Goldman Sachs Group Inc. said it had been sued for alleged insider trading related to the Archegos meltdown earlier this year, flagging the lawsuits as potential legal risks in a filing on Monday. The lawsuits were filed by shareholders of three companies—Vipshop Holdings Ltd, GSX Techedu Inc., and Tencent Music Entertainment Group—and accuse the bank…
Goldman Flags Archegos-Related Lawsuits as Potential Legal Risks
November 1, 2021
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S&P 500, Nasdaq Open at Record High in a Big Week for Federal Reserve
November 1, 2021
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The S&P 500 and the Nasdaq indexes opened at record highs on Monday, led by gains in Tesla and energy stocks at the start of a week packed with economic data as well as the Federal Reserve’s potential move to slow down bond purchases. The Dow Jones Industrial Average rose 14.09 points, or 0.04 percent,…
Wall Street Mixed Ahead of Federal Reserve’s Policy Meet
November 1, 2021
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U.S. stock indexes eased from intraday record highs on Monday, dragged down by Microsoft and other mega-cap technology stocks, while data showed U.S. manufacturing activity slowed in October amid supply chain disruptions. All the major indexes had scaled new peaks earlier in the session, with the blue-chip Dow hitting 36,000 points for the first time….
Experts Fear Biden’s Global Minimum 15 Percent Tax Rate on Big Corporations Could Harm Small Businesses
November 1, 2021
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Experts are concerned that President Joe Biden’s new global minimum tax rate of 15 percent on large multinational business will harm the small businesses that support them. Treasury Secretary Janet Yellen confirmed on Saturday that leaders of the world’s 20 biggest economies (G-20) have endorsed the “historic agreement” on new international tax rules, including a global…
Amazon Workers in Germany to Strike for Better Pay
November 1, 2021
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BERLIN—Workers at some Amazon warehouses in Germany began strike action on Monday, services sector union Verdi said, as part of a long-running battle with the U.S. tech giant over better pay and working conditions. Germany is Amazon’s biggest market after the United States, and Verdi, a leading services sector union, has been organising strikes on…
Goldman Sachs Predicts Fed Will Raise Rates Faster Due to Persistent Inflation
Goldman Sachs has brought forward its forecast by a year to July 2022 for the first post-pandemic U.S. interest rate hike, with the investment bank predicting that persistently high inflation will force the Fed to roll back stimulus more aggressively. “The main reason for the change in our liftoff call is that we now expect…
Biden Hails US–EU Arrangement That Will Curb ‘Dirty’ Chinese Steel Imports
November 1, 2021
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President Joe Biden has hailed the joint global sustainable steel arrangement between the United States and European Union that would ease some tariffs on steel and aluminum and curb “dirty” Chinese steel imports, calling it a “new era of trans-Atlantic cooperation.” In a joint address at an Oct. 31 press conference in Rome with European Commission President Ursula von der…
Biden Hails Arrangement Between US and EU That Will Curb ‘Dirty’ Chinese Steel Imports
November 1, 2021
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President Joe Biden on Sunday hailed the joint global sustainable steel arrangement between the United States and European Union that would ease some tariffs on steel and aluminium, and curb “dirty” Chinese steel imports, calling it a “new era of transatlantic cooperation.” In a joint address at a press conference in Rome with European commission President Ursula von der Leyen,…
Oil Drops on China Fuel Reserves Release; OPEC+ Meeting in View
November 1, 2021
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TOKYO—Oil prices dropped on Monday as China’s release of gasoline and diesel reserves eased concerns over tight global supply, while investors cashed in ahead of a Nov. 4 meeting of major crude producers that could increase future production targets. Brent crude futures dropped 46 cents, or 0.6 percent, to $83.26 a barrel by 0746 GMT,…
Wall Street Rally, Japan Election Drive Asian Shares Higher
November 1, 2021
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Stocks advanced in Asia on Monday, with Tokyo’s benchmark up 2.2 percent after the ruling Liberal Democrats won a stronger than expected majority in an election Sunday. Shares rose in all regional markets except Hong Kong. The regional gains followed further milestones on Wall Street, where the three major indexes set records. The S&P 500…
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