ZURICH/LONDON—FTX has objected to a U.S. Department of Justice request for an independent investigation into the once-prominent crypto exchange’s collapse, saying it is already conducting a wide-ranging probe that includes family members of FTX founder Sam Bankman-Fried. FTX said in a court filing in Wilmington, Delaware, late on Wednesday that the DOJ’s proposed review would…
FTX Opposes New Bankruptcy Investigation as It Probes Bankman-Fried Connections
Closing Prices for Crude Oil, Gold and Other Commodities (Jan. 27)
January 27, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for March delivery fell $1.33 to $79.68 a barrel Friday. Brent crude for March delivery fell 81 cents to $86.66 a barrel. Wholesale gasoline for February delivery fell 2 cents to $2.59 a gallon. February heating oil fell 13 cents $3.27 a gallon. February natural gas rose 17 cents to $3.11…
Elon Musk Makes Huge Tesla Profit Over Past Week
Telsa and Twitter owner Elon Musk added about $21 billion to his profits over the seven days since last week, according to a Bloomberg-monitored index. According to the Bloomberg Billionaires Index, Musk’s fortune increased by $21 billion between Jan. 19 and 26. It now stands at around $156 billion. Recent filings show Musk holds about 423,622,000 shares in…
Fashion Retailer H&M’s Profits Tumble as Costs Bite
STOCKHOLM—Fashion retailer H&M’s profits were almost wiped out in the September-November quarter by soaring costs, which the Swedish company held back from passing on in full to cash-strapped customers. The world’s second-biggest fashion chain, which raised some prices, will continue with this pricing strategy even though it will not fully compensate for the higher costs,…
Over $800 Million Worth of Chinese Solar Imports Comes Under US Customs Scrutiny for Using Slave Labor
January 27, 2023
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Asia & PacificBusiness & MarketsChinaChinese solar importseconomyMarketsPolicies & Impactsslave laborUSUS CustomsUS NewsUyghursWorld
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Solar panel shipments from China are coming under scrutiny of the U.S. Customs and Border Protection (CBP) following a law passed last year that seeks to block Chinese solar imports made using forced labor of the Uyghur community in the Xinjiang region. In June last year, the Uyghur Forced Labor Prevention Act (UFLPA) came into…
Wall Street Opens Lower on Intel Warning, Inflation Data Limits Fall
Wall Street’s main indexes opened lower on Friday after Intel’s bleak outlook dragged chipmakers lower, though data showing easing inflation spurred hopes of a policy shift from the Federal Reserve, helping limit losses. The S&P 500 opened lower by 6.71 points, or 0.17 percent, at 4,053.72, while the Nasdaq Composite dropped 41.94 points, or 0.36…
Housing Market Shows Signs of Life as Pending Home Sales Rise for First Time in 14 Months
January 27, 2023
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Business & Marketseconomic policieseconomyhousing marketinflationInvestmentMarketsmortgage ratespersonal financePolicies & Impactsreal estateUSUS Real Estate
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The U.S. housing market showed a sign of early recovery, as pending home sales of rose for the first time in 14 months. Pending home sales rose 2.9 percent in December, the first month-over-month increase since October 2021, according to data from Redfin on Jan. 25. The decline in pending sales also eased for the…
Dollar Ticks Up Ahead of Central Bank Meetings Next Week
LONDON—The dollar edged up on Friday to pull away from multi-month lows against the euro and sterling, as investors began to train their sights on a slew of major central bank meetings next week. The U.S. Federal Reserve, European Central Bank, and Bank of England are all due to make rate decisions next week as…
Oil Prices Firm on Upbeat US Economic Data
January 27, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth, strong middle distillate refining margins, and hopes of a rapid recovery in Chinese demand. Brent futures gained $1.15, or 1.3 percent, to $88.62 a barrel by 0930 GMT. U.S. crude also rose by 1.3 percent, gaining $1.01 to $82.02. Both…
Global Shares Edge Higher, Tracking Wall Street Rally
January 27, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares advanced Friday, tracking a rally on Wall Street following reports suggesting the economy and corporate profits may be doing better than feared. France’s CAC 40 gained 0.2 percent to 7,107.44. Germany’s DAX was unchanged at 15,134.04, while Britain’s FTSE 100 rose nearly 0.2 percent to 7,773.10. The future for the Dow Jones Industrial…
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