Posts by Mark Darwin
US: S&P 500 ends up, little changed for week after Monday’s steep selloff
THE S&P 500 ended higher on Friday (Aug 9) and was little changed for the week after regaining almost all of its losses from Monday’s steep dive that was prompted by fears of a recession and unwinding of a global yen-funded carry trade. The technology sector gave the index its biggest boost on Friday, and…
Read MoreUS dollar dips as yen heads for first weekly drop in six
THE US dollar was off a one-week high against other major currencies on Friday (Aug 9), capping off a turbulent few days as traders digested a drop in US jobless claims and the prospect of a looming economic downturn. The US currency was down against the Japanese yen following a three-day rebound, as Thursday’s firmer-than-expected…
Read MoreAbu Dhabi will acquire a minority stake in Sotheby’s auction house
ADQ, Abu Dhabi’s sovereign wealth fund, has signed a definitive agreement to acquire a minority interest in Sotheby’s, the auction house announced. Its owner, the telecom billionaire Patrick Drahi, will also invest additional capital into the business. Together, both investments amount to US$1 billion. The bulk of the investment will come from ADQ, a Sotheby’s…
Read MoreChina central bank studies plan to narrow rate corridor, warns on bond risks
CHINA’S central bank said it’s studying a plan to narrow the range within which market interest rates can fluctuate, with policymakers on alert for risks building in the bond market. The People’s Bank of China is considering how to “reasonably” narrow the rate corridor, according to a quarterly monetary policy report published on Friday (Aug…
Read MoreIndia’s Mahindra seeks nod for US$3 billion Shaanxi JV: sources
INDIAN automaker Mahindra & Mahindra and China’s Shaanxi Automobile Group have agreed to set up a US$3 billion joint venture to build a car manufacturing plant in India and are awaiting New Delhi’s approval, sources told Reuters. A majority stake in the proposed manufacturing venture will be owned by Mahindra, two sources with direct knowledge…
Read MoreChina tells some brokerages to conduct compliance checks on bond trading: sources
CHINA’S securities regulator has ordered some brokerages to inspect their bond trading activities, three people with knowledge of the matter said, as authorities seek to rein in frenzied buying of Chinese government bonds. The brokerages, all of which are domestic, have been told to conduct compliance checks on all parts of their bond trading operations,…
Read MoreSamsung recalls 1 million stoves that started 250 fires and killed pets
A RECALL has been issued for more than 1 million Samsung stoves after hundreds of reports of them being turned on accidentally, leading to fires that injured dozens and killed at least seven pets, the Consumer Product Safety Commission said in a statement Thursday (Aug 8). Customers who own one of the 30 recalled models…
Read MoreVenezuela’s Maduro signs decree blocking X access in country for 10 days
VENEZUELAN President Nicolas Maduro on Thursday (Aug 8) said he had signed a decree to block access to social media platform X for 10 days, after earlier saying social media was used to incite violence following the country’s presidential election. Maduro has frequently railed against X owner Elon Musk since the Jul 28 election which…
Read MoreParamount says to cut around 15% of US workforce
PARAMOUNT Global is set to reduce about 15 per cent of its US workforce in the coming weeks, according to company executives on an earnings call Thursday (Aug 8). The move comes ahead of a planned merger with Skydance Media, which had been announced in July and marked a key step forward for the movie…
Read MoreDelta sees US$380 million in lost sales from system breakdown
DELTA Air Lines expects US$380 million in lost revenue this quarter from the CrowdStrike Holdings technology outage that forced the carrier to cancel thousands of flights last month. The sales hit is due primarily to customer refunds and compensation in the form of cash and loyalty miles, the airline said Thursday (Aug 8) in a…
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