Reported 22 days ago
A Russian national, Denis Postovoy, was arrested in Florida for illegally exporting drone-related technology to Russia, allegedly to support its military operations in Ukraine. The U.S. Department of Justice reported that he smuggled dual-use microelectronic components with military applications following Russia's invasion of Ukraine in 2022, using a network of companies to conceal his activities.
Source: YAHOO
Reported 22 days ago
Hip-hop mogul Sean 'Diddy' Combs was arrested by federal agents following a sealed indictment filed by the US Attorney’s Office in Manhattan. His attorney claims Combs is innocent and has been cooperating with the investigation, while Combs faces past allegations of sexual abuse. The indictment is expected to be unsealed soon.
Source: YAHOO
Reported 22 days ago
Hong Kong's Chief Executive, John Lee, cautioned that American businesses would face significant repercussions if the US legislates to shut the city's Economic and Trade Offices. He emphasized the potential for Chinese retaliation and criticized the US for employing unfair political tactics against Hong Kong. The ongoing tension follows a crackdown on dissent in the city, further straining the relationship between Hong Kong and the US as a bipartisan bill progresses through Congress.
Source: YAHOO
Reported 22 days ago
Goldman Sachs projects that gold may experience a slight decline if the Federal Reserve opts for a modest 25-basis-point rate cut this week. However, they anticipate a significant rally in gold prices, potentially reaching $2,700 an ounce by early next year, fueled by increased investments in bullion-backed ETFs. Despite the expected short-term drop, long-term outlooks remain optimistic due to a resurgence in ETF holdings.
Source: YAHOO
Reported 22 days ago
Asian stocks declined ahead of crucial decisions from the Federal Reserve and Bank of Japan, with the Nikkei 225 showing significant drops due to concerns over the Chinese economy. European markets, however, rose as investors awaited US economic data, which will impact the Fed's upcoming rate decision. The yen strengthened against the dollar, anticipating potential shifts in Japan's monetary policy, while gold prices remained high amid expectations of lower Treasury yields post-Fed meeting.
Source: YAHOO
Reported 22 days ago
Midea Group's stock soared by 9.5% in its debut on the Hong Kong stock market following a successful $4 billion share offering, marking the largest listing in the city in almost four years. The strong demand for shares saw institutional orders oversubscribed eight times, while the retail portion was 5.31 times covered. This significant debut raises optimism for other potential IPOs in Hong Kong, despite ongoing challenges in the market.
Source: YAHOO
Reported 22 days ago
During a live event on X Spaces, former President Donald Trump revealed limited details about his new cryptocurrency business, World Liberty Financial. While shifting from a critic to a supporter of digital assets and seeking to appeal to crypto advocates ahead of the election, Trump and his family did not clarify key aspects of the business, such as its finances or services. This venture raises eyebrows as it is being launched close to the election date.
Source: YAHOO
Reported 22 days ago
Chinese automaker BYD has acquired full control of its joint venture with Mercedes-Benz in China by purchasing the remaining 10% stake in Denza, a company that focuses on premium electric vehicles. This acquisition ends a 13-year partnership amid rising trade tensions between China and Europe, with Denza having recently regained traction with its luxury vans. The venture, established in 2011, struggled with sales, prompting Mercedes to reduce its stake to 10% in 2021.
Source: YAHOO
Reported 22 days ago
Thailand is set to increase its government borrowing by 8% to $78 billion in the upcoming fiscal year, primarily to stimulate economic growth which has lagged behind other Southeast Asian nations. Of this amount, approximately $33 billion will be new borrowing to cover the budget deficit, while the remainder will be allocated for refinancing existing debt. The government aims to raise spending by 4.2% and projects a budget deficit of 866 billion baht.
Source: YAHOO
Reported 22 days ago
Donald Trump has announced a new cryptocurrency project, World Liberty Financial, at an event highlighting the potential of decentralized finance. The initiative, aimed at enhancing financial security and transaction freedom, is part of Trump's broader goal to position the U.S. as a leader in the crypto space. Trump emphasized the need for the U.S. to seize this opportunity to prevent being overshadowed by China, despite previously referring to Bitcoin as a scam. Details about the project remain sparse, but it will involve a digital token and requires that U.S. purchasers be accredited investors.
Source: YAHOO
Reported 22 days ago
As the Federal Reserve and Bank of Japan prepare for key meetings, hedge funds are split in their strategies regarding long-yen positions. Some investors are locking in profits, while others anticipate a shift towards increased long-yen investments, betting on interest rate cuts by the Fed. The yen briefly exceeded 140 per dollar, raising questions about future market movements amidst changing trader sentiment and economic data releases.
Source: YAHOO
Reported 22 days ago
Japan's Finance Minister, Suzuki, stated that the recent designation of 7-Eleven's parent company, Seven & i Holdings, as 'core' to national security will not complicate any potential buyout, particularly in light of its rejection of a $38.5 billion offer from the Canadian company Alimentation Couche-Tard. Market analysts view the reclassification as a test for Japan's commitment to maintaining an open M&A environment, despite investor concerns over increased protectionism.
Source: YAHOO
Reported 22 days ago
Scott Kleinman, Co-President of Apollo Global Management, expressed skepticism over the likelihood of significant Federal Reserve rate cuts in the coming year, attributing this to persistent wage and housing inflation. He remarked that the market's high expectations for rate reductions are unlikely to be met without a recession, which he believes is not currently on the horizon. Kleinman highlighted that while traders anticipate multiple rate cuts, these prospects might be overly optimistic given the steady economic growth, albeit at a slower pace.
Source: YAHOO
Reported 22 days ago
Shares of Malaysian glove manufacturers, including Top Glove and Hartalega, experienced significant gains as the US finalizes hefty tariffs on Chinese goods, particularly medical products. These tariffs, set to rise to 50% and 100% in the coming years, are expected to boost Southeast Asian producers who will reclaim market share from China. Analysts predict renewed investor interest in the glove sector, reminiscent of the pandemic's peak demand.
Source: YAHOO
Reported 22 days ago
During a recent event on the X platform, Donald Trump introduced his family's cryptocurrency venture, World Liberty Financial, but refrained from revealing specifics on its operation. Instead, he discussed a recent assassination attempt against him while highlighting his shift in views toward cryptocurrency, now embracing it as part of his campaign strategy, contrasting his earlier skepticism during his presidency.
Source: YAHOO
Reported 22 days ago
Oil prices increased on Tuesday, fueled by rising supply disruptions and the expectation that the U.S. Federal Reserve will cut interest rates. U.S. crude futures rose by $1.10 to settle at $71.41, while Brent crude increased by 95 cents to $73.70 per barrel. Over 12% of crude production from the U.S. Gulf of Mexico was offline due to Hurricane Francine, contributing to price increases. Analysts also noted persistent tensions in the Middle East and a decline in Libyan oil output as factors supporting prices, with investors looking for a potential boost in demand from a Fed rate cut.
Source: YAHOO
Reported 22 days ago
A pipeline fire in La Porte, a suburb of Houston, prompted evacuations as firefighters worked to extinguish the blaze originating from a valve station of a 20-inch pipeline operated by Energy Transfer Corp. Although there were no injuries reported, the fire forced nearby residents to evacuate and led to a shelter-in-place order at San Jacinto College's central campus. The pipeline, which transports natural gas liquids, is being safely burned off, and efforts are underway to restore power in the affected areas.
Source: YAHOO
Reported 22 days ago
Chinese appliance manufacturer Midea Group saw its shares rise by almost 9.5% on their first day of trading in Hong Kong after the company raised $4 billion, marking the largest IPO in the city in three years. The strong demand, underscored by the offering being oversubscribed eight times, reflects growing investor confidence and could indicate a potential revival for Hong Kong's struggling market.
Source: YAHOO
Reported 22 days ago
US stocks gained ground alongside the dollar, buoyed by stronger-than-expected economic indicators. Retail sales and factory outputs rose, diminishing fears of an economic slowdown ahead of a potential interest rate cut by the Federal Reserve. The market anticipates a 61% chance of a 50 basis point cut, as traders remain optimistic about a 'soft landing' for the economy.
Source: YAHOO
Reported 22 days ago
Hong Kong is set to introduce its first policy statement regarding the use of artificial intelligence in the financial sector. The Financial Services and Treasury Bureau aims to provide guidelines focusing on ethical AI usage and application principles, amid rising interest in this technology. The statement, planned for release during Fintech Week in late October, signals the government's support for AI and aims to clarify regulatory frameworks as Hong Kong seeks to maintain its status as a leading financial center, despite challenges posed by external technology influences.
Source: YAHOO
Reported 22 days ago
Oil prices remain steady as global markets anticipate a potential interest-rate cut from the Federal Reserve this week. Brent crude trades around $73 a barrel, with West Texas Intermediate also holding above $70. Despite recent losses due to China's economic slowdown and oversupply concerns, some analysts believe the market's focus on bearish trends may lead to a correction later in the year as refining capacities return and destocking efforts in the U.S. increase.
Source: YAHOO
Reported 22 days ago
Regal Partners Ltd., led by Philip King, has made a proposal to acquire rival Platinum Asset Management Ltd. in a strategic move for expansion, having tripled its assets in just two years. Regal's offer indicates a swap of 0.274 shares of Regal for each share of Platinum, valuing the deal at approximately A$526 million. Following the announcement, Platinum's shares experienced a significant increase, although the proposal remains non-binding as discussions continue.
Source: YAHOO
Reported 22 days ago
Millennium Management has announced the hiring of Arnaud Leteissier, the former head of equity trading for Citigroup in Asia, as a senior portfolio manager, effective September 23. Leteissier will remain based in Hong Kong. This strategic move comes amid a trend of large multistrategy hedge funds recruiting talent from banks to enhance their competitive edge.
Source: YAHOO
Reported 22 days ago
Bank of Japan Governor Kazuo Ueda faces the challenge of signaling future interest rate hikes while maintaining current policies, amid market volatility and a leadership election in Japan. Economists expect the BOJ to hold the benchmark rate steady at 0.25% but anticipate a potential increase by December, emphasizing the need for clear communication following criticism after previous market upheavals. Ueda's upcoming meeting presents an opportunity to either reassure markets or hint at earlier hikes while navigating the complexities of global economic influences.
Source: YAHOO
Reported 22 days ago
The MLB Players Inc., the commercial affiliate of the Major League Baseball Players Association, has filed a lawsuit against DraftKings and bet365 in U.S. District Court in Philadelphia, accusing the companies of using player names and images on their betting platforms without authorization. The lawsuit claims violations of Pennsylvania law, common law misappropriation, and seeks damages and an injunction.
Source: YAHOO