Optimism over China, peak bond yields draw flows into stocks -BofA

Reuters | January 27, 2023

(Reuters) -Weekly inflows into stocks in the week to Wednesday were the largest in six weeks, data from BofA Global Research showed, as China’s reopening of its borders and expectations that bond yields have peaked fed investor risk appetite. Investors poured $13.9 billion into stocks with $3.4 billion flowing into European shares – the largest […]

U.S. worker shortage denting Freeport-McMoRan’s copper output

Reuters | January 25, 2023

(Reuters) -Freeport-McMoRan Inc warned on Wednesday that its struggle to find workers in the United States is limiting the amount of copper it can produce for the green energy transition. The worker shortage reflects the talent crunch facing the broader mining industry, as well as the wider macroeconomic trend of workers jumping between jobs in […]

Oil falls $2/barrel on economic jitters, U.S. crude stock build

Reuters | January 24, 2023

By Arathy Somasekhar HOUSTON (Reuters) – Crude oil prices slipped on Tuesday on concerns about a global economic slowdown and as preliminary data indicated a bigger than expected build in U.S. oil inventories. Brent futures for March delivery fell $2.06, or 2.3%, to $86.13 a barrel. U.S. crude fell $1.49, or 1.8%, to $80.13 per […]

Spotify to trim 6% of workforce in latest tech layoffs

Reuters | January 23, 2023

(Reuters) -Spotify Technology SA said on Monday it plans to cut 6% of its workforce and would take a related charge of up to nearly $50 million, adding to the massive layoffs in the technology sector in preparation for a possible recession. The tech industry is facing a demand downturn after two years of pandemic-powered […]

Texas AG to halt most of Citigroup’s municipal offerings on gun law row

Reuters | January 19, 2023

(Reuters) -Citigroup Inc has discriminated against the firearms sector, the office of Texas Attorney General Ken Paxton said, making a decision that “has the effect” of Texas halting Citi’s ability to underwrite most municipal bond offerings in the state. Republicans have been ramping up pressure on the finance industry over environmental, social and governance (ESG) […]

Davos 2023: EU to counter U.S. climate game changer with own green deal

Reuters | January 17, 2023

By Maha El Dahan and Jan Strupczewski DAVOS, Switzerland (Reuters) – The European Union responded on Tuesday to U.S. moves to boost its energy transition with its own plans to make life easier for green industry, saying it would mobilize state aid and a sovereignty fund to keep firms from moving to the United States. […]

‘I didn’t steal funds,’ Sam Bankman-Fried says in unusual post-arrest blog post

Reuters | January 12, 2023

By Luc Cohen NEW YORK (Reuters) -Sam Bankman-Fried said he did not steal money and blamed the collapse of his now-bankrupt FTX exchange on a broad crash in cryptocurrency markets, in a highly unusual blog post on Thursday, a month after his arrest on U.S. fraud charges. Federal prosecutors in Manhattan in December said Bankman-Fried […]

Tesco boss says inflation may not have peaked ‘just yet’

Reuters | January 12, 2023

LONDON (Reuters) -The chief executive of British retailer Tesco, Ken Murphy, said on Thursday that inflation may have not peaked “just yet,” adding that he hoped it would come down by the middle of this year. “We’re not sure it’s peaked just yet,” Murphy said in response to a question on inflation. “We would hope […]

With a sale of Chinese yuan, Russia kicks off 2023 forex intervention

Reuters | January 11, 2023

By Guy Faulconbridge and Darya Korsunskaya MOSCOW (Reuters) -Russia said it would resume foreign currency interventions with the sale of yuan from Friday, underscoring the growing importance of China’s currency in Moscow’s efforts to ensure economic stability amid Western sanctions. After the West imposed the most severe sanctions in modern history over the war in […]

Apple to replace key Broadcom chip with in-house design – Bloomberg News

Reuters | January 10, 2023

(Reuters) -Apple Inc plans to replace a Broadcom Inc chip from its devices with an in-house design in 2025, Bloomberg News reported on Monday, citing people familiar with the matter. The iPhone maker has been working to limit its reliance on other chipmakers, having moved to its own line of chips for recent models of […]

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