By John O’Donnell, Tom Sims and Christoph Steitz FRANKFURT/BERLIN (Reuters) – A political crisis at home threatens further pain for Germany’s car, banking and energy industries, as they grapple with an increasingly hostile world following the election of Donald Trump and trade tensions with China. Germany is bracing for months of uncertainty after its governing three-party coalition crumbled following a series of disputes, most recently on how to jump-start its flagging economy, Europe’s biggest. Its second-largest lender, Commerzbank (ETR:), had been looking to Berlin to shield it from an unwanted takeover by an Italian rival, while industry was hoping for…
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(Reuters) – Icahn Enterprises LP (IEP) plans to raise its stake in U.S. oil refiner CVR Energy by more than 20%, the Wall Street Journal reported on Thursday. The company, a controlling shareholder of the oil refiner, plans to raise its stake in CVR to more than 81% by buying an additional 15 million shares, the report said, citing draft statements that billionaire activist investor Carl Icahn and his firm plan to release on Friday. The new offer will benefit stockholders from cashing out at a premium, WSJ reported, quoting Icahn from the draft statement. To fund this and other…
(Reuters) – This year’s U.N. climate conference in Baku, Azerbaijan, marks the world’s 29th leadership gathering to confront global warming since the first “Conference of the Parties” in 1995. Here are some of the most significant moments in the history of climate talks: 1800s – For about 6,000 years before the industrial era, global levels of atmospheric carbon dioxide (CO2) remained around 280 parts per million (“ppm”). Several European scientists begin studying how different gases trap heat, and in the 1890s Svante Arrhenius of Sweden calculates the temperature effect from doubling atmospheric CO2 levels, demonstrating how burning fossil fuels…
Image source: Rolls-Royce Holdings plc The Rolls-Royce (LSE:RR) share price is up 148% over the past 12 months, defying the wildest expectations of many investors. The company’s rebound from potential bankruptcy has been impressive to say the least. But that’s in the past. Investors are asking themselves whether the FTSE 100 share price can really go any higher. Well, experts covering the stock suggest it can. Let’s take a closer look. Finding fair value Analysts — of which there are 17 of them — covering Rolls-Royce hold a broadly positive view on the stock. That’s indicated by eight Buy ratings,…
Investing.com – Italy stocks were higher after the close on Thursday, as gains in the , and sectors led shares higher. At the close in Milan, the added 0.13%. The best performers of the session on the were Iveco Group NV (BIT:), which rose 10.73% or 0.99 points to trade at 10.20 at the close. Meanwhile, Banco Bpm SpA (BIT:) added 8.97% or 0.57 points to end at 6.88 and Interpump Group (BIT:) was up 5.96% or 2.44 points to 43.36 in late trade. The worst performers of the session were Prysmian SpA (BIT:), which fell 3.77% or 2.38 points…
Jack Dorsey’s Block is scaling back its investment in TIDAL, the music streaming platform once owned by Jay-Z, according to a shareholder letter on Thursday. Block is also shutting down TBD, a Bitcoin-focused arm of the business that previously set out to build a decentralized internet, dubbed “Web5.” These cuts will free up the company to invest in Bitcoin mining and its crypto wallet. “We are scaling back our investment in TIDAL and winding down TBD,” said Block in the letter. “This gives us room to invest in our bitcoin mining initiative, which has strong product market fit and a…
Investing.com– Bitcoin rose on Friday and remained close to record highs hit this week as a Donald Trump victory in the 2024 presidential election and an interest rate cut by the Federal Reserve kept crypto markets upbeat. The world’s largest cryptocurrency rallied to record highs this week amid optimism over friendlier U.S. regulations during a second Trump presidency. The Fed’s interest rate cut on Thursday added to this rally, as the bank signaled that the U.S. economy remained strong, and that it will likely ease monetary policy further. rose 1.6% to $75,980.3 by 00:20 ET (05:20 GMT). Bitcoin remains upbeat…
iStock; Rebecca Zisser/BI Stock market valuations are near generational highs, Stifel’s Barry Bannister says. Bannister predicts the S&P 500 could rise to the low-6,000s before plummeting back down. He said the market is a “mania” with valuations near 80-year highs. The stock market is “entering Crazy Town” as valuations creep toward generational highs, Stifel’s chief equity strategist Barry Bannister said on Thursday. His comments come a day after the stock market soared to record highs following Donald Trump’s election win, with the Dow Jones surging more than 1,500 points and the Nasdaq gaining nearly 3%. Bannister said current market valuations…
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…
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…