WEALTH NEWS
For Trump, adulation and no risk of protests made the Gulf a dream trip
Donald Trump had a successful trip to Saudi Arabia, Qatar, and the United Arab Emirates. He received praise and investment pledges. Gulf leaders lauded Trump's policies. They highlighted deals with American companies. Trump announced over $2 trillion in economic investments. He held campaign-style rallies. Trump also downplayed concerns about his family's business dealings.
Beyond the headlines: Explaining Trump's Gulf 'trillions'
During President Trump's Gulf tour, the White House claimed over $2 trillion in deals for the U.S. economy, though Reuters' tally found a more modest $700 billion. Many agreements were non-binding MoUs, and experts suggest figures were inflated to showcase cooperation. Despite vagueness, the tour boosted some market stocks and secured U.S. support for key Gulf countries' aspirations.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Opulence, business deals and a $400M plane from Qatar: Takeaways from Trump's Mideast tour
During his Middle East trip, President Trump prioritized economic and security partnerships with Gulf nations, overlooking human rights concerns. He aimed to reshape U.S. foreign policy with a transactional approach, evident in his dealings with Saudi Arabia, Qatar, and the UAE.
Ex-FBI boss James Comey posts two numbers, 86 and 47, sparking a stir in MAGA world; here's what they signify and why Donald Trump's sympathizers are up in arms
Former FBI Director James Comey ignited controversy by posting a photo of shells arranged as "86" and "47" on Instagram, which was interpreted by many Trump supporters as a call for violence against the US president. The post prompted immediate backlash from figures like Donald Trump Jr., who accused Comey of inciting murder.
US stock futures edge higher as S&P 500 eyes fifth gain on China tariff truce, cooling inflation, and Fed cut bets
US Stock futures rise as the S&P 500 aims for a fifth straight gain, lifted by easing U.S.-China trade tensions and softer inflation data. Dow and Nasdaq futures also edged up after a 90-day tariff pause and signs that inflation is cooling. A drop in wholesale prices and hopes for Fed rate cuts are giving investors reason to stay optimistic. Meanwhile, Walmart warned of possible price hikes, Novo Nordisk's CEO steps down, and Buffett boosts his stake in Constellation Brands. Read how markets are reacting and what key data could move stocks next.
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UPI extras miss mark; Amazon streamlines India ops
Happy Friday! Most new features on Unified Payments Interface (UPI) have struggled to gain meaningful traction over the years. This and more in today’s ETtech Morning Dispatch.
US' largest private employer to start hiking prices this month due to Trump's tariffs
Walmart has warned of possible price hikes on Thursday given the uncertainty in the tariff environment. Consumers could see price hikes as soon as the end of May, Walmart Chief Financial Officer John David Rainey said. Despite the tariff uncertainty, the company said it "will play offense" and may make strategic investments to strengthen its value proposition.
Canada economy in big trouble just weeks after Mark Carney's win? Job data shows worrying sign
Canada's economy is facing challenges under Prime Minister Mark Carney as unemployment has gone up, particularly affecting young graduates. Joblessness for recent graduates hits a two-decade high, exacerbated by trade tensions with the US. Experts advise job seekers to gain diverse skills and network, emphasizing the importance of early saving despite current economic difficulties. This comes at a time when US and Canada are locked in a bitter trade war.
Nvidia hits the jackpot following the U.S.-China trade truce; here's why Jensen Huang is smiling all the way
Following a US-China tariff pause, tech stocks rallied, with Nvidia emerging as a key beneficiary. Wedbush analyst Dan Ives highlights that the AI chip leader is poised for new highs, fueled by broader tech relief and sustained AI investment. Nvidia's deal to supply chips to Saudi Arabia further boosts its prospects, despite concerns about potential rerouting to China.
Bullish on PSU Banks and Cement; avoid IT stocks: Dipan Mehta
Dipan Mehta from Elixir Equities suggests considering Motilal Oswal among brokerages. He advises avoiding software services due to potential policy impacts. Mehta recommends overweighting PSU banks and cement sectors. He remains positive on Zomato for the long term. Bharti is favored among large-cap stocks. Mehta also sees potential in specialty chemical companies like SRF and Navin Fluorine for investment opportunities.
Defence stocks now expensive; time to be selective: Dipan Mehta
If you are invested, remain invested. But at these levels and at these valuations, if you take a fresh position, I am not sure it will give you the best returns or at least will not outperform going forward.
JM Financial to grow 4 focused businesses going forward: Nishit Shah
JM Financial is focusing on four key business areas for growth. These include affordable housing, private credit, wealth and asset management, and corporate advisory. The company increased its stake in JM Financial Credit Solutions. They aim to originate, invest, and syndicate transactions. The wealth management business has seen increased AUM and investments.
First inflation report since Donald Trump's 'Liberation Day' tariffs announcement surprises everyone; will Fed Chair Jerome Powell cut rates?
US inflation edged up 2.3% in April, slightly below expectations, sparking optimism in financial markets. Nasdaq and S&P 500 futures saw gains, fueled by hopes of Federal Reserve rate cuts. While this offers relief to households grappling with past price surges, concerns remain. Sticky housing costs and service prices persist, potentially complicating the Fed's decisions amid ongoing tariff policy impacts.
Trump reportedly set to accept jet from Qatar's royal family for possible use as Air Force One
Donald Trump is likely to accept a luxury Boeing 747-8 from Qatar's royal family. US officials may convert it into a new Air Force One. Trump will use the plane until 2029. Then ownership will transfer to his presidential library foundation. The gift announcement is expected during Trump's Middle East trip.
9 changes in ITR-1, ITR-2, ITR-3, ITR-4 you need to know for FY 2024-25 (AY 2025-26) income tax return filing
Income tax return forms 2025-26: The income tax department has notified the ITR forms for the FY 2024-25 (AY 2025-26). The utilities to file the tax return are yet to be released. However, this year, ITR forms come with the changes that were announced in the Budget 2024. Know the nine changes in ITR forms 2025-26 to ease the filing.
India’s insolvency law has bankers going bald
India's bankruptcy code faces new challenges. A court ruling threatens to reverse completed resolutions. Lenders may have to return funds received from distressed asset sales. This decision creates uncertainty for investors. It also undermines the effectiveness of the insolvency process. The government must address these issues to restore confidence. Reforms are needed to ensure fair and predictable outcomes.
Ceasefire and trade peace signal a turning point for market stability: DP Singh
We hope that business will be as usual now and see, of course, we being the long-term player, the mutual funds always being the long-term player, so we will not be looking at any trading opportunities, but yes, a big-big positive for the markets.
Market rally or mirage? 6 ways to safeguard your portfolio amid Pakistan tensions
Following a ceasefire agreement after Operation Sindoor, Indian markets rallied, though analysts advise caution due to potential conflict escalation. Experts recommend a strategic approach, emphasizing cash reserves, diversified asset allocation, and continued SIP investments. Focusing on quality stocks and defensive sectors like pharma and FMCG can help investors navigate geopolitical uncertainty and capitalize on opportunities.
Fintechs’ expansion play; Doubling down on Apple
Happy Monday! New-age fintech AMCs are establishing a niche in a market dominated by banks and traditional wealth managers. This and more in today’s ETtech Morning Dispatch.
Sunil Mittal set to buy $2 billion stake in Haier India
Sunil Mittal is planning to acquire a significant stake in Haier India. He is partnering with Warburg Pincus for this deal. The potential acquisition could be around $2 billion. Haier is considering selling a stake in its Indian unit. Other investors like Temasek and GIC have shown interest previously. Haier's revenue in South Asia has experienced substantial growth.
Wealth manager lures India bankers with 60% revenue sharing
Neo Group, an Indian money manager, is intensifying competition for talent by offering senior bankers up to 60% of the revenue they generate. This aggressive hiring strategy aims to more than double its banker headcount by March 2026, amidst expansion from larger rivals. Neo's differentiated incentive structure has already attracted talent from various financial firms.
Pope Leo XIV net worth: Here's how much salary the new pope Robert Prevost will receive and what assets he owns
Cardinal Robert Prevost, the first American pope in Catholic Church history, has been elected and will be known as Leo XIV. Succeeding Pope Francis, the 69-year-old from Chicago is seen as a church diplomat who prefers a simple lifestyle. While the Pope doesn't receive a salary, the Vatican covers all his expenses, ensuring his needs are met.
Bill Gates' brutal take on Elon Musk: 'Picture of the world's richest man killing...'
Bill Gates has taken a brutal dig at tech mogul and Tesla CEO Elon Musk, who is also the DOGE department in the Donald Trump administration. He said that the picture of the world's richest man killing the world’s poorest children is not a pretty one. The Microsoft co-founder also announced his plans to distribute his estimated $200 billion fortune within 20 years, closing the Gates Foundation by December 31, 2045.
Bill Gates says he’s giving away ‘virtually all’ of his nearly $200 billion fortune by THIS year
Bill Gates announced on Thursday that he now plans to distribute “virtually all” of his wealth — around $200 billion, he estimates — within the next 20 years. Gates and his former wife established their foundation in 2000, with plans to continue its philanthropic work for many decades after their deaths. The foundation, one of the world’s largest charitable organizations, has reportedly already given away more than $100 billion since its founding.
Not just for retirees: Why Gen Z should embrace bonds early in their journey
Vineet Agarwal advocates for Gen Z to consider bonds as a stable investment foundation amidst equity market uncertainties. Bonds offer predictable returns, monthly cash flows, and low volatility, making them a powerful tool for young investors. He suggests bonds can be a crucial component for short-term financial planning and wealth creation.
Warren Buffett to step down from Berkshire Hathaway: A look at his $169 billion net worth and investments
Warren Buffett, the world’s fifth-richest person with an estimated net worth of $169 billion, has announced his retirement as CEO of Berkshire Hathaway at age 94. At the company’s annual meeting in Omaha, he revealed Greg Abel would take over by year-end. Buffett's wealth has grown by $16.4 billion in 2025 despite market downturns. Known for his cautious, long-term investing style, Buffett is stepping down after 54 years, leaving behind a $267 billion portfolio and a legacy built on discipline over hype.
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