By John McCrank NEW YORK (Reuters) – The safe-haven dollar edged higher on Tuesday, erasing earlier losses as risk appetite dwindled ahead of key inflation figures that could offer clues on how aggressive the Federal Reserve will be in its expected interest rate hike in September. The dollar index, which measures the currency’s value against …
Dollar edges higher as traders await U.S. inflation report Read More »
By Sam Nussey TOKYO (Reuters) – SoftBank Group Corp is accelerating asset sales after its flagship Vision Fund unit booked nearly $50 billion in losses in just six months, but Chief Executive Masayoshi Son faces narrowing options and slumping valuations, analysts said. Son said on Monday that he is in discussions to sell asset manager …
SoftBank steps up asset sales from sinking portfolio Read More »
By Medha Singh and Anisha Sircar (Reuters) – Hong Kong-based fintech firms AMTD Digital, Magic Empire Global and Top Financial Group tumbled on Tuesday after a meteoric rally this month that was reminiscent of last year’s meme-stock frenzy. The obscure companies have recorded eye-watering gains just days after their U.S. market debuts, with AMTD Digital …
Hong Kong-based fintech firms tumble after dizzying rally Read More »
By Chavi Mehta (Reuters) – Micron Technology cut its current-quarter revenue forecast on Tuesday and warned of a negative free cash flow in the coming three months as customer inventories pile up amid waning demand for chips used in PCs and smartphones. The dismal forecast comes a day after Nvidia warned of weakness in its …
Micron’s warning of weak demand rattles chip stocks Read More »
By Bianca Flowers (Reuters) -Taiwan’s Foxconn, the world’s largest contract electronics maker, on Tuesday said it will build driverless electric tractors for California-based Monarch Tractor at its Lordstown, Ohio, facility starting in early 2023. The announcement comes as heavy machinery manufacturers, including Deere & Co and Georgia-based AGCO, set their sights on the electric vehicle …
Foxconn to build autonomous electric tractors at Ohio facility Read More »
By David Shepardson and Jeff Mason WASHINGTON (Reuters) -President Joe Biden on Tuesday signed a landmark bill to provide $52.7 billion in subsidies for U.S. semiconductor production and research and to boost efforts to make the United States more competitive with China’s science and technology efforts. “The future is going to be made in America,” …
Biden signs bill to boost U.S. chips, compete with China Read More »
BEIJING (Reuters) – Unity Software Inc, the U.S. developer whose software is used in video games like Tencent Holdings’ “Honor of Kings”, said on Tuesday it had struck a deal to create a joint venture with multiple partners, valued at $1 billion, from its China business. The announcement follows an exclusive Reuters report last week …
U.S. game software developer Unity to set up China JV for expansion Read More »
By Samuel Shen, Carolina Mandl and Rachael Levy SHANGHAI/NEW YORK (Reuters) – Billionaire hedge fund manager Ray Dalio’s huge popularity in China has not only drawn local investors flocking to his funds but also spawned home-grown challengers using his “All Weather” strategy and brand to try to beat him at his own game. Now, the …
Bridgewater pushes back against Chinese ‘All Weather’ copycats Read More »
By Tom Wilson LONDON (Reuters) – Shares slipped and the dollar hung off recent highs on Tuesday as investors eyed U.S. inflation data due a day later that will likely yield clues to any further aggressive Federal Reserve rate hikes. The stakes are high for the July U.S. consumer prices report on Wednesday after an …
Stocks stumble as caution reigns ahead of U.S. inflation data Read More »
TOKYO (Reuters) – Japan’s second-biggest oil refiner Idemitsu Kosan Co on Tuesday raised its annual profit forecast by 70% after reporting record first-quarter earnings, buoyed by higher prices of oil and thermal coal. Like global energy companies, Idemitsu has benefited from stronger crude oil prices, which translate into higher prices for refined products and increased …
Idemitsu lifts annual profit forecast on higher oil and coal prices Read More »
