Goldman Sachs said a strong rebound in global oil demand could push Brent crude oil prices above its year-end forecast of $90 per barrel. The U.S. investment bank said it expected oil demand will shortly reach pre-COVID-19 levels of around 100 million barrels per day (bpd) as consumption in Asia rebounds after the Delta COVID-19…
LG Chem Third Quarter Results Miss Estimates, Hit by GM Bolt Recall Cost
October 25, 2021
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SEOUL—South Korea’s LG Chem Ltd posted a 20 percent fall in quarterly profit on Monday, hurt by a one-off expense associated with the recall of General Motors’ Bolt electric vehicles. It reported an operating profit of 727 billion won ($617.55 million) for the July-September period, versus 904 billion won a year earlier and an average…
Nigeria Set to Launch a National Digital Currency on Monday
After a delay of several weeks, the Central Bank of Nigeria is launching a digital currency that will complement the country’s physical money. What Happened The launch of the eNaira was originally planned for Oct. 1 to Oct. 4 but was delayed due to the celebration of the 61st anniversary of Nigerian independence on Oct….
Nigeria Set To Lunch A National Digital Currency On Monday
After a delay of several weeks, the Central Bank of Nigeria is launching a digital currency that will complement the country’s physical money. What Happened The launch of the eNaira was originally planned for Oct. 1 to Oct. 4 but was delayed due to the celebration of the 61st anniversary of Nigerian independence on Oct….
Turkish Lira Dives Deeper After Erdogan Seeks Expulsions
October 25, 2021
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ISTANBUL—The Turkish lira skidded to another all-time low of 9.85 on Monday after President Tayyip Erdogan said he had ordered the expulsion of ambassadors from the United States and nine other Western countries, risking a diplomatic rift. Concerns over possible fallout for foreign investment, combined with unease over the central bank’s surprisingly sharp rate cut…
PayPal Says It Is Not Pursuing Pinterest Acquisition
October 25, 2021
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PayPal Inc. is not pursuing an acquisition of Pinterest Inc. at this time, the payments company said late on Sunday, responding to media reports that it was in talks to buy the digital pinboard site for as much as $45 billion. PayPal shares rose 6.2 percent to $255.20 in premarket trading on Monday, while those…
Dollar Dips as Traders Focus on Rate Hike Prospects Elsewhere
October 25, 2021
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LONDON—The dollar fell on Monday back towards a one-month low as traders continued to focus on the prospect of interest rate hikes and tightening outside of the United States. Currency markets were broadly quiet at the start of the week with traders awaiting U.S. growth data and central bank meetings in the euro zone, Japan,…
Stocks Brace for Blockbuster Earnings Week, Pause After 8 Days of Gains
October 25, 2021
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LONDON—World stocks held their ground on Monday after eight consecutive sessions of gains, as traders weighed the prospects of strong corporate earnings in the backdrop of widening inflation risks from multi-year high crude oil prices. European stocks edged higher in early London trading while U.S. stock futures held firm as investors shrugged off the possible…
OECD Warns Developed Economies to ‘Remain Vigilant for Signs of More Persistent Inflation’
October 25, 2021
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The Organization for Economic Cooperation and Development (OECD) has warned developed economies to “remain vigilant” for signs of “persistent inflation.” In its September 2021 economic outlook, the intergovernmental economic organization noted that “a rapid increase in demand as economies reopen has pushed up prices in key commodities such as oil and metals.” “Food prices are also rising…
Hong Kong’s Zero-COVID Policy Threatens Financial Hub Status: Finance Industry Group
October 25, 2021
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Asia’s largest financial lobby group is mounting pressure on Hong Kong’s government to rethink its zero-COVID policy and ease travel restrictions for international travelers, warning that the city’s status as a financial hub is at risk. The Asia Securities Industry and Financial Markets Association (ASIFMA) wrote an open letter (pdf) to Hong Kong’s Financial Secretary…
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