A casting of Rodin’s legendary sculpture called ‘The Thinker’ recently sold at auction in Paris for $11.14 million.
Canadian employees saw their incomes increase by 14.3% in 2021
Two of the Federal Reserve's most hawkish policymakers on Thursday said they favored another 75-basis-point interest rate increase at the U.S. central bank's policy meeting this month, not the bigger rate hike traders had raced to price in after a report Wednesday showed inflation was accelerating. The remarks from Fed Governor Christopher Waller and St. Louis Fed President James Bullard hit home, with markets swiftly reversing course to reflect the pair's preference, though still assigning about a 45% chance to a full percentage-point rate hike. Waller, speaking at the Rocky Mountain Economic Summit in Victor, Idaho, said he would lean toward a larger hike if incoming data on retail sales or housing shows demand is not slowing fast enough to bring inflation down, or if inflation expectations worsened.
COLOMBO, Sri Lanka (AP) — Sri Lanka's prime minister was sworn in Friday as interim president until Parliament elects a successor to Gotabaya Rajapaksa, who fled abroad and resigned after mass protests over the country’s economic collapse. Lawmakers were to convene Saturday to begin choosing a new leader who would serve the remainder of Rajapaksa's term, which ends in 2024. A tenuous calm returned to the capital of Colombo on Thursday after protesters who had occupied government buildings retrea
COPENHAGEN/STOCKHOLM (Reuters) -Telecom firm Ericsson has received clearance from the U.S. national security panel to complete a $6.2-billion acquisition of cloud communications firm Vonage, the Swedish company said on Friday. In the largest acquisition in its history, Ericsson agreed to buy Vonage in November, seeking to diversify revenue streams and protect itself against the cyclical nature of wireless mobile spending. However, last month it said the closing of the acquisition was delayed to the end of July from the first half of the year, due to a pending investigation by the Committee on Foreign Investment in the United States (CFIUS).
The value of deals struck in the first half of 2022 dropped to $144.2 billion, due to an ongoing stock market rout driven by fears of a looming recession, raging inflation and aggressive rate hikes, from $158.2 billion over the same period last year. The pace of VC activity is also expected to slow in the second half of 2022 as the threshold for closing deals rises and pricing uncertainty extends to the early stages of the investment cycle. "Exits remain extremely low while late-stage companies act with caution as a result of bearish public market activity," said John Gabbert, founder and chief executive of PitchBook.
Acronym Solutions (formerly Hydro One Telecom) today announced the launch of Session Initiation Protocol (SIP) Trunking, a managed voice and data service that streamlines telephone connectivity for businesses.
Securities regulators have a crucial role to play in ensuring public confidence in the integrity and efficiency of our capital markets
Woke employers will fall particularly far if their policies are viewed as a mirage by a judge or tribunal
Musk, who has over 100 million followers on Twitter, was replying to a tweet on Friday that asked if the company had any plans to lower prices that it had raised to beat the pandemic and supply chain woes. "If inflation calms down, we can lower prices for cars," Musk said in a tweet. Tesla has raised car prices a number of times in the past few months by a few thousand dollars as costs of raw materials for aluminum to lithium used in cars and batteries surge, while automakers struggle to source chips and other supplies due to an industry-wide shortage.
Production at U.S. factories dropped for a second straight month in June as output of motor vehicles and a range of other goods declined, suggesting that higher interest rates were hurting the manufacturing sector. Manufacturing output fell 0.5% last month, matching the decline in May, the Federal Reserve said on Friday. Economists polled by Reuters had forecast factory production would slip 0.1%.
Canada's resource-heavy stock index rose on Friday on the back of strength in energy shares, but was on track for a weekly loss as investor worries deepened over a possible economic slowdown. At 10:06 a.m. ET (14:06 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 37.45 points, or 0.2%, at 18,366.51. Still, the S&P/TSX index was headed for a weekly loss of 3.5%, which would be its biggest in a month, after the Bank of Canada's jumbo rate hike on Wednesday pummeled financial stocks.
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Barclays is seeking a Chinese banking partner to set up an asset management joint venture in the country, two people with knowledge of the matter said, as part of British lender's plans to expand its footprint in the world's second-largest economy. Barclays' majority-owned China asset management venture will be set up via its unit Barclays Investment Managers (BIM), which currently has operations in Europe and Japan, the people said. If successful, Barclays will join a string of other Western financial firms who have started or are in the process of launching operations in China's lucrative $4.3 trillion bank-dominated asset management market.
STOCKHOLM (Reuters) -Ericsson, the Swedish telecoms equipment firm facing bribery investigations, reported a rise in second-quarter core earnings on Thursday that missed expectations as margins were hit by higher component and logistics costs. The stock has lost about a third of its value since February, when Ericsson disclosed improper payments in Iraq stretching back to at least 2011. It was also hit by patent disputes, including with Apple, that cut its high-margin royalty revenue by 900 million Swedish crowns ($85 million).
BRUSSELS (AP) — Russia's war in Ukraine is expected to wreak havoc with the European Union's economic recovery for the foreseeable future with lower annual growth and record-high inflation, the bloc's economic forecast showed Thursday. The summer figures for the 19 nations using the euro have set inflation to reach an average of 7.6% this year, a major increase from its May expectation of 6.1%. Last month, consumer prices surged 8.6% from a year earlier. Expectations for economic growth slid by
Warren Buffett's near 20% stake in Occidental Petroleum has some investors expecting the billionaire to eventually absorb the oil producer and turn it into a "cash machine" that feeds his other investments. Buffett's Berkshire Hathaway has been snapping up Occidental shares since 2019, when it bought around $10 billion in preferred stock to help the company finance a deal for a rival. Buffett, who told shareholders earlier this year that cash is like oxygen, is likely attracted by estimates showing Occidental's cash flow potential has soared, analysts said.
WASHINGTON (AP) — Christopher Waller, a member of the Federal Reserve's Board of Governors, said Thursday that he would be open to supporting a huge 1 percentage point increase in the Fed's key short-term interest rate later this month if upcoming economic data points to robust consumer spending. Such an increase would mark a further ramping up of the Fed's rate hikes as it intensifies its fight against accelerating inflation. Faster rate increases would heighten the risk that the central bank's
The new hires will help the bank strengthen its commercial real estate and structured lending businesses, according to the memo, the content of which was confirmed by a company spokesperson. Lisa Shenwick, David Addison and Gregory Zann have joined as both directors and structured lenders, while Brian Han has been named vice president, Deutsche Bank said in the memo.
Fears of a potential economic slowdown are clouding the outlook for value stocks, which have outperformed broader indexes this year in the face of surging inflation and rising interest rates. Value stocks - commonly defined as those trading at a discount on metrics such as book value or price-to-earnings - have typically underperformed their growth counterparts over the past decade, when the S&P 500's gains were driven by tech-focused giants such as Amazon.com Inc and Apple Inc. That dynamic shifted this year, as the Federal Reserve kicked off its first interest rate-hike cycle since 2018, disproportionately hurting growth stocks, which are more sensitive to higher interest rates.
While overall demand for credit reports and scores is rising as the global economy emerges from the pandemic, the company now has to battle a fall in consumer spending across Experian's main markets — North America and the UK. The company, which lets 122 million people their credit scores and eligibility, posted a 7% increase in organic revenue from North America for the quarter ended June 30, while flagging a fall in demand for mortgage credit.