Markets began a potential bottoming process on May 12. Support levels started to form in a sideways consolidating pattern. The fallout from the Fed’s rate hike a week earlier eased. Markets had aggressively corrected with the Nasdaq deep in bear territory and the S&P edging closer to the designation. Which direction do we go from…
By Aditya Kalra DAVOS, Switzerland (Reuters) – India’s Tata Steel is concerned New Delhi’s sudden decision to impose an export tax on some steel products could force it to review its production targets, if the levy remains in place for a long time, its CEO told Reuters on Tuesday. India imposed an export tax of…
By Shadia Nasralla and Ron Bousso LONDON (Reuters) – Shareholders backed Shell’s climate strategy in a meeting on Tuesday that was disrupted by dozens of climate protesters, while a climate activist proposal from the Follow This group received fewer votes than last year. It followed a Dutch court ruling in May 2021, telling the company…
By Devik Jain and Anisha Sircar (Reuters) – Wall Street’s main indexes fell on Tuesday, with the tech-heavy Nasdaq leading the slump, as a weak earnings forecast from Snapchat-owner Snap Inc added to nerves about an inflation-struck economy. Snap Inc plummeted 39.7%, dragging down several social media and internet stocks, after the company slashed its…
BRUSSELS (AP) — The contamination of fruits and vegetables produced in the European Union by the most toxic pesticides has substantially increased over the past decade, according to new research published Tuesday. The study by the Pesticide Action Network Europe group said European citizens have been exposed to a “dramatic rise” in both the frequency…
By Pete Schroeder WASHINGTON (Reuters) – U.S. bank profits dropped 6.5% in the first quarter of 2022 to $59.7 billion, as larger firms grew their loan loss provisions in response to heightened economic and geopolitical uncertainty, the Federal Deposit Insurance Corporation reported Tuesday. Bank profits were down 22.2% compared to the first quarter of 2021,…
Social media has had a rough 2022 with lingering questions about advertising spending, political ads and a $44 billion takeover of Twitter that may or may not be happening, depending on which Elon Musk tweet you read. Then late Monday Snap, which runs the Snapchat app that features vanishing messages and video special effects, issued…
By Francesco Guarascio and Jan Strupczewski BRUSSELS (Reuters) – The European Commission wants to make it easier to confiscate assets linked to serious illegal activities and suspected criminals, including those evading European Union sanctions against the Kremlin, according to a draft document seen by Reuters. The legislative proposal, due to be published on Wednesday and…
NEW YORK (AP) — Best Buy Co. posted first-quarter results that showed shoppers pulled back on spending, while higher costs ate into profits. The nation’s largest consumer electronics chain also cut its annual outlook, noting a deteriorating macro economic environment. Best Buy was among a handful of big winners in the pandemic, as shoppers splurged…
DAVOS, Switzerland (AP) — Kremlin critic Bill Browder wants governments to step up efforts to get to the riches squirreled away by Russian oligarchs and linked to President Vladimir Putin by forcing the accountants, lawyers and others who set up murky legal and financial structures to become whistleblowers. Browder, author of the nonfiction best-seller “Freezing…
