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(Reuters) – Goldman Sachs raised its year-end target for the benchmark S&P 500 to 5,200, reflecting roughly a 4% upside from current levels, citing an improved earnings outlook for the index companies. The brokerage had previously projected the index to end 2024 at 5,100, before raising the forecast from 4,700 in December, on cooling inflation …

Goldman Sachs lifts 2024 S&P 500 target to 5,200 on upbeat profit outlook Read More »

By Casey Hall SHANGHAI (Reuters) – Shoppers visiting China’s island province of Hainan spent a record 2.49 billion yuan ($346.2 million) on duty-free goods over the eight-day Lunar New Year holiday, data from Haikou Customs showed. That represents a year-on-year rise of 60%, with the number of shoppers from Feb. 10-17 reaching more than 297,000, …

Spring festival spending on China’s duty-free island hits record Read More »

BEIJING (Reuters) – Chinese electric vehicle giant BYD on Monday launched a new version of its plug-in hybrid sedan Qin Plus DM-i with a lower starting price, doubling down on price cuts to stay competitive in the world’s largest auto market. The new model goes for a starting price of 79,800 yuan ($11,090), down 20% …

Chinese EV giant BYD launches new plug-in hybrid sedan with lower starting price Read More »

By Scott Murdoch and Sameer Manekar (Reuters) -Australian diversified investor Seven Group Holdings has offered A$1.9 billion ($1.24 billion) to take full control of building products group maker Boral in a bet Australia’s infrastructure spending boom will be maintained in coming years. Seven Group, headed by billionaire Kerry Stokes and his family, already owns nearly …

Australia’s Seven Group offers $1.2 billion for full control of Boral Read More »

(Reuters) -The European Union is set to fine Apple about 500 million euros ($539 million) over alleged breaches of EU competition law, the Financial Times reported on Sunday citing unnamed sources. The fine is expected to be announced early next month, the FT said. Last year, the European Commission accused Apple of distorting competition in …

EU poised to fine Apple about 500 million euros, FT reports Read More »

SYDNEY (Reuters) – Western Australia said on Saturday it would offer royalty relief to nickel producers in a bid to buoy the struggling industry, a day after the metal was classified as a “critical mineral”, paving the way for producers to access billions of dollars in cheap government loans. Australia wants to build a battery …

Western Australia offers royalty relief to struggling nickel producers Read More »

(Reuters) -Electric vehicle startup Fisker said on Friday it had received a non-compliance notice from the New York Stock Exchange as its stock had closed below $1 on average for 30 consecutive trading days. Failure to comply with the NYSE’s rules can lead to a delisting and companies typically use reverse stock splits to regain …

EV startup Fisker receives non-compliance notice from NYSE Read More »

(Reuters) -The Biden administration is in talks to award more than $10 billion in subsidies to Intel Corp, Bloomberg News reported on Friday, citing people familiar with the matter. Negotiations are underway, and Intel’s award package will likely include both loans and direct grants, according to the report. The U.S. Department of Commerce, which oversees …

US considering more than $10 billion in subsidies for Intel -Bloomberg News Read More »