Reported about 1 month ago
Japan's Finance Minister Katsunobu Kato has expressed increased urgency in monitoring currency fluctuations as the yen has dropped to a nearly three-month low against the dollar. After the yen fell to 153.19 per dollar, Kato highlighted concerns over rapid, one-sided moves in the foreign exchange market, hinting at possible government intervention if the currency hits 160. With a general election approaching in Japan and the U.S. presidential election on the horizon, authorities may hesitate to take action until after these events.
Source: YAHOO
Reported about 1 month ago
Boeing's CEO Kelly Ortberg faced a setback when 64% of factory workers rejected a new labor contract that proposed a 35% wage increase over four years. This response, although an improvement from a previous rejection rate of 94%, complicates Boeing's efforts to recover from an ongoing strike affecting production and finances. The strike, which has lasted nearly 40 days, is costing the company around $100 million a day in lost revenue and has led to significant operational disruptions, prompting uncertainty about future contracts and stock performance.
Source: YAHOO
Reported about 1 month ago
Japan's Finance Minister Katsunobu Kato warned against speculative currency movements as the yen continues to decline, emphasizing the need for stability in exchange rates. He highlighted that current fluctuations, particularly the dollar surpassing 153 yen, could be detrimental, affecting households and retailers amidst rising import costs. Kato noted that the G20 finance leaders did not discuss currency issues during their meeting, though Japan's monetary policies and past interventions have shaped the yen's current weakness.
Source: YAHOO
Reported about 1 month ago
Japanese conglomerate Seven & i Holdings announced a growth plan focused on 7-Eleven stores, deliberately avoiding mention of a $47 billion buyout offer from Alimentation Couche-Tard. CEO Ryuichi Isaka outlined plans to divest underperforming businesses and expand internationally, particularly in markets like Vietnam and Australia, aiming to double sales to 30 trillion yen by 2030. Despite these ambitions, market reactions have been tepid, with some investors expressing skepticism about the adequacy of the restructuring efforts.
Source: YAHOO
Reported about 1 month ago
Jiangsu Hengrui Pharmaceuticals Co. is considering a second stock listing in Hong Kong potentially as soon as next year, with expected proceeds of at least $2 billion. Shares traded in Shanghai rose 12% this year but dipped 5.7% following news of the prospective listing, which seeks to navigate fundraising challenges in mainland China. The company, which went public in Shanghai in 2000, holds over 580 patents in China and globally and employs approximately 20,000 staff.
Source: YAHOO
Reported about 1 month ago
Most economists anticipate that the Bank of Japan will maintain its current interest rate during the meeting on October 31, with a significant number expecting an increase in December. The survey shows that 53% foresee a rate hike next month, while rising domestic inflation and currency fluctuations may influence future decisions. Analysts suggest that uncertainty from U.S. politics could dampen the bank's signaling ahead of the December meeting.
Source: YAHOO
Reported about 1 month ago
A dark-fleet oil tanker, Ceres I, recently involved in a collision in Southeast Asia, is now en route to Zhoushan, China. The vessel, suspected of transporting sanctioned Iranian oil, faced scrutiny after its crash with another tanker, the Hafnia Nile, which ignited both ships. Despite the incident, the tanker operated without an active transponder. The nature of its ownership and insurance remains unclear as it has frequently changed flags. Ceres I's age and capacity to carry a significant amount of crude oil pose considerable environmental risks.
Source: YAHOO
Reported about 1 month ago
Asian stocks experienced a drop as investor anxiety surrounding the upcoming US elections heightened. However, global shares saw a slight increase thanks to strong corporate earnings, notably from Tesla, whose shares surged nearly 22% after optimistic sales forecasts from CEO Elon Musk. This mixed trading environment reflects ongoing uncertainty regarding Federal Reserve interest rate cuts and geopolitical factors affecting market stability.
Source: YAHOO
Reported about 1 month ago
Korea Zinc Co. shares surged by 30% as investors await the results of a stock buyback initiated by Chairman Choi Yun-beom, aimed at protecting the company from a $12.5 billion takeover bid. Currently trading at 1,138,000 won, well above the buyback price of 890,000 won, investors seem optimistic about potential higher offers amidst ongoing battles for control in the firm, which saw its shares more than double since the takeover effort began.
Source: YAHOO
Reported about 1 month ago
Boeing factory workers in the U.S. Pacific Northwest have rejected a new wage deal, leading to an ongoing strike that is severely affecting the company's finances. Approximately 64% of the 30,000 union workers voted against the contract, which proposed a 35% pay increase over four years.
Source: YAHOO
Reported about 1 month ago
In the lead-up to the presidential election, Vice President Kamala Harris has gained support from more billionaires than former President Donald Trump, with 81 billionaires backing Harris compared to 51 for Trump, according to Forbes. Notable figures such as Sheryl Sandberg and Steven Spielberg have contributed significantly to Harris's campaign, while Trump has received donations from big names like Elon Musk. Despite strong backing, some wealthy Democrats remain cautious about potential tax implications under Harris's candidacy. The election is seen as pivotal, with major business leaders endorsing Harris for the stability of democracy and the economy.
Source: YAHOO
Reported about 1 month ago
Boeing factory workers have voted to reject a proposed contract, opting to continue their strike which has been ongoing for six weeks.
Source: YAHOO
Reported about 1 month ago
The World Bank and the Inter-American Development Bank (IDB) have announced an $8.8 billion financing package for Argentina, aimed at bolstering the country's economy amidst a prolonged slump. The funding will support social spending, including education and energy costs for the poor, and will also finance private sector initiatives such as renewable energy and mining over the next few years.
Source: YAHOO
Reported about 1 month ago
Mexican tequila producer Becle announced a more than fourfold increase in net profit for the third quarter, reaching 896.11 million pesos ($45.51 million), boosted by favorable foreign exchange dynamics as the peso weakened against the U.S. dollar. Despite challenges in domestic sales, where volumes fell by 15%, the company's premiumization strategy helped increase net sales in the U.S. and Canada by nearly 11%. Overall revenues rose by almost 4% year-on-year to 10.95 billion pesos.
Source: YAHOO
Reported about 1 month ago
Westpac has announced Peter Herbert as the acting CEO of its business and wealth segment, effective November 5. He replaces Anthony Miller, who will start as the bank's CEO on December 16. Herbert previously held executive roles at HSBC and joined Westpac in 2020. This transition allows for a handover period before Miller officially takes over.
Source: YAHOO
Reported about 1 month ago
Apple CEO Tim Cook announced during a meeting with Chinese officials that the company will ramp up its investment in China, aiming to enhance supply chain development. This marks Cook's second visit this year, amidst challenges from local competitors. He expressed Apple's commitment to leveraging opportunities in China's market while discussing topics like data security and cloud services.
Source: YAHOO
Reported about 1 month ago
隨著美國和以色列可能重啟加沙停火談判的報導，油價在週四的波動交易中放緩約1%。布倫特原油期貨下跌0.8%，報每桶74.38美元，而美國西德克薩斯中質油（WTI）也是下跌0.8%，以每桶70.19美元收盤。分析師指出，隨著中東風險溢價的日常變化，能源市場持續不斷地震盪。儘管面臨供應中斷的擔憂，現有的政治緊張局勢和美國即將舉行的總統選舉也給市場帶來不確定性。
Source: YAHOO
Reported about 1 month ago
Japan's factory activity continued to decline for the fourth consecutive month in October due to reduced demand and poor orders, with the manufacturing purchasing managers' index (PMI) dropping to 49.0. This indicates ongoing contraction as the index remains below the critical 50.0 mark. Both domestic and international orders from key markets like China and the U.S. showed significant decreases, contributing to a broader economic slowdown and lower overall business confidence.
Source: YAHOO
Reported about 1 month ago
Ingram Micro, owned by Platinum Equity, has successfully priced its U.S. initial public offering at $22 per share, raising approximately $409 million. The IPO values the technology distributor at about $5.18 billion, with shares expected to commence trading on the New York Stock Exchange under the ticker symbol 'INGM' on October 24. Proceeds from the IPO will primarily be used to pay off existing debt, as Ingram Micro aims to navigate the evolving technology landscape.
Source: YAHOO
Reported about 1 month ago
Chinese self-driving startup WeRide has filed for a $119.4 million initial public offering on Nasdaq, alongside a $320.5 million private placement. Founded in Silicon Valley in 2017 and later incorporated in the Cayman Islands, WeRide operates a robotaxi service in Guangzhou and aims for a valuation of up to $5.02 billion. The IPO marks a significant moment for Chinese companies in the U.S. market, which have faced challenges after Didi's delisting in 2022.
Source: YAHOO
Reported about 1 month ago
Ingram Micro Holding Corp., backed by Platinum Equity, raised $409 million in its initial public offering (IPO), selling 18.6 million shares at $22 each. The IPO, which values the company at approximately $5.2 billion, is smaller than the anticipated $1 billion. Ingram Micro plans to use the proceeds to reduce its debt. After the IPO, Platinum Equity will maintain control of nearly 90% of the shares.
Source: YAHOO
Reported about 1 month ago
The Georgia secretary of state's office announced it successfully thwarted a cyberattack targeting the website used by voters to request absentee ballots, ensuring that there was no disruption in the process. Despite experiencing some slowdown, the systems remained operational during early voting leading up to the presidential election on November 5.
Source: YAHOO
Reported about 1 month ago
Adrian Orr, the governor of the Reserve Bank of New Zealand, expressed his desire for more people to read the bank's detailed 'Record of Meeting' reports on policy decisions rather than relying on second-hand interpretations from the media or analysts. During a speech at the Peterson Institute, he emphasized that these records provide the best insight into the RBNZ's decision-making process, particularly after the controversial rate cuts in August. Orr highlighted the importance of trust and clear communication in building a relationship with the public.
Source: YAHOO
Reported about 1 month ago
Cathie Wood, CEO of Ark Investment Management, recently purchased $4 million worth of Amazon shares as part of her strategy to stabilize her riskier funds. Despite mixed opinions on her investment prowess, Wood remains committed to emerging tech companies, believing they will revolutionize industries. While her Ark Innovation ETF has faced challenges and a significant dip in investments, she continues to advocate for disruptive innovations, especially with the potential growth from AI and the upcoming holiday retail season.
Source: YAHOO
Reported about 1 month ago
China's yuan faces mounting pressure as traders speculate on Donald Trump's potential return to the U.S. presidency, possibly resulting in higher trade tariffs that could further weaken the currency. Despite recent stimulus efforts from Beijing, the yuan has been experiencing a decline since early 2023 due to China's sluggish economy and low interest rates. Analysts predict that if Trump wins, the yuan could depreciate significantly in response to trade tensions, pushing enterprises to hoard dollars while avoiding conversion of foreign earnings back to yuan.
Source: YAHOO