Category: Economy
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Exclusive-Hedge fund Palliser urges changes at Samsung C&T -sources
By Svea Herbst-Bayliss (Reuters) -Activist investor Palliser Capital is urging Samsung C&T (SCT) to spend its cash better, improve governance and communications and simplify its corporate structure to boost its share price, said three sources familiar with the matter. The London-based hedge fund has suggested SCT consider making a number of potential changes that could…
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Canada’s trade surplus grows more than expected in October
By Ismail Shakil OTTAWA (Reuters) -Canada recorded a larger-than-expected trade surplus of C$2.97 billion ($2.19 billion) in October, as exports rose marginally but imports slumped, Statistics Canada said on Wednesday. Analysts in a Reuters poll had forecast a C$1.60 billion surplus. September’s surplus was downwardly revised to C$1.1 billion from C$2.04 billion initially reported. Total…
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Alecta to lead class action against First Republic Bank
COPENHAGEN (Reuters) – Swedish pension fund Alecta said on Tuesday it had been appointed by a U.S. court to lead a class action against First Republic Bank aimed at recovering as much capital as possible that investors lost when the bank collapsed earlier this year. U.S. regulators on May 1 seized First Republic Bank and…
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USDA opens applications for $300 million to help exporters break into new markets
By Andrea Shalal WASHINGTON (Reuters) – The U.S. Department of Agriculture on Wednesday said it would start accepting applications for an initial $300 million in funding to help U.S. agricultural exporters break into new markets outside China, Canada, Mexico and the European Union. Agriculture Secretary Tom Vilsack will make the announcement during a meeting of…
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Global firms rush to buy Alipay’s stake in India’s Zomato
(Reuters) – Global money managers and banks ranging from Vanguard to Goldman Sachs as well as the Singapore government rushed to grab a slice of Zomato after Chinese payments group Alipay offloaded its entire 3.44% stake in the Indian food delivery platform. Earlier on Wednesday, Alipay launched a $400 million stake sale in Zomato through…
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Affirm extends rally on Cyber Monday boost as BNPL lending surges
By Medha Singh, Chibuike Oguh and Hannah Lang (Reuters) -Shares of “buy now, pay later” provider Affirm Holdings extended a rally on Tuesday following a rating upgrade and data showing that more price-conscious shoppers turned to BNPL services to fund Cyber Monday purchases. Record sales of $12.4 billion on one of the country’s busiest shopping…
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US consumers worry inflation will pick up again, UMich survey finds
(Reuters) -U.S. consumers’ inflation expectations rose for a second straight month in November despite growing signs that price increases are in fact slowing, according to a survey released Wednesday that may create some worry for Federal Reserve policymakers. American households see inflation accelerating to 4.5% over the next year, up from 4.2% in October and…
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Big investors say US markets rally could prove short-lived
By Carolina Mandl, Svea Herbst-Bayliss and David Randall NEW YORK (Reuters) -The recent rally that has lifted U.S. stocks and bonds is more of a year-end rebound than a turning point, according to big money managers, who see fiscal and monetary policies, next year’s presidential election and recession fears as likely to start weighing on…
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Germany considers suspending debt brake as coalition cracks show
By Markus Wacket and Andreas Rinke BERLIN (Reuters) -German Economy Minister Robert Habeck on Monday criticised sticking to what he called the country’s “inflexible” debt brake and took a swipe at Finance Minister Christian Lindner on prospective subsidy cuts, saying it was “all just talk”. The comments laid bare strains in Chancellor Olaf Scholz’s ruling…
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‘Can’t buy new jeans’: Argentina inflation hits 143% as shoppers tighten belts
By Miguel Lo Bianco and Claudia Martini BUENOS AIRES (Reuters) -Hard-up Argentines, tightening their purse strings with inflation topping 140%, are increasingly turning to second-hand clothing markets, both to find affordable apparel and raise extra cash from selling old garments. The South American nation, the region’s No. 2 economy and a major grains exporter, is…