Reported 1 day ago
On November 20, 2024, the Tokyo stock market experienced sharp rallies for certain companies, including Seven & i Holdings and Tokyo Gas, amid overall losses for the benchmark Topix index. This surge was fueled by reports of buyout proposals and increased stakes from activist investors, highlighting a growing trend in individual stock movements in Japan's market. Notably, Seven & i's shares jumped 11% as talks of a potential takeover by its founding family emerged, while Tokyo Gas saw a 15% rise following Elliott Investment Management's acquisition of a significant stake. These developments reflect a shift in investor focus towards opportunistic buying in response to activism.
Source: YAHOO
Reported 1 day ago
UBS Group AG has joined Goldman Sachs in forecasting an extended rally for gold, projecting prices to reach $2,900 per ounce by the end of next year due to increased central bank holdings. Despite anticipated consolidation from a stronger dollar and concerns over U.S. fiscal policy, analysts expect that continued demand from central banks and geopolitical uncertainties will drive gold prices higher, potentially reaching $2,950 per ounce by the end of 2026.
Source: YAHOO
Reported 1 day ago
In the first half of November, Russia's refined fuel exports surged to a nine-month high as refineries increased production following seasonal maintenance. Shipments averaged 2.33 million barrels per day, marking a 21% increase compared to October. Diesel and naphtha shipments led the rise, with diesel exports up 23% and naphtha up 50%, targeting mainly Turkey and Asia. Meanwhile, crude exports dropped to their lowest since September and the energy ministry plans to lift the gasoline export ban in December.
Source: YAHOO
Reported 1 day ago
Volkswagen is grappling with escalating labour costs that exceed those of major competitors as it prepares for new wage negotiations in Germany. An internal memo indicates that VW allocates more of its revenue to labour compared to BMW, Mercedes-Benz, and Stellantis, despite a drop in its global labour cost percentage. With unions demanding a 7% pay rise and management proposing a 10% cut, the company is under pressure to reduce fixed costs amid tightening margins from competition, particularly from lower-cost models from China. Labour costs in Germany are currently the highest globally for the passenger car industry, prompting discussions about competitive strategies as the company adjusts to evolving market conditions.
Source: YAHOO
Reported 1 day ago
President-elect Donald Trump is intensifying his search for a Treasury secretary, holding interviews on Wednesday with former Federal Reserve Governor Kevin Warsh and Apollo Global Management's Marc Rowan. This comes after significant discussions and internal competition for the pivotal economic role, with other contenders like Scott Bessent also in the running. The transition team has not commented on the status of the search, but Trump's recent cabinet selections indicate he is nearing a decision.
Source: YAHOO
Reported 1 day ago
Oil prices saw a slight increase due to the intensifying conflict in Ukraine and signs of recovering Chinese crude imports, even as rising U.S. crude stock levels tempered overall gains. Brent crude futures rose to $73.40 per barrel, while U.S. West Texas Intermediate increased to $69.53 per barrel. The ongoing war, marked by Ukraine's recent missile strikes on Russian territory, raises concerns about potential supply disruptions, while improved import data from China supports bullish sentiment in the market.
Source: YAHOO
Reported 1 day ago
Asian shares exhibited caution as investors awaited the earnings report from Nvidia, a key player in the AI sector, amid concerns of potential disappointment. While the dollar dipped slightly from recent gains, Asian indices remained mixed with the MSCI Asia-Pacific index flat and Tokyo’s Nikkei down 0.3%. Investors were also influenced by geopolitical tensions and the selection of Trump's Treasury Secretary. Notably, Nvidia's shares rose 4.9% ahead of the results, with significant market volatility expected.
Source: YAHOO
Reported 1 day ago
China has decided to keep its benchmark lending rates, the one-year LPR at 3.1% and the five-year LPR at 3.6%, unchanged as anticipated, following significant rate cuts made last month to stimulate the economy. These decisions come in the context of rising pressure on the yuan and concerns over economic growth with the impending return of Donald Trump to the White House, which could influence China's monetary policy going forward.
Source: YAHOO
Reported 1 day ago
Japan has recorded a trade deficit for the fourth consecutive month in October, reaching 461 billion yen ($3 billion), primarily due to a weak yen and rising energy prices. While exports increased by 3.1% compared to the previous year, imports rose by 0.4%, leading to the deficit. Concerns over potential U.S. tariff hikes following Donald Trump's reelection add to the uncertainties in trade, as Japan's economy, heavily reliant on exports, faces challenges from inflation and slowing global demand.
Source: YAHOO
Reported 1 day ago
A government report indicates that Australia's gender pay gap has decreased by 0.6 percentage points to 21.8%, with women earning an average of A$28,425 less than men annually. The report highlights that over half of employers have taken steps to address the pay disparity, driven largely by wage increases in sectors like aged care, where women constitute 80% of the workforce. Despite these improvements, female CEOs still earn A$158,632 less on average than their male counterparts. The Labor government plans to introduce legislation requiring large firms to set measurable gender equality targets.
Source: YAHOO
Reported 1 day ago
Major Australian banks have teamed up with Israeli startup BioCatch to launch a pilot program aimed at reducing banking fraud and scams. The BioCatch Trust™ Australia initiative will create an inter-bank network for sharing intelligence on customer behavior to identify potential fraud. This move comes as scams in Australia have surged, costing citizens A$2.7 billion ($1.76 billion) in losses in 2023. The Australian Competition and Consumer Commission is also pushing for stricter regulations to combat online scams.
Source: YAHOO
Reported 1 day ago
Mexico's economic officials have expressed that potential tariffs proposed by Donald Trump could negatively impact U.S. companies operating in Mexico, potentially causing the incoming president to reconsider. With a focus on the strong ties in the U.S.-Mexico trade relationship and the significant presence of multinational firms in Mexico, officials emphasized the importance of negotiation power. Despite fears surrounding tariffs, they remain optimistic about ongoing foreign investment and have prepared for discussions with Trump's team ahead of his inauguration.
Source: YAHOO
Reported 1 day ago
California voters have turned down a proposed ballot measure to raise the state's minimum wage to $18 per hour by 2026, the highest in the nation. Opponents argued that such an increase would raise costs, lead to higher taxes, and result in job cuts. The current wage stands at $16 for most workers, with some sectors, like fast food, already at $20, while healthcare will reach $25 due to a recently enacted law.
Source: YAHOO
Reported 1 day ago
Comcast is advancing its plans to spin off its NBCUniversal cable television networks, including MSNBC and CNBC, into a separate entity for its shareholders. This shift comes as traditional cable television faces challenges from the streaming revolution, with Comcast retaining ownership of NBC, its film and television studios, theme parks, and the Peacock streaming service. The spinoff will include several cable networks such as USA, E!, and Syfy, which have generated significant revenue despite the declining popularity of cable subscriptions.
Source: YAHOO
Reported 1 day ago
Chicago's credit rating is at risk of being downgraded by S&P Global Ratings amid concerns over a nearly $1 billion budget shortfall for 2025. Analysts have placed the city's BBB+ rating on negative watch, highlighting the importance of implementing structural changes rather than one-time fixes to address the deficit. With declining revenues, expiring federal aid, and rising pension costs, Mayor Brandon Johnson must navigate significant fiscal hurdles after his proposed property tax increase was rejected. The situation has heightened the risk of the city ending the year without an approved budget.
Source: YAHOO
Reported 1 day ago
Qualcomm's CEO Cristiano Amon revealed that the company's expansion into new markets such as automotive and the Internet of Things could generate an additional $22 billion in annual revenue by 2029. This shift aims to decrease reliance on its smartphone business, which currently makes up about 75% of its revenue. Amon emphasized three focus areas: PCs, virtual reality, and industrial applications, and noted the potential impact of artificial intelligence on future growth.
Source: YAHOO
Reported 1 day ago
Chinese banks have decided to keep their benchmark lending rates steady, with the one-year loan prime rate at 3.10% and the five-year rate at 3.60%, following a significant reduction last month. This decision aligns with economists' forecasts and comes as the Chinese economy shows early signs of stabilization after aggressive stimulus measures. The People's Bank of China (PBOC) suggested that further monetary easing measures may be implemented in the coming months.
Source: YAHOO
Reported 1 day ago
Former Hong Kong publisher Jimmy Lai is set to testify in his national security trial, which resumes on Wednesday. Lai, founder of the pro-democracy newspaper Apple Daily, faces charges of colluding with foreign forces and conspiring to publish seditious materials, potentially leading to a life sentence. His trial is viewed as a critical indicator of press freedom and judicial independence in Hong Kong amid a crackdown on pro-democracy movements since 2019.
Source: YAHOO
Reported 1 day ago
Alibaba, China's leading e-commerce firm, has successfully priced a $5 billion dual currency bond deal, consisting of $2.65 billion in US dollar-denominated bonds and RMB 17 billion (approximately $2.35 billion) in yuan-denominated bonds. The dollar offering is set to close on November 26, while the yuan notes will close on November 28. The funds raised will be used for general corporate purposes, including the repayment of offshore debt and share buybacks.
Source: YAHOO
Reported 1 day ago
Shares of Seven & i Holdings increased over 9% in early Tokyo trading after reports emerged that the founding Ito family plans to take the company private by the end of the current financial year in March. The family is reportedly looking to raise over $51.7 billion for this initiative, amidst ongoing pressures from investors and a competing $47 billion takeover proposal from Canada's Alimentation Couche-Tard.
Source: YAHOO
Reported 1 day ago
Kadokawa's shares soared 16% in Tokyo trading following news that Sony is in discussions to acquire the company, known for its contributions to publishing, anime, and gaming. The stock had already jumped 23% at the daily limit the previous day after the news broke. Analysts suggest the acquisition would enhance Sony's entertainment portfolio, particularly in anime and manga, a fast-growing market expected to reach $60 billion by 2030.
Source: YAHOO
Reported 1 day ago
Shares of Seven & i Holdings Co., owner of 7-Eleven, surged nearly 10% after reports indicated that the founding Ito family aims to finalize a deal to take the company private by the end of the year. A special-purpose company is in talks to raise over ¥8 trillion ($51.7 billion) for a takeover, with possible involvement from major banks and financial institutions. Analysts suggest this bid is expedited compared to previous offers, presenting a potential strategy for shareholders in response to aggressive interest from Alimentation Couche-Tard.
Source: YAHOO
Reported 1 day ago
Gold prices continued to climb due to heightened demand for safe-haven assets after escalating tensions from Russia's war with Ukraine and President Putin's approval of a new nuclear doctrine. With gold trading above $2,638 an ounce, investor interest has surged, aided by a decline in the US dollar and ongoing geopolitical uncertainties. Analysts, including Goldman Sachs, predict further increases, potentially reaching $3,000 per ounce next year.
Source: YAHOO
Reported 1 day ago
Comcast Corp. plans to spin off its cable-TV channels, including MSNBC, CNBC, and USA, in response to declining viewership and advertising revenue. The move will create a new company while retaining NBC and Peacock within Comcast. The spinoff, which reportedly generates about $7 billion annually, will be led by current NBCUniversal media group chairman Mark Lazarus as the new CEO. Comcast aims to explore opportunities for acquisition in the evolving media landscape.
Source: YAHOO
Reported 1 day ago
A brush fire in Upper Manhattan's Washington Heights briefly blocked traffic on Tuesday afternoon before being extinguished by emergency crews. The fire, which burned approximately 10 to 15 acres, was reported around 2:20 PM and was brought under control by 5:48 PM. Fortunately, no injuries were reported, and the cause is still under investigation. This incident comes as New York faces a drought warning, with over 300 brush fires occurring across the city since October.
Source: YAHOO