HONG KONG (Reuters) -The Hong Kong Monetary Authority (HKMA) cut by 25 basis points on Friday its base rate charged via the overnight discount window, to 5.0%, tracking a move by the U.S. Federal Reserve. The Asian financial hub’s monetary policy moves in lock-step with the United States as its currency is pegged to the greenback in a tight range of 7.75 to 7.85 a dollar. “The pace of future rate cuts remains uncertain as it is subject to U.S. economic data, which will be influenced by fiscal, economic and trade policies,” the HKMA said in a statement. The Fed…
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Russell Hardy, chief executive officer of Vitol Services Ltd.Bloomberg | Bloomberg | Getty ImagesSINGAPORE — Vitol is eyeing the metals market with global petroleum demand expected to peak in a decade, signaled Russell Hardy, CEO of Vitol, the world’s largest independent energy trader.”The petroleum, the oil business, we still think it will reach a peak at some point, about 10 years ahead from where we are today,” Hardy said on Thursday at the Financial Times Commodities Summit in Singapore. In contrast to the eventual decline of the crude industry, metals business is going to witness a “great deal of growth through…
I’m searching for the best S&P 500 shares and funds to buy if I have spare cash to invest this month. Here are two I think could deliver exceptional long-term returns. A top stock The buzz around artificial intelligence (AI) has powered the S&P 500 through the roof over the past year. The likes of Nvidia, Microsoft and Alphabet have all risen on early signs of success in this new tech frontier. However, I haven’t been tempted to buy these shares due to their whopping valuations. I’m concerned their high price-to-earnings (P/E) multiples could prompt sharp price reversals if confidence…
ARGUMENT ANALYSIS By Ronald Mann on Nov 7, 2024 at 12:12 pm Facebook first learned that Cambridge Analytica had used a personality test app to harvest tens of thousands of users’ data in 2015. (Katie Barlow) The justices heard arguments Wednesday in Facebook v. Amalgamated Bank, their first securities case of the year. The case involves the 2015 Cambridge Analytica-Facebook data breach, and considers whether Facebook’s disclosures to investors before the breach was public improperly downplayed the risks that data breaches posed to the company and its stock price. Shareholders sued Facebook in 2018 after they learned that Cambridge Analytica…
Amazon is reportedly in talks to make a second multibillion-dollar investment in artificial intelligence (AI) startup Anthropic, mirroring its initial $4 billion deal from March 27. As reported Thursday (Nov. 7) by The Information’s Anissa Gardizy, this deal could have a catch. The report said Amazon is pushing for Anthropic to use a significant number of servers powered by Amazon’s own AI chips, known as Trainium. This request comes as Anthropic currently prefers using Amazon servers equipped with Nvidia-designed AI chips. The final investment amount, The Information says, could hinge on the number of Amazon chips Anthropic agrees to incorporate,…
By Steve Holland and Alexandra Ulmer WEST PALM BEACH, Florida (Reuters) – President-elect Donald Trump on Thursday announced that Susie Wiles, one of his two campaign managers, will be his White House chief of staff, entrusting a top position to a political operative who helped the Republican win election. The appointment was the first of what is expected to be a flurry of staffing announcements as Trump girds for a return to the White House on Jan. 20. As gatekeeper to the president, the chief of staff typically wields great influence. The person manages White House staff, organizes the president’s…
HONG KONG (AP) — Asian shares advanced Friday after most U.S. stocks rose as the Federal Reserve cut interest rates again to ease pressure on the economy. Oil prices fell while U.S. futures edged higher. Regional investors were watching for much-anticipated steps by Beijing to rev up the slowing Chinese economy as the top body of the national legislature wrapped up a meeting this week. “If Beijing delivers, we might see a powerful rally ripple through the region as investors gear up for a fresh surge in market momentum,” Stephen Innes of SPI Asset Management said in a commentary. Hong…
TORONTO, Nov. 07, 2024 (GLOBE NEWSWIRE) — Clip Money Inc. (TSX-V: CLIP) (Clip or the Company), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce that is has entered into an advisory services agreement with Oak Hill Financial Inc. (Oak Hill) for the purpose of facilitating certain investor relations services to be provided to the Company by Oak Hill. Oak Hill is based in Toronto, Ontario and provides comprehensive investor relations services to public and private companies across a variety of different sectors. Oak Hill will be assisting the Company with investor outreach and…
(Reuters) – Allegiant Air’s pilots have voted in favor of authorizing a strike action if the carrier fails to reach a fair agreement, the Teamsters union said on Thursday. The union, which represents 1,300 pilots of the low-cost U.S. carrier, said 97.4% of the Allegiant Air pilots voted for authorizing a strike. “Allegiant pilots are some of the most overworked and underpaid in the airline industry,” the union said in a statement, adding that they are seeking industry-standard compensation and improvements to scheduling. Teamsters said the union and Allegiant are currently in mediation sessions conducted by the federal National Mediation…
The Paradox of Debt: A New Path to Prosperity without Crisis. 2023. Richard Vague. University of Pennsylvania Press. In 2004, Vice President Dick Cheney drew no small amount of derision when he opined that “[President Ronald] Reagan proved that deficits don’t matter.” Richard Vague suspects that Cheney may well have been right. In The Paradox of Debt: A New Path to Prosperity without Crisis, Vague — banker, venture capitalist, and Pennsylvania’s secretary of banking and securities — goes a long way toward making the case. The postcard version of the book’s “paradox” stipulates that without debt there can be no…