The Russian ruble firmed past 77 to the dollar in volatile trade on Wednesday, while stock indexes reversed earlier losses as the market watched developments around Ukraine and sanctions against Russia. The country’s economy faces soaring inflation and capital flight after the West imposed tough sanctions against Moscow for sending tens of thousands of troops…
Markets Are Crashing and Burning; Were NFT Bears Right?
Commentary For many doomsayers, this is their “I told you so” moment. After months of seemingly impossible gains, the markets are finally adjusting to reality. As financial markets generally have gotten whacked in the new year, crypto has had an especially rough time. Since the start of the year, both Bitcoin and Ethereum are down….
Starbucks Workers Vote to Unionize at 5 Virginia Stores
The union representing Starbucks Corp. workers has won elections at five stores in and around Richmond, Virginia, it announced on April 19, marking yet another victory for labor activists. The store on Forest Hill Avenue became the first Richmond location to vote to unionize after workers at the store voted 17–1 in favor of the union, Starbucks Workers United…
Nasdaq Leads Wall Street Higher as Yields Retreat
The tech-heavy Nasdaq led Wall Street’s main indexes higher for a second straight session on Wednesday, as easing Treasury yields and overall earnings optimism helped counter a plunge in the shares of streaming giant Netflix. The Dow Jones Industrial Average rose 51.5 points, or 0.15 percent, at the open to 34,962.67. The S&P 500 rose…
Yen to Snap Record Losing Streak on Intervention Worries; Euro Jumps
LONDON—The Japanese yen briefly fell to a fresh two-decade low on Wednesday after the Bank of Japan stepped into the market again to defend its ultra-low interest-rate policy, drawing a sharp contrast with the United States where bond yields hit new highs. But the Japanese unit bounced in London trading as increased nervousness around verbal…
Oil Rebounds as Supply Concerns Dominate
LONDON—Oil prices rebounded on Wednesday as a drop in U.S. oil inventories and concerns over tighter supplies from Russia and Libya drove a recovery from the previous session’s sharp losses. Brent crude futures rose $1.46, or 1.4 percent, to $108.71 a barrel by 1139 GMT. The front-month WTI crude futures contract, which expires on Wednesday,…
Google to Set Up First Africa Product Development Center in Nairobi
NAIROBI—Alphabet Inc.’s Google is investing in its first ever Africa product development center in the Kenyan capital Nairobi, it said, as it positions itself to serve a growing base of internet users on the continent. By the end of this decade, the continent will host 800 million internet users, the California-based firm said, and a…
Britain Targets Moscow Stock Exchange in Bid to Curb Investment in Russia
April 20, 2022
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British authorities plan to rescind the Moscow stock exchange’s status in the UK as a recognized exchange, in retaliation for Russia’s restrictions on foreign investors and in a bid to discourage investment in Russia amid the war in Ukraine. The move means that investors will not be able to access certain UK tax benefits when…
European Car Sales Dip for Ninth Consecutive Month in March: ACEA
BERLIN—New car registrations in Europe dropped for the ninth month in a row in March as supply chain problems hampered even further by the war in Ukraine continued to hit the region’s automotive sector, industry data showed on Wednesday. The number of new vehicles registered in the European Union, Britain, and the European Free Trade…
Gains in Stocks Capped by Rise in Real Yields, Netflix Disappoints
LONDON—Stocks edged higher on Wednesday, but gains were capped by questions over how far real bond yields will rise as investors sifted through disappointing Netflix earnings and war continued in Ukraine. The STOXX index of 600 European companies gained 0.4 percent to 458.17 points. The MSCI all country stock index was 0.2 percent firmer. Investors…
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