Reported about 2 months ago
China has initiated an anti-subsidy probe targeting dairy imports from the European Union, including cheese and milk products, just a day after the EU revised its tariff plan on electric vehicles from China. The investigation reflects escalating trade tensions as the EU adjusts punitive duties on Chinese EVs, prompting China to retaliate. The European Chamber of Commerce in China has expressed concern over the trade defense measures, urging for fairness and transparency in the investigation.
Source: YAHOO
Reported about 2 months ago
The U.S. National Transportation Safety Board has launched an investigation into a crash involving a Tesla electric semi-truck that caught fire on a California highway. The incident, which occurred near Emigrant Cap, resulted in the closure of the highway for over half a day, although no injuries were reported. The investigation will be conducted in collaboration with the California Highway Patrol.
Source: YAHOO
Reported about 2 months ago
Offshore creditors of China Evergrande may improve their chances of recovering funds by establishing that the property developer owes money to its onshore subsidiaries. Following a liquidation order in Hong Kong, these creditors have become de facto shareholders in Evergrande's onshore assets, which is crucial for potential claims. However, while there are opportunities to pursue funds, recovery remains complex due to possible hierarchy issues between offshore and onshore creditors, as well as the challenges of navigating China's restructuring process.
Source: YAHOO
Reported about 2 months ago
PBS journalist Judy Woodruff issued an apology for comments made during a coverage of the Democratic National Convention, where she suggested that former President Donald Trump was advising Israeli Prime Minister Netanyahu to delay peace talks with Hamas. She acknowledged that her statements were based on unconfirmed reports and clarified that she had not seen claims from the Trump campaign and Israel denying the allegations. Woodruff took responsibility for the mistake and emphasized the need to verify information before reporting.
Source: YAHOO
Reported about 2 months ago
The Bank of Korea decided to keep its key interest rate at 3.5% while signaling a more dovish approach, indicating potential rate cuts in October or November. Four board members expressed openness to cutting rates, raising the possibility of a shift in monetary policy as inflation trends lower and economic growth remains stable. However, concerns regarding rising home prices and financial stability may influence the timing of any rate adjustments.
Source: YAHOO
Reported about 2 months ago
The Bank of Korea maintained its interest rate at 3.50% but indicated a potential rate cut could happen as soon as October due to concerns about economic growth outweighing inflation issues. Governor Rhee Chang-yong noted that four of the seven voting members support a rate decrease in the coming months. The central bank has downgraded its economic growth and inflation forecasts, suggesting a shift in focus from inflation control to stimulating demand while managing financial stability concerns.
Source: YAHOO
Reported about 2 months ago
Analysts have revised their stock price targets for Take-Two Interactive, the parent company of Grand Theft Auto, following significant announcements at Gamescom, including the upcoming releases of 'Mafia: The Old Country' and 'Borderlands 4'. With 'Grand Theft Auto VI' set for a fall 2025 release, analysts believe the company's strong pipeline will contribute to substantial financial growth. Take-Two's shares saw a slight increase, reflecting investor confidence as the gaming market continues to thrive.
Source: YAHOO
Reported about 2 months ago
The U.S. dollar is nearing its lowest point in over a year against the euro and pound, pressured by a dovish tone from the Federal Reserve and signs of a weakening job market. With the dollar falling below 145 yen and the Fed hinting at potential interest rate cuts in September, traders are seeking clarity on future monetary policies. Fed Chair Jerome Powell is expected to provide insights at the upcoming Jackson Hole symposium, heightening market anticipation.
Source: YAHOO
Reported about 2 months ago
Oil prices paused their decline as market expectations of a Federal Reserve interest rate cut grew, countering recent weak economic data from the U.S. and China. Brent crude rose slightly, while West Texas Intermediate remained marginally lower. The focus shifted to potential future rate cuts which could stimulate economic activity and bolster oil demand, despite ongoing geopolitical risks in the Middle East.
Source: YAHOO
Reported about 2 months ago
California has announced a groundbreaking deal to support journalism and AI research by funneling around $250 million from taxpayer funds and tech companies over five years. The initiative aims to bolster local news organizations and foster a robust press corps in the state, marking a significant step in addressing the decline of journalism jobs amid challenges faced by legacy media. Despite backing from various stakeholders, some journalists and lawmakers express concerns that the agreement may not provide sufficient support for the industry.
Source: YAHOO
Reported about 2 months ago
Despite China's economic struggles and a real estate crisis, Chinese banks have become unexpected favorites among investors. Their appealing dividend payouts have attracted traders, leading to significant share price increases for major banks like Agricultural Bank of China and Bank of China. The CSI Banks Index has surged 19% this year, far outperforming the broader market. While some analysts warn of potential pitfalls, bullish sentiment persists driven by state support and shifting market dynamics.
Source: YAHOO
Reported about 2 months ago
Asian equities experienced a slight pullback as investors prepared for significant central bank meetings, particularly from the Federal Reserve and Bank of Japan. Despite regaining some stability following previous market turbulence, Asian indices showed muted performance with cautious sentiment ahead of critical speeches that may influence future interest rate decisions.
Source: YAHOO
Reported about 2 months ago
In August, Japan's manufacturing activity continued to decline at a slower pace, as the au Jibun Bank's PMI indicated a shift from 49.1 to 49.5, remaining below the growth threshold. The service sector, however, showed signs of expansion with a PMI increase to 54.0, reflecting strong new business inflows. Rising price pressures and labor constraints persisted, raising concerns for firms, particularly in the service sector. Overall, the composite PMI improved to 53.0, indicating a mixed but slightly positive outlook for Japan's economy.
Source: YAHOO
Reported about 2 months ago
Oil prices remain near their lowest levels since January, with Brent crude trading around $76 a barrel as fears of a slowing US economy overshadowed the impact of decreasing inventories. Despite a drop in crude stockpiles, concerns about weakened consumption in both the US and China have led to a loss of all year-to-date gains. As traders await insights from Federal Reserve Chair Jerome Powell's upcoming speech, analysts note that geopolitical risks and potential weather disruptions may offer a buying opportunity around $75 a barrel.
Source: YAHOO
Reported about 2 months ago
Ahead of Nvidia's Q2 earnings release, HSBC analyst Frank Lee increased the company's stock price target from $135 to $145, citing strong demand for AI GPUs despite potential product delays. Nvidia's stock price has shown volatility recently, dropping below $100 before recovering to around $128. The company anticipates Q2 revenue of $28 billion, while expectations suggest it may reach $30 billion. With Nvidia positioned as a leader in the AI market, analysts remain optimistic about its future performance.
Source: YAHOO
Reported about 2 months ago
China significantly reduced new coal power project permits, issuing only 9 gigawatts in early 2024, down 83% from the previous year. This shift is attributed to the increasing capacity of renewable energy sources like wind and solar to meet electricity demands. Despite this reduction, China still has a large number of coal projects under construction, raising concerns about the impact on climate goals. Experts urge the country to cancel remaining coal projects and expedite the closure of existing plants, as reliance on coal remains a significant threat to its climate commitments.
Source: YAHOO
Reported about 2 months ago
Emerging Asian bonds, particularly Malaysian debt, are experiencing a resurgence in sensitivity to US Treasury yields, reaching correlations close to their 2024 peak. With Malaysian bonds showing a correlation of 0.53, they are expected to outperform their regional peers as expectations for Federal Reserve interest rate cuts grow. This trend has attracted significant foreign investment, pushing Malaysian bond returns to 8.3% for dollar-based investors this year, marking them as the top performers in the region.
Source: YAHOO
Reported about 2 months ago
India is attempting to boost interest in its green debt as it falls behind in attracting foreign capital, despite enticing tax breaks. The country plans to trade its sovereign green bonds from a new finance hub in Gujarat by March, but a lack of supply and low issuances hinder their market appeal. Even with a projected annual record in ESG debt issuance, India’s green bonds remain unpopular with foreign investors, further exacerbated by concerns over market liquidity.
Source: YAHOO
Reported about 2 months ago
Australian stocks are experiencing their longest winning streak since December 2015, with the S&P/ASX 200 Index gaining for nine consecutive days. This upward trend is expected to continue, buoyed by positive indicators such as potential interest rate cuts from the Federal Reserve and stronger-than-anticipated earnings reports from local banks and technology firms. Investors are showing increased confidence in the resilience of both the Australian and global economies.
Source: YAHOO
Reported about 2 months ago
Zoom Video Communications has raised its annual revenue forecast, attributing the growth to strong demand for its AI-driven collaboration tools in hybrid work environments. The company reported a successful second quarter with revenue surpassing estimates and highlighted the ongoing search for a new CFO after Kelly Steckelberg's departure. As Zoom continues to enhance its AI integration and expand service offerings, it aims to maintain investor confidence and long-term growth.
Source: YAHOO
Reported about 2 months ago
Younger generations, particularly Gen Z and millennials, are significantly influencing the luxury market, with projections indicating that by 2030, they will constitute a sizable portion of luxury purchases. As these demographics prioritize quality over brand loyalty and have diverse preferences, luxury brands face the challenge of adapting to their evolving tastes while balancing authenticity and aspirational buying. Brands need to engage with young consumers effectively to leverage their growing spending power, which is expected to reshape the landscape of luxury retail.
Source: YAHOO
Reported about 2 months ago
Advanced Drainage Systems' CEO, Scott Barbour, announces the acquisition of Orenco Systems to enhance infrastructure solutions amid increasing water crises. The company reported significant growth across various segments and noted that current water infrastructure is inadequate for rising rainfall events. Emphasizing bipartisan support for clean water and effective stormwater management, Barbour highlighted the ongoing demand for the company's solutions in vulnerable regions.
Source: YAHOO
Reported about 2 months ago
Lucid Motors CEO Peter Rawlinson expresses confidence in the upcoming Gravity EV SUV, claiming it could significantly boost the company’s sales by tapping into a larger market than its Air sedan. Speaking at the Pebble Beach Auto Week, Rawlinson contends that Lucid's technology, particularly in battery efficiency, exceeds that of Tesla, which he describes as having become distracted. Despite its technological advancements, Lucid is still working toward profitability, and investors are eager to see if the Gravity can deliver financial success.
Source: YAHOO
Reported about 2 months ago
Synopsys CEO Sassine Ghazi announced that the company expects its fourth-quarter revenue and profits to exceed Wall Street forecasts, driven by robust demand for software used in designing advanced, AI-compatible chips. With a growing need for powerful processors fueled by artificial intelligence, Synopsys predicts Q4 revenue between $1.61 billion and $1.64 billion, while third-quarter revenue surged by 13% to $1.53 billion.
Source: YAHOO
Reported about 2 months ago
Walt Disney has appointed board member James Gorman, the executive chairman of Morgan Stanley, to chair its succession planning committee aimed at finding a new CEO. This decision comes as the board has postponed CEO Bob Iger's retirement multiple times. Gorman, who previously served as Morgan Stanley's CEO for 13 years, will transition out of his executive chairman role in December.
Source: YAHOO