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Elon Musk highlighted a report from the Department of Government Efficiency (DOGE) revealing that the U.S. government may waste approximately $100 million annually on unused phone lines. An internal audit found that 198 out of 1,048 lines at the Office of Personnel Management were either inactive or duplicated. Musk's comments underscore the potential for significant cost savings through simple administrative changes.
House Republicans successfully passed a significant reconciliation package focused on President Trump's tax and spending priorities, aiming for Senate approval in June. A contentious issue remains the State and Local Tax (SALT) deduction cap, with House lawmakers pushing for an increase to $40,000, while Senate Republicans may seek to lower it. As the 2028 presidential race looms, Democratic contenders are increasingly positioning themselves amid a leadership vacuum and poor polling.
South Africa is proposing changes to its Black empowerment laws to facilitate Elon Musk's Starlink satellite internet service, which he criticized as "openly racist." The new legislation would allow foreign telecom investors to meet equity requirements through alternative contributions, such as job creation and local supplier engagement, rather than direct equity sales to historically disadvantaged groups. Critics argue this move undermines the original intent of empowerment policies, while supporters believe it could enhance internet access for underserved rural communities.
UBS has maintained a "Neutral" rating on Apple, setting a price target of $210, amid concerns over potential US import tariffs on foreign-made iPhones. Analyst David Vogt noted that while the proposed 25% tariff would have a minor impact on earnings, it introduces market uncertainty that could pressure margins and valuations.
Bitcoin has fallen below $108,000 after reaching a high of $112,000, as profit-taking occurs amid renewed trade tensions. President Trump has threatened the EU with a 50% tariff on imports starting June 1, 2025, complicating negotiations and impacting market sentiment. Meanwhile, discussions on Trump's tax and spending program continue to shape investor expectations.
The CIO anticipates renewed weakness in the US dollar as the economy slows and fiscal deficits come into focus. Despite a recent rebound, the dollar is expected to decline further, prompting recommendations for investors to reduce USD exposure and diversify into currencies like the yen, euro, and British pound. The unsustainable twin deficits and potential changes in Fed leadership may exacerbate this trend.
Intuit's stock surged over 8% to $723 after the company reported stronger-than-expected earnings and raised its outlook, with analysts from UBS noting "eye-popping consumer strength." Price targets were lifted by several firms, with Jefferies setting a new target of $850. Additionally, new legislation could reduce competition by eliminating the IRS's Direct File program, which competes with TurboTax.
UBS has maintained a "Neutral" rating on Apple with a price target of $210, following President Trump's announcement of a potential 25% tariff on foreign-made iPhones. Analyst David Vogt noted that while the tariff would have a minor impact on earnings per share, it introduces market uncertainty that could pressure margins and valuations.
Investors can remain calm regarding the potential tariff threats from Trump against the European Union, according to Barclays. The financial institution suggests that the impact of such tariffs may be overstated and that markets are resilient enough to absorb these challenges without significant disruption.
UBS has maintained a "Neutral" rating on Apple, setting a target price of $210, following US President Donald Trump's announcement of a potential 25% tariff on foreign-made iPhones. Analyst David Vogt noted that while the tariff's impact on earnings per share would be minor, it introduces market uncertainty that could pressure margins and valuations.
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Elon Musk Highlights Government Waste on Unused Phone Lines Costing Millions
23:31 23.05.2025
House Republicans Advance SALT Deduction Changes Amid Senate Challenges
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21:06 23.05.2025
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UBS Maintains Neutral Rating on Apple with Target Price of 210 Dollars
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Bitcoin Drops Below 108000 as Trump Threatens EU with Tariffs
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US Dollar Faces Renewed Weakness Amid Economic Slowdown and Fiscal Concerns
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18:09 23.05.2025
Intuit Shares Surge on Strong Earnings and Positive Analyst Upgrades
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UBS Maintains Neutral Rating on Apple Amid Tariff Uncertainty
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Barclays Assures Investors on Trump's E U Tariff Threat Concerns
17:15 23.05.2025
UBS Maintains Neutral Rating on Apple with Target Price of 210 Dollars
16:35 23.05.2025
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