FT News Briefing The split road for South Africa
6 snips
Jun 6, 2024 Nvidia's market value soared past $3 trillion, making waves in the tech industry. Meanwhile, South Africa's ANC Party grapples with coalition strategies after disappointing election results, considering potential partnerships with rivals. In the UK, Prime Minister Rishi Sunak faces criticism from Keir Starmer over alleged misinformation about tax claims. Additionally, a US appeals court has overturned new securities regulations aimed at enhancing transparency for private equity and hedge funds, stirring debate in financial circles.
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NVIDIA's Rise
- NVIDIA's market value briefly exceeded $3 trillion, surpassing Apple.
- Driven by AI chip demand, its stock surged 262% year-on-year, significantly impacting the S&P 500.
South Africa's Split Road
- South Africa's ANC party faces a critical decision after losing its majority.
- They must form a coalition with either business-friendly or radical leftist parties, impacting the country's economic future.
SEC Rules Rejected
- A US appeals court rejected new SEC rules aimed at increasing transparency in private equity and hedge funds.
- The court deemed the SEC's reforms overreaching, potentially impacting investor access to detailed reports and limiting secret side deals.