Markets & Industries
Hedge funds earn over $1B on Elon Musk's purchase of Twitter - 11/24/2022
Between the end of the first quarter and the end of the third quarter of this year, 13 hedge funds invested roughly $100 million to increase their interests in Twitter, according to Forbes USA. In his remarks on Nov. 3 at the Forbes Iconoclast Summit, Carl Icahn stated, "It doesn't take a genius to figure out that he was going to close this deal." According to Forbes USA, between the end of the...
Fed assumes transition to lower rate hikes - 11/22/2022
According to Cleveland Federal Reserve Bank President Loretta Mester, the U.S. Federal Reserve may start reducing the size of its interest rate increases as of next month in order to moderate inflation while enabling the economy to keep expanding. "At the next meeting, I believe we can reduce the rate rises from 75 basis points. This is not a problem in my opinion, and I believe that such a...
Tesla supplier warns of graphite shortage due to reliance on China - 11/22/2022
Due to its reliance on Chinese exports, the market for electric vehicles may see a graphite scarcity, according to a supplier to Tesla. The market domination of Chinese manufacturers will cause a severe graphite scarcity in the electric vehicle industry within the next ten years, said Shaun Verner, CEO of Australian company Syrah Resources. Syrah Resources is the largest producer of natural...
Saudi Aramco to invest $7B in petrochemical production in South Korea - 11/18/2022
According to a news statement, Saudi Aramco, the Saudi Arabian government-owned oil firm, would invest $7 billion in petrochemical manufacturing at a refinery in Ulsan, South Korea. According to a press release from the Saudi corporation, "The Shaheen project is worth 26 billion Saudi rials, or seven billion dollars, and is Aramco's greatest investment in South Korea. This investment will be...
Moet Hennessy warns about dwindling stocks of expensive champagne - 11/16/2022
The maker of upscale spirits Moet Hennessy has warned that its supply of pricey champagne is running low. According to Moet Hennessy's general manager Philippe Schaus, the company is practically out of all of its expensive champagne brands due to the huge demand for high-end alcoholic beverages. The corporation, according to Schaus, is already referring to this period of increased interest in...
Sales on online shopping sites on Singles Day in China total nearly $157B - 11/14/2022
According to data from the Chinese research firm Syntun, internet sales on Singles Day in China totaled 1.1 trillion yuan ($156.9 billion). Every year on November 11, China observes SIngles Day. 2009 saw the debut of the 27-merchant Alibaba sale event. According to Syntun statistics, the overall sales volume on electronic platforms throughout the entire sales festival was 934 billion yuan...
FT: ECB exerts "heavy pressure" on UniCredit due to its Russian business - 11/09/2022
According to the FT, the ECB is pressuring UniCredit to leave Russia because it views the bank's position there as a risk. The European Central Bank (ECB) is pressuring UniCredit to leave Russia because it views the Italian bank's position there as an unfavorable source of risk. The Financial Times reported this, citing reliable sources. The chief executive officer of Italy's largest bank,...
Japan's foreign exchange reserves show another decline - 11/08/2022
As of October, Japan's foreign exchange reserves decreased for the third consecutive month following a record dip in September. According to information provided by the Finance Ministry on Tuesday, the decrease in reserves is due to the largest intervention ever, when the yen was bought for dollars. The information was made public along with a different report that verified Japan did not launch...
Analysts expect eurozone retail sales to rise in September - 11/08/2022
DailyFX: Analysts anticipate a 0.4% increase in euro zone retail sales in September. According to economists surveyed by DailyFX, retail sales in the 19 nations that make up the euro area increased by 0.4% on a monthly basis in September after falling by 0.3% in August, and by 1.3% on an annual basis after falling by 2%. The European statistical organization Eurostat will release the official...
U.S. oil companies make $200B on rising energy prices - 11/07/2022
In the second and third quarters, U.S. public businesses engaged in oil production and refining had a combined profit of $200.2 billion, according to S&P Global Commodity Insights estimates for the Financial Times. The record gains, according to the experts, are the result of rising oil prices brought on by heightened geopolitical unrest as a result of the military conflict in Ukraine. S&P's...
