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According to Bloomberg, — The yen declined after the Bank of Japan kept its policy rate unchanged and persisted with the world’s last negative-rate regime. The Japan’s currency fell 0.5% to the weakest level in almost a week, reversing an earlier advance, while equities rose.
BOJ officials maintained the policy rate at -0.1%, but offered no guidance whether they would keep scrap the policy next week. Shares fell in Hong Kong and mainland China as weakness among developers continues to weigh on investor sentiment. According to Bloomberg, — Singapore’s regulator has ordered remittance companies in the city-state
To halt the use of non-bank and non-card channels when transmitting money to persons in China from January 1. The three-month suspension follows reports of remittances to China through Singapore being subsequently frozen in their beneficiaries’ bank accounts in China by law enforcement agencies, the Monetary Authority of Singapore said in a statement late Monday.
It’s unclear why these funds had been frozen. According to Reuters, – Alphabet’s Google has agreed to pay $700 million and to allow for greater competition in its Play app store, according to the terms of an antitrust settlement with U.S. states and consumers disclosed on Monday in a San Francisco federal court.
Google will pay $630 million into a settlement fund for consumers and $70 million into a fund that will be used by states, the company said in a statement. According to Bloomberg, — The yen weakened while stock futures climbed after the Bank of Japan maintained its key policy settings.
The currency slid 0.5% to 143.49 per dollar at 11:56 a.m. in Tokyo. Japanese stocks were in a lunchtime trading break, with the Topix gauge having ended the morning session down 0.2% and the Nikkei 225 up 0.1%. Futures contracts for the Nikkei 225 index increased 1% on the Osaka bourse.
Government bond trading was also in a break. According to Bloomberg, — Chilean lithium giant SQM has partnered with iron ore billionaire Gina Rinehart to make a sweetened A$1.7 billion cash offer for Azure Minerals Ltd., ending two months of uncertainty over the deal after Australia’s richest woman crashed an earlier bid.
Rinehart’s Hancock Prospecting Pty. and Sociedad Quimica Minera de Chile SA, as SQM is formally known, will offer A$3.70 for each share in the Perth-based miner, a proposal already recommended by Azure’s board, the two sides said on Tuesday. The offer represents a nearly 52% premium to the price before the previous proposal in October.
According to Bloomberg, — Sony Group Corp is looking to hear Zee Entertainment Enterprises Ltd.’s proposals for rescuing the merger plan with its Indian unit that sought to create a $10 billion media behemoth. The Tokyo-based entertainment company said in a statement Tuesday that it “has not
Yet agreed to a deadline extension” as requested by Zee over the weekend. The weekend filing, Sony said in the statement, was “an acknowledgment” that they will not be able to meet the Dec. 21 deadline to close the merger. According to Reuters, – Japan’s benchmark government bond yields fell on Tuesday after
The Bank of Japan said it is maintaining ultra-loose monetary settings after a two-day meeting, reversing their rise prior to the announcement. Benchmark 10-year JGB yield was down at 0.65%, a couple of points below Monday’s close and off the day’s high of 0.685% According to Reuters, – For investors who braved their
‘bonds are back’ call in a turbulent year, euro zone debt was the big winner and a souring economy with tighter purse strings mean its allure will continue in 2024. The euro zone government bond market, worth roughly $10-trillion, is set to return 6.5%
This year, leading a rebound from two years of negative global bond returns as inflation soared. According to Reuters, – China’s Sinochem Corp has bought a million barrels of Venezuelan crude oil for arrival in December, a rare purchase as the state oil and chemicals group
Capitalises on Washington’s suspension of sanctions on the South American producer. In mid-October, Washington suspended sanctions on Venezuela’s oil and gas exports for six months, prompting a flurry of spot trades of crude and fuel through Western traders such as Trafigura and Vitol as well as middlemen.
According to Bloomberg, — The Bank of Japan stuck with the world’s last negative interest rate Tuesday and offered no guidance on if it might scrap the policy next year. The yen fell sharply after the decision. The central bank kept its short-term rate at -0.1% and maintained its yield curve control
Parameters in a unanimous decision at the end of a two-day gathering, according to a statement. Forward guidance on policy was left unchanged with no specific references hinting at the prospects for a rate increase. According to Reuters, – Importers of coffee to the European Union are starting to scale
Back purchases from small farmers in Africa and beyond as they prepare for a landmark EU law that will ban the sale of goods linked to the destruction of forests, a cause of climate change. Industry sources said the cost and difficulty of complying with the EU Deforestation Regulation
, which comes into According to Reuters, – The yen dipped and the Nikkei rose in relief on Tuesday after the Bank of Japan left its ultra-easy policy and outlook unchanged, while broader rallies for stocks and bonds in anticipation of U.S. rate cuts started to run out of puff.
The yen weakened about 80 pips to 143.41 per dollar following the decision, which was in line with economists’ forecasts. Technology shares led the Nikkei 1% higher. Japanese government bonds rallied a little. According to Reuters, – The European Union will suspend until the end of March 2025 the
Duties it imposed on U.S. imports in retaliation for U.S. tariffs on EU steel and aluminium, the EU official journal said on Tuesday. The 15-month extension is part of a pact by which Washington will also refrain from its
Tariffs of 25% on EU steel and 10% on EU aluminium imposed in 2018 by former President Donald Trump, so parking the dispute until after U.S. and EU elections. According to Bloomberg, — Nippon Steel Corp. defended the whopping premium it’s paying
For United States Steel Corp., as the Japanese company seeks to reinforce its position as a global titan amid a weak domestic outlook. The surprise $14.1 billion acquisition announced Monday would create the world’s second-biggest steel producer with plants stretching from Slovakia to Osaka and Pennsylvania.
The deal represents a 142% premium to US Steel’s share price on the last day of trading before it announced its strategic review, and is nearly double the roughly $7.25 billion offered by Cleveland-Cliffs Inc. in August. According to Bloomberg, — Oil traded near its highest close in two weeks as more companies
Shun the Red Sea after a spike in vessel attacks along the key shipping conduit. West Texas Intermediate held above $72 a barrel after settling at its highest since Dec. 4. Global benchmark Brent traded near $78. Prices jumped as much as 4% on Monday after BP Plc said it would pause all shipments through
The waterway and Equinor ASA said it’s diverting vessels away. According to Reuters, – Japan’s Nikkei share average rallied and the yen sagged on Tuesday, after the Bank of Japan kept its ultra-loose monetary policy unchanged and offered no hints of an early end to negative interest rates.
The Nikkei climbed 1.41% to end the day at 33,219.39. The broader Topix reversed an early loss of 0.21% to end 0.73% higher. The BOJ’s announcement came during the midday recess. According to Reuters, – Digital mapping specialist TomTom said on Tuesday it has partnered with
Tech giant Microsoft to create an artificial intelligence -powered conversational assistant for vehicles. The assistant will allow users to “converse naturally with their vehicles” and enable voice interaction with infotainment, location search, and vehicle command systems, the company said.
According to Reuters, – In Britain, a Christmas trip to the food aisles of Marks Spencer is as much a treat as presents under the tree, with millions of shoppers ditching their regular supermarket to buy one in four of the fresh turkeys sold over the festive period.
The challenge the 139-year-old group has faced is that a lot of those shoppers then return in the new year to the likes of market leader Tesco, No. 2 Sainsbury’s or the German discounters Aldi and Lidl which have driven a retail revolution in Britain.
According to Reuters, – The Russian rouble firmed slightly on Tuesday, pulling away from its lowest in nearly a week against the dollar and back past the 90 mark on support from capital controls, month-end corporate tax payments and high interest rates.
The Bank of Russia said its rate hiking cycle may be near completion as it raised its key interest rate by 100 basis points to 16% on Friday, increasing borrowing costs for the fifth consecutive meeting in response to stubborn inflation. According to Reuters, – The Bank of Japan maintained ultra-loose monetary settings on
Tuesday in a widely expected move, underscoring policymakers’ preference to await more clues on whether wages will rise enough to keep inflation durably around its 2% target. Following are excerpts from BOJ Governor Kazuo Ueda’s comments at his post-meeting news conference,
Which was conducted in Japanese, as translated by Reuters: According to Reuters, – A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen’s Iran-aligned Houthis on the world’s main East-West trade route.
Attacks in recent days on ships in the major Red Sea shipping route have raised the spectre of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.
According to Reuters, – Air quality in Sydney plummeted on Tuesday to levels among the world’s worst as smoke from bushfires in the north blanketed the harbour city, taking large swathes into index ranges on par with New Delhi, one of the world’s most crowded capitals.
Although smog is rare in Sydney, better known for its beaches and blue skies, grey clouds hovered over the iconic Opera House and Harbour Bridge, with smoke visible in the air. According to Reuters, – A little-known private equity firm is set to take on the toughest job in corporate Japan: turning around Toshiba.
Japan Industrial Partners is spearheading a $14 billion takeover that will see the troubled conglomerate delisted on Wednesday after 74 years on the Tokyo exchange. According to Bloomberg, — Bearish wagers against the Adani Group and Icahn Enterprises Inc. have rounded out another remarkable year for activist short seller Hindenburg Research.
The US firm kicked off 2023 with allegations of accounting fraud and stock manipulation against Indian billionaire Gautam Adani’s conglomerate that led to a market value erosion of more than $150 billion at one point. Seven of the group’s 10 stocks are still trading in the red since the scathing Jan. 24 report.
Icahn Enterprises, which Hindenburg accused of overvaluing assets, has plummeted nearly 70% since the latter disclosed a short call in a May 2 statement. According to Bloomberg, — BP Plc and Equinor ASA said Monday they will pause tanker traffic through the Red Sea following an escalation of attacks on merchant ships.
Frontline is considering whether it will continue to use the route, its CEO said on Bloomberg Television. SHIPPING According to Bloomberg, — Taiwan Semiconductor Manufacturing Co. Chairman Mark Liu will retire in 2024, ceding his role to Chief Executive Officer C.C. Wei, the company said in a statement. The move awaits shareholder approval.
Liu has been the public face of TSMC since becoming chair in 2018, outlining the company’s global expansion as more customers demand it diversify its manufacturing footprint amid growing tensions in the Taiwan Strait. According to Reuters, – Russian industrial conglomerate Rostec is ready to fully replace
Foreign equipment for natural gas transportation as well as supply large turbines for power generation, a senior manager said on Tuesday. Russia’s oil and gas industry used to significantly depend on foreign equipment. After Moscow sent its troops in Ukraine in February 2022, lots of Western companies left
Russia and the replacement of foreign-made equipment has been sped-up. According to Reuters, – Credit Suisse came close to imploding months before its eventual rescue, the Swiss financial regulator said on Tuesday in its first detailed account of the crisis, as it argued for stronger powers to oversee lenders in future.
The regulator, FINMA, which has come under fire for its supervision of the bank, defended its role in the meltdown which eventually led to the biggest rescue of a bank since the global financial crisis of 2008-2009. According to Bloomberg, — The European Central Bank should cut rates at some point in 2024
After holding at a 4% high long enough to ensure it has beaten down inflation, Governing Council member Francois Villeroy de Galhau said. “Between the increase in rates, which, barring surprises, is finished, and the cut, which should happen at some point in 2024, there is a plateau,” Villeroy said on France Inter
Radio on Tuesday. “I want to insist on this patience, this plateau, because if we cut rates too soon we would risk falling back into the sickness of inflation.” According to Bloomberg, — Activist investor Cevian Capital AB took a €1.2 billion stake
In UBS Group AG, betting that the lender can use the takeover of Credit Suisse to double its share price and secure its spot as the number one global wealth manager. UBS shares could be valued at as much as 50 Swiss francs , from around 25 now, “if the
Valuation gap to Morgan Stanley” can be closed, Cevian said in a statement Tuesday. The stake makes the Cevian, which manages more than $14 billion, a top-ten investor in UBS. According to Reuters, – Shanghai Disney Resort will open a Zootopia-themed attraction to
The public on Wednesday aiming to capitalise on a post-pandemic desire for travel and experiences in China. Zootopia, which came out in Chinese cinemas in 2016, remains one of the highest grossing imported animated films ever released in the country. According to Reuters, – Japan’s government upgraded its view on business sentiment for
The first time in two months in December as a central bank survey showed broad recovery in the corporate mood thanks to upbeat profits. But the Cabinet Office, in a report on Tuesday, left the overall economic assessment unchanged for the month, saying the economy, the world’s third largest, was “recovering moderately
Although some areas stalled recently”. According to Reuters, – Hopes of policy stability in India after victories for Prime Minister Narendra Modi’s ruling party in key state polls this month should extend a boom in initial public offerings into 2024 as companies rush to tap investor demand, bankers say.
The $6.8 billion raised by Indian IPOs so far this year is 16% less than in all of 2022, Dealogic data shows, but outperforms a plunge of 36%, to about $5 billion, in Hong Kong listings, which are set for their weakest year in two decades.
According to Bloomberg, — Germany will sell a smaller volume of federal debt next year as the government continues to wind down aid earmarked to offset the impact of the Covid-19 pandemic and the energy crisis. The government plans to issue about €440 billion in debt, according to a statement
Published Tuesday by the federal finance agency. That compares with a record volume of around €500 billion in 2023. According to Reuters, – Euro zone bond yields fell on Tuesday, reversing a rise the previous day, as investors stuck to bets that interest rates will soon be falling in the single-currency bloc.
Germany’s 10-year yield was last down 5 basis points at 2.023%. The yield, which moves inversely to the price, rose 6 bps on Monday after touching its lowest since March at 2.009% in the morning session. According to Yahoo Finance,What a difference a year makes for the Federal Reserve.
The central bank entered 2023 having raised interest rates at the fastest pace since the 1980s, as part of an aggressive campaign to cool red-hot inflation. According to Bloomberg, — European Central Bank Governing Council member Gediminas Simkus said investors may have got ahead of themselves in anticipating interest-rate cuts following
A steep slowdown in inflation. While there was a positive surprise on consumer prices in November, the medium-term outlook hasn’t changed much, the Lithuanian central bank chief said Tuesday. According to Reuters, – European stocks rose in early trade on Tuesday and global shares
Were near their highest since April 2022 as traders bet on rate cuts next year, while the yen fell after the Bank of Japan stuck to its ultra-easy monetary policy. In a widely expected move, the Bank of Japan kept its ultra-low interest rates unchanged.
It also made no change to its dovish policy guidance, dashing hopes among some traders it would tweak the language to signal a near-term end to negative interest rates. According to Reuters, – U.N. officials voiced anger and disbelief on Tuesday about the situation
In Gaza hospitals, where injured people do not have basic supplies and children recovering from amputations are being killed in the ongoing conflict. “I’m furious that children who are recovering from amputations in hospitals are then killed in those hospitals,” said James Elder, spokesperson for the U.N. children’s agency.
According to Bloomberg, — Russia’s war in Ukraine has made the now-treacherous waters of the southern Red Sea a vital global trade corridor for oil — especially Moscow’s own exports. As Europe has shunned Russian barrels, it has increasingly relied on cargoes from the Middle East.
Meanwhile, Moscow has boosted flows to Asia as it seeks outlets for its exports. That’s raised the movement of oil through the Red Sea, both northbound and southbound, by around 140%, to 3.8 million barrels a day. According to Reuters, – The pound rose on Monday as the dollar struggled against most
Currencies except the yen, with investors increasingly talking up sterling as a hot prospect for next year. Britain’s currency was last 0.42% higher against the dollar at $1.27. The euro was down 0.19% against the pound, buying 86.18 pence. According to Reuters, – Attacks on vessels by Iranian-backed Houthi militants in Yemen
Have disrupted international commerce on the shortest shipping route between Europe and Asia. The attacks, targeting a route that accounts for about 15% of the world’s shipping traffic, have pushed several shipping companies to re-route their vessels. According to Yahoo Finance,The 2023 stock market rally has entered ahealthier phase in the past month.
With sectors like financials and small caps surging amid Fed pivot euphoria, the recent leg higher hasn’t just been a story of seven large cap tech stocks. According to Reuters, – The German government intends to borrow significantly less next year, as Europe’s largest economy looks to reinstate a self-imposed debt brake that was
Suspended to help with the coronavirus pandemic and energy crisis. Berlin intends to issue federal securities with a total volume of 440 billion euros in 2024, German Finance Agency issuance plans published on Tuesday showed. According to Reuters, – Meta Platform’s Oversight Board said on Tuesday that the social media
Company erred in removing two videos depicting hostages and injured people in the Israel-Hamas conflict, saying the videos were valuable to understanding human suffering in the war. Since Hamas’ attack in Israel on Oct. 7, social media platforms have seen renewed scrutiny over their content moderation practices due to a surge in misinformation and accusations
That the companies have promoted certain viewpoints about the conflict. According to Reuters, – U.S. stock index futures edged higher on Tuesday, building on strong gains in recent weeks as investors continued to bet on a policy pivot by the Federal Reserve next year.
The benchmark SP 500 trades just 1.2% shy of its all-time closing high as traders price in an aggressive timetable for interest rate cuts next year after Fed Chair Jerome Powell said last week the historic tightening of monetary policy is likely over.
According to Reuters, – Aerospace supplier CEO Hugue Meloche spends more than C$10,000 for each skilled foreign worker he brings to his company’s Montreal-area factories, but paying those costs is preferable to leaving key positions unfilled while orders boom. As clients like engine maker General Electric boosted production in 2022, the head of Meloche
Group hired 20% of its workforce of 500 from countries like Mexico, Tunisia and Brazil to make up for staffing shortfalls. This added at least C$1 million in costs at a company generating around C$100 million in annual revenue. According to Reuters, – ServiceTitan Inc, a Los Angeles-based startup that makes software
To help contract workers manage their businesses, has revived preparations for an initial public offering in 2024, according to people familiar with the matter. ServiceTitan, which had been preparing to go public in 2022 before the market for IPOs soured, is working with investment banks Goldman Sachs and Morgan Stanley on its latest preparations
For a stock market listing that could come as early as the second quarter of 2024, the sources said, requesting anonymity as the discussions are confidential. According to Reuters, – After Ron Hall took out a $407,000 Small Business Administration loan last year to open a franchised sandwich shop in his hometown in Tennessee, business
Boomed. He hired 15 employees and even snapped up a used Honda CR-V that he covered in his store’s logos to sell sandwiches in the parking lots of local factories during lunch hours. Early on, the 49-year-old father of two said he was seeing $3,000 a day in total sales.
According to Reuters, – A significant victory for Estonian ride-hailing and food delivery startup Bolt against Britain’s tax authority last week could prove to be positive news for its rival Uber. Bolt took on HM Revenue and Customs over whether it was liable to pay a 20% tax charge on its
Gross income from customers or its margin. According to Reuters, – Cuban craft vendor Melani Ramos says she is feeling pretty down ahead of the holidays this year, as shelves that are bare and friends and family lost to a record-breaking exodus off the island mean there is little Christmas cheer to go around.
Few homes, she told Reuters, would enjoy the aroma of roast pork, black beans and cassava, traditional Cuban favorites for the holidays. According to Reuters, – Ukraine Deputy Prime Minister Oleksandr Kubrakov on Tuesday said that 10 million metric tons of products have been exported to 24 countries through its alternative Black Sea corridor.
Kyiv introduced the corridor, which hugs the western shores of the Black Sea, after Russia withdrew in July from a U.N.-brokered deal to guarantee the safe shipment of Ukrainian grain. According to Reuters, – Pepsi India bottler Varun Beverages said on Tuesday it will buy
South Africa-based The Beverage Company in a deal valued at 13.2 billion rupees , enabling it an entry into Africa’s largest market. The Beverage Company bottles and distributes PepsiCo-branded non-alcoholic beverages in South Africa and has five manufacturing facilities in the country, in addition to operations in Lesotho, Eswatini, Namibia, and Botswana.
According to Bloomberg, — Declaring the demise of an asset class is a mistake people have made since the dawn of markets. It’s a temptation many on Wall Street succumbed to recently when small-cap stocks notched two-decade lows versus the SP 500 – only to rally sharply after the Federal Reserve’s
Dovish policy surprise last week. Yet for all the short-term market noise, existential fears surrounding the investing style are long standing and profound. Since markets soured at the start of 2022, the Russell 2000 is still down roughly 12%, while the SP 500 and Nasdaq 100 have more or less recouped their losses.
According to Bloomberg, — Brazil’s central bank reinforced there’s still a long way to go to bring inflation back to target, warning that the El Nino weather pattern may have a bigger impact on food prices than initially thought. Core price measures that exclude volatile items like food and energy are easing, along
With costs of services, policymakers wrote in the minutes of their Dec. 12-13 meeting, when they lowered the Selic to 11.75% and pledged to maintain the half-point pace of easing at their next meetings. According to Reuters, – International airline association IATA on Tuesday said Amsterdam
Schiphol airport’s latest capacity proposal for 2024 was “a disgrace” and called for an urgent action plan to restore confidence in one of Europe’s main hubs. Schiphol has proposed accepting around 460,000 flights in 2024, which is fewer than the airline industry demands but more than environmentalist and residents’ groups would like to see, according
To a planning document seen by Reuters. According to Yahoo Finance,US stock futures were steady on Tuesday, with an eighth weekly win still within reach as investors stayed upbeat on the prospect for interest-rate cuts despite warnings those hopes are overdone.
Futures on the Dow Jones Industrial Average , the benchmark SP 500 and the tech-heavy Nasdaq 100 all hovered just above the flatline. The stock gauges edged higher on Monday, as the Dow eked out another record close. According to Bloomberg, — Latin America’s wealthiest investors are taking their fortunes
To Miami at one of the fastest clips in history, with some fleeing regional turmoil and others lured by yields higher than they can find at home. For JPMorgan Chase Co. and Brazil’s biggest banks, the exodus has generated asset and client growth. For Morgan Stanley, not so much.
According to Reuters, – European stocks rose on Tuesday and global shares were near their highest since April 2022 as traders bet on rate cuts in 2024, while the yen fell after the Bank of Japan stuck to its ultra-easy monetary policy.
In a widely expected move, the Bank of Japan kept its ultra-low interest rates unchanged. It also made no change to its dovish policy guidance, dashing traders’ hopes it would tweak the language to signal a near-term end to negative interest rates.
According to Reuters, – President Vladimir Putin said on Tuesday that Russia would be prepared to talk to Ukraine, the United States and Europe about the future of Ukraine if they wanted to, but that Moscow would defend its national interests.
Putin, who sent troops into Ukraine in 2022, has repeatedly said he would be prepared to talk about peace, though Western officials say he is waiting for the U.S. presidential election in November before making a genuine effort. According to Bloomberg, — Chemicals producer BASF SE and engineering firm Robert Bosch
GmbH are raising a total of $2.7 billion from a private debt market that caters to blue-chip companies, people with knowledge of the matter said. BASF is borrowing $1.5 billion worth of privately-placed debt, while Robert Bosch is getting another $1.2 billion, said the people, who asked not to be identified.
Bank of America Corp. and Mizuho Securities arranged the latter deal, while JPMorgan Chase Co. and NatWest Markets sold the debt for BASF. According to Bloomberg, — Dozens of container ships bringing manufactured goods from Asia to Europe are setting off on arduous detours around Africa — snarling trade and delaying
Cargo deliveries — after a wave of attacks by Houthi militants on the merchant fleet. A.P Moller-Maersk A/S, which owns a fleet of more than 300 container ships and controls many more, said Tuesday that it will divert its fleet around Africa. Iran-backed Houthi militants have vowed to attack any merchant vessel with a connection
To Israel, in a move to support the Palestinians, but as violence escalates all ships are seen as potentially vulnerable. According to Reuters, – The European Union is set to extend its emergency cap on gas prices for another 12 months to serve as a safeguard against possible energy price shocks,
After energy ministers backed the plan on Tuesday. The EU first agreed the gas price limit in December 2022, after months of cripplingly high energy prices caused by Russia slashing gas supplies to Europe after its invasion of Ukraine. According to Bloomberg, — With China fading as a top destination for investors seeking
Growth opportunities in emerging markets, flows into the largest exchange-traded fund dedicated to developing stocks outside of the country are on a tear. The value of the EMXC ETF, which invests in emerging stocks ex-China, has jumped almost 50% in the past two months to $8 billion, leap-frogging the biggest stocks ETF dedicated
To the Asian country. Just three years ago, the latter was more than 50 times bigger than its ex-China counterpart. According to Reuters, – Funds have been reducing their bets on lower copper prices as macroeconomic headwinds abate and the market collectively reassesses copper’s supply dynamics.
Money managers are now marginally net long of copper on both the London Metal Exchange and CME contracts. According to Reuters, – After winning a fraught bid to host next year’s United Nations climate talks in Baku, a senior Azerbaijani official promoted the country’s gas reserves in aiding the global the energy transition.
“Azerbaijan is also a gas exporting country, and gas – if you compare it with some other sources of energy – is a much cleaner sort of energy,” said Hikmet Hajiyev, foreign policy adviser to President Ilham Aliyev, in a meeting with reporters on Tuesday. “Azerbaijan has quite serious potential of gas,” he said.
According to Bloomberg, — Apple Inc., just days away from a US ban of its smartwatches, is plotting a rescue mission for the $17 billion business that includes software fixes and other potential workarounds. Engineers at the company are racing to make changes to algorithms on the device that measure
A user’s blood oxygen level — a feature that Masimo Corp. has argued infringes its patents. They’re adjusting how the technology determines oxygen saturation and presents the data to customers, according to people familiar with the work. According to Reuters, – Canada’s annual inflation rate unexpectedly remained at 3.1% in November,
As slower growth in food prices and cheaper cellular services and fuel oil were offset by an acceleration in prices of travel tours, Statistics Canada data showed on Tuesday. Analysts polled by Reuters had forecast inflation to ease to 2.9% from 3.1% in October.
Month-over-month, the consumer price index was up 0.1%, compared with a forecast of a 0.1% decline. According to Bloomberg, — Airbus SE and Boeing Co. are rounding out the year with a flurry of major orders, smashing records in one of the most active purchasing periods in recent
Memory that stretches their production lines well into the next decade. On Tuesday, Deutsche Lufthansa AG said it ordered as many as 200 short-haul aircraft from the two manufacturers, in a deal the German carrier valued at about $9 billion.
The same day, EasyJet Plc shareholders signed off on a 157 plane order for Airbus aircraft that it had announced a few months ago. According to Reuters, – KLM defended itself against “greenwashing” allegations in court on Tuesday, asking judges to rule against an environmental group that has argued the
Dutch airline’s “Fly Responsibly” ad campaign was misleading. Climate group Fossil Free’s case against the now-discontinued campaign is seen as a test of the environmental claims of the aviation industry, a major contributor to greenhouse gas emissions. According to Bloomberg, — UBS Group AG shareholder Cevian Capital says it supports the Swiss
Bank’s existing strategy and is planning to hold the shares for the long term. “We are going to be an engaged owner as we are in all investments we do,” Cevian Managing Partner and co-founder Lars Forberg told Bloomberg Television on Tuesday.
“We are focusing not only on the integration work right now, we are focusing on what is going to come out after that integration work.” According to Reuters, – U.S. agribusiness Archer-Daniels-Midland said on Tuesday it would buy UK-based flavor and ingredient firm FDL, as the company looks to expand its nutrition business.
ADM, one of the world’s largest grain traders and a major food processor, has diversified into the flavors and nutrition food business through takeovers in the sector, starting off with an acquisition of WILD Flavors for $3 billion in 2014.
According to Reuters, – Users of Google navigation apps in Israel are not seeing traffic jams due a precautionary suspension of that function as the country comes under rocket salvoes from Gaza and Lebanon. Though the crowd-sourced and colour-coded road congestions are temporarily absent from
Google Maps and Waze, they are still being factored into the arrival-at-destination times given to users, a company spokesperson said. According to Reuters, – The Russian rouble gave up early gains on Tuesday to head back towards a one-week low against the dollar, waiting for support from upcoming month-end
Corporate tax payments, while buttressed by capital controls and high interest rates. The Bank of Russia said its rate hiking cycle may be near completion as it raised its key interest rate by 100 basis points to 16% on Friday, increasing borrowing costs for the fifth consecutive meeting in response to stubborn inflation.
According to Reuters, – U.S. single-family homebuilding surged in November and could gain further momentum, with declining mortgage rates likely to draw potential buyers back into the housing market. Single-family housing starts, which account for the bulk of homebuilding, jumped 18.0%
To a seasonally adjusted annual rate of 1.143 million units last month, the Commerce Department’s Census Bureau said on Tuesday. Data for October was revised slightly lower to show starts rising to a rate of 969,000 units instead of the previously reported 970,000 units.
According to Bloomberg, — The rate of inflation in Canada unexpectedly remained steady last month, giving the central bank another reason to keep its policy rate at its highest level in two decades. The consumer price index rose by 3.1% in November from a year ago, matching the increase a month
Earlier, Statistics Canada reported Tuesday in Ottawa. That’s faster than the median estimate of 2.9% in a Bloomberg survey of economists. According to Reuters, – Blackstone Inc. will sell its entire 23.59% stake valued at $833 million in India’s largest real estate investment trust Embassy Office Parks, four years after
It was first listed, according to a term sheet seen by Reuters and a person with direct knowledge. Blackstone will sell 223.6 million units of Embassy REITs, in one of the biggest block deals this year, at a 7.7% discount to 335.75 rupees per unit price as of Dec. 19, according to the term sheet.
The units will be sold via block deals in the secondary market. According to Bloomberg, — Liquefied natural gas tankers are diverting from the Red Sea due to violence linked to the Israel-Hamas war, threatening longer journeys and delays of the super-chilled fuel.
At least five ships have changed course since Friday away from waters off the coast of Yemen, an unavoidable waypoint for ships using the Suez Canal that links Europe and Asia, according to ship-tracking data compiled by Bloomberg. It wasn’t immediately clear if all of the ships were diverted due to the tensions.
According to Reuters, – Russia said on Tuesday it would have no difficulty skirting the latest package of EU economic sanctions, which notably target its diamond exports. “We will simply redirect sales to other regions. I’m sure this won’t benefit those who introduced these sanctions,” Finance Minister Anton
Siluanov said while on a visit to Beijing, according to the state news agency TASS. According to Bloomberg, — US new-home construction unexpectedly surged in November to a six-month high, benefiting from a dearth of existing houses on the market and suggesting the crunch in residential real estate is easing.
Residential starts increased 14.8% last month to a 1.56 million annualized rate, government data showed Tuesday. The median forecast in a Bloomberg survey of economists called for a 1.36 million pace. According to Reuters, – A German court on Tuesday invalidated a patent that was the
Basis of a patent violation lawsuit brought by CureVac against its domestic rival BioNTech, in a blow to CureVac’s claims for a share in billions of euros in COVID-19 vaccine revenues. “The patent is being declared invalid for the territory of the Federal Republic of Germany,”
Walter Schramm, presiding judge in Germany’s patent court, said in his ruling after a hearing. According to Reuters, – Plane maker Airbus said on Tuesday it had won an order from easyJet for 157 more aircraft, after the budget airline received a green light from shareholders for the planned purchase.
The order is for 56 A320neo and 101 A321neo airplanes, and also includes the upgrading of an existing order for 35 A320neo into the larger A321neo model, Airbus said in a statement. According to Bloomberg, — Oil companies will get one last crack at new drilling rights
In the Gulf of Mexico on Wednesday, before the Biden administration imposes a two-year hiatus. The Interior Department auction, mandated by Congress under last year’s Inflation Reduction Act, will be the last sale of its kind until 2025 — when there may be tighter limits and less territory up for grabs.
The uncertainty is set to drive up industry interest and bidding this week for the 10-year leases available. According to Bloomberg, — Nikola Corp. founder and former Chief Executive Officer Trevor Milton was ordered to spend four years behind bars for lying to shareholders about the electric-truck maker’s progress.
Milton, 41, was sentenced Monday by US District Judge Edgardo Ramos in Manhattan, more than a year after a jury convicted him of securities fraud and wire fraud for misrepresenting key details about the development of Nikola’s products and technology. He was also ordered to pay a $1 million fine.
According to Reuters, – Bankrupt crypto exchange FTX Trading on Tuesday announced a settlement with liquidators for FTX’s Bahamas unit, resolving a long-simmering dispute over whether the company’s U.S. bankruptcy proceedings should take precedence over the Bahamian liquidation. FTX and FTX Digital Markets have agreed to pool their assets and harmonize their approach
To valuing customer claims to ensure equal treatment for customers in either country’s insolvency process. The settlement will allow most customers of FTX.com’s international crypto exchange to choose whether to seek repayment from either the U.S. bankruptcy or the Bahamian liquidation, according to FTX.
According to Reuters, – The United States has added 13 companies in China to its list of companies U.S. officials have been unable to inspect, according to a government notice posted on Tuesday. Under a policy implemented during the Biden administration, if a government prevents U.S.
Officials from conducting site checks at companies on the unverified list, Washington will then start the process of adding them to the entity list – a more restrictive export control list – after 60 days. According to Reuters, – The Canadian dollar strengthened to a four-and-a-half-month high
Against its U.S. counterpart on Tuesday as investors reduced bets on an early start to Bank of Canada interest rate cuts after domestic data showed inflation holding steady in November. The loonie was trading 0.3% higher at 1.3355 to the greenback, or 74.88 U.S. cents, after
Touching its strongest intraday level since Aug. 4 at 1.3337. According to Reuters, – Toshiba will be delisted on Wednesday after 74 years on the Tokyo exchange, following a decade of upheaval and scandal that brought down one of Japan’s biggest brands and ushered in a buyout and an uncertain future.
The conglomerate is being taken private by a group of investors led by private equity firm Japan Industrial Partners that also includes financial services firm Orix, utility Chubu Electric Power and chipmaker Rohm. According to Reuters, – Affirm Holdings will provide its “buy now, pay later” services
At self-checkout kiosks at more than 4,500 Walmart stores in the United States. Affirm shares, which have gained about 350% this year, were up 7% in early trade. According to Reuters, – The European Investment Bank , the European Bank for Reconstruction
And Development and the European Union announced on Tuesday a 560 million euro financing package for North Macedonia to build a railway line to neighbouring Bulgaria. In a statement, the EIB said the funds will be spent on the construction of 24 kilometres
Of railway from the eastern town of Kriva Palanka to the Bulgarian border and for the electrification of another 88 kilometres of track, along the so-called Corridor VIII. According to Reuters, – Ukraine’s Boryspil International Airport, which is closed due to war, saw the departure of a Boeing 777-300 operated by local airline Skyline Express
On a technical flight on Tuesday, it said on its Facebook page. The flight was a sign Ukraine’s infrastructure remains in working condition and safety can be granted despite constant Russian air attacks. According to Reuters, – Federal Reserve Bank of Richmond President Thomas Barkin on Tuesday
Welcomed the retreat in inflation but refrained from saying how that affects his outlook for central bank interest rate policy next year, in an interview with Yahoo Finance. “I think we’re nicely positioned now with a 3% inflation rate moving down, and a 3.7%
Unemployment rate staying relatively steady,” and whether the Fed can deliver on forecasts of rate cuts revealed at last week’s policy meeting depends on how the economy performs, Barkin said. According to Reuters, – Wall Street’s main stock indexes rose on Tuesday, building on
Strong gains in recent weeks as investors continued to bet on a policy pivot by the Federal Reserve next year. The benchmark SP 500 trades less than 1% shy of its all-time closing high as traders price in an aggressive timetable for interest rate cuts next year after Fed Chair Jerome Powell
Said at the U.S. central bank’s policy meeting last week that its historic monetary tightening is likely over. According to Reuters, – San Francisco police Sergeant David Radford contacted Tesla in May 2020 with a request on a case: Could the automaker provide data on an alleged stalker’s remote access to a vehicle?
A woman had come into the station visibly shaken, according to a police report. She told police that her abusive husband, in violation of a restraining order, was stalking and harassing her using the technology in their 2016 Tesla Model X.
According to Reuters, – Euro zone bond yields fell on Tuesday, reversing the previous day’s rise, as investors looked towards the prospect of steep interest rate cuts from the European Central Bank next year. Germany’s 10-year yield was last down 7 basis points at 2.01%.
That was just above the nine-month low touched the previous day, before it ended up rising 6 bps. According to Yahoo Finance,Starbucks’ CEO is trying to set the coffee giant’s story straight in a memo to employees. Laxman Narasimhan, who took the helm in April, shared his concerns about current events and
Misinformation being spread about the company in an internal memo, which began with his thanks to workers for their accomplishments this year. According to Reuters, – Juul Labs said on Tuesday it was seeking U.S. authorization for its new menthol-flavored pods, which require user age verification, to be used with its
E-cigarette device that is under review by regulators. Juul’s e-cigarettes were briefly banned in the U.S. in June 2022 after the U.S. Food and Drug Administration concluded the company had failed to show that the sale of its products would be appropriate for public health.
Following an appeal, the health regulator put the ban on hold and agreed to an additional review of Juul’s marketing application. According to Reuters, – Brazil’s energy policy council CNPE on Tuesday set the mandatory biodiesel blend into diesel in the country at 14% starting March 2024 and 15% starting
2025, Mines and Energy Minister Alexandre Silveira said, raising it from the current 12%. The measure bolsters the prospects of the Brazilian oilseed crushing industry, which has grappled with idle capacity averaging 50% in recent years, as about 70% of Brazilian biodiesel is produced from processed soybeans.
According to Reuters, – The World Health Organization on Tuesday classified the JN.1 coronavirus strain as a “variant of interest” but said it did not pose much threat to public health. “Based on the available evidence, the additional global public health risk posed by JN.1 is currently evaluated as low,” WHO said.
According to Reuters, – Several shipping companies and a few liquefied natural gas tankers have decided to avoid the world’s main East-West trade route, following attacks launched by Yemen’s Houthi group on commercial ships at the southern end of the Red Sea. The attacks raised the spectre of another bout of disruption to international commerce
Following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen. According to Reuters, – Sony-owned Insomniac Games’ more than 1.3 million files, including game roadmaps, budgets and information about an upcoming “Wolverine” title, have been leaked online by the Rhysida ransomware group, Bloomberg News reported on Tuesday.
The files show the Japanese company plans to release several Marvel-inspired titles in the next decade, including “Spider-Man 3” and those based on Venom and X-Men, the report said. According to Reuters, – Unemployment in Latin America and the Caribbean fell in 2023 to
Its lowest level since 2014, the International Labor Organization said on Tuesday, but an expected economic slowdown in 2024 could reverse recent post-pandemic gains. In a new report, the ILO sees unemployment in 2023 at 6.3%, below last year’s 7.2% and a major rebound from the 10.6% unemployment rate in 2020, when COVID-19 lockdowns left
Millions without jobs. According to Reuters, – U.S. officials say they have seized digital extortion websites associated with the notorious “Blackcat” ransomware gang and are helping dozens of victims recover their data. Blackcat – also known as ALPHV or Noberus – is accused of working with the prolific
Hacking gang known as “Scattered Spider,” which has terrorized major businesses including MGM Resorts International and Caesars Entertainment. According to Reuters, – A long-awaited U.S. rule aimed at curbing money laundering in real estate has reached a key White House office for review, the final hurdle for it
To clear before it can be formally proposed next year. The rule, put forth by the Treasury Department’s Financial Crimes Enforcement Network , reached the Office of Information and Regulatory Affairs on Monday, government records show. After a review by the office, the rule would open up for a two-month public comment period
In February 2024, the records show. According to Reuters, – Three U.S. Senators have urged Treasury Secretary Janet Yellen to block the $14.9 billion acquisition of U.S. Steel by Japan’s Nippon Steel, citing national security. Nippon clinched a deal on Monday to buy U.S. Steel for $14.9 billion in cash, prevailing
In an auction for the 122-year-old iconic steelmaker over rivals such as Cleveland-Cliffs, ArcelorMittal and Nucor. According to Bloomberg, — The US Justice Department seized websites belonging to a notorious Russian-speaking ransomware group, upending hackers that have extorted millions of dollars from victims around the world.
The website for the extortion group BlackCat, also known as ALPHV or Noberus, on Tuesday broadcast a message stating that US officials had taken control of the page. As part of the operation, the FBI developed a decryption tool that enabled US and international
Law enforcement agencies to help more than 500 victims restore their computer systems, according to the Justice Department. According to Reuters, – Canada on Tuesday released final regulations mandating that all passenger cars, SUVs, crossovers and light trucks sold by 2035 must be zero-emission vehicles, part of the government’s overall plan to combat climate change.
The new rules, known as the Electric Vehicle Availability Standard, were first unveiled in 2021. They are designed to help ensure supply is available to the market and shorten wait times to get an electric vehicle . According to Reuters, – The Federal Aviation Administration
Has no “specific timetable” to certify the Boeing 737 MAX 7, the agency’s top official told Reuters on Tuesday. FAA Administrator Michael Whitaker said the agency will certify the smallest variant of the best-selling MAX when “we have all the data that we need and it is safe.”
According to Yahoo Finance,For years Tesla has avoided, or at least minimized, the impact of labor strife and unionization at its plants across the globe. But it seems the times, and growing favorable public opinion for workers to get more for the fruits of their labor, have changed the calculus.
Late on Thursday CNBC reported that Tesla told workers at its Giga Nevada plant that some battery production workers there will see pay increases of around 10% starting in early January 2024. According to internal memos and workers at the plant, Tesla informed workers that “cost
Of living adjustments” would result in a bump in pay of $22 from $20 an hour on the low end, and to $34.50 an hour from $30.65 on the higher end. According to Reuters, – Tesla Inc has asked a U.S. judge to pause a federal agency’s lawsuit
Accusing the electric carmaker of severe harassment of Black workers at its California assembly plant, saying two similar cases should play out first. Tesla, in a filing in San Francisco federal court on Monday, said the U.S. Equal Employment Opportunity Commission rushed to file the lawsuit in September as part of a “toxic interagency
Competition” with a California civil rights agency that made similar claims last year. According to Reuters, – Lendbuzz, a U.S. financial technology startup that uses artificial intelligence to offer auto loans to people who lack credit history, has hired investment banks for an
Initial public offering that could value it at more than $2 billion, two people familiar with the matter said. Lendbuzz’s IPO preparations come as investor confidence in the consumer finance sector has picked up, with shares of financial technology companies such as Upstart and Affirm rallying in the last two months.
According to Reuters, – A member of the U.S. Federal Energy Regulatory Commission called for scrutiny of top asset managers’ ownership of power utilities, as the oversight body began a review. Critics have voiced concern about the growing share of corporate stocks held by passive
Investors, although FERC in May extended an authorization for big index funds to own utility shares. According to Yahoo Finance,Drivers can expect to end 2023 with gasoline prices around their lowest levels of the year. On Tuesday the national average price of gasoline was $3.08 per gallon, according to AAA data. It could go lower.
According to Reuters, – U.S. Bank will pay $36 million over allegations the company illegally blocked out-of-work consumers from accessing unemployment benefits during the coronavirus pandemic, top federal banking regulators announced on Tuesday. The nation’s fifth-largest lender froze tens of thousands of prepaid card accounts without
Leaving users a way to regain access, according to the U.S. Office of the Comptroller of the Currency and U.S. Consumer Financial Protection Bureau. According to Reuters, – Poland’s new government has dismissed the country’s representative to the World Bank, the prime minister said on Tuesday, drawing a rebuke from the central
Bank that had appointed him to the role. Closely linked to the ruling Law and Justice party, Jacek Kurski was picked by the National Bank of Poland as a representative on the board of executive directors of the World Bank in 2022.
According to Reuters, – New York Governor Kathy Hochul on Tuesday authorized a commission to consider reparations for the state’s role in perpetuating historic discrimination against African Americans, making New York the second U.S. state to launch such an effort. The state will not be required to follow the recommendations of the commission.
New York lawmakers and civil rights activists who attended Hochul’s signing ceremony at the New York Historical Society in Manhattan hailed it as a key step toward confronting the state’s legacy of slavery and resulting racial gaps in wealth, housing, employment and criminal justice. According to Yahoo Finance,Richmond Federal Reserve President Tom Barkin said Tuesday
The central bank has made good progress on bringing down inflation, but he needs to see more consistency in the data before rate cuts can begin. “I think we’re nicely positioned now with a 3% inflation rate moving down, and a 3.7% unemployment rate staying relatively steady,” Barkin told Yahoo Finance LIVE in an exclusive
Interview. According to Reuters, – Airbus is on course to break aerospace order records in 2023 after a buying spree from European airlines and a brisk month so far in deliveries, industry sources said on Tuesday. Orders for a total of almost 200 jets from easyJet and Lufthansa on Tuesday looked set
To push gross orders so far this year above the record of around 1,800 in 2014, the peak of the last major cycle, as airlines gamble on a scarcity of jets. According to Reuters, – Panama’s economic growth next year is now estimated at about
2.5%, down “in light of new scenarios,” Economy and Finance Minister Hector Alexander said on Tuesday. Speaking at a 2024 draft budget presentation, Alexander said the reduced figure did not include inflation. According to Reuters, – E-commerce firm Shopee bought Brazilian fintech Blu’s local credit
Arm, according to a regulatory filing on Monday, as the Singapore-based company aims to offer credit directly to customers living in Latin America’s largest economy. The deal, which has not yet been announced by the companies, won a preliminary approval from Brazil’s antitrust regulator Cade, according to the country’s official gazette.
According to Bloomberg, — The global shipping industry is bracing for the prospect of living without its most important trade route for weeks. Even as the US works to pull together a task force to stop Houthi militants in Yemen from attacking commercial vessels, shippers are still waiting for details, and worry about implementation.
The Houthis are attacking ships to show support for Hamas in its war against Israel, and some in the region worry that too forceful a response will only escalate the violence. According to Reuters, – HSBC expanded its Americas equity research team to 24 people
This year, adding to its coverage of U.S. stock markets for wealthy clients, the bank said on Tuesday. HSBC hired 12 equity analysts for the region, increasing the equity team to 24 people and the group of researchers for all asset classes in the Americas to 40.
Globally HSBC has 323 analysts covering all asset classes. According to Reuters, – There is no current “urgency” for the Federal Reserve to reduce U.S. interest rates given the strength of the economy and the need to be sure that inflation will return to the central bank’s 2% target, Atlanta Federal Reserve President Raphael
Bostic said on Tuesday. Inflation “is going to come down relatively slowly in the next six months, which means that there’s not going to be urgency for us to start to pull off of our restrictive stance,” Bostic said in comments to the Harvard Business School Club of Atlanta. According to Bloomberg, — Masimo Corp.
Chief Executive Officer Joe Kiani, head of the medical device maker that has put Apple Inc.’s smartwatch on the brink of a US ban, said he’d be open to settling with the company. The executive, speaking Tuesday on Bloomberg TV, said the “short answer is yes,” when
Asked if he’d settle, but he declined to say how much money he’d seek from Apple. Kiani said he would “work with them to improve their product.” According to Bloomberg, — A Japanese company’s agreement to purchase United States Steel Corp has thrust a political dilemma into President Joe Biden’s lap during a reelection bid
That runs through America’s manufacturing heartland. Pittsburgh-based US Steel announced Monday that it would be taken over by Nippon Steel Corp. after an offer of $14.1 billion that exceeded analysts’ expectations. The company had not been considered a frontrunner for the sale. According to Bloomberg, — Jefferson County, Alabama, took a step toward removing Citigroup
Inc. from an upcoming $2.5 billion municipal-bond transaction after the bank announced it was shuttering its public finance division. The county, which filed for bankruptcy in 2011, initially chose Citigroup to serve as lead manager on the sale that is set to price in January.
According to Reuters, – The U.S. Environmental Protection Agency has asked the White House to approve a rule that would allow expanded sales of higher-ethanol gasoline to be sold in certain Midwestern states, after governors from those states requested it. The request has been stalled after the oil industry warned the Biden administration that
Allowing E15, or gasoline with 15% ethanol, in select states would lead to supply chain issues and, therefore, higher gasoline prices. According to Bloomberg, — SP Global Ratings lifted Brazil’s credit score after the recent approval of an overhaul of the country’s tax code added to a series of economic reforms
That have been implemented in the past few years. SP raised Brazil’s sovereign rating by one notch to BB, two levels below investment grade, putting it on par with Guatemala and Dominican Republic. The outlook is stable. According to Reuters, – Wall Street extended its gains on Tuesday as last week’s dovish
Policy pivot from the Federal Reserve continued to reverberate and investors looked ahead to crucial inflation data. A broad rally boosted all three major U.S. stock indexes were well into positive territory, and boosted the SP 500 to within one percentage point of its all-time closing high reached in Jan. 22.
If the benchmark index closes above that level, that would confirm it has been in a bull market since October 2022. According to Reuters, – The Canadian dollar strengthened against its U.S. counterpart on Tuesday as investors reduced bets on the Bank of Canada shifting to interest rate cuts
In the coming months after domestic data showed inflation unexpectedly holding steady in November. The loonie was trading 0.4% higher at 1.3340 to the greenback, or 74.96 U.S. cents, after touching its strongest intraday level since Aug. 4 at 1.3334. According to Bloomberg, — German professional football’s governing body has narrowed down
The list of private equity suitors seeking a stake in the league’s media rights, people with knowledge of the matter said. DFL Deutsche Fussball Liga GmbH’s supervisory board decided Tuesday to invite Blackstone Inc., CVC Capital Partners and EQT AB to proceed to the next round of bidding, the people said.
According to Bloomberg, — Colombia delivered its first interest rate cut in three years, lowering borrowing costs by 25 basis points as signs of a faltering economy overtake inflation concerns. The central bank reduced its benchmark rate to 13%, Governor Leonardo Villar told reporters in Bogota after Tuesday’s policy meeting.
Twelve of 22 economists surveyed correctly forecast the move, while the rest expected interest rates to remain unchanged at 13.25%. According to Reuters, – The Teamsters union said on Tuesday it has reached a tentative agreement with about 1,100 DHL Express workers at the delivery company’s main U.S. air hub,
Ending a 12-day strike that began earlier this month. The contract, that is yet to be ratified by the Teamsters-represented workers, includes provisions for enhanced workplace safety, higher wages and better benefits, the union said. According to Bloomberg, — Most don’t work anymore, but Americans age 70 and older have
Seen their share of collective wealth surge during the pandemic. As a group, these older baby boomers have accumulated more than $14 trillion in additional net worth since the end 2019, based on Federal Reserve data. Their share of the country’s wealth has jumped to a record 30% last quarter, even
Though they account for 11% of the population. According to Reuters, – The U.S. dollar rose against the yen on Tuesday after the Bank of Japan kept rates steady while MSCI’s global stock index was gaining ground as investors focused on the prospect of U.S. interest rate cuts in 2024.
According to Bloomberg, — Texas power regulators will participate in a review of methods used to obtain backup electricity supplies after an uncharacteristically sharp debate between the grid operator and its watchdog. The Texas Public Utility Commission will take part in a “true reevaluation” by the end
Of April of how the grid manager procures so-called ancillary services, PUC member Lori Cobos said in Austin on Tuesday. Her comments came six months after the Electric Reliability Council of Texas, or Ercot, launched its first new backup-services program in more than two decades.
According to Bloomberg, — The Spanish government decided to order state holding company Sepi to carry out the purchase of as much as 10% of Telefonica SA to give the telecommunications company “greater shareholder stability.” The decision was taken at a cabinet meeting on Tuesday, Madrid-based Sepi said in a regulatory filing.
According to Reuters, – A judge has barred expert witnesses from testifying that Johnson Johnson spin-off Kenvue’s painkiller Tylenol can cause autism if mothers take it during pregnancy, finding that they failed to support their conclusions with scientific evidence. The ruling on Monday by U.S. District Judge Denise Cote in Manhattan federal court likely
Means the end of a consolidated mass tort litigation of about 500 lawsuits over the popular over-the-counter drug, unless plaintiffs get it reversed on appeal. According to Reuters, – Negotiators for pilots at Southwest Airlines have reached an agreement
In principal with the company for a new contract, the union said on Tuesday, adding that the union’s board still needs to decide whether to send the deal to members for a ratification vote. The Southwest Airlines Pilots Association , which represents more than 10,000 pilots
At the Dallas-based carrier, did not provide the details of the deal. According to Reuters, – Attacks by Iran-backed Yemeni militants in the Red Sea must stop and the U.S. and its partners will continue to protect ships from being targeted, White House national security spokesperson John Kirby said on Tuesday.
The Houthi militant group, which controls vast amounts of territory in Yemen after years of war, has since last month fired drones and missiles at international vessels sailing through the Red Sea, attacks it says respond to Israel’s assault on the Gaza Strip. According to Bloomberg, — H.I.G.
Capital abandoned plans to raise future pools of capital exclusively focused on technology investments and will instead make wagers through its more diversified vehicles, according to people with knowledge of the matter. The firm, which bets on companies including Mobileum Inc. through a vehicle known as H.I.G.
Technology Partners Fund, will invest in the sector through other funds, said one of the people, who asked not to be identified discussing confidential information. Technology remains one of the firm’s six core verticals, the person added. According to Reuters, – A U.S. appeals court on Tuesday temporarily blocked the administration
Of President Joe Biden from destroying razor wire fencing that Texas placed along its with Mexico to deter illegal border crossings. The New Orleans-based 5th U.S. Circuit Court of Appeals said a judge was wrong to rule that the U.S. government was immune from a lawsuit by Texas claiming a federal policy
Of removing the fencing was illegal. According to Reuters, – Chile’s central bank cut its benchmark interest rate on Thursday by 75 basis points to settle at 8.25% in a unanimous decision, as the nation’s monetary authority sees inflation pressures easing. In a statement, the central bank said its board believes that bringing inflation to
Its 3% target will require further cuts in the monetary policy rate. According to Reuters, – Alphabet’s Google said on Tuesday it will restrict the types of election-related queries its chatbot Bard and search generative experience can return responses for, in the run up to 2024 U.S. Presidential election.
The restrictions are set to be enforced by early 2024, the company said. According to Bloomberg, — Chile’s central bank cut its key interest rate by three quarters of a percentage point, speeding up the pace of monetary easing as a strengthening currency and improved global outlook alleviate inflation concerns.
Policymakers led by Rosanna Costa cut borrowing costs to 8.25% late on Tuesday, as expected by 12 of 20 analysts in a Bloomberg survey. The other eight expected a second straight reduction of 50 basis points. According to Reuters, – A look at the day ahead in Asian markets.
A ‘Santa rally’ is in full swing across global stocks, with the Bank of Japan’s dovish tilt on Tuesday adding fuel to a fire already burning nicely after the Federal Reserve indicated last week that U.S. interest rates could be cut early next year.
According to Reuters, – The Texas electric grid is too dependent on natural gas-fired backup power generators after blackouts, U.S. regulators found on Tuesday in a study that also called for gas suppliers and electric utilities to sync their plans to recover from outages.
The joint study by the Federal Energy Regulatory Commission , North American Electric Reliability Corp , and six regional entities which encompass nearly 400 million customers, looked at outages in Texas during the 2021 Winter Storm Uri. According to Bloomberg, — San Francisco is seeing a trickle of people return to the city
After losing tens of thousands of residents since 2020, according to a new estimate released by the state of California. The city’s population grew by 4,925 people to 848,019 residents during the 12 months ended on June 30, according to a report released Tuesday by the state Department of Finance.
Nearby regions including Silicon Valley also saw boosts in their population, driven by the arrival of international and domestic migrants. According to Bloomberg, — The finance ministers of the European Union’s two biggest economies said they are confident they will reach a deal on new fiscal rules with counterparts
From the bloc at a virtual meeting on Wednesday. France’s Bruno Le Maire and Germany’s Christian Lindner told a joint news conference in Paris on Tuesday they expect to achieve a bilateral agreement in the coming hours that will serve to convince others. According to Reuters, – ProShares expects to launch an exchange-traded fund Wednesday
That uses the short-dated options commonly referred to as “zero days to expiry” on the Standard Poor’s 500 index. The fund’s goal is to offer investors both the additional income that traditional options contracts may sacrifice, as well as upside potential should the stock market extend its rally.
According to Bloomberg, — Bombardier Inc. lost a bid to toss a lawsuit brought by hedge funds who claim the company defaulted on some of its bonds when it sold off business units. New York Supreme Court Justice Andrew Borrok on Tuesday denied Bombardier’s request to
Dismiss the suit, which claims the jet maker violated debt covenants when it divested its rail business, regional jet program and aerostructures division in 2020 and 2021. The trustee for the bonds in question had also sought to throw out the suit.
According to Bloomberg, — The Democratic Republic of Congo votes on Wednesday to elect a president who will play a crucial role in the world’s fight against climate change over the next five years. The central African nation’s forests, rivers and minerals are key to the future of green
Development globally and Congo’s next leader will have urgent decisions to make about how they’re used. According to Reuters, – Britain’s markets watchdog has proposed a single entry point to simplify and speed up company listings in the biggest shake up of its kind in three
Decades to help London compete better with New York as well as European Union centres in the wake of Brexit. Britain accounted for only 5% of IPOs globally between 2015 and 2020, with the number of listings down by about 40% from a peak in 2008.
The government failed to persuade UK chip designer Arm to list in London rather than New York. According to Bloomberg, — In a year when banks across Wall Street scaled back their ambitions in municipal finance, Kym Arnone has Jefferies Financial Group Inc. on track for its best year in the business.
Her prowess has made the New York-based bank the fourth biggest player in the industry where states and cities raise money for major infrastructure projects. As other banks struggled to boost market share amid high interest rates, her team nabbed the largest muni deal of 2023 by eluding political firestorms surrounding Wall Street’s policies
On guns and fossil fuels that stymied rivals. According to Bloomberg, — Stocks in Asia are poised to jump after Wall Street extended its rally on Tuesday, with traders shrugging off warnings from policymakers trying to rein in expectations for Federal Reserve rate cuts.
Futures for equity benchmarks in Australia, Japan and Hong Kong pointed to gains of at least 0.5%. The Nasdaq 100 and blue-chip Dow Jones Industrial Average set all-time highs while the SP 500 added 0.6%, fast approaching a record. Atlanta Fed President Raphael Bostic said there was no urgency to lower rates and his
Prediction for just two cuts in 2024 — well below traders’ expectations for at least five — did little to dent market optimism. According to Yahoo Finance,There is a country mile between JP Morgan Chase CEO Jamie Dimon and Coinbase co-founder Brian Armstrong’s views on digital assets.
Perhaps that shouldn’t be such a shock given their places of employment. According to Reuters, – Pharmacy chain Rite Aid received court approval on Tuesday for a bankruptcy loan that would let the company borrow an additional $200 million, while agreeing to enter mediation with committees representing junior creditors and people who have accused
The company of contributing to the U.S. opioid epidemic. Rite Aid’s bankruptcy financing, which the company valued at $3.45 billion due to its refinancing of pre-existing debts, had been opposed by the U.S. government, Rite Aid’s creditors committee, and a committee representing plaintiffs suing the company, including those with opioid-related claims.
According to Yahoo Finance,Chobani’s founder Hamdi Ulukaya is brewing up a slightly different vision for the Greek yogurt powerhouse. Late last week, Chobani inked a deal to buy ready-to-drink coffee company La Colombe for $900 million. Chobani financed the purchase with a combination of a $550 million term loan, cash on hand,
And exchanging Keurig Dr Pepper’s minority stake in La Colombe into Chobani equity. According to Reuters, – A shift in Chinese retailers’ strategy toward lower-priced goods and services to win cost-conscious consumers risks embedding the country’s recent deflationary trends more permanently into the world’s second-largest economy.
Price cuts, the proliferation of bargain stores and companies offering cheaper, scaled-down versions of their products may create a vicious cycle of lower profit margins that curtail wage and job growth and further depress consumer appetite. This stands to create more headwinds for China’s stuttering post-COVID recovery.
According to Reuters, – The U.S. Food and Drug Administration said on Tuesday it has approved the first test to assess if there is a risk of opioid use addiction in certain individuals. The test, AvertD, is developed by privately held SOLVD Health.
The FDA granted the approval to AutoGenomics, a unit that SOLVD acquired in 2019. According to Reuters, – Starbucks CEO Laxman Narasimhan said on Tuesday people protesting against the company over its stance on the Israel-Hamas war have been “influenced by misrepresentation on social media” of what the coffee chain stands for.
Narasimhan, in a letter to employees, noted many of Starbucks’ stores have experienced incidents of vandalism, and added the company has worked with local authorities to ensure the safety of its workers and customers. According to Reuters, – U.S. President Joe Biden on Tuesday vetoed a resolution that
Would disapprove of the Consumer Financial Protection Bureau’s small-business loan rule, saying the resolution would hinder the government’s ability to conduct oversight of predatory lenders. The resolution, which passed with support from just five Democrats in the U.S. Senate in October and the Republican-controlled House of Representatives earlier this month, nullified
A CFPB rule that required financial institutions to collect and report credit application data for small businesses to the bureau. According to Reuters, – The International Monetary Fund on Tuesday said it had approved a two-year Resilience and Sustainability Facility for Paraguay which should give the country
Access to a maximum of 302.1 million senior drawing rights . Paraguay is the first South American country to secure access to the RSF, the fund said. According to Bloomberg, — New Zealand’s new government has a “single-minded” focus on lowering inflation so that interest rates can start falling, the country’s new prime
Minister Christopher Luxon said in an interview. “My government in the first four weeks has been incredibly focused on dealing with the number one job we have to do, which is to tackle inflation to get it down below 3% again,” Luxon said in an interview with Bloomberg Television in Sydney on Wednesday.
“So we can lower inflation, lower interest rates, and keep the economy growing.” According to Reuters, – Bankrupt U.S. pharmacy chain Rite Aid will be prohibited from using facial recognition technology for surveillance purposes for five years to settle U.S. Federal Trade Commission charges it harmed consumers, the FTC said on Tuesday.
Rite Aid deployed artificial intelligence-based facial recognition technology from 2012 to 2020 in order to identify shoplifters but the company falsely flagged some consumers as matching someone who had previously been identified as a shoplifter, the FTC said. According to Reuters, – Union Pacific Corp said on Tuesday that El Paso and Eagle Pass
Rail bridges, which were closed on Dec. 18 by U.S. border officials, account for about 45% of its cross-border shipments and include goods critical to the U.S. economy. The railroad operator said it is working closely with multiple government agencies to reopen
The two border crossings, but flagged that the Department of Homeland Security did not have an estimated time of reopening. According to Reuters, – Tesla is not offering its employees yearly merit-based stock awards, Bloomberg News reported on Tuesday. The company’s managers delivered the news to salaried employees, the report stated,
Adding that four employees from different departments told Bloomberg News they believe the move was widespread. According to Yahoo Finance,Americans with credit card debt won’t see relief even after the Federal Reserve decided against hiking its benchmark rate last week. Their situation may even get a bit worse next year, at least temporarily.
According to Reuters, – The Biden administration said on Tuesday it was taking the first step toward writing key standards and guidance for the safe deployment of generative artificial intelligence and how to test and safeguard systems. The Commerce Department’s National Institute of Standards and Technology said it was seeking
Public input by Feb. 2 for conducting key testing crucial to ensuring the safety of AI systems. According to Bloomberg, — Banks and asset managers are expecting a wave of bad loans to hit South Korea in the coming months, as the country counts the cost of an ill-starred
Splurge on overseas office blocks and local infrastructure. Fund managers in Seoul were among the biggest investors in European and US commercial buildings in recent years, and the property crisis has left them with swaths of assets whose values have plunged, many due for refinancing.
Others piled into domestic infrastructure projects, where defaults have already soared. According to Reuters, – Creditors of Brazilian retailer Americanas approved a broad restructuring plan on Tuesday, which features a $2.5 billion capital injection by the trio of billionaires who founded 3G Capital.
Americanas, a nearly century-old company backed by the 3G trio, filed for bankruptcy earlier this year after uncovering $4 billion of accounting inconsistencies. According to Bloomberg, — Jonathan Hoffman, John Bonello and Jonathan Tipermas share more than just similar first names. They’re the driving force behind a gigantic wager on government debt that’s been giving
Regulators sleepless nights. They and their teams are top players in the “basis trade,” a bet by a few of the world’s biggest hedge funds that profits from the tiny price gaps between Treasuries and derivatives known as futures, people active in the market say.
That makes them some of the most important individuals in finance today. According to Bloomberg, — Japan’s exports slipped lower for the first time in three months in November, in a fresh sign that the economic recovery is sputtering. The value of exports fell 0.2% from a year earlier, the finance ministry said on Wednesday.
Economists had forecast a 1.4% increase. Imports decreased 11.9%, compared with the consensus for an 8.6% decline. According to Bloomberg, — Oil rose a third day as traders and shippers braced for the prospect of more disruption in the Red Sea.
The West Texas Intermediate contract for February inched higher to trade above $74 a barrel, after rising about 3% in the previous two sessions. Brent approached $80 a barrel Tuesday. The US and its allies are considering possible military strikes against Iran-backed Houthi
Rebels in Yemen in recognition that a previously-announced task force may not be enough to eliminate the threat. According to Bloomberg, — US hedge-fund firm North Rock Capital Management LLC ramped up the expansion of its Asian operations, hiring former Millennium Capital Management portfolio managers Sayan Ghosh and Nilesh Banerjee.
Ghosh will anchor the firm’s Singapore presence and run a global long-short equities strategy while also working as its head of Asian investments, according to a person familiar with the matter, who requested not to be named because the matter is private.
Banerjee, who was also at Millennium in Singapore until earlier this year, was registered to work in Hong Kong with North Rock in November, according to regulatory filings. According to Reuters, – British foreign minister David Cameron will travel to Jordan and Egypt
This week to push for a sustainable ceasefire and further humanitarian pauses in Gaza, the foreign office said on Wednesday. Cameron, on his second visit to the region, will travel with Britain’s Minister of State for the Middle East Tariq Ahmad and “progress efforts to secure the release of all hostages,
Step up aid to Gaza and end Hamas rocket attacks and threats against Israel.” According to Reuters, – The U.S. dollar slipped against most major currencies on Wednesday as traders continued to sell the currency on bets that the U.S. Federal Reserve will soon begin cutting interest rates, ahead of inflation data later this week.
The exception was the yen, against which the dollar held firm after the Bank of Japan was mum on an end to its ultra-loose monetary policy the previous day. According to Reuters, – Shares of Australia’s Pexa Group fell more than 10% on Wednesday
And were on track for their worst session in nearly four months, after the digital property settlements platform flagged continued uncertainties in its key markets. The stock fell as much as 10.5% to A$11.080 by 0042 GMT, posting its biggest intraday loss since Aug. 25 and hitting its lowest level since Nov. 17.
It was also the top loser on the benchmark stock index. According to Reuters, – China stood pat on benchmark lending rates at the monthly fixing on Wednesday, matching market expectations, after the central bank kept its medium-term policy rate steady earlier last week.
But market watchers continued to expect Beijing to deliver further monetary easing into the new year to support a sputtering economic recovery as deflationary pressure push up real borrowing costs. According to Reuters, – Alphabet-owned Google plans to reorganize a big part of its 30,000-person
Ad sales unit, The Information reported on Tuesday, citing a person with knowledge of the situation. Sean Downey, who oversees ad sales to big customers in the Americas, said at a department-wide meeting last week that Google plans to restructure its ad sales teams without specifying whether
The move would include layoffs, according to the report. According to Bloomberg, — The death toll from China’s worst earthquake since 2014 rose to more than 130 as the government sent a top official to oversee recovery efforts. Some 113 people were killed in mostly rural areas of Gansu province and another 18 in
Neighboring Qinghai, state broadcaster China Central Television reported late Tuesday. More than 730 injuries have been reported. According to Reuters, – Australia’s competition regulator on Wednesday said the Federal Court has ordered Airbnb to pay A$15 million in penalties and up to A$15 million in compensation,
After the vacation rental firm admitted it misled consumers on pricing for accommodation in the country. Between January 2018 and August 2021, Airbnb Ireland, which operates in Australia, admitted it misled consumers by displaying prices using only the ‘$’ sign, without clarifying that
The prices were in U.S. dollars and not the local currency, the Australian Competition Consumer Commission said in a statement. According to Reuters, – Toyota Motor unit Daihatsu will widen a production halt as a scandal over the rigging of safety tests affects more models beyond the six ones identified
So far, the Nikkei newspaper said on Wednesday. Daihatsu is expected to report findings by an independent panel that has been investigating the scandal to Japan’s transport ministry and hold a press conference as early as Wednesday, Nikkei said, without citing a source.
According to Reuters, – Oil prices ticked higher on Monday after rising more than 1% in the previous session on jitters over global trade disruption and geopolitical tensions in the Middle East following Houthi attacks on ships in the Red Sea.
Brent crude futures edged up 6 cents, or 0.1%, to $79.29 a barrel by 0137 GMT while U.S. West Texas Intermediate crude was at $74.11 a barrel, up 17 cents, or 0.2%. According to Reuters, – Asian shares tracked Wall Street higher on Wednesday as U.S. rate
Cut fever lingered near the year’s end, while oil held onto gains from the past two days after attacks by Houthi militants on ships in the Red Sea disrupted maritime trade. Meanwhile, the yen nursed losses at a one-week trough and Japanese yields extended declines
After the Bank of Japan held its policy steady and gave no sign on when it may end negative interest rates, further aiding risk appetite. According to Reuters, – Japanese government bond yields dropped to multi-month lows on Wednesday, as bets for a near-term end to negative interest rates receded after the
Bank of Japan retained its ultra-loose policy stance. The 10-year JGB yield fell as much as 7.5 basis points to 0.565%, a level last seen on Aug. 9. According to Reuters, – Israeli troops and Hamas militants fought fierce gunbattles on the streets of Gaza’s second-biggest city on Wednesday as the According
To Bloomberg, — Alibaba Group Holding Ltd. Chief Executive Officer Eddie Wu will take over the company’s core e-commerce business, replacing longstanding executive Trudy Dai at the helm of China’s biggest online marketplace. Dai, one of Alibaba’s earliest employees, will now help the company set up a company to oversee unspecified non-core assets.
Wu and other executives have talked about the need to review their investment portfolio to identify and create value from Alibaba’s assets. According to Reuters, – Beijing intends to expand energy cooperation with Russia along all stages of production, Chinese Ambassador to Russia Zhang Hanhui told the Russian state
RIA news agency in an interview published on Tuesday. “China expects to expand cooperation along the entire production chain in the energy industry,” RIA cited the envoy as saying, ahead of a meeting of Russian Prime Minister Mikhail Mishustin and China’s top leaders.
According to Bloomberg, — Japan’s 10-year government bond yield fell to the lowest level since August after the central bank kept investors in the dark on when it may shift policy. The benchmark yield tumbled as much as seven basis points to 0.565%, after the Bank of
Japan left its monetary policy setting unchanged on Tuesday and provided no forward guidance on whether it might scrap the world’s last negative interest rate regime next year. According to Bloomberg, — China South City Holdings Ltd., partially owned by the southern
City of Shenzhen, awaits a creditor vote result that would allow the developer to extend bond interest payment deadlines or risk becoming the latest defaulter in the beleaguered industry. Creditors are huddling for the vote as the grace period for an interest payment on the
Company’s 9% notes due July 2024 — with $235 million of principal outstanding — ends Wednesday. South City said in a Monday filing that it didn’t have enough resources to pay for it. According to Reuters, – Japanese startup Preferred Networks is ramping up investment in customised
Artificial intelligence chips, seeking to ensure access to critical hardware as advances in generative AI spark a global investment boom. The company, whose investors include automaker Toyota and robot maker Fanuc, began developing its first generation AI chip in 2016 to power its supercomputers.
According to Reuters, – The U.S. Securities and Exchange Commission’s bid to force companies to disclose more details about their share buyback plans was cut down by a federal appeals court on Tuesday after the agency failed to meet the court’s deadline to fix what the judges had called “defects” in the requirement.
The ruling is a win for the U.S. Chamber of Commerce, the top business lobbying group that had sued to block the rule adopted earlier this year by the SEC on a 3-2 vote. The rule would have required quantitative disclosure of daily repurchases – which amounted
To nearly $950 billion in 2022 – on a quarterly or semi-annual basis. According to Reuters, – Alibaba Group CEO Eddie Wu will take over as chief executive of Taobao and Tmall Group, Alibaba’s domestic e-commerce arm, effective immediately, the company said on Wednesday.
Wu, who has been Group CEO since September, also took over from previous head Daniel Zhang as the company’s cloud business CEO that month. The latest appointment means Wu now leads the overall group as well as its two most important business divisions – cloud and domestic e-commerce.
According to Reuters, – Japan’s Nikkei index hit a one-month high on Wednesday as caution on the Bank of Japan’s policy stance faded after the central bank offered no hints on when it would exit its negative rate policy. The Nikkei was up 1.75% to 33,799.41 by the mid-day break, hitting its highest since Nov.
20. According to Bloomberg, — Chinese banks held their benchmark lending rates on Wednesday, following the central bank’s decision to skip cutting policy interest rates earlier this month. The one-year loan prime rate was held at 3.45% for the fourth month, in line with the forecasts
From almost all of the 15 economists surveyed by Bloomberg. The five-year rate, a reference for mortgages, was also kept at 4.2%, as expected, data from the People’s Bank of China showed. According to Reuters, – Major automakers including General Motors, Toyota Motor and Volkswagen
And two air bag makers said on Tuesday they oppose the U.S. auto safety regulator’s bid to require the recall of 52 million air bag inflators. Officials with the U.S. National Highway Traffic Safety Administration argued at a hearing in October that inflators produced by the two air bag manufacturers, ARC Automotive
And Delphi Automotive, should be recalled because they may rupture and send metal fragments flying. According to Bloomberg, — Thailand’s second-largest bank is developing a digital-asset ecosystem to provide a funding route for companies, a stance that contrasts with skepticism toward crypto among some mainstream lenders globally.
Kasikornbank Pcl bought the licensed digital-asset exchange Satang Corp. in October as part of the strategy, an unusual instance of an established lender acquiring a crypto trading platform. The bank also has divisions focused on blockchain technology and custodial services for virtual tokens.
According to Bloomberg, — A little-known Japanese firm has sued Alibaba Group Holding Ltd. in three countries for allegedly violating its patents on cross-border e-commerce, seeking court injunctions or damages against the Chinese online pioneer. Tokyo-based patent rights company BWB Inc. filed for an injunction against Alibaba’s
Overseas transactions at the Seoul Central District Court on Friday. BWB, which owns customs-clearance and logistics patents, had filed for injunctions and damages at the Tokyo District Court in April and at the US District Court for the Northern District of California in November.
According to Reuters, – Alibaba Group CEO Eddie Wu will take over as chief executive of Taobao and Tmall Group, Alibaba’s domestic e-commerce arm, effective immediately, the company said on Wednesday. Wu, who has been Group CEO since September, also took over from previous head Daniel Zhang as the company’s cloud business CEO that month.
The latest appointment means Wu now leads the overall group as well as its two most important business divisions – cloud and domestic e-commerce. According to Bloomberg, — The slowdown in China’s equity offerings may not be over just yet as the country’s economy remains in the doldrums and regulations for new listings become stricter.
New and additional share sales in mainland China and Hong Kong fell 43% from last year to $96.3 billion in 2023. The annual proceeds raised are set to the worst in a decade, Bloomberg data showed. That compares with a 51% increase in volume raised in the US and a 14% rise in Europe.
According to Reuters, – The prolonged closure of two major U.S.-Mexico rail bridges vital to cross-border trade worth billions of dollars will cause “huge losses,” top Mexican farm lobby CNA has warned. In a statement late on Tuesday, the CNA said inventories of yellow corn and soymeal, both
Crucial for Mexico’s massive livestock sector, were running low, putting at risk exports of beef and pork. According to Bloomberg, — China South City Holdings Ltd., a state-backed property developer, avoided default on a dollar bond interest payment after creditors agreed to extend the
Note’s maturity and lower its coupon, the South China Morning Post reported Wednesday. Holders of the 9% note due July 2024 issued by the firm, partially owned by the southern city of Shenzhen, agreed to push back its due date to August 2027 and halve the interest
To 4.5%, the newspaper reported, citing a statement from the developer’s information agent D.F. King Co.
1 Comment
0:00:00 – Intro
0:00:06 – ATTENTION
0:00:12 – Recommendation
0:00:18 – Timestamps reminder
0:00:23 – Buy Me a Coffee
0:00:27 – (Bloomberg) Yen Drops on BOJ Hold, Asia Stocks Trade Mixed: Markets Wrap
0:01:01 – (Bloomberg) Singapore Suspends Some Remittance Routes to China to Curb Frozen Funds
0:01:31 – (Reuters) UPDATE 2-Google to pay $700 mln to US consumers, states in Play store settlement
0:01:57 – (Bloomberg) Yen Slides After BOJ Maintains Policy; Stocks and Bonds Rise
0:02:33 – (Bloomberg) Gina Rinehart’s Hancock, SQM Agree to Buy Azure for $1.1 Billion
0:03:15 – (Bloomberg) Sony Wants to Hear Zee’s Plan to Rescue Merger Ahead of Deadline
0:03:45 – (Reuters) Japan govt bond yields fall after BOJ keeps policy unchanged
0:04:10 – (Reuters) Analysis-After wild year, euro zone is top pick of world bond markets
0:04:36 – (Reuters) China Sinochem buys rare Venezuelan oil cargo after U.S. suspends sanctions – sources
0:05:05 – (Bloomberg) BOJ Stays Mum on Rate Hike Timing as Stand-Pat Decision Hits Yen
0:05:36 – (Reuters) INSIGHT-Coffee firms turning away from Africa as EU deforestation law looms
0:05:59 – (Reuters) GLOBAL MARKETS-Yen slips, Nikkei gains as BOJ stands pat
0:06:29 – (Reuters) UPDATE 1-EU to drop retaliatory tariffs on US goods until end-March 2025
0:07:00 – (Bloomberg) Nippon Steel Says Global Push Justifies 142% US Deal Premium
0:07:38 – (Bloomberg) Oil Holds Gains as Red Sea Attacks Cause Panic Among Shippers
0:08:09 – (Reuters) Japan stocks rally, yen sags as BOJ retains ultra-easy stimulus
0:08:40 – (Reuters) TomTom creates AI-based conversational assistant for vehicles with Microsoft
0:09:04 – (Reuters) Not just for Christmas: Britain's M&S targets more regular food shoppers
0:09:33 – (Reuters) Russian rouble firms past 90 to the dollar
0:10:01 – (Reuters) QUOTES-BOJ Governor Ueda's comments at news conference
0:10:28 – (Reuters) Shippers mask positions, weigh options amid Red Sea attacks
0:10:57 – (Reuters) Rare smog puts Sydney on par with New Delhi as bushfires rage
0:11:23 – (Reuters) In buying Toshiba, a little-known fund takes on Japan Inc's toughest job
0:11:43 – (Bloomberg) Hindenburg’s Adani, Icahn Calls Mark Year of Prominent Bets
0:12:23 – (Bloomberg) What Tanker and Energy Companies Are Saying About Red Sea Route
0:12:41 – (Bloomberg) TSMC Chairman Mark Liu to Retire in 2024, Cede Post to CEO
0:13:11 – (Reuters) Russia's Rostec: ready to fully replace foreign gas pumping equipment
0:13:39 – (Reuters) Swiss financial watchdog calls for more powers after Credit Suisse crash
0:14:08 – (Bloomberg) Villeroy Says ECB Should Cut Rates in 2024 After Plateau
0:14:43 – (Bloomberg) Cevian Takes Bet on UBS Growth Boost With €1.2 Billion Stake
0:15:18 – (Reuters) Disney to open first Zootopia-themed attraction in Shanghai
0:15:40 – (Reuters) Japan ups assessment on business mood, holds to view of overall economy
0:16:06 – (Reuters) India's IPO momentum seen growing on prospects of political stability
0:16:40 – (Bloomberg) Germany to Trim Federal Debt Sales Next Year
0:17:06 – (Reuters) Euro zone bond yields fall, reversing Monday's gain
0:17:35 – (Yahoo Finance) The Fed made a slow pivot in 2023. It faces pressure to move faster in 2024.
0:17:52 – (Bloomberg) ECB’s Simkus Says Market’s Rate-Cut Bets Are Too Optimistic
0:18:14 – (Reuters) GLOBAL MARKETS-European stocks rise on rate cut bets, yen falls after BoJ
0:18:46 – (Reuters) UN agencies voice anger at attacks on Gaza hospitals
0:19:11 – (Bloomberg) Russia’s War in Ukraine Revives the Red Sea as a Vital Oil Route
0:19:44 – (Reuters) Sterling climbs as investors eye further gains in 2024
0:20:09 – (Reuters) Factbox-How companies are responding to attacks on ships in the Red Sea
0:20:29 – (Yahoo Finance) The 2023 stock market rally isn't just about seven stocks anymore
0:20:47 – (Reuters) UPDATE 1-Germany plans to issue significantly less debt in 2024
0:21:12 – (Reuters) Meta Oversight Board says Israel-Hamas videos should not have been removed
0:21:42 – (Reuters) Futures inch up as investors pin hopes on Fed rate cuts
0:22:11 – (Reuters) North American aviation companies get labor relief from foreign workers – at a cost
0:22:48 – (Reuters) Software startup ServiceTitan prepares for 2024 IPO-sources
0:23:23 – (Reuters) Analysis-High US interest rates add to headwinds for small businesses
0:23:53 – (Reuters) Bolt's UK tax tribunal win could prove good news for Uber
0:24:14 – (Reuters) Cuba's Christmas not so merry this year as economic crisis grinds on
0:24:38 – (Reuters) UPDATE 1-Ukraine says exports through Black Sea corridor have reached 10 mln T
0:25:02 – (Reuters) UPDATE 1-India's Varun Beverages to enter S. Africa with $159 mln deal
0:25:29 – (Bloomberg) Demise of Small Caps Haunts Wall Street in the Age of Big Tech
0:26:08 – (Bloomberg) Brazil Central Bank Reinforces Cautious View on Fight to Bring Inflation Back to Target
0:26:39 – (Reuters) UPDATE 1-IATA calls Dutch Schiphol airport's capacity proposal 'a disgrace'
0:27:10 – (Yahoo Finance) Stock market news today: US futures hold onto gains as rate-cut hopes persist
0:27:38 – (Bloomberg) JPMorgan Among Winners as Latin American Wealth Flocks to Miami
0:28:01 – (Reuters) GLOBAL MARKETS-Wall Street set to open higher as traders bet on rate cuts
0:28:32 – (Reuters) UPDATE 1-Putin says Russia is ready to talk on Ukraine
0:28:59 – (Bloomberg) BASF and Robert Bosch Tap Private Debt for Combined $2.7 Billion
0:29:35 – (Bloomberg) With Houthis Menacing Fleet, Shipping’s Great Detour Around Africa Gathers Pace
0:30:13 – (Reuters) EU to extend emergency gas price cap for another year
0:30:38 – (Bloomberg) Dodging China Slowdown, Investors Embrace EM Stock Darlings
0:31:12 – (Reuters) COLUMN-Funds less negative on copper as supply landscape shifts: Andy Home
0:31:31 – (Reuters) COP29 climate summit host Azerbaijan touts country's gas potential
0:32:03 – (Bloomberg) Apple Races to Tweak Software Ahead of Looming US Watch Ban
0:32:35 – (Reuters) UPDATE 1-Canada's inflation rate unexpectedly holds at 3.1% in November
0:33:09 – (Bloomberg) Airline Shopping Spree Hands Airbus, Boeing Big Year of Orders
0:33:43 – (Reuters) UPDATE 1-KLM defends advertisements in Dutch court, denies 'greenwashing'
0:34:09 – (Bloomberg) UBS Investor Cevian to Be an ‘Engaged Owner’ Over Long Term
0:34:37 – (Reuters) ADM to buy UK-based firm to boost nutrition business
0:35:04 – (Reuters) RPT-Amid rockets from Gaza, Google apps suspend Israel traffic-jam displays
0:35:29 – (Reuters) UPDATE 1-Russian rouble weakens towards one-week low versus dollar
0:35:58 – (Reuters) US single-family housing starts surge in November
0:36:35 – (Bloomberg) Canada Inflation Stalls at 3.1%, Keeping Rates Steady
0:37:03 – (Reuters) Blackstone to sell $833 million stake in Embassy REIT- document
0:37:42 – (Bloomberg) LNG Vessels Begin to Reroute Away From Red Sea on Rising Tension
0:38:11 – (Reuters) Russia says it will have no trouble skirting latest EU sanctions
0:38:36 – (Bloomberg) US housing starts unexpectedly rise to a six-month high
0:39:05 – (Reuters) UPDATE 1-German court quashes CureVac patent after challenge by BioNTech
0:39:32 – (Reuters) UPDATE 1-Airbus wins order from easyJet for additional 157 aircraft
0:40:00 – (Bloomberg) Oil Drillers Get Last Shot at Gulf of Mexico Leases Until 2025
0:40:30 – (Bloomberg) Nikola Founder Trevor Milton Sentenced to Four Years for Fraud
0:41:01 – (Reuters) UPDATE 1-FTX resolves dispute with Bahamian liquidators
0:41:41 – (Reuters) UPDATE 1-US adds 13 companies in China to unverified list
0:42:10 – (Reuters) CANADA FX DEBT-Canadian dollar rallies as CPI data cools rate cut bets
0:42:39 – (Reuters) Toshiba to be delisted after 74 years, faces future with new owners
0:43:06 – (Reuters) Affirm to offer BNPL services at Walmart's self-checkout kiosks
0:43:26 – (Reuters) EIB, EBRD, EU support construction of North Macedonia's rail line
0:43:55 – (Reuters) Boeing plane departs from closed Kyiv airport on technical flight
0:44:19 – (Reuters) UPDATE 1-Fed's Barkin: Central bank 'nicely positioned' amid inflation retreat
0:44:51 – (Reuters) US STOCKS-Wall St climbs on optimism about interest rate cuts
0:45:21 – (Reuters) INSIGHT-An abused wife took on Tesla over tracking tech. She lost.
0:45:49 – (Reuters) UPDATE 1-Euro zone bond yields slide to new multi-month lows
0:46:15 – (Yahoo Finance) Starbucks wages a battle against misinformation amid stock struggles
0:46:37 – (Reuters) Juul seeks US authorization for its new age-restricted menthol pods
0:47:10 – (Reuters) UPDATE 1-Brazil policy council approves raising biodiesel mix
0:47:43 – (Reuters) UPDATE 1-WHO classifies JN.1 as COVID-19 'variant of interest'
0:48:05 – (Reuters) EXPLAINER-How would the Red Sea attacks affect gas shipping?
0:48:31 – (Reuters) Sony's game plans leaked online by hackers – Bloomberg News
0:49:00 – (Reuters) Latin America unemployment near decade low in 2023, may reverse next year, UN labor agency says
0:49:33 – (Reuters) US officials say they are helping victims of Blackcat ransomware gang
0:49:59 – (Reuters) New US rule targeting real estate money laundering reaches White House review
0:50:31 – (Reuters) Three Republican senators oppose Nippon-U.S. Steel deal over national security
0:50:58 – (Bloomberg) US Seizes BlackCat Ransomware Site, Offering Decryption Tool
0:51:34 – (Reuters) UPDATE 1-Canada says all cars and trucks must be zero emission by 2035, industry unhappy
0:52:03 – (Reuters) FAA has no 'specific timetable' to approve Boeing 737 MAX 7 — administrator
0:52:26 – (Yahoo Finance) Tesla labor issues piling up with pay hikes, Scandinavian strikes weighing on EV-maker