Today: September 23, 2024
Today: September 23, 2024

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India's Reliance appoints Ambani children to board in succession plan

India’s Reliance Industries Ltd on Monday appointed the three children of Chairman Mukesh Ambani as board directors at the oil-to-telecoms conglomerate, as the billionaire prepares to eventually hand over the reins. Ambani, Asia’s richest person, has previously said his children Isha, Akash and Anant would have significant roles in the business and that Reliance was “in the process of effecting a momentous leadership transition”. Mukesh Ambani was re-appointed as chairman of the company for another five years in July. Ambani, 66, said his three children will work as one single team and

August 28, 2023
India's Reliance appoints Ambani children to board in succession plan
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Oil steadies as China moves to support economy, tropical storm in focus

Oil was little changed on Monday after China took steps to bolster its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen demand. China halved stamp duty on stock trading in its latest attempt to boost struggling markets. The market is also keeping an eye on Tropical Storm Idalia and any risk it poses to oil and gas output in the U.S. Gulf. Brent crude slipped 7 cents, or 0.1%, to $84.41 a barrel by 1222 GMT, with an earlier rally fizzling

August 28, 2023
Oil steadies as China moves to support economy, tropical storm in focus
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China's BYD H1 profit rises 204.7% as deliveries break record

– China’s BYD Co Ltd on Monday said first-half profit jumped 204.7% as the new energy vehicle maker broke its delivery record and retained its crown as China’s biggest-selling auto brand. January-June net earnings reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue at 260.12 billion yuan, BYD said in a stock market filing. ($1 = 7.2928 Chinese yuan renminbi) (Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Louise Heavens)

August 28, 2023
China's BYD H1 profit rises 204.7% as deliveries break record
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China's BYD H1 profit triples as deliveries break record

– China’s BYD Co Ltd on Monday said first-half profit jumped 204.7% as the new energy vehicle maker broke its delivery record and retained its crown as China’s biggest-selling auto brand. Net earnings for the six-months ending June 30 reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue to 260.12 billion yuan, BYD said in a stock market filing. The company posted a 6.82 billion yuan net profit for the April-June quarter, up 144.7%, a Reuters calculation showed. That was a smaller increase than in the

August 28, 2023
China's BYD H1 profit triples as deliveries break record
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Wall St opens higher as focus shifts to economic data for interest rate cues

– Wall Street’s main indexes opened higher on Monday ahead of key inflation and jobs data this week that will offer more clues on the Federal Reserve’s interest rate path, while China’s measures to boost its markets provided further support. The Dow Jones Industrial Average rose 94.74 points, or 0.28%, at the open to 34,441.64. The S&P 500 opened higher by 20.32 points, or 0.46%, at 4,426.03, while the Nasdaq Composite gained 104.71 points, or 0.77%, to 13,695.36 at the opening bell. (Reporting by Shristi Achar A in Bengaluru; Editing by Shounak Dasgupta)

August 28, 2023
Wall St opens higher as focus shifts to economic data for interest rate cues
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TSX opens higher on gains in materials, energy stocks

– Toronto’s main stock index gained at the market open as a rise in commodity prices lifted materials and energy stocks, while investors awaited a slew of economic data coming in this week from Canada and the United States. At 9:30 a.m. ET (1330 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 88.65 points, or 0.45%, at 19,924.4. (Reporting by Shashwat Chauhan in Bengaluru; Editing by Shweta Agarwal)

August 28, 2023
TSX opens higher on gains in materials, energy stocks
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Seven & i department store unit union threatens to strike over Fortress deal

A labour union at Seven & i Holdings’ department store unit Sogo & Seibu threatened on Monday to go on strike at a flagship store on Aug. 31 depending on the outcome of talks with management over the subsidiary’s planned sale to a U.S. fund. Labour strikes are extremely rare in Japan, and if it goes ahead, it would be the first at a major department store in about 60 years, local media reported. Sogo & Seibu’s labour union announced the strike notice at a press conference. Japan-based Seven & i, operator of the world’s largest convenience store

August 28, 2023
Seven & i department store unit union threatens to strike over Fortress deal
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McDonald's must face antitrust claims over worker 'poaching,' court rules

– A U.S. appeals court has revived claims that McDonald’s Corp violated federal antitrust law by requiring franchisees to agree not to hire away each other’s employees. The 7th U.S. Circuit Court of Appeals in Chicago on Friday said the judge who dismissed the proposed nationwide class action last year failed to properly analyze the so-called “no-poaching” agreements. The judge had found that the agreements were valid because they protected franchisees’ investments in training workers. But the 7th Circuit on Friday said the judge must look more closely at whether the agreements needed to cover the

August 28, 2023
McDonald's must face antitrust claims over worker 'poaching,' court rules
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BYD unit buys US firm Jabil's mobile parts business in China for $2.2 billion

Chinese automaker BYD said on Monday its electronics unit has struck a deal with U.S.-based manufacturer Jabil Inc to buy its mobile electronics manufacturing business in China for 15.8 billion yuan ($2.2 billion). The deal will expand BYD Electronic’s (BE) customer base, product portfolio and its smartphone components business as it looks to capture Jabil’s potential growth in the sector. Singapore-based Jabil Circuit, which manufactures printed circuit boards, established a unit this month that absorbed its product-manufacturing businesses in Chengdu and Wuxi, which will now be sold to the Chinese group. Shares of

August 28, 2023
BYD unit buys US firm Jabil's mobile parts business in China for $2.2 billion
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Dollar hits nine-month high against yen

– The dollar edged up to a nine-month high against the Japanese yen on Monday but dipped against a basket of currencies after Federal Reserve Chair Jerome Powell on Friday left open the possibility of further rate hikes. The greenback hit 146.685 Japanese yen, the highest since Nov. 9. Traders are watching out for any signs of intervention in the currency market from Japanese authorities as the yen weakens. Bank of Japan Governor Kazuo Ueda said on Saturday that the bank will maintain the current approach to monetary policy, as underlying

August 28, 2023
Dollar hits nine-month high against yen
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Miners, energy stocks lift TSX to two-week highs

Toronto’s main stock index rose to two-week high on Monday as higher commodity prices lifted materials and energy stocks, while investors awaited a slew of economic data coming in this week from Canada and the United States. At 10:00 a.m. ET (1400 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 179.15 points, or 0.9%, at 20,014.9, touching its highest since August 15. Energy stocks added 1.7% as oil prices rose after China halved stamp duty on stock trading in its latest attempt to boost the struggling market. [O/R] China’s finance ministry said in a

August 28, 2023
Miners, energy stocks lift TSX to two-week highs
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US raises concerns by Micron, Intel with China as export control meeting set to launch

– U.S. Commerce Secretary Gina Raimondo discussed concerns about restrictions on American businesses including Intel and Micron with Chinese Commerce Minister Wang Wentao on Monday in a meeting where the two countries also agreed to launch an export control enforcement information dialogue. The pair also discussed China’s restrictions on gallium and germanium exports in wide-ranging and candid talks that lasted more than two hours, followed by a two-hour lunch, according to a brief comments from Raimondo and the Commerce Department. Raimondo wants to address concerns from U.S. businesses that are having difficulties operating in China.

August 28, 2023
US raises concerns by Micron, Intel with China as export control meeting set to launch
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U.S. stocks rally, crude rises as crucial data awaits

Wall Street headed higher and crude prices jumped on Monday, at the outset of a week marked by light volume and heavy economic data, boosted by mounting hopes that the Federal Reserve will take a rate-hike breather in September. All three major U.S. indexes were solidly green amid light trading at the start what is considered the last unofficial week of summer, one jam-packed with a plethora of crucial economic indicators. “It’s a positive continuation of Friday’s movement after the market realized Powell was neither hawkish or dovish, he was reiterating what everyone knew,”

August 28, 2023
U.S. stocks rally, crude rises as crucial data awaits
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Oil rises as China moves to support economy; tropical storm in focus

– Oil prices edged higher on Monday after China took steps to bolster its flagging economy, although investors remain worried about the pace of growth as well as further U.S. interest rate hikes that could dampen demand. China halved stamp duty on stock trading in its latest attempt to boost struggling markets. The market is also keeping an eye on Tropical Storm Idalia and any risk it poses to oil and gas output in the U.S. Gulf. Brent crude rose 21 cents, or 0.3%, to $84.69 a barrel by 11:22 a.m. ET (1520 GMT). Its

August 28, 2023
Oil rises as China moves to support economy; tropical storm in focus
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SEC probes Change Company over mortgage-backed securities sold to Wall Street - Bloomberg News

– The US Securities and Exchange Commission (SEC) is probing The Change Company, a California lender that pledges to promote homeownership in underserved communities, over its mortgage-backed securities, Bloomberg News reported on Monday. The regulator is also looking into some of the actions of its chief executive officer, Steven Sugarman, the report said, citing people with direct knowledge of the matter. “Neither Change nor its leadership is aware of any SEC investigation,” the report said, citing the company. The SEC and The Change Company did not immediately respond to Reuters requests for comment. (Reporting by Jaiveer Singh Shekhawat in

August 28, 2023
SEC probes Change Company over mortgage-backed securities sold to Wall Street - Bloomberg News
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Wall St gains as investors eye key economic data for interest rate cues

Wall Street’s main indexes rose on Monday ahead of key inflation and jobs data this week that will offer more clues on the Federal Reserve’s interest rate path, while a pullback in Treasury yields cushioned some megacap growth stocks. Stocks ended a volatile session higher on Friday after Fed Chair Jerome Powell at the Jackson Hole meet said the U.S. central bank may need to raise interest rates further. Focus now shifts to a report on the personal consumption expenditures price index, the Fed’s preferred inflation gauge, which is set to be

August 28, 2023
Wall St gains as investors eye key economic data for interest rate cues
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Hedge fund exposure to 7 biggest tech stocks at record high, Goldman Sachs says

– Hedge funds hold record exposure to the seven biggest tech stocks by market capitalization, according to data released on Friday by Goldman Sachs, in a week Nvidia hit an all-time high after beating revenue expectations. The largest seven U.S. stocks collectively now make up about 20% of the total net market value held by hedge funds tracked by Goldman Sachs. They have also been instrumental in the gains in the broader U.S. equity market this year. Microsoft , Apple, Alphabet, Meta, Amazon, Nvidia and Tesla saw the biggest percent of

August 28, 2023
Hedge fund exposure to 7 biggest tech stocks at record high, Goldman Sachs says
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FTX's Bankman-Fried appeals jailing as trial nears

Sam Bankman-Fried has appealed a decision to jail him for alleged witness tampering ahead of his Oct. 3 trial over the collapse of his FTX cryptocurrency exchange. In a filing late on Friday night with the 2nd U.S. Circuit Court of Appeals, Bankman-Fried’s lawyers said the 31-year-old former billionaire simply exercised his First Amendment rights by sharing writings by his former colleague and romantic partner Caroline Ellison with a New York Times reporter. Ellison is one of three former members of Bankman-Fried’s inner circle expected to testify against him after pleading guilty to fraud.

August 28, 2023
FTX's Bankman-Fried appeals jailing as trial nears
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US FTC suspends challenge to block Amgen's $27.8 billion deal for Horizon Therapeutics

The U.S. Federal Trade Commission (FTC) has suspended its challenge of Amgen’s $27.8 billion purchase of Horizon Therapeutics, allowing the FTC to consider whether the agency should settle the case, a filing late on Friday showed. The pause is effective until Sept. 18. Amgen said the company was aware of the move and is prepared to demonstrate that there is no legal or factual reason to prohibit the acquisition to the courts. “We would be pleased if our commitment were honored instead of going through a lengthy court process,” the company said in a statement adding that it anticipates

August 28, 2023
US FTC suspends challenge to block Amgen's $27.8 billion deal for Horizon Therapeutics
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Vinfast rallies on after becoming world's third-most valuable automaker

Shares of Vietnamese electric-vehicle maker Vinfast surged 21% on Monday, extending a rally from last week that more than quadrupled its market value to $160 billion. The company made a blowout debut on Wall Street this month and has quickly grown in valuation to become the third-most valuable automaker – only behind Tesla and Toyota. But Vinfast’s small amount of publicly available shares has made the stock prone to volatility, with shares jumping or slumping more than 14% in 11 of the past 12 sessions. The stock was on track to add nearly $33.6 billion to its market capitalization,

August 28, 2023
Vinfast rallies on after becoming world's third-most valuable automaker
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Drugmaker Mallinckrodt files for second bankruptcy in US

Drugmaker Mallinckrodt on Monday filed for its second bankruptcy in three years in the United States, with a restructuring plan that would cut $1 billion from what it owes to victims of the opioid crisis. The Ireland-based company initiated Chapter 11 proceedings in Delaware after reaching a deal that would hand ownership to its lenders in exchange for a $1.9 billion reduction in debt. The proposed restructuring would wipe out existing equity shares. Mallinckrodt, which makes both branded and generic drugs, had first filed for bankruptcy in 2020 to address its high debt load, litigation over

August 28, 2023
Drugmaker Mallinckrodt files for second bankruptcy in US
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Hedge fund exposure to 7 biggest tech stocks at record high, Goldman Sachs says

– Hedge funds hold record exposure to the seven biggest tech stocks by market capitalization, according to data released on Friday by Goldman Sachs, in a week Nvidia hit an all-time high after beating revenue expectations. The largest seven U.S. stocks collectively now make up about 20% of the total net market value held by hedge funds tracked by Goldman Sachs. They have also been instrumental in the gains in the broader U.S. equity market this year. Microsoft , Apple, Alphabet, Meta, Amazon, Nvidia and Tesla saw the biggest percent of

August 28, 2023
Hedge fund exposure to 7 biggest tech stocks at record high, Goldman Sachs says
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Wall Street gains as investors eye upcoming economic data

– Wall Street rose on Monday, with gains in 3M and Goldman Sachs ahead of key inflation and jobs data this week that will offer more clues on the Federal Reserve’s interest rate path. All three major stock indexes rose as investors digested last Friday’s comments from Fed Chair Jerome Powell that the U.S. central bank may need to raise interest rates further to ensure inflation is contained. Focus now shifts to a report on the personal consumption expenditures price index, the Fed’s preferred inflation gauge, to be released on Thursday, and

August 28, 2023
Wall Street gains as investors eye upcoming economic data
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Goldman Sachs strikes wealth advisory deal as it revamps strategy

Goldman Sachs on Monday said it has struck a deal to sell part of its wealth business to an independent wealth manager, part of a strategy refresh which is seeing the bank exit some businesses and focus its wealth offering on targeting the super rich. The Wall Street bank, which did not disclose the sale price, said the sale to Creative Planning LLC is expected to close in the fourth quarter and result in a gain. The latest sale is part of a shift in strategy after CEO David Solomon reorganized

August 28, 2023
Goldman Sachs strikes wealth advisory deal as it revamps strategy
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US stocks advance, crude rises, crucial data in the wings

– Wall Street headed higher and crude prices advanced on Monday, at the outset of a week likely to be light in volume but heavy with economic data, which could affect whether the Federal Reserve will take a rate-hike breather in September. All three major U.S. indexes were green amid but off session highs amid light trading at the start what is considered the last unofficial week of summer, one jam-packed with closely-watched economic indicators. “I wouldn’t trust what happens in the markets this week,” said Chuck Carlson, chief executive officer at Horizon Investment

August 28, 2023
US stocks advance, crude rises, crucial data in the wings

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