assets under supervision were $3.3 trillion, up 12.2% from the prior-year quarter. The Global Banking & Markets division recorded revenues of $10.1 billion, which increased 24% year over year. The improvement was driven by a rise in net revenues in Equities (including an increase in net revenues in financing) and strong performances in Fixed income, currency and commodities. The Platform Solutions division's revenues were $685 million, up 2% year over year. GS's Capital Ratio Declines As of June 30, 2025, the standardized Common Equity Tier 1 capital ratio was 14.5%, down from 14.8% as of June 30, 2024. The company's supplementary leverage ratio was 5.3%, down from 5.4% in the year-ago quarter. Goldman's Capital Distribution Update In the reported quarter, GS returned $3.96 billion in capital to common shareholders. This included $3 billion in share repurchases and common stock dividends of $957 million. The company cleared the 2025 Fed stress test and increased the quarterly dividend to $4.00 per common share, marking an increase of 33.3% from the prior payout. The dividend will be paid out on Sept. 29, 2025, to common shareholders of record on Aug. 29, 2025. Our View on GS Goldman's focus on IB and trading businesses, along with strong deal-making pipelines, will likely support the top line. Active client engagement and a solid position in announced and completed mergers and acquisitions globally are likely to act as tailwinds in the upcoming period. However, a rise in expenses poses near-term concerns. The Goldman Sachs Group, Inc. Price, Consensus and EPS Surprise Currently, GS carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Earnings Dates & Expectations of Other Investment Banks Raymond James Financial Inc. RJF is slated to report quarterly results on July 23. The Zacks Consensus Estimate for RJF's fiscal third-quarter 2025 earnings has been revised upward to $2.37 per share over the past seven days. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. LPL Financial Holdings Inc. LPLA is expected to report quarterly results on July 31. The Zacks Consensus Estimate for LPLA's second-quarter 2025 earnings has been revised downward to $4.26 per share over the past seven days. Only $1 to See All Zacks' Buys and Sells We're not kidding. Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent. Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators, and more, that closed 256 positions with double- and triple-digit gains in 2024 alone. See Stocks Now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report Raymond James Financial, Inc. (RJF): Free Stock Analysis Report LPL Financial Holdings Inc. (LPLA): Free Stock Analysis Report
National Post
4 hours ago
- National Post
Intellistack Named as Headline Partner for Wales' Largest International Tech Summit
Article content Sorry, your browser doesn't support embedded videos. Article content Intellistack CEO, Aled Miles, Appointed as Chairman of Wales Tech Week 2025 Article content Article content DENVER — Intellistack, formerly Formstack and a leader in data capture and workflow automation, today announced that it will be the Headline Partner for Wales Tech Week, Wales' largest international technology summit. This landmark event showcases Welsh technology and its ecosystem championing industry and technology on a global stage. In a further show of commitment to Welsh advancement and global tech leadership, Aled Miles, Intellistack CEO and Welsh Government Envoy to the United States, is returning to his position as Chairman of Wales Tech Week 2025, a role he held at the most recent Wales Tech Week. Article content Wales Tech Week is a global event, with guests and speakers there to understand both what the world can offer Wales but most importantly what Wales can offer the world from a technology perspective. It's an opportunity to get connected and be connected. Article content The international tech summit, powered by Technology Connected and taking place at the ICC Wales, Newport from 24–26 November, shines a global spotlight on Welsh innovation, technology, and talent. Article content More than just a technology event, Wales Tech Week is a global platform for cutting edge development, investment, and collaboration. It showcases how tech is transforming every sector from energy and manufacturing to health, to professional services, finance, and logistics. Article content It brings together a powerful ecosystem of entrepreneurs, industry leaders, investors, academics, and policymakers, positioning Wales as a global hub for digital innovation and a magnet for international talent and investment. Article content Wales Tech Week empowers leaders and industries to explore how digital transformation can address real-world challenges, drive sustainable growth and future-proof organizations. For businesses, it offers practical insights and tangible opportunities from forging strategic partnerships to unlocking funding, investment, and scaling potential. Article content It is a launchpad for innovation adoption, new ventures, and commercial collaboration, supporting companies of all sizes on their growth journeys and enabling businesses to do business on a global stage. Article content Intellistack, with its headquarters based in Denver, Colorado, serves over 32,000 organizations worldwide across industries ranging from healthcare and education to finance and enterprise tech, by eliminating inefficiencies and solving complex workflow challenges using their new process automation platform, Intellistack Streamline. The platform uses artificial intelligence and no-code technology to connect systems behind the scenes. Article content Providing a way for organizations to create smart, secure workflows that help them to move faster, protect data, and reduce human error, Intellistack is redefining how intelligent work gets done at scale and is a clear example of how technology is helping the world work smarter, safer, and faster. Article content 'It's not only about technology, it's about giving people back their time, reducing stress, and making everyday life a little easier,' said Aled Miles, Chairman of Wales Tech Week and CEO of Intellistack. 'Imagine if every time you went to the doctor, applied for a job, enrolled in school, or signed a contract, the process was fast, secure, and completely hassle-free. That's the kind of future Intellistack is building.' Article content Aled, the Welsh Government Envoy to the United States, and an internationally respected tech leader, shared his thoughts on the significance of the event, 'It's a global event, with guests and speakers there to understand both what the world can offer Wales but most importantly what Wales can offer the world from a technology perspective. It's an opportunity to get connected and be connected.' Article content 'With the technology changes, the future of SaaS, and improved efficiency and productivity enabled by AI, as well as any potential dangers lurking with artificial super-intelligence versus artificial general intelligence, attendees will gain connections, deepen technological understanding, and derive real value from the conference.' Article content 'Wales Tech Week is more than an event, it's a movement. It's where Welsh innovation meets global opportunity. I'm honored to serve as its Chairman and proud that Intellistack is leading the way as Headline Partner. Together, we're showcasing the ingenuity, ambition and talent that make Wales a rising force in the global tech ecosystem.' Article content Avril Lewis, Managing Director of Technology Connected, the organization powering Wales Tech Week, added, 'We're absolutely thrilled to welcome Intellistack as Headline Partner for Wales Tech Week 2025. Their global impact, driven by cutting-edge AI and process automation, speaks directly to the ambition and innovation we are proud to foster here in Wales.' Article content 'Having Aled Miles as Chairman of this year's event is particularly special. His ongoing support, deep ties to Wales, and global leadership in tech make him an ideal champion for everything Wales Tech Week represents.' Article content Wales Tech Week 2025 is free to attend and will explore three key themes – Tech for People, Tech for the Planet, and Tech for Performance. For more information and to register visit Article content About Intellistack Article content Intellistack is a leading provider of data capture and process automation solutions that help organizations optimize the value of their data. Backed by PSG Equity and Silversmith Capital Partners, Intellistack delivers both standalone productivity products—including form-building, document-generation, and eSignature software under its Formstack and Formsite brands—and a market-first no-code process automation platform under the flagship Intellistack brand. Article content Whether serving small businesses or global enterprises, Intellistack empowers organizations with secure, scalable tools for data collection, activation, and workflow orchestration. Since its founding in 2006, the company has been trusted by more than 32,000 organizations worldwide—including Kaiser Permanente, Shell, Shopify, and Netflix—to digitize what matters, streamline processes, and unlock productivity. Article content As the leading voice for Wales' digital technology industry, we strategically connect industries, technologies, and people to accelerate the adoption of digital solutions that drive performance, profitability, and sustainable growth. Through advocacy, collaboration, and promotion, we amplify the voice of Wales's tech industry, unlocking opportunities to develop a more prosperous, inclusive and digitally-capable Welsh economy. Events and initiatives from Technology Connected include Wales Tech Week, Talent4Tech, the Wales Technology Awards, and the Technology Leadership Council. Article content Article content Article content Article content Article content Contacts Article content Article content Article content
CTV News
5 hours ago
- CTV News
Wall Street quietly mixed as corporate earnings pour in, offering a respite from tariff anxiety
Pedestrians pass the New York Stock Exchange, May 5, 2022, in the Manhattan borough of New York. (AP Photo/John Minchillo) Early trading on Wall Street was quietly mixed on Wednesday as markets shift their attention toward a deluge of corporate earnings reports while monitoring ever-changing developments on U.S. trade policy. Futures for the S&P 500 were flat before the bell, while futures for the Dow industrials rose 0.2 per cent and Nasdaq futures were down 0.2 per cent. Johnson & Johnson rose 1.8 per cent after the drug and medical device giant beat analysts' sales and profit targets and raised its full-year outlook on both. J&J said it expects 'game-changing approvals and submissions' in the second half of 2025 on an array of products in its pipeline. Bank of America ticked up less than one per cent after it beat Wall Street's second-quarter profit targets. The bank's net interest income grew for the fourth straight quarter, but came in slightly lower than expectations. Goldman Sachs also beat Wall Street's sales and profit targets on a strong performance from its trading division, which took advantage of market volatility triggered by U.S. President Donald Trump's on-again-off-again tariff announcements this spring. Its shares rose about one per cent before markets opened. Netherlands-based ASML, the world's leading supplier of chipmaking gear, said in its latest earnings report Wednesday that the impact of Trump's tariffs on its business was less negative than anticipated, but its shares tumbled more than seven per cent after the company said it couldn't guarantee growth next year. The company makes equipment used in cutting edge semiconductors and one of its key customers is Taiwan Semiconductor Manufacturing Co., or TSMC, a major supplier for Nvidia. 'The level of uncertainty is increasing, mostly due to macroeconomic and geopolitical consideration. And that includes, of course, tariffs,' CEO Christophe Fouquet said. United Airlines posts its most recent quarterly results after the bell Wednesday. Also coming Wednesday is the government's report on producer prices, which measures inflation at the wholesale level. A report on Tuesday showed that consumer inflation in the United States accelerated to 2.7 per cent last month from 2.4 per cent in May. Economists said higher prices for clothes, toys and other imported goods suggest that Trump's stiffer tariffs are fueling inflation. That sticky inflation could mean that the U.S. Federal Reserve will hold its ground on interest rates, which have remained elevated in recent years after red-hot demand and supply chain breakdowns in the wake of the pandemic sent prices for just about everything skyrocketing. Wall Street loves lower interest rates because they juice prices higher for stocks and other investments, and Trump himself has been clamoring for the Federal Reserve to cut rates more quickly. But the Fed has been keeping interest rates on hold this year since lower rates can give inflation more fuel while they boost the economy. Fed Chair Jerome Powell has insisted he wants to see more data about how tariffs affect the economy and inflation. Elsewhere, in Europe at midday Germany's DAX rose 0.4 per cent, while Britain's FTSE 100 gained 0.3 per cent. The CAC 40 in Paris was unchanged. In Asian trading, Tokyo's Nikkei 225 edged less than 0.1 per cent lower, to 39,663.40. Investors are focusing on the potential impact of an election for the Upper House of Parliament on Sunday that is expected to lead to tax cuts and higher spending as lawmakers try to restore the waning popularity of the ruling Liberal Democrats. Worries over a deterioration in Japan's fiscal health have pushed yields of long-term Japanese government bonds to their highest levels in years. 'What's at stake isn't simply which party hands out the biggest bundle of goodies. It's whether the walls holding up Japan's house of debt can withstand another round of fiscal fireworks…' Stephen Innes of SPI Asset Management said in a commentary. Elsewhere in Asia, Hong Kong's Hang Seng shed 0.3 per cent to 24,517.76, while the Shanghai Composite index slipped less than 0.1 per cent to 3,503.78. South Korea's Kospi lost 0.9 per cent to 3,186.38 and in Australia, the S&P/ASX 200 declined 0.8 per cent to 8,561.80. Taiwan's Taiex jumped 0.9 per cent and India's Sensex added 0.2%. Thailand's SET dropped 0.3 per cent. In Jakarta, shares rose 0.7 per cent after President Donald Trump said on Truth Social that he plans to charge imports from Indonesia a tariff of 19 per cent, while American goods sent to the Southeast Asian country will face no tariffs. Trump also said Indonesia committed to buying U.S. energy, agricultural products and aircraft. Indonesia's central bank cut its key interest rate by 0.25 percentage points on Wednesday, to 5.25 per cent. 'We have calculated everything and discussed everything. The most important thing for me is my people, as I must protect the interests of our workers,' Indonesian President Prabowo Subianto told reporters, adding that 'this is our offer, and we are not able to give more (to the U.S.).' In energy trading, U.S. benchmark crude oil shed 79 cents to US$65.73 per barrel. Brent crude, the international standard, slipped 67 cents at $68.04 per barrel. The dollar fell to 148.75 Japanese yen from 148.87 yen. The euro was steady at $1.1601. By Elaine Kurtenbach and Matt Ott
