BlackRock's assets hit record high of US$10.6 Trillion on the back of ETF flows and Buying Market

BlackRock, the world's largest asset manager, has announced that its assets under management have reached a new record high of $10.65 trillion in the second quarter. This increase in value is attributable to the growth in client assets and substantial inflows into the company's Exchange-Traded Funds (ETFs). The company's shares also saw a 1.2% increase in pre-market trading as a result. The 4% increase in the S&P 500 index during the reported quarter contributed to the growth of BlackRock's assets under management, which increased from $9.43 trillion a year ago to $10.65 trillion. A significant proportion of the company’s revenue is derived from the management and servicing of client assets. BlackRock recorded net inflows of $81.57 billion in the quarter, with the majority coming from exchange-traded funds, which set a record for the best start to a year at $83 billion. BlackRock CEO Larry Fink emphasised the company's successful navigation of various market opportunities, including those in the stock market.

https://internasional.kontan.co.id/news/aset-blackrock-capai-rekor-tertinggi-us-106-triliun-diskong-aliran-etf-dan-pasar-bu
 

Nigeria's Inflation Hits 28-Year Record High in June

Nigeria's inflation rate reached a 28-year high of 34.19% in June, marking the 19th consecutive month of increases. This increase is attributed to policies implemented by President Bola Tinubu, including the reduction of fuel and electricity subsidies and the devaluation of the naira on a bi-annual basis. The aforementioned reforms have had a detrimental impact on the most economically vulnerable members of society, resulting in a significant cost-of-living crisis. The National Bureau of Statistics has revealed that food and non-alcoholic beverages were the main contributors to inflation in June, with food inflation increasing to 40.87%. However, some analysts believe that the inflation rate may have reached its peak, as the effects of the devaluation are expected to start fading. This development precedes an imminent interest rate decision by the central bank, which will be subject to close monitoring following three rate hikes this year. Last week, trade unions met with President Tinubu to request an increase in the minimum wage, following the suspension of strikes indefinitely last month. Furthermore, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, has lifted the ban on food and non-alcoholic beverages.

https://internasional.kontan.co.id/news/inflasi-nigeria-mencapai-rekor-tertinggi-dalam-28-tahun-di-bulan-juni

Google Parent to Acquire Startup Wiz for US$23 billion

Google's parent company, Alphabet, is in advanced negotiations to acquire Wiz, a cybersecurity startup, for approximately $23 billion. The cash-funded deal is expected to be finalised imminently. Wiz is a software startup that offers cloud-based cybersecurity solutions with real-time threat detection and response powered by artificial intelligence. Despite being founded in Israel, Wiz is currently headquartered in New York and is experiencing rapid business growth. If the deal proceeds, it will be a notable example of a major technology company attempting a significant acquisition in the context of heightened regulatory scrutiny under the Biden administration. US regulators have recently demonstrated a reluctance to permit technology companies to expand through acquisitions. Wiz, which generated approximately $350 million in revenue in 2023 and collaborates with 40% of Fortune 100 companies, had previously secured $1 billion in private funding, resulting in a valuation of $12 billion.

https://internasional.kontan.co.id/news/induk-google-bakal-akusisi-startup-wiz-senilai-us-23-miliar