Category: Business
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UK secures commitments from Amazon and Meta over retail platforms
LONDON (Reuters) -Britain’s competition watchdog said on Friday it had accepted commitments from tech companies Meta and Amazon to help protect fair competition on their retail platforms. The commitments from the U.S. tech giants mark the end of the Competition & Markets Authority’s (CMA) investigation into Amazon Marketplace and Meta’s use of advertising data. Amazon…
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US solar panel manufacturing boom threatened by cheap imports
By Nichola Groom (Reuters) – U.S. companies have announced plans to build dozens of solar panel factories across the country since last year when President Joe Biden’s signature climate law unleashed billions of dollars of subsidies, raising hopes a clean energy boom can provide tens of thousands of good paying jobs. But global solar panel…
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Global assets in spot bitcoin ETFs hit $4.16 billion – CoinGecko
By Suzanne McGee (Reuters) – Global assets invested in exchange-traded funds (ETFs) tied to the spot price of bitcoin now total $4.16 billion, according to CoinGecko, a cryptocurrency data and analysis company. Nearly half of that sum, or $2 billion, is invested in the seven spot bitcoin ETFs that have been launched in Canada since…
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Investors on track to pour $1.3 trillion into cash funds in 2023 – BofA
By Harry Robertson LONDON (Reuters) – Investors are on track to have put $1.3 trillion into cash funds in 2023, according to Bank of America and data provider EPFR. BoFA’s weekly Flow Shows report said that investors put $64.2 billion into cash funds in the week to Wednesday. They pulled $3.4 billion from equity funds…
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US service sector at five-month low in October- ISM survey
WASHINGTON (Reuters) – The U.S. services sector slowed for a second straight month in October, but momentum is likely to pick up in the near term amid an acceleration in growth in new orders. The Institute for Supply Management (ISM) said on Friday that its non-manufacturing PMI dropped to a five-month low of 51.8 from…
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Volvo Cars’ sales of fully electric vehicles jump in October
STOCKHOLM (Reuters) -Volvo Cars’ sales in October grew 10% from a year earlier to 59,861 cars as fully electric car sales jumped but hybrid models fell, the Sweden-based group said on Friday. Volvo Cars said in a statement sales of fully electric cars rose 29% to account for 18% of all its cars sold in…
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US money market funds draw biggest weekly inflow in seven months
(Reuters) – U.S. money market funds received a big influx of capital in the seven days to Nov. 1, driven by investor caution ahead of the Federal Reserve’s policy decision and the Treasury Department’s announcement on its expected funding needs. According to LSEG data, U.S. money market funds accumulated inflows amounting to a net $56.52…
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Marketmind: Stocks clocking best week of the year
A look at the day ahead in U.S. and global markets from Mike Dolan Markets are betting central banks are done hiking interest rates, inflation is falling and corporate earnings are robust – and they now have just one more hurdle to clear to complete what’s set to be the best week of 2023. The…
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Asia shares, bonds rally as Powell feeds hopes of end to rate hikes
By Stella Qiu SYDNEY (Reuters) – Asian shares and bonds extended a global rally on Thursday as a non-committal Federal Reserve Chair had markets double down on bets that U.S. interest rates have peaked and cuts are on the way. Investors are now awaiting the results from Apple later in the day, a bellwether for…
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Sam Bankman-Fried is no ‘villain’ or ‘monster,’ defense tells jury
By Luc Cohen and Jody Godoy NEW YORK (Reuters) -FTX founder Sam Bankman-Fried’s defense lawyer told jurors on Wednesday that prosecutors in his fraud trial sought to portray him as a “villain” and a “monster” because they could not prove he stole billions of dollars from the cryptocurrency exchange’s customers. Attorney Mark Cohen’s closing argument…