By Melanie Burton, Scott Murdoch and Divya Rajagopal (Reuters) -U.S.-based Newmont Corp’s $16.9 billion offer for Newcrest Mining Ltd would create a gold mining behemoth, but investors and analysts said the offer may be too low in the wake of a leadership change at the Australian company. Already the world’s largest gold producer by market…
By Steve Scherer and Fergal Smith OTTAWA/TORONTO (Reuters) – China’s rapid reopening is likely to fuel demand for commodities produced in abundance by Canada, potentially helping Canada’s economy avoid a recession as long as it does not also force up inflation and spur further interest-rate hikes. The Bank of Canada last month hiked its key…
(Reuters) – Shares of C3.ai Inc, BigBear.ai and SoundHound AI extended a rally on Monday as artificial intelligence becomes a new buzzword on Wall Street with the viral success of ChatGPT chatbot, attracting interest from retail punters. Software firm C3.ai rose 11%, analytics firm BigBear.ai jumped nearly 21% and conversation artificial intelligence company SoundHound surged…
MOSCOW (Reuters) – Russian President Vladimir Putin on Monday approved the sale of Mercedes-Benz’s local financial services division to Russian car dealer Avtodom, nudging the German automaker closer towards fully offloading its Russian assets. Mercedes-Benz suspended production at its factory in Russia and halted exports to the country last March, and said in October it…
By Nell Mackenzie and Carolina Mandl LONDON/NEW YORK (Reuters) -Hedge funds betting against stocks globally abandoned those trades last week at the fastest pace since 2015, surpassing the speed of their exodus from the meme stock frenzy two years ago, according to a Goldman Sachs research note. The latest short squeeze, implying that stock prices…
By Joanna Plucinska LONDON (Reuters) -Global airline traffic recovered to 68.5% of pre-pandemic levels last year and surged 64.4% from 2021, according to figures published by global aviation body IATA on Monday. Airlines lost tens of billions of dollars in 2020 and 2021 due to the COVID-19 pandemic and saw the first signs of relief…
By Andrea Shalal WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Monday said she saw a path for avoiding a U.S. recession, with inflation coming down significantly and the economy remaining strong, given the strength of the U.S. labor market. “You don’t have a recession when you have 500,000 jobs and the lowest unemployment rate…
By Noah Browning LONDON (Reuters) -Oil prices rose on Monday from an 8% drop last week on supply concerns, but was still trading near three-week lows, driven by worries that slower growth in major economies may limit fuel use. Brent crude futures rose 37 cents, or 0.5, to $80.31 a barrel at 1218 GMT, while…
(Reuters) – Abbvie will lift a self-imposed $2 billion limit on acquisitions and mergers placed following a $63 billion deal for Botox maker Allergan in 2020 that shot up its debt, the company’s chief executive officer told the Wall Street Journal. Chief Executive Officer Richard Gonzalez said the company now has the capacity “to do…
(Reuters) – Chevron Corp has opened talks with Algeria to allow the U.S. oil firm to undertake energy exploration in the North African country, the Wall Street Journal reported on Monday. Chevron has sent representatives in government relations, security and business development to Algiers, some of whom have met Algerian officials, the report added, citing…
