
Global Economy, Resilient to Tariffs, Faces New Mideast Storm
Five months into the biggest trade war the global economy has seen in the postwar era, the bottom has hardly fallen out of major economies.
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25 minutes ago
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Tesla Hits Rough Roads in California
Welcome to Bloomberg's California Edition—covering all the events shaping one of the world's biggest economies and its global influence. Join us each week as we put a unique lens on the Golden State. Sign up here if you're not already on the list. Tesla is rolling over a rough patch, and its woes are no better in the state where it built its first cars. New Tesla registrations in California—its largest market in the US— fell for a seventh straight quarter, amounting to a 21% drop year over year.
Yahoo
an hour ago
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Michael Saylor Amps Up Bitcoin War Chest With $2.8 Billion Sale
(Bloomberg) -- Michael Saylor's one-of-a-kind capital markets machine just got bigger. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom As crypto prices continue to boom, Saylor's Bitcoin holding company, Strategy launched a new kind of preferred stock, and then promptly upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified. The security that priced on Thursday, which the company is calling Stretch, promises buyers a hefty 9% annual payout, with no end date attached — unusual in the arcane world of preferred stock offerings. The deal offered the latest demonstration of Saylor's Wall Street wizardry as he continues his years-long effort to transform a middling software firm, which used to be known as MicroStrategy, into a financial juggernaut obsessed with one goal: raising as much money as possible to acquire as many Bitcoin as possible. Some 600,000 coins, or around $70 billion worth at last count. Since Strategy's first purchase in 2020, Saylor has sold equity, issued various types of debt and layered stacks of preferred shares on top. In the process, he has encouraged a fleet of imitators and spurred a new industry of public companies following a so-called treasury strategy dedicated to buying and holding cryptocurrencies. Many of the previous financial instruments that have fueled Strategy's rise have ended up being more popular than expected, but even against that backdrop the demand for Stretch was notable. The company's common shares rose 0.5% on Wednesday, and are up 43% for the year. In Strategy's complicated and unusual capital structure, the new shares sit above the company's common stock and its other preferred shares — which carry names like 'Strike' and 'Stride' — but remain subordinate to its convertible bonds and a preferred stock known as 'Strife.' Unlike those earlier offerings, Stretch allows Strategy to tweak the dividend. Each month, the firm will set a new payout rate aimed at keeping the share price near $100, raising or lowering the level as needed. It's part pricing model, part trust exercise, and a clear reminder that Strategy creates its own rules. That flexibility may appeal to Saylor's large fan base of retail investors, but it also adds a fresh layer of uncertainty to an already complex capital structure. And there are signs that Saylor's tactics may be hitting up against somewhat diminishing returns. The value of the company, relative to the Bitcoin it owns, has gone down. In its latest offering, Strategy offered the Stretch shares at a discount to win over investors. The shares, which are set to carry an initial dividend of 9%, are being sold for $90 each, the bottom of a marketed range and a discount to their face value of $100, according to the person familiar with the deal. But the outsized demand for the deal provides the latest sign of both Saylor's avid following and the continued speculative fervor running through the markets. Morgan Stanley, Barclays Plc, Moelis & Co. and TD Securities worked on the deal, Bloomberg previously reported. --With assistance from Dave Liedtka and Yiqin Shen. Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan A Rebel Army Is Building a Rare-Earth Empire on China's Border Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme ©2025 Bloomberg L.P.


Bloomberg
an hour ago
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The Future of AI in Your Home According to Samsung
Samsung is looking to deepen connectivity across its devices and appliances with its open ecosystem SmartThings, which has over 400 million users to date. Bloomberg Tech: Asia anchor Shery Ahn speaks with SmartThings Head Jaeyeon Jung about the future of AI-integrated homes. (Source: Bloomberg)