Latest news with #MichaelBrown
Khaleej Times
11 hours ago
- Business
- Khaleej Times
Dubai: Gold prices drop further, losing over Dh9 per gram so far this week
Gold prices continued their downward trajectory, losing nearly another Dh2 per gram on Friday. The 24K variant of the precious metal was trading at Dh404.25 per gram on Friday, losing over Dh9 per gram this week so far. Among the other variants, 22K, 21K and 18K were selling at Dh374.25, Dh359.0 and Dh307.5 per gram, respectively. Spot gold was trading at $3,352.38 per ounce, down 0.63 per cent as investors expect fewer interest rate cuts by the US Federal Reserve. Michael Brown, senior research strategist at Pepperstone, said the yellow metal has traded in perhaps surprisingly sanguine fashion over the last week or so, with tight ranges having persisted despite geopolitical tensions in the Middle East continuing to ratchet higher. 'Bullion's brief foray north of $3,400 last Friday pared rapidly, as markets quickly discounted the initial Israel-Iran kinetic exchanges, though some degree of haven demand continues to linger, particularly as the possibility of US involvement in the ongoing conflict mounts. This demand has kept gold underpinned, even if the impulsive move higher seen at the back end of last week has subsequently fizzled out,' he said Brown hoped that the longer-run bull case for gold remains a solid one, as reserve asset allocators continue to diversify away from the US dollar, a process which has been underway for the last three years at least, and which has accelerated since US President Donald Trump's inauguration.
BBC News
a day ago
- Entertainment
- BBC News
🎧 Footballers on holiday
The latest episode of The Kyle Walker Podcast has this week's episode, talk turns to Oasis tickets, captaining England and the time Diego Maradona snubbed Michael the episode hereWatch on YouTube here, external
Daily Mail
2 days ago
- Daily Mail
Gilgo Beach suspect mutters two words to attorney during critical murder trial hearing on DNA evidence
The Gilgo Beach serial killer suspect muttered the words 'good job' to one of his defense attorneys during the critical murder trial hearing taking place this week. Defense attorney Danielle Coysh was given the high praise by accused murderer Rex Heuermann after she wrapped up her questioning with their expert defense witness Nathaniel Adams, a systems engineer at Ohio-based Forensic Bioinformatic Services, Inc, Newsday reported. Coysh has been an integral part of Heuermann's legal team and has been working alongside lead attorney Michael Brown since Heuermann's arrest in July 2023. At the Frye hearing held at at the Arthur M Cromarty Complex in Riverhead, Long Island the defense and the prosecution continued to spar over the science. The defense challenged the DNA evidence that prosecutors say links Heuermann to six out of the seven murders he has been charged with. During a press conference on Wednesday Brown said the expert witness 'did well' and were not certain at this time if they will produce another witness for the defense at next month's hearing set for July 17. Brown noted that the earliest the case will go to trial is 2026 and pointed out that 'Rex complimented the work of Ms. Coysh on her work today and yesterday.' He spoke about Rex looking forward to his 'day in court.' 'He is very anxious to get to trial, but is a patient man and appreciates that fact that we are dotting our i's and crossing our t's,' he added. Heuermann dressed in a dark suit, white button down shirt and navy tie, listened intently. He studied the screen that was in front of him, as Brown intermittently leaned in to speak to him as the expert witness testified. Though his ex-wife Asa Ellerup, who he was married to for 27 years, and his daughter Victoria Heuermann, 27, did not appear in court on both day of the hearings, Heuermann seemed alert and focused on what his legal team was doing. Sometime after 10.15am Suffolk County District Attorney Ray Tierney's continued his cross-examination of the defense witness on how he came to his conclusion that the IBDGem software was 'unreliable.' The IBDGem software was created by Dr. Richard Green, a professor in biomolecular engineering at the University of California in Santa Cruz since 2010 and co-founder of Astrea Forensics. Part of what the computer software does is create likelihood rations. In April, Green was the prosecution's star witness, and gave comprehensive testimony regarding the technology his lab used to identify the DNA on hairs found on some of the Gilgo Beach victims. According to investigators, hairs found on the victims' bodies were traced back to Heuermann's wife and daughter and a third unnamed individual. Tierney questioned Adams on the amount of notes he produced after analyzing the 28 Terrabytes of data that supported the work of Astrea Lab, and appeared perplexed that only 7 to 8 pages were generated. According to 28 Terrabytes of data is equivalent to 229376 Gigabytes, and is a voluminious amount of data. He also asked Adams why he did not review the IBDGem 2.0 software if it was downloadable and publicly available online. 'It is only about the science and the witness today focused on the computer program aspects of IBDGem,' Coysh told Daily Mail. 'Some of the data is publicly online but not all of it is and there were some materials that the District Attorney's office had, some if it is public and some is proprietary.' She further explained that 'the issue here is if it is generally accepted in the scientific community and that is what it is. We are the first in New York State to address this,' she said. 'In New York Sate the government has the burden to prove that this scientific testimony and evidence is generally accepted in the forensic scientific community so it can be introduced in a New York State of Law. She added: 'It's brand new. 'It is up to Judge Mazzei.' Rex looks straight ahead as his legal team Michael Brown (center) and Danielle Coysh prepare their notes during the Frye hearing on Wednesday During Tuesday's testimony, Tierney appeared to mock Adams and questioned his credibility during the grueling two hour cross-examination and his proficiency in the field. He took apart his 10-page CV asking him why it took nearly 10 years for him to obtain his college degrees. The 38-year-old Adams who has an associate's degree in computer information systems and a bachelor's degree in computer science said he was still working on obtaining his Master's degree and was also working towards his master's thesis. Adams explained that part of the delay in his master thesis was that he changed the topic and that it went beyond just probabilistic genotyping and that he was in the final stage of completion. The DA pointed out that Dr. Green went through the vigorous doctorate program, which Adams agreed, but Tierney seemed amused to some degree that he was judging Green's work. Brown pointed out that their expert witness 'did well. 'You don't have to have a Phd and you don't have to have Master's degree in order to to explain the analysis and evaluation 'What the prosecution has lacked any verification or validation of this product and this potential science that the Astrea folks wants to introduce. 'None of their witnesses were able to introduce any evidence about validation and verification and our witness confirmed and corroborated that it is not there.' He added, 'Quite frankly there is no general acceptance in the realm community of the scientific community and hopefully the judge agrees with that.' Brown said in part, that 'the biggest thing that the prosecution wants to do is generate this likelihood ratio and throw that in front of a jury.' The pointed out that during Green's testimony, 'he didn't even know the name of his own program' and also took note that his lab Astrea Labs is 'not a certifiable lab.' 'How can they (the prosecution) claim it is generally acceptable in the scientific community. You can't,' he said. When Brown was asked what his game plan is if the evidence is ruled admissable and if the whole genome sequencing is precluded, his response it that they will 'take it one step at a time.' 'He has maintained his innocence from day one. He wants his trial and is looking forward to his trial and we are going to keep going , Brown said. Rex Heuermann's family members are speaking out in the new Peacock docuseries 'We are going to suppress evidence that is unconstitutionally obtained or illegal until we get to to the point to try the case,' he said. The documentary reveals never-before-heard admissions from Heuermann's family and of a man accused of living a double life. In a bombshell twist, Victoria admits to producers that she believes her father 'most likely' committed the murders though her mother steadfastly defends her ex-husband's innocence. She came to her own conclusion after she reviewed the facts that were available on the case and what was explained to her. She shared the revelation with producers, a week before the series launch. Though she did not speak about in the documentary, it was revealed in a statement at the end of the final episode. Heuermann has been charged with the murders of seven women during a two-decade reign of horror from 1993 to 2011. All the victims were sex workers who vanished before their remains were found along Ocean Parkway near Gilgo Beach as well as other remote spots on Long Island. Since his arrest, prosecutors have unveiled a trove of evidence, including hairs allegedly belonging to Heuermann and his family members found on some of the victims, cellphone data allegedly placing him in contact with them, and a chilling 'planning document' in which he allegedly outlines his killings in detail. He has pleaded not guilty to all charges. Fears that a serial killer or killers were operating on Long Island began in May 2010 when 24-year-old sex worker Shannan Gilbert disappeared in strange circumstances one night. During a search for Gilbert that December, officers found the body of Melissa Barthelemy, 22, in the marshes by Gilgo Beach. Valerie Mack (left) disappeared in 2000 and parts of her body were discovered in Long Island that November. Jessica Taylor (right) vanished in 2003 with some of her remains being found in Manorville that year Sandra Costilla (left) was murdered in 1993, making her the earliest known victim. Karen Vergata's (right) remains were identified in 2023. Heuermann has not been charged in connection to her death Within days, three more bodies - Amber Costello, 27, Maureen Brainard-Barnes, 25, and Megan Waterman, 22 - had been found. They became known as the Gilgo Four. Over the following months, the remains of seven other victims were found. Earlier this year, Tanya Denise Jackson, 26, also known as Peaches, and her two-year-old daughter Tatiana Marie Dykes were identified this year. Their deaths have not been linked to Heuermann.
Yahoo
6 days ago
- Business
- Yahoo
Israel-Iran clash delivers a fresh shock to investors. History suggests this is the move to make.
Markets are having another bout of nerves after Israel bombed Iran, which is believed to have fired back drones in response. But already there are signs that investors' geopolitical angst may have peaked. S&P 500 futures ES00 are off session lows and oil prices CL.1 have nearly cut in half their earlier spike. My husband is in hospice care. Friends say his children are lining up for his money. What can I do? These defense stocks offer the best growth prospects, as the Israel-Iran conflict fuels new interest in the sector 'He failed in his fiduciary duty': My brother liquidated our mother's 401(k) for her nursing home. He claimed the rest. Why bonds aren't acting like a safe haven for investors amid the Israel-Iran conflict Walmart's stock looks like it's in trouble. What the chart says may come next. For those investors fortunate enough not to be directly impacted by the conflict the reaction is, given past events, understandable. 'Financial markets are always incredibly quick to price in geopolitical fear, but tend to be equally quick to discount it again, seeing the risk premium fade in short order,' says Michael Brown, senior research strategist at Pepperstone. A report by the International Monetary Fund, released in April, shows that mostly to be true, though countries and sectors obviously can react differently depending on their proximity and/or sensitivity to the conflict. 'Stock prices have generally had a modest reaction to geopolitical risk events, but major events — especially military conflicts — have a disproportionally larger and more persistent effect on asset prices,' say the IMF researchers Salih Fendoglu, Mahvash S. Qureshi, and Felix Suntheim. They looked at the frequency of news stories as a guide to the heft of geopolitical events and found that the average monthly drop for stocks is about 1 percentage point across countries, though it's a fall of 2.5% for emerging markets. 'Of the different types of major geopolitical risk events, international military conflicts hit emerging market stocks the hardest, likely because of more severe economic disruptions compared with other events. In these cases, the average monthly drop in stock returns is a significant 5 percentage points, twice as much as for all other types of events,' says the IMF team. The good news is that average stock market returns after major global geopolitical risks usually turn positive after just a month. But that can depend on the conflict's characteristics and it's varying impacts on asset classes, sectors and countries. 'For example, supply-chain disruptions may increase commodity prices but decrease stock prices if the disruptions are expected to have an adverse effect on economic activity. Differences may also arise across sectors: for example, the energy sector may benefit if supply-chain disruptions raise oil prices, whereas energy-dependent sectors are likely to suffer in such a case,' says the IMF. Concerns about crimped oil supply linked to a conflict, as is the case was Friday, can produce more prolonged negative market reactions. Iraq's invasion of Kuwait saw the S&P 500 SPX post real negative returns for six months, for example, while the 1973 oil embargo saw the S&P 500 deliver negative real returns of more than 60% after several months. Deutsche Bank, in a note published last year, provided a more detailed table of S&P 500 reactions to major geopolitical events. It seems to suggest that the stock market has of late become better able to absorb such tensions. 'Geopolitical events have often created short, sharp market shocks, but with little lasting impact beyond weeks,' says the Deutsche team led by strategist Jim Reid. After the initial anxiety dies down the macroeconomic drivers take back control. 'So on this basis you should generally buy into geopolitical risk,' says Deutsche. But they add: 'The question is whether we're entering a new phase given that tensions are rising, or whether geopolitical risk continues to create more fear than reality.' U.S. stock-indices SPX DJIA COMP are all lower at the opening bell as benchmark Treasury yields BX:TMUBMUSD10Y rise. The dollar index DXY is higher, while oil prices CL.1 jump and gold GC00 is trading around $3,443 an ounce. Key asset performance Last 5d 1m YTD 1y S&P 500 6045.26 1.78% 2.17% 2.78% 11.25% Nasdaq Composite 19,662.48 1.89% 2.88% 1.82% 11.29% 10-year Treasury 4.348 -16.40 -13.60 -22.80 12.00 Gold 3444.1 3.40% 7.45% 30.49% 46.66% Oil 72.53 11.98% 17.12% 0.92% -7.10% Data: MarketWatch. Treasury yields change expressed in basis points Need to Know starts early and is updated until the opening bell, but to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern. U.S. economic data due Friday include the preliminary reading of June consumer sentiment, due for release at 10:00 a.m. Eastern. U.S. President Donald Trump said he still thinks a deal can be reached with Iran over its nuclear program. Adobe shares ADBE are lower despite the digital media group beating earnings estimates and raising its guidance. Shares of RH RH, formerly Restoration Hardware, are surging nearly 20% after the retailer reported a surprise adjusted profit during the first quarter and kept its full-year outlook. China has delayed the approval of a $35 billion merger in the semiconductor sector between Synopsys SNPS and Ansys ANSS, according to the Financial Times. Meta Platforms META is reported to have made a $14.3 billion investment in Scale AI. Here come the glassholes, part II. Walmart and Amazon are exploring their own stablecoins. China forced to keep unprofitable firms alive to save jobs and avoid unrest. Nominally, households are more exposed to equities than at any point historically, with data extending back to 1945, according to Troy Ludka, senior U.S. economist at SMBC Nikko Securities. Even after adjusting for rising stock market price to earnings multiples, households' current equity allocation is topped by just one other period — the IT bubble that peaked in 2000. Ludka says this is important for two reasons: 'First, households tend to promote volatility by investing at peaks and selling at lows. Secondly, if households have little additional capacity to expand their equity allocation, sustaining market prices will require marginal buyers to emerge from elsewhere.' With consumption linked to stock market performance it means policymakers will need to support markets to ensure an economic downturn does not worsen. Here were the most active stock-market tickers on MarketWatch as of 6 a.m. Eastern. Ticker Security name TSLA Tesla NVDA Nvidia GME GameStop PLTR Palantir Technologies BA Boeing AAPL Apple AMD Advanced Micro Devices AMZN TSM Taiwan Semiconductor Manufacturing XOM Exxon Mobil New legislation would legalize NYC bodega cats. China's financial regulator in hawkish doll tightening. New Jersey high school prank: 'Went too far'. For more market updates plus actionable trade ideas for stocks, options and crypto, . I'm in my 80s and have 2 kids. How do I choose between them to be my executor? My mother-in-law thought the world's richest man needed Apple gift cards. How on Earth could she fall for this scam? 'I am getting very frustrated': My mother's adviser has not returned my calls. He manages $1 million. Is this normal? Israel's attack on Iran shattered stocks' early-summer calm. Here's what investors should watch out for next. Gundlach says gold is no longer for lunatics as the bond king says wait to buy the 30-year
Yahoo
6 days ago
- Business
- Yahoo
Drone overload: Too many people want to sell drones to the US military
A lot of US defense companies are building similar small aerial drones, saturating the market. The Ukraine war and demand signals from the Pentagon have incited the competitive environment. But there are concerns the products are too alike and the military won't buy enough, industry insiders said. Drones are in high demand at the Petagon, but insiders say the market is already jammed with too many lookalike quadcopters and startups chasing the same investments and military dollars. "We're seeing a lot of companies in the space," one defense industry investor, who requested anonymity to speak freely on the topic, told Business Insider, noting that in many cases, there may not be significant differences in capability between the products that these companies are delivering. The relatively niche small uncrewed aerial vehicle market has seen a boom in competition in recent years, with many companies developing the actual uncrewed aircraft, as well as software programs and modular payloads. The Department of Defense has long used large drones like the MQ-9 Reaper built for reconnaissance and combat strike missions, but there is a growing recognition as a result of the Ukraine war and engagements in the Middle East that low-cost, attritable first-person-view (FPV) drones have a place in modern warfare. Heightened interest in these capabilities is, in turn, fueling the drone market and creating new research and development pathways even without programs of record. The yearslong war in Ukraine has driven significant advancements in aerial drones but also uncrewed ground and surface vehicles, sensors, electronic warfare, reconnaissance and intelligence systems, and more. "In the last five years, new technologies that are on display in Ukraine, they have a pretty big impact on warfare," Michael Brown, a partner with venture capital firm Shield Capital, told BI. Within the US market, a lot of new drones are in technology demonstration programs. DoD is effectively putting out information on the types of systems and capabilities it wants. Various industry partners are applying with their solutions. Eventually, these will evolve into programs of record, and the competition will thin down dramatically when awards are granted to specific companies. Melissa Johnson, US Special Operations Command's acquisition executive, said the acquisitions, technology, and logistics team was "transparent with industry when issuing solicitations to communicate the needs of Special Operations Forces." She said that this process involves looking at a variety of factors, including "performance, manufacturability, operational considerations, and affordability." As the market becomes oversaturated with drone makers producing similar products, companies are increasingly trying to distinguish themselves in capability, as well as adaptability to countermeasures, such as electronic warfare. Not all of the companies rushing in are going to be competitive in the long run. Some won't be able to create a great product; others may not be able to scale up production to meet military demand. One drone maker, who requested anonymity to speak openly on the topic, said the current situation is comparable to the early automobile industry. "100 years ago, you had a bunch of companies trying to produce cars, and at the end of the day, the strong survived. I think that's what you're starting to see now." Drones are not exactly a new focus for American defense companies. In the mid- to late-2010s, a small but still substantial number of businesses were developing drones like small UAVs amid the growth of commercial drone development. Costs, mass production, and capabilities weren't clear, though, and many of these companies were unsuccessful or shifted focus. That could be shaping how investors think about where to put — or not put — money into the market even if there are many more companies to work with. "I think investors are a little scared about investing into an industry that historically, for small drones, has not been very profitable," the drone maker said. The nuance there, he said, is that Ukraine's use of drones and its sprawling defense industry have demonstrated a different look at the modern battlefield and the industries needed to sustain a war. Kyiv's drone makers are pumping hundreds of thousands of them, many with Chinese drone parts, out each month at relatively low costs. The US situation is a one-for-one, though. Chinese parts are a definite no-go, increasing the need for domestic supply chains. That said, there isn't a wartime demand for millions of combat drones the way there is in Ukraine. One of the biggest questions is whether the Defense Department will buy enough small drones to make these business endeavors profitable in the near term. Looking at small drones, "if the US continues to only purchase 12- to 15,000 drones a year, having 300 vendors is probably not going to satisfy market dynamics of returning the majority to those vendors," Sarah Pearson, deputy director for commercial operations at DIU, told BI. DIU's perspective is that competition in the market can push vendors to build better capabilities and ultimately lead to the best possible product. Concerns, however, remain over whether DoD would continually buy enough drones to keep businesses going. "If we buy, call it 10,000 drones, unless we're in high-intensity conflict," the industry investor said, "I don't necessarily know that I see a world where we're replacing 10,000 drones every year." And if that's not the case, it is an issue for the drone business. 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