Monday, January 30

International

Musk to jury: Just Because I Tweet Something, Doesn’t Mean People Believe it
International

Musk to jury: Just Because I Tweet Something, Doesn’t Mean People Believe it

Elon Musk, Tesla (NASDAQ:TSLA) Inc's chief executive, testified on Friday that investors do not always react to his Twitter messages as he expects, defending himself in a fraud trial over his 2018 tweet that he had funding to take the electric carmaker private. Musk's testimony began with questions about his use of Twitter, the social media platform he bought in October. He called it the most democratic way to communicate but said his tweets did not always affect Tesla stock the way he expected. "Just because I tweet something does not mean people believe it or will act accordingly," Musk told the jury in San Francisco federal court. Musk testified for less than 30 minutes before court adjourned until Monday and he was not asked about his 2018 tweet that he was considering taking Tesla pri...
South Korea Dec Factory Activity Weakens on Demand Slump, Trucker Strike – PMI
International

South Korea Dec Factory Activity Weakens on Demand Slump, Trucker Strike – PMI

South Korea's factory activity shrank for a sixth consecutive month in December, a business survey showed on Monday, as the global economic downturn and a local truckers' strike led to the worst slump in demand in 2-1/2 years. The S&P Global (NYSE:SPGI) purchasing managers' index (PMI) for South Korea manufacturers fell to a seasonally-adjusted 48.2 last month from 49.0 in November. It fell again after two months of slight improvements from a more than two-year low of 47.3 reached in September, but remained below the 50-mark that separates expansion from contraction for the sixth month in a row. Sub-indexes showed output contracted for an eighth straight month, new orders declined for a sixth month, and new export orders shrank for a 10th month. In particular, new orders fell at the fa...
Philippines Main Airport Scrambles To Restore Normalcy After Power Cut
International

Philippines Main Airport Scrambles To Restore Normalcy After Power Cut

The Philippines' main gateway remained on reduced operations on Monday after a New Year power outage that jolted its air traffic control, with authorities scrambling to resume full service after more than 300 flights were disrupted. The ageing Ninoy Aquino international airport was early on Monday handling a maximum 15 arrivals per hour compared to 20 during normal operations, said Cesar Chiong, general manager of the Manila International Airport Authority. The outage was the result of the unprecedented failure of both primary and secondary power supplies, he said. "It will take around 72 hours or thereabout for the airlines to normalise their operations," Chiong told ANC news channel. There were 361 flights either delayed, cancelled or diverted to other regional airports on Sunday, affect...
Dollar Retreats After Overnight Gains, Ahead of Economic Data Dump
International

Dollar Retreats After Overnight Gains, Ahead of Economic Data Dump

The U.S. dollar slipped lower in early European trade Friday, handing back some of the previous session’s gains as traders attempt to gauge the Federal Reserve’s likely tightening path in the new year. At 02:55 ET (07:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.2% to 103.877. The dollar posted strong gains on Thursday after data showed that the U.S. labor market remained tight as well as confirming that the country’s economy rebounded in the third quarter at a pace faster than previously estimated, after contracting in the first half of the year. These numbers suggested that the Federal Reserve will have to stay on its aggressive monetary policy tightening path for longer than previously expected in order to get inflation under con...
International

Dollar continues 20-year high vs yen amid inflation fears; Aussie falls

The dollar extended its overnight run into Asian trading hours on Tuesday, reaching new two-decade highs against the yen as concerns over continuing inflation drove up US bond rates. The dollar gained ground against the euro, pound, and Swiss franc. It also rose against the Australian dollar, with the market divided on whether the country's central bank will raise Australia's key interest rate by a quarter-point later in the day or opt for something bigger. The Australian dollar fell 0.15 percent to $0.7183, continuing its decline from a six-week high of $0.72825 reached last Friday. The dollar rose to 132.305 yen on Tuesday, a level not seen since April 2002, boosted by a surge in the 10-year Treasury yield above 3.05 percent for the first time in almost four weeks. The curre...
The uncertain wheat crop in China raises concerns about the global economy
International

The uncertain wheat crop in China raises concerns about the global economy

Floods and severe lockdowns in China have hampered farming to the point where the country's winter wheat harvest, which begins next month, remains one of the biggest unknowns in a global economy already beset by high commodity prices. According to the New York Times, if the Chinese harvest is poor in the following weeks, food prices will rise, even more, exacerbating hunger and poverty in the world's poorest countries. The soil in China was flooded last autumn due to a flood. Because of this, wheat struggles to establish itself. Furthermore, Ren Ruixia, a 45-year-old farmhand, claims that the Chinese government's coronavirus quarantines have caused fertilizer deliveries to be delayed. The scarcity of food has long been a major concern in China. The People's Republic of China (...
Oil prices rising as the European Union prepares to impose ban on Russian petroleum
International

Oil prices rising as the European Union prepares to impose ban on Russian petroleum

Oil prices gained on Tuesday, extending gains from the previous session, as the European Union firmed up plans to increase sanctions on Russia this week, with Germany indicating that it was willing to support an immediate oil embargo. At 0234 GMT, Brent crude prices were up 25 cents, or 0.2 percent, to $107.83 a barrel, while WTI crude futures were up 17 cents, or 0.2 percent, to $105.34 a barrel. "Crude prices are up after comments from Germany's economy minister, which noted that the EU plans to ban Russian oil imports either immediately or in a few months," said Stephen Innes, managing partner at SPI Asset Management. On Tuesday, the European Commission is expected to complete work on the sixth package of EU sanctions against Russia for its actions in Ukraine, which will in...
 European Union and India agreed to form a Trade and Technology Council.
International

 European Union and India agreed to form a Trade and Technology Council.

On Monday, India and the European Union (EU) decided to form a Trade and Technology Council, a strategic mechanism to address the issues of assuring trusted technology and security in the face of rapid geopolitical change – a move that is expected to strengthen their strategic partnership. The decision to form such a council will be India's first with any of its partners and the EU's second after the first with the US. Both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement. The Trade and Technology Council will provide the political steer and the necessary structure to operationalize political decisions, coordinate technical work, and report to the political level to ensure implementation and follow-up in ar...
Pak PM Shehbaz writes to PM Modi, urges for meaningful ties with India
International

Pak PM Shehbaz writes to PM Modi, urges for meaningful ties with India

Pakistan Prime Minister Shehbaz Sharif has written a letter to his Indian counterpart, Narendra Modi urging for maintaining meaningful bilateral ties between the two neighboring countries, media reports said. Sharif's letter on Sunday comes in response to the congratulatory message sent by Modi earlier in the day in which the latter said India supported constructive ties with Pakistan. The Pakistani Prime Minister replied to the Indian Prime Minister's letter and sought to resolve the outstanding issues between the two countries, including that of Kashmir while stressing that Pakistan wants peaceful and friendly ties with India. India has, however, reiterated its stand that it wants strong diplomatic ties with Pakistan provided that Islamabad creates a terror-free environment ...
Sri Lankan economic crisis: President Rajapaksa’s grip on power weakens
International

Sri Lankan economic crisis: President Rajapaksa’s grip on power weakens

The parliamentary majority of Sri Lanka's ruling coalition headed by President Gotabaya Rajapaksa has come under threat with dissident lawmakers, led by former president Maithripala Sirisena, planning to break away from the government against the backdrop of nationwide protests over the country's worst economic crisis. Sri Lanka is currently experiencing its worst economic crisis in history. With long lines for fuel, cooking gas, essentials in short supply, and long hours of power cuts, the public has been suffering for months. The 225-member Parliament will convene on Tuesday in its first session since a state of emergency was declared by President Rajapaksa last week. The dissidents, led by former president Sirisena's Sri Lanka Freedom Party (SLFP), would leave the ruling Sr...