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Bitcoin set for worst week in nearly a year on Mt. Gox liquidation fears

5 Jul 2024

NEW YORK/SINGAPORE/LONDON (Reuters) -Bitcoin was set for its biggest weekly fall in nearly a year on Friday, as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox and further selling by leveraged players after the cryptocurrency’s strong run. The price of the world’s largest cryptocurrency slid as much as 8% …

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China steps up pressure with EU brandy probe hearing as EV tariffs begin

5 Jul 2024

By Joe Cash BEIJING (Reuters) -China announced the next step in its anti-dumping investigation into European brandy imports on Friday, ramping up tension on the day the European Commission’s provisional tariffs on Chinese-made electric vehicles take effect. Ahead of the bloc confirming tariffs of up to 37.6% on Chinese-made EVs on Thursday, a commerce ministry …

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Australian court rules PayPal unit used unfair term in small business contracts

5 Jul 2024

(Reuters) -Australia’s federal court has found that PayPal’s local unit used an unfair term in its standard contracts with small business customers who overlooked errors in overcharging, the country’s securities regulator said on Friday. The court found the term was unfair because customers who did not bring the overcharging errors to PayPal’s notice within 60 …

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US judge partially blocks FTC ban on worker noncompete agreements

5 Jul 2024

By Daniel Wiessner (Reuters) -A federal judge in Texas on Wednesday partially blocked a U.S. Federal Trade Commission rule from taking effect that would ban agreements commonly signed by workers not to join their employers’ rivals or launch competing businesses. U.S. District Judge Ada Brown in Dallas said in a written decision the FTC, which …

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Morning Bid: Starmer’s steady start

5 Jul 2024

A look at the day ahead in European and global markets from Tom Westbrook Markets are greeting Britain’s first Labour prime minister since Gordon Brown with a steady hand, which after rollercoaster years will be a window of opportunity for an economic reset. Indeed the election landslide, set to deliver Labour under Keir Starmer a …

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How Raiffeisen’s bet on Russia took it to the brink

5 Jul 2024

By John O’Donnell VIENNA (Reuters) -For more than four months, U.S. envoys delivered increasingly shrill warnings to Austria’s Raiffeisen Bank International to scrap a deal they said had links to one of Russia’s most powerful oligarchs. In May, Washington’s patience snapped. In a written ultimatum that landed on May 8 at the bank, its supervisor …

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Saks owner to buy luxury retailer Neiman Marcus in $2.65-billion deal

4 Jul 2024

(Reuters) -Saks Fifth Avenue parent HBC will acquire department-store chain Neiman Marcus in a $2.65-billion deal, the companies said on Thursday, giving them stronger negotiating power with vendors and greater ability to control costs. The deal comes with luxury retailers battling slowing demand as high interest rates and inflation force customers to crimp budgets, following …

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Trump presidency would cause spike in US bond yields, says Edmond de Rothschild investment boss

4 Jul 2024

By Nell Mackenzie LONDON (Reuters) – A win for Donald Trump in the U.S. presidential election in November would herald a spike in long-term U.S. Treasury yields, said Edmond de Rothschild Asset Management’s Chief Investment Officer Benjamin Melman on Thursday. Trump’s approach on taxes and immigration would put pressure on the U.S. labour market and …

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Jeff Bezos to sell Amazon shares worth about $5 billion after stock hits record high

4 Jul 2024

(Reuters) – Amazon founder and executive chair Jeff Bezos is planning to sell almost $5 billion worth of shares in the e-commerce giant, a regulatory filing showed, after its stock hit a record high. The proposed sale of 25 million shares was disclosed in a notice filed after market hours on Tuesday. The stock had …

Jeff Bezos to sell Amazon shares worth about $5 billion after stock hits record high Read More »

Ericsson shares fall after another $1 billion Vonage impairment charge

4 Jul 2024

By Supantha Mukherjee STOCKHOLM (Reuters) – Telecom equipment maker Ericsson has recorded another billion-dollar impairment charge for its acquisition of cloud communications firm Vonage in 2021, sending its shares down 2% in early trade. Dubbed as one of its largest deals in history, Ericsson splurged $6.2 billion in cash to buy Vonage to help it …

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