Concurrently, an analyst's bearish take on the stock is providing further motivation for investors to exit their positions. After the closing bell Thursday afternoon, Sundial released its third-quarter earnings report. Investors have some reason to hope that Congress might pass a marijuana legalization bill sooner than previously expected. The Swedish maker of health-conscious energy drinks is sliding down from last week's all-time highs.
A mixed earnings report didn't exactly help. Investors don't seem to care too much, evidently; as of a. EST today, shares are up Inflation is at a year high. But these Mad Money megatrends could help you fight back. After the recent pullback, the big data specialist's stock is now down roughly 3.
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Joe Morelle. The transaction is expected to be completed within the next two years, pending board and regulatory approval. The metaverse has just begun, and Nvidia CEO Jensen Huang says it will be "much, much bigger" than the physical world.
The recent spin-off of its managed infrastructure business into a company called Kyndryl NYSE: KD removes a noncore business from its balance sheet. Also, management promised that the two companies would maintain the current combined dividend. The growth stock's decline on Friday is likely due to the news that major Tesla shareholder and CEO Elon Musk has continued selling shares. Coupang stock fell after reporting third-quarter results that showed a larger-than-expected loss and a miss on revenue.
Dow 30 36, Nasdaq 15, Russell 2, The fall of the Soviet Union, which carried the legacy of the last European empire, is still far from over. When the Soviet Union collapsed 25 years ago, the world breathed a collective sigh of relief as the threat of nuclear annihilation was all but eliminated. Russia transitioned into a democracy, and the West could refocus its efforts on peace and prosperity.
In the process, however, the pendulum swung from intense anxiety toward Moscow to inattention and neglect. Unfortunately, while the West was ignoring Russia, it was quietly mutating into something far more dangerous than the Soviet Union. The other million Russians were left in destitution and poverty , and the average life expectancy for men dropped from 65 to 57 years. Professors had to earn a living as taxi drivers; nurses became prostitutes.
The entire fabric of Russian society broke down. Western banks accepted pilfered funds from Russian clients, and Western real estate agencies welcomed oligarchs to buy their most coveted properties in St-Tropez, Miami, and London.
The injustice of it all was infuriating for average Russians, and they longed for a strongman to restore order. In , they found one: Vladimir Putin. Rather than restoring order, however, Putin replaced the 22 oligarchs with himself alone at the top. As the oil boom waned, the suffering of ordinary Russians resumed, and people took to the streets in and to protest his rule. In response to the annexation of Crimea, the war in Ukraine, and the downing of Malaysia Airlines Flight 17, which killed innocent people, the West had no choice but to respond with a range of sanctions against Russia.
These sanctions, combined with the collapse of oil prices, led to more economic hardship, which made the Russian people even angrier.
So Putin started another war, this time in Syria. The problem the world now faces is that Putin has effectively backed himself into a corner. Unlike any normal world leader, he cannot gracefully retire — he would lose his money, face imprisonment, or even be killed by his enemies. Therefore, what started out as a profit-maximizing endeavor for Putin has transformed into an exercise in world domination to ensure his survival. Twenty-five years after the fall of the Soviet Union, the West still faces a menacing threat from the Kremlin.
It is now driven by kleptocracy rather than communist ideology. But it is still the same menace, with the same nuclear weapons, and an extremely dangerous attitude.
But as long as Putin and his cronies continue to keep their money safe in Western banks, there is still leverage : Assets can be frozen, and accounts can be refused. If one lesson is to be taken from the collapse of the Soviet Union, it is that we in the West cannot continue to keep our heads in the sand and ignore kleptocracy in Russia, because the consequences are disastrous. Dmitri Trenin is the director of the Carnegie Moscow Center and served in the Soviet and Russian armed forces from to His latest book is Should We Fear Russia?
The Soviet Union saw itself as an ideological power. But then came Afghanistan in Moscow went in first to ensure that leaders in Kabul remained loyal to the Soviet Union, but once it was in, the mission changed to helping the Afghans build a state and society based on the Soviet model, like it did in Mongolia.
It was in Afghanistan that the Soviet Union discovered the power of militant Islam and eventually understood that it was so much easier to invade a deeply religious country than to reshape its society. By the time Moscow sent military forces into the country, the Soviet Union had revealed its cardinal weakness: imperial overreach.
Moscow was already beginning to struggle to keep in line its allies in Eastern Europe — and to support dozens of client states across the globe.
Discontent at home was grossly enhanced by the war in Afghanistan, which was both costly and unnecessary. At the same time, the Soviet economy had run out of steam by the s, with infrastructure crumbling and popular rancor growing. The cost of supporting a long list of satellites and surrogates was sapping the finances of the Soviet Union.
Moscow, which had always been wary of borrowing abroad, began to take more and more loans. In the final years of the Soviet Union, its foreign policy was heavily influenced by the constant need to seek more funding from abroad: The pace of domestic liberalization was increased, steps toward the German reunification were taken, and Moscow did not intervene when Eastern Europe pursued its own political course in the s.
The lessons from this historical episode apply first of all to the Russian Federation, the successor to the Soviet Union. Twenty-five years later, as it seeks to rebuild itself as a global great power, Russia is realizing that founding an empire under a different name is not in the cards. Having entered the war in Syria, Russia has also made it clear from the start that it will not send in its ground forces, lest Syria becomes another Afghanistan. History does not repeat itself, but it rhymes.
Any ideology, not just communist, is a poor guide for foreign policy. Foreign military misadventures result in disappointment at home and loss of prestige abroad.
And a growing national debt is a ticking bomb that threatens the very stability of the state. In the end, the Soviet Union paid the ultimate price for its imperial hubris. When the Soviet Union collapsed, the five new countries of Central Asia —Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan — were initially left on the outside looking in. This process revealed an important truth about relations between the opposite sides of the Soviet empire: The Slavic leaders called the shots, while the Central Asians accepted the consequences.
For the westward-looking Russia of the early s, Central Asia was a burdensome backwater that it did not mind shedding off. This move was particularly painful for Central Asian states, which were highly dependent on Russian banks for financial transfers to stabilize their battered economies. As Russia became less democratic and more nostalgic about Soviet glory in the late s, Moscow began to show interest again in Central Asia.
Moscow poured new resources into the Collective Security Treaty Organization, a military alliance that contains three of the five Central Asian countries. In , the Eurasian Economic Union, an economic bloc of Armenia, Belarus, Russia, Kazakhstan, and Kyrgyzstan — widely heralded by Vladimir Putin — came into effect to more closely bind the former Soviet countries.
Through its alliances, Moscow continues to behave as a sovereign and not as the first among equals in a union. When the West sanctioned Russia over its interference in Ukraine in , Moscow responded with its own set of retaliatory sanctions against European products. Russia also carried out missile attacks from the Caspian Sea to targets in Syria in fall without taking into account the concerns of its military ally and closest partner Kazakhstan, which was forced to reroute flights on short notice out of the region.
At the societal level in Russia, there is not much interest or love for Central Asians. Millions of labor migrants from Central Asia work in Russia, sending back money to support the families they left behind. This has grown anti-immigrant and racist sentiments in the country, and some key opposition politicians have even sought to channel it. Alexei Navalny, the charismatic activist planning to run in the presidential elections, has campaigned in the past on introducing a visa system with Central Asia and the Caucasus.
This trend should urge Central Asians to keep in mind the lesson of the early s. Central Asian states and societies need to reflect on their past and present dependencies and develop identities that are separate from their Soviet history and attachment to Russia. The five new countries of Central Asia — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan — emerged after the collapse of the Soviet Union as a forgotten region seemingly cut off from the forces of globalization.
Scholars and policymakers came to view Central Asia as isolated, disconnected, and insufficiently integrated into the global economy. The Central Asian states, however, were not exactly shielded from globalization.
Although the West chastised these countries for pervasive corruption, it rarely paid attention to the international accountants, lawyers, and external advisors who helped to structure these illicit arrangements. Accusations of millions of dollars siphoned off and embezzled overseas, allegedly by President Emomali Rahmon and his relatives, have played out in London, Swiss, and New York courtrooms.
In oil-rich Kazakhstan, a massive bribery scandal implicated a half-dozen major Western energy companies, including ExxonMobil and ConocoPhillips, over lucrative energy concessions in the s. Meanwhile, in Kyrgyzstan, two presidential regimes, both of which were ousted in separate popular uprisings in and , used the U.
Although the base was critical to the U. Since the collapse of the Soviet Union, outside observers have frequently characterized Central Asia as a reclusive part of the world. However, by overlooking how regimes strategically used offshore vehicles, bank accounts, and financial intermediaries, the West has ignored its own complicity in fostering the global networks that supported autocracies in Central Asia and around the former Soviet world.
Andrei Soldatov is an investigative journalist and cofounder of Agentura. On Dec. Like the Soviet Union before it, the Russian government and its security services are aiming to restrict innovation for fear of the social and political upheavals it could bring.
When the Soviet Union collapsed, accounting for this technological deficit needed a new approach, and Vladimir Bulgak, the minister of communications under former President Boris Yeltsin, was willing to break with the past.
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