Latest news with #ApolloGlobalManagement
Daily Mail
8 hours ago
- Business
- Daily Mail
Trump FINALLY gets a question he respects as president grins from ear-to-ear after big week on Wall Street
Donald Trump gushed over a reporter's question about whether he 'outsmarted' the financial markets with his industry-shaking tariffs. The president grinned from ear-to-ear as a reporter asked him for his reaction to Apollo Global Management chief economist Torsten Sløk saying Trump may have 'outsmarted everyone' with his tariffs. 'Mr. President, a leading global economist just did a one-eighty and says your tariff plan, you may have outsmarted everybody with it. What is your message?' the reporter asked. Trump smiled as he responded: 'I love this. I love this question. This is the favorite. This is the best question I've ever been asked because I've been going through abuse for years on this. 'Because, as you know, we're taking in hundreds of billions of dollars, no inflation whatsoever.' The reporter added in a follow-up question for Trump's 'message to critics who think your tariff plan caused a recession?' 'I think they should go back to business school,' Trump responded. 'It's so obvious. It's so obvious. I mean, we're taking in billions and billions of dollars from China and a lot of other countries.' It came as Wall Street continued its recent rally this week, with the S&P500 and Nasdaq hitting all-time closing highs on Friday. In Sløk's report that Trump appeared to enjoy, the economist speculated that Trump would keep tariffs below his most aggressive rates to ease market uncertainty while using them as leverage to get better trade deals. 'Maybe the strategy is to maintain 30% tariffs on China and 10% tariffs on all other countries and then give all countries 12 months to lower nontariff barriers and open up their economies to trade,' he wrote. The report came as Trump's 90-day pause on 'reciprocal tariffs' is set to come to an end early next month. Sløk said that Trump should consider extending the deadline to a whole year, which he said would give the global markets time to adjust to a 'new world with permanently higher tariffs.' 'This would seem like a victory for the world and yet would produce $400 billion of annual revenue for US taxpayers,' he said. 'Trade partners will be happy with only 10% tariffs and U.S. tax revenue will go up. 'Maybe the administration has outsmarted all of us.' Trump shocked the global markets in April as he introduced a raft of 'Liberation Day' tariffs, but the gamble may have paid off as markets soared in recent weeks and the US signed a number of trade deals with foreign nations The soaring stock market numbers came as trade deal hopes fueled investor risk appetite and economic data helped solidify expectations for rate cuts from the U.S. Federal Reserve. The rise came even after Trump terminated trade negotiations with Canada in response to its digital tax on technology companies. 'This market's been pretty resilient,' said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. 'Investors are riding momentum and looking for breakouts.' 'They don't want to get caught on the wrong side of this thing,' Carlson added. 'Many investors already have missed out. And now you have the S&P flirting with an all-time high.' While tariffs have yet to affect price growth, inflation continues to hover above the Fed's 2% annual inflation target. A separate report from the University of Michigan confirmed consumer sentiment has improved this month, but remains well below December's post-election bounce. Financial markets have priced in a 72% likelihood that the Fed will implement its first rate cut of the year in September, with a smaller, 21% probability of a rate cut coming as soon as July, according to CME's FedWatch tool. Washington and Beijing reached an agreement to expedite rare-earth shipments to the U.S., a White House official said, well ahead of the July 9 expiration of the 90-day postponement of U.S. President Donald Trump's "reciprocal" tariffs. Additionally, Treasury Secretary Scott Bessent said the Trump administration's trade deals with 18 of the main U.S. trading partners could be done by the September 1 Labor Day holiday.
Yahoo
8 hours ago
- Business
- Yahoo
Is Trump a genius? Top economist and tariff skeptic admits president may have outsmarted us all on the economy
Did President Donald Trump outfox the world with his tariff plan? Maybe, according to Torsten Sløk, the chief economist at Apollo Global Management. On Saturday, Sløk published a blog post titled "Has Trump Outsmarted Everyone On Tariffs?" In it, he explains a possible scenario in which Trump keeps tariffs below his highest threatened rates just long enough to ease uncertainty and avoid the economic pains that would come with massive tariffs. 'Maybe the strategy is to maintain 30% tariffs on China and 10% tariffs on all other countries and then give all countries 12 months to lower nontariff barriers and open up their economies to trade,' he wrote. The post comes just before a 90-day pause on Trump's "reciprocal tariffs" — which triggered a huge stock selloff in April — ends in early July, Fortune reports. The pause was meant to provide the U.S. and its trade partners time to negotiate deals, though few actually materialized, at least publicly. That said, the Trump administration has been saying for weeks that they are close to reaching deals with several unnamed trade partners. Sløk theorized that by extending that deadline by another year, other countries and U.S. businesses would have more time to adjust to a "new world with permanently higher tariffs," and would ease the immediate uncertainty rocking the markets. 'This would seem like a victory for the world and yet would produce $400 billion of annual revenue for U.S. taxpayers,' he wrote. 'Trade partners will be happy with only 10% tariffs and U.S. tax revenue will go up. Maybe the administration has outsmarted all of us.' Sløk previously was a critic of Trump's tariff plan, and it does not appear that his position will change if the president continues his erratic and aggressive tariff program. But he has identified what he believes would be a way to come out on top — so long as the president is willing to play a longer game. Trump may or may not be willing to do that. He seems to have responded negatively to the TACO nickname he's been given by Wall Street — standing for Trump Always Chickens Out — and as a result may refuse to back off any of his proposed policies, even if it makes more sense to do so. Sløk warned in April that a U.S. and China trade war would cripple American small businesses, and advised that providing some sense of stability would give the Federal Reserve a better view on inflation. As it stands now everyone from heads of state to small business owners are in a wait-and-see pattern, unsure of how to proceed in the choppy economic waters Trump has created. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Economic Times
a day ago
- Business
- Economic Times
Meta seeks $29 billion from private capital firms for AI data centres: Financial Times
Meta Platforms is seeking to raise $29 billion from private capital firms to build artificial intelligence data centres in the U.S., the Financial Times reported on Friday. The Facebook-parent has advanced discussions with private credit investors including Apollo Global Management, KKR , Brookfield , Carlyle and PIMCO, the report said, citing people familiar with the matter. Meta is looking to raise $3 billion in equity and $26 billion in debt, the report said, adding that the company is debating how to structure the debt raising and may also seek to raise more capital. Such a fundraising comes at a time when Meta has doubled down its commitment to artificial intelligence, including a $14.8 billion investment in startup Scale AI. Meta CEO Mark Zuckerberg had said in January the company would spend as much as $65 billion this year to expand its AI infrastructure, seeking to strengthen its position against competitors OpenAI and Google in the race to lead the AI technology landscape. Meta and Carlyle declined to comment, while Apollo Global, KKR, Brookfield and PIMCO did not immediately respond to Reuters' requests for comment. Meta was working with its advisers at Morgan Stanley to arrange the financing, and it was considering ways that could make the debt more easily tradeable once it was issued, the FT report said. Major tech companies are investing heavily to secure the vast computing power needed to run AI models, fueling demand for specialized data centres that link thousands of chips into high-performance clusters. Microsoft has planned a capital expenditure of $80 billion in fiscal 2025, with most of it aimed at expanding data centres to ease capacity bottlenecks for AI services. Bloomberg News reported in February that Apollo Global Management is in talks to lead a roughly $35 billion financing package for Meta to help develop data centres in the United States.
Business Times
2 days ago
- Business
- Business Times
Meta seeks US$29 billion from private capital firms for AI data centres, FT reports
[BENGALURU] Meta Platforms is seeking to raise US$29 billion from private capital firms to build artificial intelligence (AI) data centres in the US, the Financial Times reported on Friday (Jun 27). The Facebook-parent advanced discussions with private credit investors including Apollo Global Management, KKR, Brookfield, Carlyle and Pimco, the report said, citing people familiar with the matter. Meta is looking to raise US$3 billion in equity and US$26 billion in debt, the report said, adding that the company is debating how to structure the debt raising and may also seek to raise more capital. Such a fundraising comes at a time when Meta has doubled down its commitment to AI, including a US$14.8 billion investment in startup Scale AI. Meta chief executive Mark Zuckerberg said in January the company would spend as much as US$65 billion this year to expand its AI infrastructure, seeking to strengthen its position against competitors OpenAI and Google in the race to lead the AI technology landscape. Meta and Carlyle declined to comment, while Apollo Global, KKR, Brookfield and Pimco did not immediately respond to Reuters' requests for comment. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Meta was working with its advisers at Morgan Stanley to arrange the financing, and it was considering ways that could make the debt more easily tradeable once it was issued, the FT report said. Major tech companies are investing heavily to secure the vast computing power needed to run AI models, fuelling demand for specialised data centres that link thousands of chips into high-performance clusters. Microsoft has planned a capital expenditure of US$80 billion in fiscal 2025, with most of it aimed at expanding data centres to ease capacity bottlenecks for AI services. Bloomberg News reported in February that Apollo Global Management is in talks to lead a roughly US$35 billion financing package for Meta to help develop data centres in the US. REUTERS
Hindustan Times
2 days ago
- Business
- Hindustan Times
Meta seeks $29 billion from private capital firms for AI data centers: Report
Meta Platforms is seeking to raise $29 billion from private capital firms to build artificial intelligence data centers in the U.S., the Financial Times reported on Friday. Meta was working with its advisers at Morgan Stanley to arrange the financing, said the report.(File/REUTERS) The Facebook-parent has advanced discussions with private credit investors including Apollo Global Management, KKR, Brookfield, Carlyle and PIMCO, the report said, citing people familiar with the matter. Meta is looking to raise $3 billion in equity and $26 billion in debt, the report said, adding that the company is debating how to structure the debt raising and may also seek to raise more capital. Such a fundraising comes at a time when Meta has doubled down its commitment to artificial intelligence, including a $14.8 billion investment in startup Scale AI. Meta CEO Mark Zuckerberg had said in January the company would spend as much as $65 billion this year to expand its AI infrastructure, seeking to strengthen its position against competitors OpenAI and Google in the race to lead the AI technology landscape. Meta and Carlyle declined to comment, while Apollo Global, KKR, Brookfield and PIMCO did not immediately respond to Reuters' requests for comment. Meta was working with its advisers at Morgan Stanley to arrange the financing, and it was considering ways that could make the debt more easily tradeable once it was issued, the FT report said. Major tech companies are investing heavily to secure the vast computing power needed to run AI models, fueling demand for specialized data centers that link thousands of chips into high-performance clusters. Microsoft has planned a capital expenditure of $80 billion in fiscal 2025, with most of it aimed at expanding data centers to ease capacity bottlenecks for AI services. Bloomberg News reported in February that Apollo Global Management is in talks to lead a roughly $35 billion financing package for Meta to help develop data centers in the United States.
