Morning Bid: Back on the rate cut track
A look at the day ahead in European and global markets from Rae Wee European markets will be waking up to a fairly quiet session with London closed for a holiday and little on the economic calendar to stand in the way of the latest rate-cut rally. Inve...
1h ago
RBNZ must keep policy restrictive until inflation falls within target, OECD says
SYDNEY (Reuters) - The Organisation for Economic Co-operation and Development (OECD) said on Monday that New Zealand's monetary policy must remain restrictive until inflation is brought within the central bank's target range, and urged the governme...
1h ago
South Korea finds illegal stock short sales by seven more banks
SEOUL (Reuters) - South Korea's market watchdog said on Monday it had found breaches of short-selling rules by seven more banks in the domestic stock market as part of a full-scale investigation into trading practices at foreign investment banks. L...
2h ago
Asia shares rally on Fed cut bets; yen pares gains
By Rae Wee SINGAPORE (Reuters) - Asian stocks rose on Monday on renewed bets that the Federal Reserve would likely ease rates this year, while the yen weakened after a strong surge last week from Tokyo's suspected currency intervention. Trading was...
3h ago
Gasoline demand growth to slow this year on EV growth in China, U.S.
By Mohi Narayan NEW DELHI (Reuters) - Global petrol demand growth could halve in 2024, squeezing second-half refinery margins, analysts said, driven by a shift to electric cars in China and the United States and a return to normal consumption after...
4h ago
Dollar steady after soft US jobs report; yen starts week on back foot
By Ankur Banerjee SINGAPORE (Reuters) - The dollar was broadly steady on Monday as a soft U.S. jobs report boosted wagers that the Federal Reserve may still cut rates twice this year, while the yen was a tad weaker to start the week. The yen had cl...
5h ago
Qantas Airways faces $66 million court penalty for flight cancellations
(Reuters) -Australian flagship airline Qantas Airways said on Monday it reached a settlement agreement with the country's competition regulator under which it may be obliged to pay A$100 million ($66 million) civil penalty in a flight cancellation case...
7h ago
Australia's Westpac net profit falls 16%, announces additional $661 million buyback
(Reuters) -Australia's Westpac Banking Corp reported a 16% drop in its first-half net profit on Monday as intense lending competition and higher costs squeezed its margins. It also announced an increase of A$1 billion ($660.90 million) to an existing s...
8h ago
Atos board reported to be meeting Sunday to review takeover bids
PARIS (Reuters) - The board of French tech firm Atos was due to meet on Sunday evening to consider takeover offers, including one submitted by Czech businessman Daniel Kretinsky, Les Echos and Le Figaro reported. Atos, which secures communications ...
10h ago
Big Oil finds more to love in deepwater exploration fields
By Georgina McCartney HOUSTON (Reuters) - As Big Oil returns this week to the industry's annual showcase for offshore energy projects and equipment in Houston, deepwater discoveries off Guyana, Namibia and the U.S. Gulf Coast will take the spotligh...
15h ago
IMF says its mission will visit Pakistan this month to discuss new loan
By Ariba Shahid KARACHI (Reuters) - An International Monetary Fund mission is expected to visit Pakistan this month to discuss a new programme, the lender said on Sunday ahead of Islamabad beginning its annual budget-making process for the next fin...
16h ago
Gulf bourses end higher as Fed cut hopes rise
By Md Manzer Hussain (Reuters) - Stock markets in the Gulf ended higher on Sunday, led by the Qatar index, after slowing U.S. jobs growth in April raised hopes of early interest rate cuts by the U.S. Federal Reserve. The Labor Department's employme...
17h ago
Slowing global economy to mean smaller revenue bump in Australian budget
SYDNEY (Reuters) - Global economic weakness and a slowing domestic economy were among the reasons Australia will report a smaller revenue increase in its federal budget for the year ended June 30 compared to recent years, the government said on Sun...
17h ago
Berkshire's Brooks Running CEO sees China, Europe as growth areas
By Jonathan Stempel OMAHA, Neb. (Reuters) - The new chief executive of Brooks Running said the running shoe maker owned by Warren Buffett's Berkshire Hathaway views China and Europe as growth areas for a business that generates most revenue in the ...
19h ago
Saudi Arabia's non-oil business activity growth steady in April-PMI
DUBAI (Reuters) - Saudi Arabia's non-oil business activity grew at a steady rate in April despite a slowdown in new order growth, a survey showed on Sunday, with domestic demand driving output. The seasonally-adjusted Riyad Bank Saudi Arabia Purcha...
23h ago
United Auto Workers ratify contract with Daimler Truck
(Reuters) - Members of the United Auto Workers on Saturday ratified a new labor contract with Daimler Truck, the union said in a statement. The vote was 94.5% in favor of the new contract, which covers more than 7,300 hourly UAW workers and was agr...
May 05, 2024
Paramount bidders await word from special committee evaluating options
By Dawn Chmielewski (Reuters) - A special committee of the Paramount Global board charged with evaluating offers for the company met Saturday morning, though rival bidders for the studio are awaiting word on next steps. Paramount ended its exclusiv...
May 05, 2024
WestJet issues 72-hour lockout notification to its tech ops union AMFA
(Reuters) - Onex Corp's WestJet on Saturday said that it has issued a 72-hour lockout notification to its technical operations union Aircraft Mechanics Fraternal Association (AMFA). The company said that a work stoppage could occur as early as May...
May 04, 2024
Berkshire shareholders reject climate, diversity, China proposals
By Jonathan Stempel OMAHA, Nebraska (Reuters) - Berkshire Hathaway Inc shareholders on Saturday overwhelmingly rejected six proposals addressing environmental and social policy issues at Warren Buffett's conglomerate, all of which the billionaire i...
May 04, 2024
Warren Buffett says Berkshire sold entire Paramount holdings at a loss
NEW YORK (Reuters) - Warren Buffett said on Saturday Berkshire Hathaway sold its entire holding in Paramount at a loss, a decision he said was his sole responsibility. "It was 100% my decision and we've sold it all and we lost quite a bit of money,...
May 04, 2024
Warren Buffett says taxes may rise to offset widening US deficits
NEW YORK (Reuters) - Warren Buffett said he expects the U.S. government to increase taxes to tackle widening fiscal deficits rather than reduce spending. "I think higher taxes are likely," he said on Saturday at Berkshire Hathaway's annual sharehol...
May 04, 2024
Ping An votes against reappointment of HSBC CEO as director, Bloomberg News reports
(Reuters) - HSBC Holdings Plc's biggest Asian investor, China's Ping An Insurance Group Co, voted against the reappointment of departing chief executive Noel Quinn as a director at the bank's shareholder meeting, Bloomberg News reported on Saturday...
May 04, 2024
Buffett talks succession and Berkshire's future at annual meeting
(Reuters) - Warren Buffett took the stage at Berkshire Hathaway's annual meeting on Saturday, paying tribute to his longtime business partner Charlie Munger, outlining the expanded roles of the executives who are designated to eventually succeed hi...
May 04, 2024
Berkshire exec calls wildfire claims against utility 'unfounded'
NEW YORK (Reuters) - Berkshire Hathaway, the conglomerate led by Warren Buffett, will fight all lawsuits brought against its utility business due to wildfires as the cases are "unfounded," a top executive said on Saturday. Greg Abel, who is widely ...
May 04, 2024
Berkshire has record profit, cash soars to $189 billion as Apple stake sinks
OMAHA, Neb. (Reuters) - Berkshire Hathaway Inc posted a record quarterly profit on Saturday, boosted by strength in its insurance operations, and appears to have sold a significant number of Apple shares as its cash stake swelled to $189 billion. T...
May 04, 2024