1st Summit Bancorp of Johnstown reports a 50.8% jump in second-quarter earnings for 2025, driven by stronger asset yields, strategic funding optimization, and disciplined cost control.
Category: OTC
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Shipowners avoid Strait of Hormuz amid Israel-Iran conflict, raising trade concerns
Some shipowners are avoiding the Strait of Hormuz amid escalating conflict between Israel and Iran, according to BIMCO, the world’s largest shipping association. The strategic waterway, crucial for global oil and container trade, has seen a “modest drop” in traffic due to heightened risks. Israel’s attack on Iran last week intensified regional tensions, prompting caution…
Trump approves U.S. Steel-Nippon merger with conditions on governance, jobs
WASHINGTON: President Donald Trump on Friday signed an executive order approving U.S. Steel’s merger with Japan’s Nippon Steel, following a national security agreement that grants the U.S. government a “golden share” in the combined entity. The agreement, announced by both companies, includes $11 billion in Nippon investments by 2028 and commitments to maintain domestic production,…
Tesla sales rebound in Australia amid global challenges
Tesla reported a sales rebound in Australia in May, with deliveries reaching their highest level in nearly 12 months. The automaker sold 3,897 vehicles, driven by record sales of its updated Model Y SUV, which surged 122.5% year over year. However, Model 3 sales dropped significantly. Despite the May rebound, Tesla’s year-to-date sales in Australia…
Gold prices surge as top safe haven, poised for record highs
Gold, up nearly 30% in 2025 after a 25% gain in 2024, is outpacing equities and solidifying its status as the premier investment safe haven. Amid economic instability, geopolitical tensions and fiscal uncertainty, analysts project it could hit a record average of $3,210 this year, with potential spikes to $3,900. Metals Focus forecasts a 35%…
Australia’s luxury property market soars, with regional cities leading growth
According to Australia’s Luxury Report 2025 by real estate group Ray White, the entry price for luxury homes nationwide has surged to $2.52 million—a 72% increase over the past decade. While Sydney remains the country’s most expensive market, with luxury properties starting at $4 million, some of the strongest growth has been seen in smaller regional cities….
China’s deflationary pressures persist amid weak demand and auto price wars
Key Takeaway: China’s economy continues to struggle with deflationary pressures due to weak domestic demand and industrial overcapacity. While trade tensions with the U.S. have eased slightly, Beijing may need stronger stimulus measures to revive growth.
U.S.-EU trade talks gain momentum amid escalating tariff disputes
Trade talks between the United States and the European Union progressed Wednesday as new U.S. metals tariffs heightened urgency in global negotiations. President Donald Trump’s decision to double steel and aluminum tariffs took effect the same day his administration sought revised trade proposals from partners ahead of additional levies planned for July. EU trade negotiator…
Tesla’s Australian sales surge as Model Y demand soars
Tesla saw a rebound in Australian sales in May, hitting their highest level in nearly a year despite declines in the U.S. and Europe. The EV maker reported 3,897 deliveries, largely driven by strong demand for its revamped Model Y compact SUV, which surged 122.5% year over year. In contrast, sales of the Model 3…
OECD cuts U.S. growth forecast due to trump tariffs, global economic risks
The OECD (Organization for Economic Co-operation and Development) has sharply cut its U.S. economic growth forecast, citing concerns over tariffs and policy uncertainty under the Trump administration. According to reports, the group now expects the U.S. economy to expand by just 1.6% this year and 1.5% in 2026, down from previous estimates. These trade tensions…
Why Investors Are Flocking to Short-Term Bonds Amid Economic Uncertainty
Investors are currently favoring short-term bonds due to their lower volatility and stable yields amid economic uncertainty. The 3-month Treasury Bill yields over 4.3%, while the 2-year and 10-year Treasuries offer 3.9% and 4.4%, respectively. ETFs like iShares 0-3 Month Treasury Bond ETF (SGOV) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) have attracted over $25 billion in inflows…
BYD opposes five-year-old used car imports, citing market disruption and environmental risks
BYD, a Chinese automobile importer in Pakistan’s growing new energy vehicle (NEV) market, has opposed the government’s proposal to allow the import of five-year-old used cars. The company argues that this move would disrupt local manufacturers, harm the environment, and increase reliance on costly petroleum imports. At a media briefing in Karachi, BYD Vice President…