Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Lloyd Blankfein, the chief executive of Goldman Sachs, decided a couple of years ago that one of his star executives needed a mentor. A little while later, Marty Chavez, who is about to become the bank’s chief financial officer, received an unexpected email.
“Hey Marty, I’d like to come over to your office to introduce myself,” it said. It was from Eric Schmidt, chairman of Google’s parent company, Alphabet.
“We’ve been talking ever since about the similarities in the businesses,” Chavez told a group of computer scientists earlier this year about the message. “Some of the similarities are aspirational, I have to emphasise that, and some are there right now.” Here’s how Goldman Sachs is trying to become the Google of Wall Street.
Business Insider’s global editor in chief Henry Blodget interviewed Ray Dalio, the founder of Bridgewater Associates,
on The Bottom Line, Business Insider’s new weekly business news show. Here are the headlines:
- RAY DALIO: There is a human tragedy taking place in America
- Ray Dalio explains why we may be repeating the mistakes of the 1930s
- Watch The Bottom Line here
In related news, there has been a shake-up in the trading department at Bridgewater Associates.
US employers added 98,000 nonfarm payrolls in March, far fewer than forecast, according to a report from the Bureau of Labour Statistics released Friday. While the headline number fell short, for one industry it was even worse. The retail industry lost 29,700 jobs in the month of March, following a 30,900 loss in February, according to the Bureau of Labour Statistics. Canada’s jobs report crushed expectations, meanwhile.
The US launched 59 cruise missiles on Shayrat airfield and nearby military infrastructure controlled by Syrian President Bashar al-Assad, in response to a chemical attack that killed at least 80 people in the northwestern part of the country on Monday. Here’s how the markets reacted:
Two men are facing charges for alleged insider trading ahead of Intel’s $US15 billion Mobileye acquisition. And Preet Bharara says his firing was due to the Trump administration’s “helter-skelter” incompetence.
An Illinois city just stepped into the war on drug pricing against Big Pharma.
Lastly, we shadowed a bunch of Wall Streeters during an early-morning training session for the most intense competition out there — here’s what it was like.
Suddenly everyone is obsessed with robots – Buzzwords crop up in the business world all the time, whether it’s “synergies” or “unicorn,” there’s always a new term of the moment for companies and investors.
Walmart thinks it has 4 strategic advantages over Amazon – The war between Amazon and Walmart is well known in the world of retail.
UBS: Shanghai Disneyland is a major success – While many analysts are focused on Disney’s film cycle or ESPN problems, UBS thinks that Disney’s theme parks, in particular Shanghai Disneyland, will be the big determining factor behind Disney’s near-term earnings growth.
CREDIT SUISSE: Everyone else on Wall Street is wrong about these 12 stocks – Credit Suisse circulated a list of contrarian stock ideas to clients in a note sent out on April 7.
US oil-rig count rises for 12th straight week, Baker Hughes says – The US oil-rig count rose again this week, by 10 to 672, according to oilfield-services provider Baker Hughes. It’s the highest level since the week of August 28, 2015.
The best beer from every state – There’s nothing like a crisp, cold glass of beer when you’re ready to unwind after a long day, and every state has brews that stand out above the rest.