Amazon Swallows MGM for $8.45bn

MGM (Metro-Goldwyn-Mayer), the 97-year old Hollywood studio founded in 1924, and based in Beverly Hills, responsible for "Singin' in the Rain", and "Ben Hur" and owners of the James Bond and Rocky franchise, has been bought by Amazon, in its second-biggest acquisition to date.

Amazon's historically largest acquisition thus far has been the purchase of Whole Foods for $13.7bn in 2017. 

Kevin Ulrich, Chairman of the Board of Directors of MGM, and also CEO of New York based hedge fund Anchorage Capital, and former head of Goldman's distressed bank debt desk, stated it was "an inspiring combination".

Korea Takes on Taiwan in Semi Conductor Surge Investment

President Moon Jae-In of the South Korean government has announced that 510 trillion South Korean won ($452bn) will be invested in semiconductors by 2030.  1 USD is roughly 1100+ Korean won.

South Korea is currently world #2 behind Taiwan in manufacturing capacity. 

Samsung Electronics and SK Hynix are leading the investment. 

On the European side, as part of its Digital Compass plan, the EU declared in March its intent to increase its share of world manufacturing from 10% (2010) to 20% by 2030. 

On the US front, Intel has committed to build two new factories in Chandler, Arizona for $20bn. Hsinchu-headquartered Taiwan's TSMC is already building out manufacturing capacity in Phoenix, Arizona, as part of a $12bn build out.

Bitcoin Blow as Tesla States Non Acceptance

The environmental impact of bitcoin mining has been cited as the reason for Tesla going up against the cryptocurrency. Elon remains committed to crypto, though.

BADI Gains 1.8%

The BADI (Baltic Dry Index) gained 1.8% reflecting higher sea freight rates. The Panamax index gained 2%.

Iron Ore Futures Jump 10% for September Delivery on Dalian Exchange

The iron ore price has hit 1,326 yuan per tonne on the Dalian Commodity Exchange (DCE). Copper is also making all-time highs. Part of the cause is political tensions between Australia and China, driving Chinese steel mills to lock in supply in the event of new trade restrictions. The commodities rally overall has been driven by the boom in energy and infrastructure construction.

Treasury Secretary Yellen Hints at Higher Interest Rates

Janet Yellen, Treasury Secretary (since January 2021) and former Fed chair (2014-2018), has hinted at higher interest rates to prevent the US economy overheating.

Rick Rieder, Chief Investment Officer of Global Fixed Income at Blackrock, who joined the firm in 2009, and is a Wharton MBA, told CNBC that his "every client call...(is) talking about overheating" shortly after Yellen made her comments. Rieder oversees more than $2tr of Blackrock's $9tr AuM.

Greg Abel Named as the Next Warren Buffett

 Greg Abel, 55, is currently Vice-Chairman of Berkshire Hathaway.