ROME—U.S. President Joe Biden on Saturday urged major Group of 20 (G-20) energy producing countries with spare capacity to boost production to ensure a stronger global economic recovery as part of a broad effort to pressure OPEC and its partners to increase oil supply. With oil and gas prices surging, some energy-producing countries such as…
China’s Factory Activity Falls in October, Producer Price Soars to ‘Years High’
October 31, 2021
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Beijing said China’s factory activity shrank for a second month in October, putting it down to power shortages, high raw material prices, and soft domestic demand. Meanwhile, authorities said producer prices have risen to “years high.” Oct. 31 data from the National Bureau of Statistics (NBS) show China’s purchasing managers’ index (PMI) for the manufacturing sector…
China Publishes Rules for New Beijing Stock Exchange
October 31, 2021
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SHANGHAI—China published a set of rules for the newly established Beijing Stock Exchange on Saturday, moving a step closer toward the official launch of the market. The exchange was set up last month in the Chinese capital, complementing two other bourses in the business hub of Shanghai and the southern city of Shenzhen. The rules,…
Shaw Communications Clocks 2 Percent Revenue Growth in Q4 Due to Weaker ARPU
Shaw Communications Inc. (SJR) reported fourth-quarter FY21 revenue growth of 2.1 percent year-on-year to C$1.38 billion. Wireless revenue increased 9.2 percent Y/Y to C$321 million. Wireline revenue of C$1.06 billion was in-line with the prior year. The Wireless postpaid churn of 1.49 percent improved from 1.57 percent for the previous year. The average revenue per…
US, EU Reach Deal to Settle Rift Over Steel and Aluminum Tariffs
The United States and European Union (EU) have reached a deal to settle the rift over tariffs on steel and aluminum imports from the EU. National security adviser Jake Sullivan, U.S. Trade Representative Katherine Tai, and Commerce Secretary Gina Raimondo announced the agreement Saturday. The Article 232 tariffs won’t be removed entirely but some quantity…
Wealthy Americans Taking Action to Protect Portfolios Ahead of Biden’s Tax Hikes
October 30, 2021
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A new survey published by UBS Global Wealth Management found that a significant proportion of U.S. investors with at least $1 million in assets are taking action to get ahead of the tax changes proposed by the Biden administration as “their optimism in the economy wavers due to concerns about politics, potential tax increases, national debt,…
G20 Leaders Endorse Global Minimum Corporate Tax
October 30, 2021
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Treasury Secretary Janet Yellen has confirmed that leaders of the world’s 20 biggest economies (G20) have endorsed a “historic agreement” on new international tax rules, including a global minimum corporate tax. A senior White House official told reporters on Friday that G20 leaders would this weekend formalize their endorsement of a deal establishing a global minimum…
Wall Street Shakes Off Amazon, Apple Weakness to End Modestly Higher
October 30, 2021
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NEW YORK—U.S. stocks shook off early declines and closed out the last trading day of the month with modest gains on Friday as a rise in Microsoft helped offset declines in Amazon and Apple after disappointing quarterly earnings from the online retailer and iPhone maker. Microsoft Corp.’s shares closed at a record high of $331.62…
Elon Musk Gives Two Thumbs Down to Billionaire Tax Idea
The world’s richest man is not happy over the billionaire tax proposal being floated as a means to finance the Biden administration’s “Build Back Better” infrastructure agenda. What Happened Tesla Inc. CEO Elon Musk shared his displeasure over the proposed tax following a tweet by Washington Post reporter Christian Davenport, who observed that “Musk would…
Amazon Discloses 20 Percent Stake in EV Maker Rivian
October 29, 2021
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Amazon.com Inc., an early backer of Rivian Automotive, now owns about a fifth of the electric-truck maker, the e-commerce giant disclosed in a quarterly filing on Friday. Ford Motor Co., which has a strategic relationship with Rivian, removed a representative from the startup’s board earlier this month. At the end of the third quarter, Amazon…
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