By Gwladys Fouche OSLO (Reuters) -Norway’s $1.2 trillion sovereign wealth fund, the world’s largest, expects difficult market conditions in the time to come, affected by geopolitical events and inflation, its chief executive said on Tuesday. Inflation, already on the rise before the conflict in Ukraine, has continued to increase, while interest rates are still very…
By Benjamin Kellerman and Alicia Powell NEW YORK (Reuters) – Tesla Inc Chief Executive Elon Musk said on Monday he wants to expand the reach of Twitter beyond the current “niche” until most Americans use the social media platform. Musk has signed a deal to buy Twitter for $44 billion, raising questions among employees and…
By Ron Bousso and Shadia Nasralla LONDON (Reuters) – BP boosted its share buyback programme after net profit soared to its highest in more than a decade on strong oil and gas trading results, as the energy company took a $24 billion charge after exiting its operations in Russia. Soaring oil and gas prices in…
A look at the day ahead in markets from Sujata Rao. First Sweden, now Australia. Two central banks that had said they saw no need for rate hikes until 2023 or 2024 have eaten humble pie in the space of a week. Australia on Tuesday hiked rates by 25bp to 0.35%, a larger hike than markets had…
By Nick Carey LONDON (Reuters) – Over the last two years a series of unexpected events has scrambled global supply chains. Coronavirus, war in Ukraine, Brexit and a container ship wedged in the Suez Canal have combined to delay deliveries of everything from bicycles to pet food. In response, a growing group of startups and…
By Anshuman Daga and Selena Li SINGAPORE/HONG KONG (Reuters) -Shares in HSBC Holdings gained on Tuesday after its largest shareholder, Chinese insurance giant Ping An, urged a break-up of the London-headquartered bank in a bid to improve returns. Sources familiar with the situation said on Friday that Ping An had called on HSBC to look…
By Bharat Gautam (Reuters) – Gold prices dropped on Tuesday towards their lowest since mid-February, as an elevated dollar and an imminent interest rate hike by the U.S. Federal Reserve dampened bullion’s appeal as an inflation hedge. Spot gold was down 0.3% at $1,858.10 per ounce, as of 0510 GMT. Bullion fell more than 2%…
CANBERRA, Australia (AP) — Australia’s central bank on Tuesday lifted its benchmark interest rate for the first time in more than 11 years. The cash rate rose from 0.1% to 0.35% in a move potentially damaging to a government that will seek reelection on May 21. A rise was widely expected after official data released…
SYDNEY (Reuters) – Australia’s central bank on Tuesday raised its main cash rate by a surprisingly large 25 basis points to 0.35%, its first hike in more than a decade, and flagged further tightening to come as it runs down the curtain on pandemic stimulus. Wrapping up its May policy meeting, the Reserve Bank of…
HONG KONG (Reuters) – Alibaba shares fell as much as 9% on Tuesday after a state media report that Chinese authorities had taken action against an individual surnamed Ma, but recouped losses after those reports were revised to make clear it was not the company’s founder. State broadcaster CCTV first reported that authorities in the…
