Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened On this day 158 years ago, the Toronto Stock Exchange (TSE) was founded. Where the Market Was The TSE predates both the Dow Jones Industrial Average and the S&P 500. What Else Was Going On In…
Amazon Bulks Up Shipping Capacity to Battle Holiday Season Snarls
October 25, 2021
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Amazon.com Inc. said on Monday it had doubled its container processing capacity and secured more shipping storage from ocean freight carriers to try to overcome supply chain bottlenecks in time for the holiday shopping season. The stop-and-start nature of the COVID-19 pandemic has snarled global supply chains that are optimized for just-in-time movement of goods,…
Bank of Canada to Raise Rates in Third Quarter Next Year, Possibly Sooner: Poll
BENGALURU—The Bank of Canada will raise rates as early as the third quarter of next year, at least three months earlier than previously expected, according to economists polled by Reuters who see a risk that the increase could come even sooner. Just last month economists were almost evenly split on the risk of higher rates;…
UK Raises Minimum Wage Amid Rising Inflation
The UK Treasury said on Monday that the National Living Wage is set to increase from £8.91 to £9.50 (from $12.27 to $13.08) an hour as part of the autumn Budget, but critics said that much of the raise will be eaten up by rapidly rising inflation. The 59-pence rise means a full-time worker on…
Tesla, PayPal Lift S&P 500 and Nasdaq Ahead of Big Tech Earnings
October 25, 2021
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U.S. stock indexes edged higher in choppy trade on Monday, led by gains in Tesla and PayPal shares, while investors geared up for earnings reports from heavyweight technology companies this week that could provide direction to the markets. Tesla Inc. rose 4.5 percent to a record high after car rental firm Hertz placed an order…
Tesla Opens New China Research, Data Centers; Will Store Data Locally
October 25, 2021
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BEIJING—U.S. electric vehicle maker Tesla Inc. said on Monday it had built a research center and a separate data center in Shanghai, where it manufactures Model 3 sedans and Model Y sport-utility vehicles. The auto research and development center, Tesla’s first outside the United States, employs engineers for software, electronics, materials, and charging, it said…
Burger King’s Sales Miss, Staff Crunch Eat Into Restaurant Brands’ Revenue
October 25, 2021
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Burger King and Tim Hortons are struggling with a staffing crunch and the Delta variant keeping coffee-loving office workers at home, causing parent Restaurant Brands International Inc. to miss estimates for quarterly revenue on Monday. Restaurant Brands also faced stiff competition from McDonald’s Corp. and Wendy’s Co. doubling down on marketing and launching new menu…
Supply Headaches Sink German Business Morale to Six-Month Low
BERLIN/FRANKFURT—German business morale deteriorated for the fourth month running in October as supply bottlenecks in manufacturing, a spike in energy prices and rising COVID-19 infections are slowing the pace of recovery in Europe’s largest economy from the pandemic. The Ifo institute said on Monday that its business climate index fell to 97.7 from an upwardly…
Futures Edge Higher as Big Tech Earnings Take Centre Stage
October 25, 2021
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U.S. stock index futures edged higher on Monday as investors geared up for earnings reports from heavyweight technology companies this week, while PayPal jumped after it said it was not interested in buying Pinterest. Tesla Inc. rose 2.6 percent in premarket trading after the electric-car maker raised prices of its Model X, Model S variants…
Hertz Orders 100,000 Tesla Cars for End of 2022
October 25, 2021
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Hertz said on Monday the car rental firm has ordered 100,000 Tesla Inc. cars for delivery by the end of 2022 as it invests to build the largest electric vehicle rental fleet in North America. Tesla shares were up 4 percent at $946.32 before the bell. Hertz had filed for bankruptcy protection last year as…
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