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 2 days 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 2 days 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 2 days 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 2 days 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 2 days 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 2 days 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
Reported 2 days ago
Asian stock markets opened with caution as traders awaited the earnings report from Nvidia, the leading company in the artificial intelligence sector. While shares in Seoul and Tokyo showed slight increases, Hong Kong futures pointed to minor declines. The day saw US stocks recover from initial losses due to geopolitical tensions related to Ukraine, with significant attention now shifting to Nvidia's anticipated results, expected to be a major market catalyst. Meanwhile, Bitcoin hit new highs amid increasing support for digital assets in the US.
Source: YAHOO
Reported 2 days ago
China Mobile, the largest wireless carrier by subscribers, is negotiating a potential acquisition of Hong Kong's broadband provider HKBN Ltd. The company's board has received a non-binding cash takeover proposal from China Mobile's division in Hong Kong. Although due diligence has been conducted and discussions on pricing are ongoing, there is no certainty of an agreement due to the interest from other private equity firms, which could complicate the deal.
Source: YAHOO
Reported 2 days ago
Japan's exports saw a surprising rise in October, driven by strong demand from China and Asia, despite mounting global risks. Exports increased by 3.1% year-on-year, with significant growth in shipments of semiconductor manufacturing equipment. This recovery follows a decline in September and has raised hopes for sustained economic growth in Japan, although concerns linger about potential trade impacts stemming from U.S. President-elect Donald Trump's tariff policies.
Source: YAHOO
Reported 2 days ago
As Nvidia prepares to announce its earnings, founder Jensen Huang faces significant scrutiny regarding the state of the AI market. With Nvidia's stock soaring and its dominance in providing AI training chips, investors are keen to understand whether the generative AI boom can continue. Key concerns include the performance of its latest AI chip Blackwell, potential overheating issues, and the implications of accounting problems at Super Micro Computer, one of Nvidia's major customers. Huang must navigate these challenges while setting the tone for the company's future prospects.
Source: YAHOO
Reported 2 days ago
Steve Lamar, CEO of the American Apparel & Footwear Association, discusses the limited options US retailers face regarding potential tariffs proposed by President-elect Donald Trump. He emphasizes that returning production to the US is not feasible, leading retailers to seek alternatives. Higher tariffs are likely to increase consumer prices across various imports, and Lamar suggests exploring circular economy initiatives, such as repurposing used clothing, to mitigate some of these impacts.
Source: YAHOO