Author: Reuters
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UK inflation holds at 4.0% in relief for BoE and Sunak
By Suban Abdulla LONDON (Reuters) – British inflation unexpectedly held steady at 4.0% in January, defying forecasts of a rise, official data showed, offering relief for the Bank of England (BoE) and Prime Minister Rishi Sunak too ahead of a national election expected this year. Economists polled by Reuters had expected an increase in the…
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Hershey and Cadbury chocolate makers eye price hikes to cover cocoa crunch
By Jessica DiNapoli and Richa Naidu NEW YORK (Reuters) -The makers of Hershey and Cadbury chocolates are planning more price hikes to cover a fresh record-setting surge in cocoa prices, even as inflation-hit consumers curb their purchases and company profits face a hit. Cocoa prices have roughly doubled over the past year, hitting a series…
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Barrick Gold forecasts higher production in 2024, beats profit estimate
(Reuters) -Canadian miner Barrick Gold on Wednesday projected higher gold production in 2024 after beating fourth-quarter profit on strong prices and output of the precious metal. U.S.-listed shares rose nearly 2% in premarket trade after the world’s second largest gold producer also announced a new share repurchase program of up to $1 billion. Barrick expects…
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China’s BYD plans new electric vehicle plant in Mexico, says Nikkei
(Reuters) – China’s BYD Co Ltd will set up a new electric vehicle (EV) factory in Mexico, Nikkei reported on Wednesday, citing the company’s Mexico head, as the EV maker aims to establish an export hub to the United States. BYD, known for its cheaper models and a more varied lineup, recently overtook its biggest…
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Oil up on geopolitical tension, gains capped by fading Fed rate-cut hopes
By Georgina McCartney Houston (Reuters) -Oil prices settled higher on Tuesday as geopolitical tensions continued in the Middle East and eastern Europe, but gains were curtailed as investors reined in expectations for the U.S. Federal Reserve interest rate cuts. Brent futures settled 77 cents higher or 0.94% at $82.77 a barrel at 2:30 p.m. EST…
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US Treasury unit proposes anti-money laundering rules for fund advisers
(Reuters) – The Financial Crimes Enforcement Network (FinCEN), a unit of the U.S. Treasury, proposed new regulations on Tuesday that would require investment advisers to help prevent money laundering and the financing of terrorism. The announcement comes a week after the agency proposed similar rules for the real estate sector, part of a wider effort…
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Boeing to stabilize 737 production later this year, CFO says
WASHINGTON (Reuters) -Boeing Chief Financial Officer Brian West said Tuesday the company will move to a steady 737 production rate of 38 aircraft per month in the second half of 2024 after slowing the line following last month’s mid-air cabin blowout on a 737 MAX 9. Lower aircraft delivery volumes, customer considerations paid to airlines…
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Carbon capture tech a ‘complete falsehood’, says Fortescue Metals chairman
By Julia Payne PARIS (Reuters) – Carbon capture is not a solution for the energy transition and political leaders need to provide real, non-greenwashed, commitments to encourage investment, Andrew Forrest, executive chairman of Fortescue Metals, said on Tuesday. Speaking at the 50th anniversary meeting of the International Energy Agency, Australian billionaire Forrest said the investment…
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Biogen sees flat 2024 sales, pick up in Alzheimer’s drug demand
By Manas Mishra and Sriparna Roy (Reuters) -Biogen on Tuesday forecast flat 2024 product revenue as top-selling drugs face tough competition and sales of newer treatments take off slowly, but said there are signs its new Alzheimer’s drug is gaining traction. Shares of the U.S. biotech fell 7% as it missed Wall Street expectations for…
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Global carbon markets value hit record $949 billion last year – LSEG
By Susanna Twidale LONDON (Reuters) -The value of traded global markets for carbon dioxide (CO2) permits reached a record 881 billion euros ($948.75 billion) in 2023, marking a 2% increase on the previous year, analysts at LSEG said on Monday. Many countries and regions have launched emissions trading systems (ETS) to put a price on…