Reported 3 months ago
Samsung Electronics is making strides in developing high-bandwidth memory chips crucial for AI, catching up with rival SK Hynix after previous setbacks. The company has received approval for its HBM3 chips from Nvidia and anticipates further approval for HBM3E in the coming months. Despite earlier challenges, including leadership changes and complex engineering issues, Samsung's efforts are seen as positioning the company to benefit from the rapidly growing AI market, projected to reach $71 billion by 2027.
Source: YAHOO
Reported 3 months ago
The dollar and yen held steady on Tuesday as traders braced for key monetary policy announcements from the Bank of Japan and the Federal Reserve. The yen stabilized after a recent rally, aided by various factors including a recent decline in global stocks. Analysts are speculating whether the BOJ will implement an interest rate hike, while the Fed is expected to maintain its current stance this week with potential rate cuts hinted for the following meeting.
Source: YAHOO
Reported 3 months ago
India's Reserve Bank has announced that foreign investors will be restricted from freely purchasing newly issued government bonds with 14- and 30-year maturities, effective immediately. This decision comes shortly after JPMorgan included Indian government securities in its emerging market index, as part of India's strategy to protect its financial market from volatile money flows. Existing securities under the Fully-Accessible Route will not be affected by this directive.
Source: YAHOO
Reported 3 months ago
Andrew Left, a well-known short-seller, has pleaded not guilty to fraud charges involving manipulation of market activities for personal gain. During his court appearance in Los Angeles, he was ordered to come up with a $1 million bond and comply with travel and trading restrictions as he awaits his trial set for September 24. Prosecutors allege he misled investors and profited from false perceptions about his stock comments.
Source: YAHOO
Reported 3 months ago
Oil prices dropped during early Asian trading due to worries over declining demand in China and easing geopolitical tensions in the Middle East. Brent crude fell to $79.78 per barrel, and U.S. crude slipped to $75.67 per barrel as disappointing economic news emerged from China, where manufacturing activity is expected to have contracted for the third month. Additionally, Citi downgraded China's growth forecast. Meanwhile, tensions surrounding Israel's response to recent conflicts have lessened, reducing the risk of significant escalation in the region.
Source: YAHOO
Reported 3 months ago
Economist Nouriel Roubini and former Treasury official Stephen Miran have accused the U.S. Treasury of manipulating bond auctions to influence interest rates, suggesting that this tactic effectively acts like a tool for economic stimulus, similar to the Federal Reserve's quantitative easing. Their claims emphasize that the Treasury is impacting financial conditions and thus the economy, which counters recent rate hikes by the Fed. Despite their arguments, Treasury Secretary Janet Yellen has firmly denied any manipulation strategy, asserting that debt issuance is conducted in a consistent manner to minimize borrowing costs.
Source: YAHOO
Reported 3 months ago
BHP Group and Lundin Mining have announced a joint acquisition of Filo Corp for approximately $3.25 billion. The companies will create a 50/50 joint venture to oversee the development of the Filo del Sol and Josemaria copper projects located at the Argentina-Chile border. The acquisition offer includes a premium on Filo's stock price and is part of BHP's strategy to enhance its copper portfolio amid increasing demand for the metal.
Source: YAHOO
Reported 3 months ago
Oil prices remained stable near a seven-week low due to worries about demand, particularly from China, the largest importer. Brent crude hovered below $80 per barrel after a recent decline, while West Texas Intermediate traded around $76. Despite modest gains for the year, mainly driven by OPEC+ supply cuts and lower US borrowing costs, analysts have downgraded growth forecasts for Asia's biggest economy. Traders await upcoming reports on US stockpiles and interest rate decisions from the Federal Reserve.
Source: YAHOO
Reported 3 months ago
A U.S. appeals court has temporarily blocked a Transportation Department rule requiring airlines to disclose fees alongside ticket prices, stating it likely exceeds the Department's authority and could harm airlines. The rule was aimed at reducing unexpected costs for consumers, but major airlines argued it would impose significant financial burdens to reorganize their online operations. This ruling represents a setback for the Biden administration's efforts to regulate airline fee practices.
Source: YAHOO
Reported 3 months ago
In a recent earnings call, Tesla CEO Elon Musk expressed strong confidence in Nvidia, citing ongoing high demand for its AI GPUs and noting challenges in obtaining the hardware. Musk's positive remarks amidst growing competition from AMD and Intel suggest that Nvidia's dominant market position is unlikely to weaken soon. Despite calls from some investors to be cautious, Musk believes Nvidia's innovation and execution continue to set it apart in the AI landscape.
Source: YAHOO
Reported 3 months ago
Japan's labor market remained tight in June, with the unemployment rate falling to 2.5% and a growth of 370,000 workers, particularly among women. This shortage has led companies to offer significant wage increases exceeding 5% during spring negotiations, the highest in decades. The labor ministry's proposed minimum wage increase of 5% further reflects the pressure on wages. As the labor situation tightens and smaller companies face challenges in hiring, analysts expect ongoing upward pressure on wages, which could influence the Bank of Japan's monetary policies.
Source: YAHOO
Reported 3 months ago
Source: INVESTORS
Reported 3 months ago
As Amazon prepares to release its quarterly earnings on August 1, analysts are revising their stock forecasts. Evercore ISI has upgraded Amazon to an outperform rating with a $225 price target, confident in a likely positive earnings report following a strong display in the previous quarter. This optimism follows Amazon's efforts to enhance customer experiences while aiming for efficiency, alongside the continued growth of its cloud services.
Source: YAHOO
Reported 3 months ago
BHP Group Ltd. has formed a joint venture with Canada’s Lundin Mining Corp. to acquire Filo Corp., a copper miner with operations in Chile and Argentina, for approximately $3 billion. BHP will take a 50% stake in Filo, gaining access to key projects in the Vicuna copper belt, with plans to enhance its copper exposure amid increasing demand for the metal critical to energy transition.
Source: YAHOO
Reported 3 months ago
Japanese corporate governance reforms have led to a significant increase in bond issuance, with companies selling a record nearly $31 billion in bonds since April 1. These reforms, aimed at improving capital efficiency and corporate culture, have boosted investor confidence in Japanese credit, allowing firms to access favorable borrowing conditions. As a result, Japanese corporate dollar bonds have been outperforming their U.S. counterparts, attracting more overseas investors amid a broader favorable economic environment.
Source: YAHOO
Reported 3 months ago
WPP, the largest advertising company globally, is expected to name Philip Jansen, the former CEO of BT Group, as its new chair, succeeding Roberto Quarta. This decision follows WPP's recent struggles with declining revenues attributed to reduced tech client spending and losses from Pfizer, amidst a broader downturn in the advertising industry.
Source: YAHOO
Reported 3 months ago
Japan's unemployment rate decreased to 2.5% in June, surpassing expectations. However, the jobs-to-applicants ratio declined slightly from 1.24 in May to 1.23. This indicates a modest tightening in job availability as companies adjust to changing economic conditions.
Source: YAHOO
Reported 3 months ago
The United Arab Emirates halted meetings between U.S. Congressional staff and the AI firm G42 due to concerns that the Emirati company might transfer advanced U.S. technology to China. The UAE Ambassador intervened after lawmakers raised alarms over Microsoft's substantial investment in G42, prompting fears about sensitive technology diversion. The situation highlights escalating scrutiny by Congress regarding AI technology transfers amid geopolitical tensions.
Source: YAHOO
Reported 3 months ago
McDonald's is experiencing a significant drop in sales for 2024, with U.S. sales down 0.7% and global comparable sales decreasing by 1%. The CEO has attributed this decline to rising menu prices, which have increased by about 40% since 2019, making cost-conscious consumers hesitant to dine out. Despite introducing a $5 Meal Deal aimed at attracting budget-minded customers, the initiative has failed to substantially boost foot traffic or translate into increased sales.
Source: YAHOO
Reported 3 months ago
Asian stocks opened lower as investors trimmed their holdings ahead of several important events, including major central bank decisions and key economic data. Traders are particularly focused on the upcoming meetings of the Bank of Japan and the Bank of England, as well as earnings reports from major US companies. The markets are preparing for potential shifts in monetary policy, particularly a possible interest rate cut by the US Federal Reserve.
Source: YAHOO
Reported 3 months ago
Netflix is gauging investor interest for its inaugural investment-grade bond sale, aimed at refinancing $1.8 billion in upcoming maturities. Following a ratings upgrade from junk status to investment grade, the sale is anticipated to include long-term notes. Netflix has recently seen strong subscriber growth, adding 8.05 million users in the second quarter, and has improved its financial outlook significantly.
Source: YAHOO
Reported 3 months ago
Meta Platforms has introduced a new tool called AI Studio, enabling users to create and share personalized AI chatbots. This feature allows Instagram creators to utilize custom AI characters for handling common direct message inquiries and story replies. Built with the advanced Llama 3.1 model, the AI Studio aims to provide a competitive alternative to paid AI solutions.
Source: YAHOO
Reported 3 months ago
Shares of Fortescue Ltd. plunged after an institutional investor sought to sell a stake worth A$1.86 billion at a discount, resulting in the stock dropping by 9.2%. The offer price was A$18.55 per share, which is an 8.8% decrease from the previous day's close. This selloff comes in the wake of Fortescue's announcement to scale back plans to invest in green hydrogen, citing high energy prices and prompting significant job cuts within the company.
Source: YAHOO
Reported 3 months ago
JPMorgan Chase is discontinuing the use of its credit cards for third-party Buy Now Pay Later (BNPL) payments, effective October 10, 2024. This move aims to protect customers from accumulating additional debt while subtly directing them toward Chase's own BNPL service. Experts suggest this decision signals a broader trend in banking as financial institutions prioritize their products over third-party options, anticipating other banks may follow suit.
Source: YAHOO
Reported 3 months ago
Singapore's state investment firm, Temasek, announced plans to invest up to $30 billion in the U.S. over the next five years, focusing on sectors like healthcare, technology, and financial services. Temasek's head of North America highlighted the U.S. as a leading market, particularly in artificial intelligence, as it outpaces other global economies, including China, which is facing slower growth. Temasek's portfolio management strategy is adjusting in light of these economic conditions.
Source: YAHOO