Reported 11 days ago
Chancellor Olaf Scholz is making a campaign push for another term in Germany as he faces significant skepticism from voters and a challenging political landscape. With polls indicating strong support for opposition leader Friedrich Merz, Scholz's Social Democrats will emphasize his experience while aiming to convince citizens that he can navigate the country's economic difficulties, including high energy costs and sluggish manufacturing growth. As the election approaches, Scholz’s minority government is also grappling with legislative hurdles that could delay budget approvals amid a fragmented political environment.
Source: YAHOO
Reported 11 days ago
Thames Water has gained important backing from creditors to proceed with a £3 billion emergency funding plan aimed at addressing its significant debt issues. Over 75% of its senior Class A debt holders have agreed to the proposal, which includes an initial £1.5 billion at a 9.75% interest rate. While this approval enables Thames Water to target a court hearing on December 17, the company still faces a long road ahead to fix chronic operational problems and a looming cash crisis.
Source: YAHOO
Reported 11 days ago
Swedish payment firm Klarna Group Plc has officially filed for an initial public offering (IPO) in the United States, signaling the end of speculation regarding its market debut. Following a substantial drop in valuation from $45.6 billion in 2021 to around $6.7 billion in 2022 amid broader market challenges, Klarna's valuation has recovered to approximately $14.6 billion currently. The company plans to proceed with the IPO next year and is collaborating with major banks like Goldman Sachs, JPMorgan, and Morgan Stanley while navigating internal board conflicts.
Source: YAHOO
Reported 11 days ago
Swedish fintech Klarna Group Plc has officially filed for an initial public offering in the US, concluding speculation about its market listing. The company aims for an IPO next year while working with major financial institutions, though share details and pricing remain unspecified. Following a significant drop in valuation from $45.6 billion in 2021 to an approximate $14.6 billion now, Klarna strives to navigate recent internal board challenges as it prepares for its public debut after SEC review.
Source: YAHOO
Reported 11 days ago
Donald Trump's election win may favor Hungarian Prime Minister Viktor Orban politically, but it poses significant economic risks for Hungary, particularly due to increased inflationary pressures on the forint and potential tariffs affecting the European auto sector. The forint has fallen sharply since September, raising concerns among investors about the Hungarian economy, which is heavily reliant on exports to Germany. There are fears that political pressures could lead to extensive rate cuts by the central bank, threatening economic stability and contributing to rising inflation.
Source: YAHOO
Reported 11 days ago
Just Eat Takeaway.com has sold Grubhub to Wonder Group Inc. for around $650 million, a significant drop from its peak valuation of $7.3 billion during the Covid pandemic. The deal is expected to close by early 2025 and is projected to boost Just Eat's cash flow and reduce its debt by $500 million. This move comes after Just Eat's struggles in a competitive market, following their acquisition of Grubhub in 2021.
Source: YAHOO
Reported 11 days ago
The yen has weakened beyond the 155 per dollar mark for the first time since July, increasing the risk of Japanese government intervention in the currency market. This decline follows Donald Trump's reelection, alongside rising Treasury yields which are pressuring the yen. Economists suggest the threshold for intervention is around 150-160 yen against the dollar, and a continuous depreciation may push the Bank of Japan to consider raising interest rates sooner than anticipated.
Source: YAHOO
Reported 11 days ago
Teraco Data Environments Ltd. has partnered with Absa Group Ltd. to secure an 8 billion rand ($442 million) loan to expand its data center operations in response to increasing demand for artificial intelligence applications. This new facility will enhance Teraco's capacity to 228 megawatts, strengthening its position as Africa's largest data center operator. The investment aims to meet the growing need for tech infrastructure across the continent, driven by its rapidly expanding internet-savvy population.
Source: YAHOO
Reported 11 days ago
Swiggy's shares soared nearly 15% during their trading debut, valuing the company at $11.9 billion, defying broader market trends. The stock opened at 420 rupees and peaked at 448 rupees, following a successful oversubscribed IPO. Despite ongoing losses and market challenges, analysts see potential for long-term growth but remain cautious about the company's journey to profitability.
Source: YAHOO
Reported 11 days ago
Swiggy Ltd. made a strong debut on the Mumbai stock exchange, with its shares rising 17% above the offer price of 390 rupees, valuing the company at over $12 billion. This IPO, raising $1.3 billion, stands as India's second-largest for the year despite a broader market downturn. It highlights investor interest in the quick-commerce sector, even as concerns linger about competition and regulatory scrutiny faced by firms like Swiggy and Zomato.
Source: YAHOO
Reported 11 days ago
Spirit Airlines is nearing an agreement with creditors for a restructuring plan in bankruptcy court after failed merger talks with Frontier Airlines. The proposed deal could nullify the existing equity of Spirit's shareholders. Following this news, Spirit's stock plummeted by 65%, the largest drop on record. The airline has long struggled with its debt situation, intensified after a blocked takeover by JetBlue. The restructuring aims to avoid impacting general unsecured creditors and aims to resolve financial burdens quickly.
Source: YAHOO
Reported 11 days ago
Sri Lankan President Anura Kumara Dissanayake is attempting to strengthen his party's position in the upcoming parliamentary elections to facilitate his economic reform agenda. Following a presidential election win in September, Dissanayake seeks to secure more than 50% of votes to ensure a solid parliamentary majority. The election occurs amidst Sri Lanka's recovery from a severe economic crisis, with ongoing negotiations for a bailout package from the International Monetary Fund. Dissanayake's government plans to maintain existing IMF agreements while addressing public concerns over economic burdens.
Source: YAHOO
Reported 11 days ago
Sea Ltd. experienced a significant stock surge, reaching its highest point in over two years, after its e-commerce division achieved adjusted profit, indicating resilience against competitors like Alibaba. The company reported a net income of $153.3 million and a revenue increase of 31% to $4.3 billion for the September quarter, easing concerns about its online retail platform, Shopee. In a competitive market, Sea has raised merchant fees, confident in its ability to attract vendors, while Shopee's gross merchandise volume rose by 25% to $25.1 billion. CEO Forrest Li expressed optimism for Shopee's continued profitability going forward.
Source: YAHOO
Reported 11 days ago
China has successfully entered the dollar bond market for the first time since 2021, receiving over $40 billion in bids for its new issuance, significantly exceeding the bonds offered. This initiative is part of broader efforts to support the Chinese economy amid financial struggles, with the bond yields only slightly above those of US Treasuries. The bonds will be available globally, with notable sales in Saudi Arabia, reflecting strengthened ties between the two nations.
Source: YAHOO
Reported 11 days ago
As President Joe Biden heads to the APEC summit in Peru, he faces diminished influence amid the overshadowing presence of China's Xi Jinping. With Trump’s election adding tension and challenges to U.S. engagement in Latin America, Xi is set to inaugurate a major megaport project, significantly enhancing China's regional dominance. Experts note that this dynamic illustrates the growing competition between the U.S. and China, with Latin American nations increasingly viewing China as a preferable partner, further complicating Biden's efforts to maintain U.S. leadership in the region.
Source: YAHOO
Reported 11 days ago
Asian stocks declined on Wednesday following Wall Street's slowdown, as the enthusiasm over Donald Trump's policies waned. Japan's Nikkei dropped 1.7%, while South Korea's Kospi fell 2.6% amid rising wholesale inflation. U.S. futures also dipped with rising Treasury yields adding pressure on markets, reflecting a more resilient U.S. economy. Bitcoin reached a new peak before retreating, underlining fluctuating trends in both stock and cryptocurrency markets.
Source: YAHOO
Reported 11 days ago
Franklin Templeton forecasts that 10-year Treasury yields could reach 5% or higher as the US government increases its debt to manage a significant deficit. Sonal Desai, the firm's chief investment officer, suggests that if the deficit widens drastically, yields could exceed 5%. This outlook aligns with warnings from JPMorgan and T. Rowe Price, as investors react to potential implications of a second Trump presidency and its effect on inflation and federal borrowing.
Source: YAHOO
Reported 11 days ago
Oil prices are slightly rising but remain within a tight range, with traders focusing on demand forecasts and potential oversupply next year. Brent crude is just above $72 a barrel, amid concerns from OPEC regarding demand growth for the fourth consecutive month. Despite this, Morgan Stanley has lowered its oil price predictions, considering a likely market glut and reduced consumption expectations.
Source: YAHOO
Reported 11 days ago
Seven & I Holdings is exploring a management buyout to take the company private, valued at approximately $58 billion. The potential deal, which could be the largest in Japan's history, involves significant cash contributions from Itochu Corp. and the founding Ito family, alongside financing from major banks. While talks are ongoing, this move is seen as a response to foreign takeover attempts, reflecting corporate Japan's resistance to foreign control over iconic companies.
Source: YAHOO
Reported 11 days ago
SoftBank Group Corp. is set to construct Japan's most powerful AI supercomputer utilizing Nvidia's new Blackwell chips, aiming to enhance local AI services. This initiative, supported by strong government backing, marks a significant step in SoftBank's push to advance in the AI sector amid rising tech valuations.
Source: YAHOO
Reported 11 days ago
A private cybersecurity firm has reported that a state-sponsored Chinese hacking group, referred to as TAG-112, has compromised two Tibetan-related websites to install malware on users' computers. The attack, which targeted the Tibet Post and Gyudmed Tantric University, aimed to collect information from visitors. According to the report, the malicious file is disguised as a security certificate, and its activation allows hackers to deploy additional malware for surveillance purposes. Users have been informed of the breach, with one site currently still compromised.
Source: YAHOO
Reported 11 days ago
Prosus NV has reported a profit of more than $2 billion from its investment in Swiggy as the food delivery company prepares for its IPO in India with a valuation of up to $11.3 billion. The firm, which has invested $1.3 billion for a 31% stake in Swiggy, plans to sell over $500 million worth of shares during the offering while retaining a 25% stake. Swiggy's shares soared 13% in their market debut, pushing its market value to approximately $11.7 billion, highlighting Prosus's strategy of leveraging its successful portfolio beyond its significant stake in Tencent.
Source: YAHOO
Reported 11 days ago
President-elect Donald Trump revealed that Elon Musk and former GOP candidate Vivek Ramaswamy will head a new initiative called the "Department of Government Efficiency" to advise the White House on improving government operations. Despite its title, this group will operate externally and is not a government agency. Trump indicated that their goal is to implement major structural reforms and enhance governmental efficiency, with Musk even claiming the potential to find $2 trillion in savings. The initiative aims to cut waste and reduce bureaucratic inefficiencies.
Source: YAHOO
Reported 11 days ago
Source: WSJ
Reported 11 days ago
U.S. stock markets experienced a downturn on Tuesday, with the Dow Jones Industrial Average falling nearly 0.8% as concerns about recent market gains and President-elect Donald Trump's Cabinet choices weighed on investor sentiment. The decline included stocks like Boeing, which dropped over 2.5% due to a significant decrease in deliveries amidst worker strikes. As the market awaits the Consumer Price Index report on inflation set for release on Wednesday, analysts express caution about the sustainability of the recent stock rally.
Source: YAHOO