LONDON/SINGAPORE—The yen fell on Monday to near eight-month lows against the dollar with investors saying intervention was in sight, while ahead of the 4 July holiday, the dollar edged up after U.S. economic data last week showed slightly easing inflation and consumer spending. The yen weakened 0.35 percent to 144.82, after on Friday touching its…
Oil Rallies on Saudi and Russian Supply Cuts for August
LONDON—Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to…
World Stocks Firm, Nikkei Closes at 33-year Peak
July 3, 2023
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LONDON—World stocks rose to a two-week peak on Monday, with Japan’s Nikkei closing at its highest level in 33 years, drawing support from signs that cooling inflation might temper central banks’ appetite to further hike rates. European shares rallied, while U.S. equity futures pointed to a positive open for Wall Street which closes early ahead…
Expert Taskforce to Tackle Growing ‘Scamdemic’ in Australia
Australia will launch a temporary task force known as a “fusion cell” to combat the growing issue of investment scams. Led by the competition watchdog, the Australian Competition and Consumer Commission (ACCC), and the financial services regulator, the Australian Securities and Investments Commission (ASIC), the fusion cell will draw experts from both public and private…
Contractor for Bud Light Maker Anheuser-Busch Shuts Down 2 Bottling Plants
July 3, 2023
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A major contractor for Bud Light maker Anheuser-Busch is shutting down two of its glass bottling plants in North Carolina and Louisiana, laying off about 600 employees, amid declining sales of the beer. The Ardagh Group, headquartered in Luxembourg, is one of the largest glass producers in the world with more than 100 plants in operation. In a…
Yellen Set to Visit China This Week in Bid to ‘Deepen Communication’
July 2, 2023
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U.S. Treasury Secretary Janet Yellen is traveling to China this week for talks with senior Chinese officials, the Treasury Department said on Sunday. Yellen will be the second highest-ranking U.S. official to visit China in weeks as the United States attempts to improve ties with China’s ruling communist party. Yellen will travel to Beijing from…
After Several Turbulent Days, Flight Disruptions Ease Despite Worries About 5G Signals
Airline passengers who have endured tens of thousands of weather-related flight delays this week got a welcome respite from the headaches Saturday, despite concerns about possible disruptions caused by new wireless 5G systems rolling out near major airports. The number of flight delays and cancellations declined from the spikes recorded earlier in the week, according…
Wall Street Investment Banks Face Bleak Prospects in China
July 2, 2023
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Recent data from Dealogic shows that wall street investment banks face bleak prospects in the Chinese market. Lucia Dunn, an economics professor at Ohio State University, says that the Chinese Communist Party (CCP) will never deal with them in a Western-standard fairway. After lobbying the Trump administration to sign a trade war ceasefire agreement with…
Tesla Beats 2nd-Quarter Delivery Estimates as Price Cuts Pay Off
Tesla Inc. on Sunday said it delivered a record number of vehicles in the second quarter, topping market estimates as price cuts and U.S. federal credits helped make its electric vehicles more affordable. The Elon Musk-led company handed 466,140 vehicles in the April to June period, up 10 percent from the preceding quarter, and 83…
UPS Hands Teamsters New Contract, Teamsters Respond With New Deadline
UPS and the International Brotherhood of Teamsters, which represents some 330,000 UPS delivery drivers and warehouse logistics workers, are back at the negotiation table. The teamsters had warned this that UPS needed to “exchange its last, best, and final offer no later than June 30″ or the drivers would walk away from negotiations. UPS returned with a…
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