Reported 3 days ago
Bank of Japan Governor Kazuo Ueda has indicated that the upcoming monetary policy meeting in December will include discussions on potentially raising interest rates, although he cautioned that the outcome is unpredictable. Amid growing expectations for a rate hike from economists, Ueda emphasized that decisions will be made based on forthcoming data, particularly in light of the yen's recent weakness, which has implications for inflation and economic stability.
Source: YAHOO
Reported 3 days ago
SK Square, the holding company for AI chip maker SK Hynix, announced a plan to buy back and cancel shares worth 100 billion won as part of its strategy to improve shareholder value. This decision follows suggestions from hedge fund Palliser Capital to address the company's undervaluation and is in line with the South Korean government's 'Value-Up' program aimed at boosting stock prices. Despite holding a 20% stake in SK Hynix, SK Square's market value has been significantly lower than the value of its investments.
Source: YAHOO
Reported 3 days ago
The Reserve Bank of India (RBI) has defended its stringent control over the rupee, asserting that maintaining currency stability is vital for shielding the economy from global financial crises. In its monthly bulletin, the RBI emphasized that its interventions in the forex market are necessary to manage volatility and that the rupee's value reflects market demand and the nation's economic fundamentals. The central bank also highlighted that India's trading competitiveness remains intact without relying on an undervalued currency, despite the rupee's recent decline against the dollar.
Source: YAHOO
Reported 3 days ago
HSBC Holdings Plc has decided to abandon its plans to set up a carbon credits trading desk due to ongoing concerns regarding greenwashing in the voluntary carbon market. Initially exploring this market a couple of years ago, HSBC now finds that many companies, including major buyers like Delta Air Lines and Google, have moved away from purchasing carbon credits. The bank's shift away from carbon trading is part of broader organizational changes under its new CEO, George Elhedery, who aims to simplify operations while continuing to engage in purchasing carbon credits where feasible.
Source: YAHOO
Reported 3 days ago
In response to Donald Trump's reelection and the potential for new tariffs, Chinese President Xi Jinping has intensified diplomatic efforts at recent global summits, positioning China as a reliable advocate for multilateral trade. By promising zero-tariff treatment to the world’s least developed countries and emphasizing cooperation with nations in the Global South, Xi aims to contrast China's stable approach with Trump's 'America First' stance. However, analysts remain skeptical about the long-term effectiveness of this outreach, citing ongoing tensions and challenges that persist in China's international relations.
Source: YAHOO
Reported 4 days ago
As Germany prepares for a snap election in February, discussions intensify around the nation’s strict fiscal rules, originally established to control borrowing. Conservative candidate Friedrich Merz acknowledges the need for flexibility in policies like the debt brake to facilitate essential investments in infrastructure, energy, and defense. There is a growing consensus, particularly among potential coalition partners like the Social Democrats and Greens, that reforms are necessary. Proposed changes could ease borrowing limits, establish special funds for critical projects, and provide more autonomy for regional governments, despite potential resistance within Merz's own party. The outcome of these discussions could significantly impact the country's economic strategies post-election.
Source: YAHOO
Reported 4 days ago
Source: BARRONS
Reported 4 days ago
Australia is set to introduce legislation imposing fines of up to A$50 million ($32.5 million) on social media companies if they fail to prevent children under 16 from accessing their platforms. The bill places the responsibility on social media firms to ensure age verification, leaving no room for parental consent. While the legislation aims to create a safer online environment for youth, major platforms like Meta and X are urging that enforcement should fall on app stores, expressing concerns about the bill's implications.
Source: YAHOO
Reported 4 days ago
The Adani Group faced a drastic reduction in market value of approximately $27 billion following U.S. indictments against its chairman for alleged bribery and fraud. This significant drop triggered steep declines in the stock prices of multiple Adani companies, with Adani Enterprises witnessing its worst one-day loss since February 2023. Despite the accusations being labeled as 'baseless' by the Group, investor confidence has been shaken, impacting their access to global capital markets.
Source: YAHOO
Reported 4 days ago
Gautam Adani, an Indian billionaire and first-generation tycoon, has been indicted in the U.S. over a $265 million bribery scheme. Once Asia's richest person, his empire includes ventures in power and ports, but he has faced severe backlash due to alleged improper use of tax havens and favoritism from the Indian government. Despite the controversies and significant losses to his business, Adani continues to assert his influence and plans to invest heavily in U.S. projects.
Source: YAHOO
Reported 4 days ago
South Korean police have revealed that hackers associated with North Korea's military intelligence agency were responsible for a 2019 Ethereum heist worth $41.5 million. The investigation showed that over half of the stolen assets were laundered through hacker-created exchanges, and the attack involved the theft of 342,000 tokens. This incident marks the first confirmed instance of North Korean hackers targeting a South Korean crypto exchange.
Source: YAHOO
Reported 4 days ago
Billionaire Gautam Adani and several executives from Adani Group have been indicted by US prosecutors in New York over alleged bribery and fraud related to solar energy contracts. The indictment claims they promised over $250 million in bribes to Indian officials to secure contracts, immediately impacting the company’s market value, which saw shares fall significantly. Adani Group has denied these allegations, asserting their commitment to governance and transparency.
Source: YAHOO
Reported 4 days ago
Bloomberg oil strategist Julian Lee argues that falling oil prices and potential oversupply present a prime opportunity to strengthen sanctions on Russian oil, which could effectively diminish Russia's financial resources for its military actions. The current price-cap strategy hasn't significantly impacted Russia's income, but increasing sanctions on oil tankers and convincing major importers to reduce their Russian crude purchases could lead to a notable decline in Russia's oil exports. With ample production capacity available from OPEC, the upcoming weeks may represent a critical moment for the West to intensify efforts against President Putin's oil revenue.
Source: YAHOO
Reported 4 days ago
Federal Reserve Bank of New York President John Williams, in an interview with Barron's, expressed his expectation for cooling inflation and a further decline in interest rates, emphasizing that a 2% inflation rate is optimal for balancing the central bank's employment and price stability goals.
Source: YAHOO
Reported 4 days ago
The U.S. Justice Department, along with several states, has proposed significant changes to Google's structure, including the forced sale of its Chrome web browser, following a court ruling that deemed Google to have illegally monopolized online search. The proposal aims to dismantle Google’s dominance by making room for competition, and it includes recommendations for limiting Google’s exclusive agreements and licensing key data to rivals. Google argues that these measures would harm user privacy and disrupt beneficial services.
Source: YAHOO
Reported 4 days ago
Huawei is gearing up to mass-produce its latest AI chip, the Ascend 910C, in early 2025, but faces significant challenges due to U.S. restrictions that have impacted its manufacturing capabilities. Although the company is taking orders for the new chip, it struggles with low yields—around 20%—due to a lack of advanced lithography equipment. These concerns come as tensions between the U.S. and China over technology and trade escalate, complicating Huawei's efforts to compete with American firms like Nvidia.
Source: YAHOO
Reported 4 days ago
Huawei aims to begin mass production of its latest AI chip, the Ascend 910C, in early 2025, despite facing significant challenges due to U.S. restrictions that have affected its chip yield rates. The company is in competition with U.S. chipmaker Nvidia and has experienced delays in fulfilling orders for its existing AI chips, as it struggles to secure necessary technology and maintain production efficiency.
Source: YAHOO
Reported 4 days ago
The COP29 summit is facing significant divisions over a draft deal to secure over $1 trillion in climate financing, with delegates expressing frustration over a lack of details on funding sources and insufficient references to fossil fuel reduction. Developed nations and developing nations are at odds—poorer countries demanding clarity on support from wealthy counterparts, while rich nations criticize the draft's failure to outline ambitious emissions reduction goals. As the conference approaches its conclusion, negotiations remain contentious, with critical decisions regarding financial commitments still unresolved.
Source: YAHOO
Reported 4 days ago
US hedge funds have significantly increased their investments in Chinese companies, particularly e-commerce giant JD.com and data center operator GDS Holdings, according to a Goldman Sachs report. In Q3, the proportion of US long-short equity funds holding Chinese American Depository Receipts (ADRs) reached its highest level since late 2021, with JD.com being the most popular choice. This surge in investment comes amid economic stimulus announcements from China, although recent market corrections have raised concerns about ongoing risks.
Source: YAHOO
Reported 4 days ago
Volkswagen's union has urged management for a significant commitment in their third round of discussions over pay and potential factory closures, ahead of looming strikes across German sites. The automaker's demand for a 10% wage cut and plans to possibly shut down plants have created tension, with union leaders indicating that if their demands for a 7% pay increase and no closures are not met, workers may strike starting December. Thousands of employees rallied in Wolfsburg, reflecting the rising discontent amid concerns about the company's labor costs compared to competitors.
Source: YAHOO
Reported 4 days ago
The US Department of Justice has formally requested a federal court to compel Google to divest its Chrome web browser as part of antitrust actions, following a ruling that deemed Google's search business practices illegal. This unprecedented move could reshape how Americans search for information and impact Google's product integration. The DOJ argues that the spin-off would mitigate Google's monopoly in the search engine market, with implications for competition and innovation in the tech sector. Google plans to appeal, contending the government's proposals are excessively disruptive and would compromise user security.
Source: YAHOO
Reported 4 days ago
Honda plans to double the driving range of its electric vehicles by the late 2020s through the adoption of all-solid-state batteries, which are expected to significantly outperform current lithium-ion batteries. According to Keiji Otsu, head of Honda R&D, these new batteries could increase driving range twofold by the end of the decade and more than two and a half times by the 2040s. The company is investing heavily in a pilot production line while setting ambitious production and sales goals for electric vehicles in the coming years.
Source: YAHOO
Reported 4 days ago
Nvidia's revenue forecast has disappointed Wall Street, raising concerns about a potential slowdown in the AI boom; however, the company insists that demand for its chips remains exceptionally strong despite ongoing supply chain constraints. The new Blackwell chip faces production issues and design flaws that have complicated manufacturing, prompting Nvidia executives to predict that demand will outpace supply for several quarters. As TSMC works to expand production capacity, Nvidia's ability to meet the high demand for its advanced chips remains uncertain.
Source: YAHOO
Reported 4 days ago
Zomato's CEO Deepinder Goyal has stirred controversy by offering a chief of staff position that requires candidates to pay a fee of $23,700 instead of receiving a salary in the first year. Goyal claims the role offers unparalleled learning opportunities, suggesting it could be more beneficial than a degree from a top management school. Although the role promises a salary of at least $60,000 from the second year, the unusual conditions have sparked mixed reactions, with some praising the opportunity while others criticize the financial barrier it imposes on aspiring candidates.
Source: YAHOO
Reported 4 days ago
Kioxia, backed by Bain Capital, is projected to have a market value of approximately 750 billion yen ($4.84 billion) ahead of its upcoming IPO, set to receive approval from the Tokyo Stock Exchange. This marks a significant shift, as Kioxia, formerly Toshiba Memory, adapts to new listing regulations in Japan while aiming for a fundraising boost in a capital-intensive industry.
Source: YAHOO