Financial Markets

Asia

China’s Alibaba promises to make life easier for smaller firms | Business and Economy News

Alibaba’s CEO Daniel Zhang says he does not expect any material impact from changes to its practice of forcing merchants…

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Africa

US Federal Reserve chair says economy at ‘inflection point’ | Banks News

The economy is about to ‘start growing more quickly’ even as COVID remains a risk, Powell says. Federal Reserve Chair…

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Asia

Two Korean firms end electric car battery row, averting US ban | Automotive Industry News

Two South Korean electric-vehicle battery makers reached a last-minute settlement in a bitter U.S. trade dispute, sparing President Joe Biden…

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Asia

Powell: Economy will not be confident until world is vaccinated | Banks News

Viruses do not respect borders, and until the world is fully vaccinated against the coronavirus, the global and United States…

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Africa

Foreign lenders cutting ties with Lebanon’s central bank: Sources | Banks News

Foreign lenders including HSBC and Wells Fargo are cutting ties with Lebanon’s central bank, sources familiar with the matter told…

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Asia

Climate disclosure could spark big investments: US climate envoy | Climate Change News

Requiring financial institutions and companies to disclose climate change risks will trigger huge shifts in capital investments around the world,…

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Africa

Erdogan says Turkey ‘determined’ to cut interest rates | Business and Economy News

Recep Tayyip Erdogan says Turkey is determined to bring inflation and interest rates down to single digits, after the lira…

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Asia

‘This boom could easily run into 2023’ says JPMorgan’s Dimon | Coronavirus pandemic News

Jamie Dimon said he’s optimistic the pandemic will end with a U.S. economic rebound that could last at least two…

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Asia

SPAC bubble trouble? Hong Kong, Singapore proceed cautiously | Financial Markets News

Hong Kong and Singapore are trying to get in on the boom in blank check company listings, while safeguarding investors…

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Latin America

Credit Suisse estimates Archegos loss at $4.7bn, shakes up board | Debt News

Credit Suisse Group AG on Tuesday announced an estimated loss of 4.4 billion Swiss francs ($4.7bn) from its relationship with…

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Asia

GameStop plans $1bn share sale after Reddit-fuelled rally | Business and Economy News

Video game retailer GameStop, darling of Reddit-fuelled day traders, has increased the value of new stock it may sell from…

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Africa

Dow hits new record as brightening outlook unleashes bulls | Business and Economy News

The Dow Jones Industrial Average and the broader S&P 500 were both in record territory on Monday as a blockbuster…

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Middle East

What’s behind the Bitcoin hype? | Start Here

Bitcoin is the most popular digital currency on the planet. Why? Credit

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Africa

Global stocks rise, spurred by surge in US employment data | Business and Economy News

Non-farm payrolls in the US surged by 916,000 last month, well above forecast, indicating a rise in economic activity. Global…

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Africa

Beyond Bitcoin: Ether breaks past $2,000 as crypto gains widen | Business and Economy News

The world’s second-largest cryptocurrency gained as much as 2.3 percent on Friday, having surged 170 percent this year alone. Ether,…

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Africa

Archegos Capital fallout may wipe $6bn from global banks: Report | Business and Economy News

Global banks may lose more than $6bn from the downfall of United States-based Archegos Capital, the Reuters news agency reported…

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Asia

US stocks hover near record highs as bank losses temper gains | Aviation News

United States stocks stabilised in afternoon trading Monday and hovered near the record highs they set last week, but losses…

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Asia

Hong Kong seen listing first ‘blank-cheque’ firm by year-end | Financial Markets News

Hong Kong is expected to have its own blank check company listing framework ready in June for public feedback and…

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Latin America

‘Tiger Cub’ stumble leaves banks with giant trading losses | Financial Markets News

He was a hot-shot disciple of the hedge-fund legend Julian Robertson — one of the stars to strike out on…

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Europe

Asian shares head higher, oil falls as Suez Canal ship re-floated | Energy News

Salvage teams have freed a container ship stuck in the crucial waterway since last week, blocking hundreds of vessels. Asian…

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Middle East

Sudan to access $2BN in World Bank grants after settling debts | Debt News

Sudan is still seeking relief from some $56bn in external debt owed to international financial institutions, official bilateral creditors and…

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Asia

WeWork revives plans to go public, this time with a SPAC deal | Business and Economy News

Office-sharing firm WeWork, valued as high as $47bn two years ago, will try again to go public, this time through…

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Africa

Fears of prolonged Suez Canal blockage drive oil prices higher | Financial Markets News

Salvage firm says giant ship blocking Suez Canal, among busiest channels for oil and fuels, could take weeks to free.…

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Asia

SPAC slump: ‘Blank check’ stocks dip on reports of SEC inquiry | Business and Economy News

The reason SPACs are known as ‘blank check’ firms is that they generally don’t have a merger target when they…

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Europe

Bitcoin selloff takes a bite out of cryptocurrency’s biggest fund | Crypto News

The Grayscale Bitcoin Trust free fall highlights the extent to which the latest leg of the retail-driven crypto craze is cooling.…

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Asia

Is liftoff of Cathie Wood’s new ARK Space ETF imminent? | Business and Economy News

Ark Investment Management’s new space ETF could debut as soon as the start of next week, based on regulatory filings,…

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Africa

Get in boats & go: Powell likens Fed’s COVID response to Dunkirk | Business and Economy News

Federal Reserve Chairman Jerome Powell compared the Fed’s actions taken in the early US pandemic days to British World War…

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Europe

Mastercard latest firm using pay to drive social, climate goals | Banks News

Executive vice presidents and above will be evaluated on how they contribute to progress on efforts to curb the firm’s…

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Africa

Shares of Reddit favourite GameStop fall as it mulls stock sale | Business and Economy News

Shares of Reddit-revered GameStop are under pressure after the video-game retailer said it is considering cashing in on its meteoric…

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Latin America

Fed to create committee to respond to climate change risks | Business and Economy News

US central bank will invest in research and modelling to get a handle on how climate events can threaten the…

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Africa

Bargain hunters stem brutal rout in Turkish stocks | Business and Economy News

Bargain hunters swooped in on Tuesday to pull Turkish stocks back from their worst two-day drop in 20 years –…

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Middle East

UAE to invest $10bn in Indonesia’s new sovereign wealth fund | Agriculture News

The funds will be used for infrastructure, tourism, agriculture and other ‘strategic sectors’, UAE’s state news said. The United Arab…

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Asia

Chinese search giant Baidu’s shares stage muted Hong Kong debut | Financial Markets News

Baidu Inc.’s stock offering in Hong Kong Tuesday marks an unlikely resurgence for founder Robin Li, who has fought his…

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Middle East

‘Highly volatile’: Powell’s not-so-cryptic warning on Bitcoin | Business and Economy News

The US Federal Reserve chairman warned that Bitcoin and other cryptocurrencies were ‘not really useful as a store of value’…

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Europe

Tesla jumps 6% as Ark Invest predicts $3,000 stock price by 2025 | Automotive Industry News

The asset management firm run by Cathie Wood also said Tesla’s electric vehicle revenue could reach $367bn by 2025. Shares…

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Europe

Tax the rich: Will Biden make good on his campaign promise? | Business and Economy News

President Joe Biden’s economic team at the White House is determined to make good on his campaign pledge to raise…

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Africa

Slump in gold prices draws shoppers across Asia | Business and Economy News

Retailers are snapping up more of the metal to cater to buyers who had been holding off their purchases for…

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Africa

G7 agrees to back IMF reserve boost to help poorer nations | Business and Economy News

The United Kingdom said the G7 agreed to support a ‘sizable’ increase to Special Drawing Rights, an internal currency used…

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Africa

Powell: ‘We’ll emerge from this crisis stronger and better’ | Banks News

Fed chief pens essay for WSJ reassuring that the US central bank will continue to do whatever it takes to…

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Europe

Asian stocks, oil prices fall sharply as inflation concerns mount | Financial Markets News

Investors fear a swift consumer demand rebound coupled with trillions of dollars in stimulus measures may drive up inflation. Asian…

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Asia

Is the world on the verge of a new commodities supercycle? | Business and Economy News

Rising commodity prices have bank analysts and strategists asking if resurgent demand for raw materials and insufficient supply will create…

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Africa

Lira surges after Turkey’s central bank hikes interest rates | Banks News

Turkey’s Monetary Policy Committee raised the one-week repo rate to 19 percent from 17 percent on Thursday. Turkey’s central bank…

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Middle East

Coinbase pegs valuation at $68bn ahead of landmark listing | Business and Economy News

Coinbase Global, the biggest US cryptocurrency exchange, says recent private market transactions value the firm at around $68bn. Coinbase Global…

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Europe

Climate concerns to crime: Bitcoin’s dark side draws scrutiny | Business and Economy News

Bitcoin’s latest rally to another all-time high north of $60,000 may have lost some steam this week, but its blistering…

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