Gold hit another record high above $3,200 on Friday — and is a better way to protect against the ongoing market turmoil than Treasury bills, a BlackRock executive said. Wei Li, global chief investment strategist at the asset manager, wrote in a LinkedIn post on Thursday that higher exchange rates and "currency down" were abnormal. "Also not normal — risk off, #dollar and Treasuries down. I will keep saying it: #gold is a better diversifier than Treasuries in this environment of high debt."Fears over the lo ...

BlackRock's first client 37 years ago was Japanese. A majority of the $11. 6 trillion New York-based firm's employees are based internationally. The manager's risk platform Aladdin just signed its first Korean client. There are even plans to open a few more offices outside the US where the world's largest asset manager has a client base, CEO Larry Fink said Friday morning."BlackRock is a global firm, but one that operates hyper-locally," he said. In practice, this means "we are Mexican in Mexico, Canadian ...

Jamie Dimon reiterated his warning about a turbulent US economy in JPMorgan's first-quarter earnings report on Friday, as the banking giant reported earnings that beat Wall Street's expectations. JPMorgan's net revenue rose 8% year-on-year to $45.3 billion, driving net income up 9% to $14.6 billion.The bank bolstered its provision for credit losses — money set aside in anticipation of bad debts — by $973 million to $3.3 billion in the first three months of this year, citing a worse macroeconomic outlook. ...

The tariffs are paused, except the ones that aren't. Which includes a whopping 145% for products shipped from China. What does that mean for Apple?Yes, lots of giant tech companies have deep ties to China, from Amazon to Meta to Tesla. But Apple is fully enmeshed in China, where it has spent years building up the supply chain for its iPhones, which are the company's core business. If those tariffs stay in place, it could jack up the price of an iPhone by hundreds of dollars. Maybe more.So now what?Spoiler ...

Amazon is stepping in to help weather the tariff storm — only for some vendors. Amazon will pay higher prices to its vendors on a "case-by-case basis" to "share the tariff impact," according to an internal document obtained by Business Insider.That means Amazon will pay some of its wholesale vendors more than the previously agreed-upon prices for their products. By doing so, vendors can offset the increased cost of sourcing their products from countries hit by tariffs. The change reflects the urgency Amaz ...

AI is going to get a lot cheaper, especially as the price of chips comes down, Amazon CEO Andy Jassy said Thursday in his annual shareholder letter. Jassy pointed to chips as "the biggest culprit" behind the cost of AI. "Most AI to date has been built on one chip provider," Jassy wrote in an apparent reference to Nvidia.But inference, or what AI models produce, will become more efficient in the next couple of years, Jassy wrote. Chips will also offer progressively better performance for price over time, he ...

Walmart's finance chief said the retailer is facing "day-to-day" sales volatility amid President Donald Trump's tariff uncertainty. "We are one week into this new tariff environment, and we're still working through what it means to us," John Rainey, the company's CFO, said at the Walmart Investment Community Meeting on Wednesday. Rainey said that a third of Walmart's offerings are imported from outside the US. China and Mexico are the "most significant" countries that Walmart imports from, he said. As Ch ...

Microsoft is considering another round of job cuts that could come as soon as May, according to people familiar with the matter. Leaders on some Microsoft teams are specifically discussing cuts to middle managers, and how to increase the ratio of coders versus non-coders on projects, the sources told Business Insider.Some Microsoft organizations want to increase their "span of control," or the number of employees who report to each manager, these people said. The sources, who hold senior positions at the ...

Larry Fink is looking forward to the day he's not CEO of BlackRock, but that's not happening just yet. Fink, the 72-year-old cofounder and the only CEO BlackRock has ever had, has long been answering questions about who will succeed him and Rob Kapito, the firm's president, at the $11.5 trillion asset management behemoth."I look forward to the day when I'm not running it. I do not want to be somebody that's staying on longer than needed," Fink told the Economic Club of New York. The next generation team is ...

The CEO of the world's largest asset manager was asked if he thinks a recession is coming. Larry Fink's response: We're in it. Most CEOs Fink has been talking to "would say we are probably in a recession right now," he said in an interview at the Economic Club of New York on Monday."One CEO specifically said the airline industry is a "proverbial bird in a coal mine — canary in the coal mine — and I was told that the canary is sick already," he said, adding that travel demand has declined. Last week, Presi ...