Reported 4 days ago
The International Monetary Fund (IMF) has cautioned that retaliatory tariffs in Asia could hamper economic growth, increase costs, and disrupt supply chains. This warning comes in light of potential U.S. tariffs on Chinese imports and rising tensions in trade relations, with IMF forecasts for global growth being weaker than those for Asia. The IMF emphasizes the risks posed by trade conflicts and uncertainty in monetary policy, which could affect financial stability in the region.
Source: YAHOO
Reported 4 days ago
As the yen's value drops, investors are increasingly betting on imminent interest rate hikes by the Bank of Japan. With a significant shift in market sentiment, high demand for bank shares and short positions in bonds have emerged. Recent trends show heightened sensitivity towards the Bank of Japan's decisions, suggesting that speculators believe a rate increase might be necessary in response to the currency's weakness and its impact on inflation. Hedge funds are actively positioning for these changes, reflecting a broader reevaluation of Japan's monetary policy direction.
Source: YAHOO
Reported 4 days ago
The European Union intends to mandate Chinese companies to transfer technology to European firms in exchange for EU subsidies, according to a report by the Financial Times, citing two senior officials.
Source: YAHOO
Reported 4 days ago
Rotor Technologies is developing unmanned helicopters for agricultural use, aiming to provide safer and more efficient crop spraying and firefighting solutions. Founded in 2021 by Hector Xu, the company has created two prototypes, the Sprayhawk, and plans to expand its fleet to meet market demand. With improved terrain visibility and safety features, these helicopters cater to the growing need for automation in agriculture, potentially transforming operations while minimizing risks associated with piloted flights.
Source: YAHOO
Reported 4 days ago
Thousands of UK farmers gathered outside Parliament to protest a proposed inheritance tax increase, which they argue could devastate family farms across the country. The planned change, which eliminates a long-standing tax exemption for agricultural property, is set to impose a 20% tax on farms valued over £1 million when passed down to the next generation. Farmers expressed their anger, stating that this decision, amidst rising costs and challenging market conditions, could undermine British food security and lead to irreversible consequences for their livelihoods.
Source: YAHOO
Reported 4 days ago
Australian company Sayona Mining has agreed to acquire U.S.-based Piedmont Lithium in an all-stock deal valued at approximately $623 million. This merger aims to consolidate Sayona's Canadian operations and enhance its involvement in the North American electric vehicle market. The agreement includes a 6% premium on Piedmont’s share prices and follows separate fundraising efforts by both companies. The merged entity will benefit from shared resources, potentially making it easier to secure government or customer support amid challenges in the lithium sector.
Source: YAHOO
Reported 4 days ago
China has prohibited domestic investors from acquiring offshore yuan bonds issued by local government financing vehicles (LGFVs) through its Bond Connect trading link with Hong Kong, aiming to mitigate risks stemming from the heavily indebted sector. This action follows a recent influx of debts amid a property crisis and comes after the People's Bank of China instructed brokerages and banks to halt LGFV bond purchases. The decision reflects ongoing efforts to address financial stability concerns associated with LGFVs, which are accountable for a significant portion of corporate bond issuance this year.
Source: YAHOO
Reported 4 days ago
Nyshex, a platform for two-way committed ocean container shipping contracts, has completed its latest funding round and is collaborating with Intercontinental Exchange Inc. (ICE) to launch new shipping rate indexes. The Series C funding was led by Collate Capital, with participation from major investors, totaling $68.8 million raised since its inception. The new rate indexes aim to provide transparent monitoring of actual cargo moving rates, improving efficiency in the container shipping industry.
Source: YAHOO
Reported 4 days ago
In the third quarter leading up to the presidential election, Japan and China, two of the largest foreign holders of US government debt, sold significant amounts of US Treasuries, with Japan offloading a record $61.9 billion and China $51.3 billion. These sales were influenced by rising concerns about President-elect Donald Trump's economic policies, which are expected to spur inflation, leading to increased yields on US Treasuries. The trend reflects a cautious sentiment among investors in both nations amidst geopolitical risks and the uncertain economic environment.
Source: YAHOO
Reported 4 days ago
During the recent G20 summit in Rio de Janeiro, Brazilian President Lula da Silva called for urgent action to combat global warming, alongside a joint statement from G20 nations advocating for humanitarian assistance in Gaza, an end to the Ukraine conflict, and significant reforms in the UN. The meeting highlighted the need for developed countries to accelerate their environmental initiatives and support for global hunger alleviation, despite political differences among member states. Additionally, discussions included a push for taxing billionaires and expanding the UN Security Council to better reflect contemporary global dynamics.
Source: YAHOO
Reported 4 days ago
The Philippine central bank is signaling further rate cuts despite uncertainty from Donald Trump's election win, according to Governor Eli Remolona. He mentioned a possible quarter-point reduction in December, with additional cuts next year, while assuring that inflation will remain within the target range. The bank has also been monitoring currency fluctuations in the foreign exchange market amidst challenges posed by potential tariffs.
Source: YAHOO
Reported 4 days ago
MicroStrategy's shares surged 13% to a record high after the company announced it purchased an additional $4.6 billion in Bitcoin, bringing its total holdings to 331,200 BTC, valued at approximately $30 billion. The stock's momentum has increased since breaking out of a rectangle formation, with a potential price target of around $525. Investors are advised to monitor key support levels at $180 and $115 as profit-taking may occur.
Source: YAHOO
Reported 4 days ago
The Reserve Bank of Australia (RBA) believes its current cash rate of 4.35% is suitable to combat high core inflation while considering various policy scenarios that could lead to rate changes. In their recent meeting, the RBA noted the monetary policy was restrictive, though uncertain, and outlined potential risks relating to U.S. economic policy and China's stimulus package. They stressed the importance of maintaining a vigilant stance on inflation and the necessity to keep policy sufficiently tight until they are confident inflation is on the path to the target.
Source: YAHOO
Reported 4 days ago
Goldman Sachs Chairman David Solomon anticipates a surge in capital raising and mergers and acquisitions (M&A) in 2025, attributed to a new U.S. administration. At the Global Financial Leaders Investment Summit, he noted a revival of market activity, suggesting that investor confidence is returning.
Source: YAHOO
Reported 4 days ago
In its November meeting, the Reserve Bank of Australia (RBA) stated there is no immediate need to alter interest rates, currently steady at 4.35% for a year. However, it outlined scenarios for potential rate changes, including cuts if inflation slows significantly. Economists anticipate a possible rate cut in February, but the RBA emphasizes the importance of responding to evolving economic conditions, monitoring factors like consumer spending and employment trends.
Source: YAHOO
Reported 4 days ago
The Australian Council of Superannuation Investors has advised its members to vote against the remuneration plan of Mineral Resources Ltd., which is embroiled in scandals, at the company's upcoming annual general meeting. The group is seeking clarity on the board's knowledge regarding a controversial investment tied to Managing Director Chris Ellison, as the company's value has plummeted significantly. The situation has prompted scrutiny from major pension funds and regulatory bodies.
Source: YAHOO
Reported 4 days ago
Arthur Frommer, the innovative travel guide author known for his influential book "Europe on 5 Dollars a Day," has passed away at the age of 95 due to pneumonia. Frommer's work transformed the travel industry by promoting budget travel and making it accessible to everyday Americans, encouraging them to explore Europe in an affordable way. He started writing travel guides during his service in the U.S. Army and went on to establish a reputable brand that included various guidebooks, podcasts, and a radio show. Frommer's legacy continues through his daughter, Pauline, who now leads the brand.
Source: YAHOO
Reported 4 days ago
Asian stocks rose on Tuesday, driven by a recovery in tech shares, while the US dollar weakened as bond yields fell from recent highs. Traders are closely monitoring President-elect Donald Trump's cabinet appointments and their potential economic impacts, alongside shifting market expectations regarding Federal Reserve interest rate cuts. Major global indices showed positive movements, with gold flat at $2,614.80 and crude oil prices up amid ongoing geopolitical tensions.
Source: YAHOO
Reported 4 days ago
Chinese policymakers and regulators affirmed their dedication to opening the financial sector to foreign investors during a recent conference in Hong Kong. Vice Premier He Lifeng highlighted the effectiveness of recent stimulus measures and the importance of deepening market access with Hong Kong. The officials plan to foster international investment and enhance collaborative financial programs, emphasizing that foreign investors are welcome to partake in China's economic growth.
Source: YAHOO
Reported 4 days ago
President-elect Donald Trump has nominated Sean Duffy, a former congressman and Fox News contributor, to be the transportation secretary. Duffy, who previously represented Wisconsin's 7th congressional district from 2011 to 2019, will oversee various modes of transportation and infrastructure funding. Known for his reality TV background and as a vocal Trump supporter, Duffy declined a run for Wisconsin governor in 2022 to care for his family.
Source: YAHOO
Reported 4 days ago
JPMorgan Chase & Co. revealed documents that prompted British regulators to investigate former Barclays CEO Jes Staley's connections with Jeffrey Epstein. Following JPMorgan's alert in 2019, the UK's Financial Conduct Authority initiated a formal investigation, eventually leading to Staley's departure from Barclays and his lifetime ban from the UK financial sector. The ongoing FCA case is expected to unveil more details about Staley's ties to Epstein, including his daughter's role as an intermediary.
Source: YAHOO
Reported 4 days ago
The Australian hardware chain Bunnings has been found to have violated privacy regulations by using facial recognition technology on customers without consent. According to the Office of the Australian Information Commissioner, Bunnings compared customer faces to a database of individuals with criminal histories but failed to notify customers about this data collection. The company has been ordered to destroy the collected personal information and cease such practices, while Bunnings disputes the ruling, claiming customer privacy was not compromised.
Source: YAHOO
Reported 4 days ago
Filipino farmer Esther Penunia highlights the severe impact of climate change on agriculture, with only a small fraction of global climate finance reaching small-scale farmers. Despite their crucial role in food production, just 14% of climate funds for agriculture is directed towards their needs. The ongoing COP29 talks in Baku focus on addressing food systems, yet critiques suggest that more emphasis is needed on providing actual financial support and resources to farmers.
Source: YAHOO
Reported 4 days ago
Blackstone Inc. has reached an agreement to purchase a majority stake in Jersey Mike's, a popular sandwich chain, as part of its strategy to invest in food service businesses. Jersey Mike's founder, Peter Cancro, will retain a significant equity stake and lead the company post-acquisition, which is anticipated to close early next year. The deal may value Jersey Mike's at approximately $8 billion, marking a notable move in the competitive fast-food market.
Source: YAHOO
Reported 4 days ago
TechnologyOne's shares soared to a record high after the Australian software provider reported an 18% increase in annual profit, driven by robust growth in its UK operations. The company achieved a pre-tax profit of A$152.9 million, surpassing its growth expectations, and announced changes to its dividend policy to enhance shareholder returns. Analysts are optimistic about the company's continued success in the SaaS sector.
Source: YAHOO