World Bank slashes global growth forecast by nearly a third to 2.9% for 2022. Russia’s invasion of Ukraine has compounded the damage from the COVID-19 pandemic. World Bank warns that the outlook could still grow worse and that many countries now face recession. The World Bank on Tuesday cut its worldwide development conjecture by almost … Read more
PayPal Holdings Inc (PYPL.O) said on Tuesday it will now allow users to transfer cryptocurrencies including bitcoin to external wallets. The move comes nearly two years after the fintech giant opened up its platform to digital currencies. The feature will be available to select U.S. users starting on Tuesday and will be rolled out to … Read more
Yellen said the U.S. is dealing with “unacceptable levels of inflation,” but that she hoped price hikes would soon begin to subside. The Biden administration would likely increase the 4.7% inflation forecast for this year in its budget proposal. U.S. Depository Secretary Janet Yellen advised legislators on Tuesday that she anticipated that expansion should stay … Read more
Indonesia will cut its maximum export and levy rate for palm oil to encourage shipments. The move comes after a three-week ban on exports was lifted last month. Red tape has kept palm mills’ storage tanks full, keeping them from using the oil. Indonesia Trade Minister Muhammad Lutfi said on Tuesday the public authority would … Read more
Canadian consumers and businesses expect inflation to creep up in the short term. But longer-term expectations remain anchored, says Parliamentary Budget Officer Yves Giroux. Inflation is still expected to return to target in coming years, according to Canada’s budgetary watchdog. Canadian consumer prices rising at fastest pace in 31 years. Costs in Canada are ascending … Read more
Hasbro is poised to prevail over a board challenge from activist hedge fund Alta Fox. The hedge fund had pushed Hasbro to spin off its Wizards of the Coast and Digital Gaming unit. Early vote tallies show Hasbro ahead of Alta, which nominated one director. Hasbro Inc (HAS.O) is ready to beat a board challenge … Read more
The FTC is looking into how big pharmacy benefit managers affect prescription drug pricing. The costs of some medicines, even older ones like insulin, have skyrocketed. As part of the probe, the FTC is sending demands for information to CVS Caremark, Humana and others. The U.S. Federal Trade Commission is investigating what huge pharmacy benefit … Read more
Automakers back efforts by President Joe Biden’s administration to restore California’s ability to set its own tailpipe and zero-emission vehicle standards. Five automakers including Ford Motor Co (F.N), Volkswagen (VOWG_p.DE) and Honda (7267.T) join in the effort. Five automakers including Ford Motor Co (F.N), Volkswagen AG (VOWG_p.DE) and Honda Motor Co (7267.T) on Tuesday upheld … Read more
Hedge funds posted negative performance in May, accentuating their losses this year to almost 3%. The fund-weighted composite index went down 0.58% amid volatility in equities, bonds, and commodities. Still, 40% of the hedge funds compiled posted gains. Mutual funds posted negative execution in May, emphasizing their misfortunes this year to practically 3%, as financial … Read more
Europe’s plan to double down on renewable fuels could have the unintended short-term effect of increasing prices. Fuel prices have been soaring around the world amid declining investments in fossil fuel projects. Prices accelerated since sanctions were imposed this year against energy exporter Russia following its invasion of Ukraine. Europe’s arrangement to twofold down on … Read more
US stocks rallied late on Tuesday to close higher for a second straight day. Target Corp’s warning about excess inventory weighed on retail stocks for much of the session. Apple shares climbed despite news that the company must change the connector on iPhones sold in Europe by 2024. U.S. stocks mobilized late on Tuesday to … Read more
Target (TGT.N), a major retail chain, cut its quarterly profit margin forecast and said it would mark down prices in the second quarter in a surprise revision that sent shares of the retailer 2.31% lower. Treasury yields fell after a surprise rate hike in Australia. The world offers bounced back on Tuesday on the thought … Read more
Jane Street Global Trading has sued the London Metal Exchange for $15.3 million. The LME suspended activity and cancelled nickel trades on March 8 due to volatility. Volatility saw prices double to more than $100,000 a tonne within hours of suspension. U.S.- based Jane Street Global Trading has sued the London Metal Exchange LME for … Read more
10-year Treasury yield hit 3.0580% early in the Asia session. The dollar added another 0.6% against the yen to touch 132.75. Ten-year gilt yields rose as far as 10.2 bps to a seven-year high of 2.256%. Asia’s bonds edged lower on Tuesday, the yen hit a 20-year low and security markets faltered as financial backers … Read more
Japan’s household spending fell faster than expected in April. The yen’s sharp decline and surging commodity prices pushed up retail costs. Real wages shrank at the fastest pace in four months in April as prices posted their biggest jump in more than seven years, weighing on household purchasing power. Japan’s family spending fell surprisingly quick … Read more
Brent crude futures were up 19 cents, or 0.2%, at $119.70 a barrel at 0050 GMT. The benchmark hit a three-month high of $120.99 on Monday. Higher output target by OPEC+ producers would ease tight supply. Oil costs crawled higher on Tuesday on expected request recuperation in China as it loosened up extreme COVID controls … Read more
Spirit Airlines shareholders are due to vote this week on a merger agreement with Frontier Group Holdings Inc (ULCC.O). JetBlue increased its reverse break-up fee by $150 million to $350 million, payable to Spirit shareholders in case the deal falls through due to antitrust reasons. JetBlue Airways Corp (JBLU.O) on Monday worked on its proposal … Read more
The dollar index has eased back to around the 102 level. Friday’s strong payrolls report helped the dollar notch its first weekly gain in three. U.S. stocks are well off their earlier highs to increase the appeal of the safe-haven ahead of a key reading on inflation. The dollar acquired against a bushel of significant … Read more
