Gold experienced a significant 1% surge on Friday, thanks in part to a weaker dollar and a surge in safe-haven purchases. The catalyst for this uptick in demand? The United Auto Workers union initiated strikes at three major automakers in Detroit. Additionally, optimism regarding a possible halt in U.S. interest-rate hikes provided further reinforcement for…
By Dawn Chmielewski, Kanjyik Ghosh and Dimpal Gulwani (Reuters) -Media entrepreneur Byron Allen has made a $10 billion bid to buy Walt Disney’s ABC television network and assets including the FX and National Geographic cable channels, a spokesperson for Allen said on Friday. Disney has also held exploratory discussions about selling ABC to regional TV…
By Nichola Groom (Reuters) – President Joe Biden’s goal to deploy 30,000 megawatts of offshore wind along U.S. coastlines this decade to fight climate change may be unattainable due to soaring costs and supply chain delays, according to forecasters and industry insiders. The 2030 target, unveiled shortly after Biden took office, is central to Biden’s…
By Jaiveer Shekhawat (Reuters) -Shares of Neumora Therapeutics, which is backed by Amgen and Japan’s SoftBank, fell in their market debut on Friday, giving the company a market capitalization of $2.51 billion. The Watertown, Massachusetts-based company debuted at $16.50 per share on the Nasdaq, below the offer price of $17 apiece. The ongoing surge in…
By Manya Saini, Niket Nishant and Echo Wang (Reuters) -Shares in SoftBank’s Arm Holdings soared almost 25% above their Nasdaq debut price on Thursday, rekindling investor hopes for a turnaround in the moribund market for initial public offerings (IPO). The stock, which had opened at $56.10, notched a 24.68% gain to close at $63.59, giving…
By Stephen Culp NEW YORK (Reuters) – U.S. stocks ended sharply higher and the greenback jumped on Thursday as robust economic data failed to budge expectations that the Federal Reserve will leave its key interest rate unchanged next week. The rally boosted a broad array of assets. All three major stock indexes ended higher, as…
Gold prices remained steady near a three-week low on Thursday, as the latest data on U.S. producer prices and retail sales sparked concerns about the prolonged period of higher U.S. interest rates. This scenario had a ripple effect, boosting the value of the dollar and bond yields. Around 1:47 p.m. EDT (1747 GMT), spot gold…
By Huw Jones LONDON (Reuters) – This year’s bank turmoil showed some boards and senior management failed in their most basic responsibilities and more regulatory guidance may be needed, a global watchdog said. A handful of banks with more than $1 trillion in assets, including Credit Suisse and Silicon Valley Bank, either collapsed or were…
By Dmitry Zhdannikov and Ron Bousso LONDON (Reuters) -BP CEO Bernard Looney’s abrupt resignation has thrown the British oil major into a leadership crisis with no groomed front-runner to succeed him, company and industry sources said on Wednesday. Several current and former BP insiders were seen as potential candidates to succeed Looney, who resigned as…
By Jeff Mason and Nandita Bose (Reuters) -President Joe Biden on Wednesday said Republicans wanted to impeach him because they want to shut down the government, hours after the White House denounced plans to launch an impeachment inquiry against the president. White House press secretary Karine Jean-Pierre called the inquiry a “political stunt” and said…