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☆ TSMC beats first-quarter revenue and profit expectations on strong AI chip demand
▼ + stars: | 2024-04-18 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +3 min

A logo of Taiwan Semiconductor Manufacturing Company (TSMC) is seen during the TSMC global RnD Center opening ceremony in Hsinchu on July 28, 2023. (Photo by Amber Wang / AFP)Taiwan Semiconductor Manufacturing Company on Thursday beat revenue and profit expectations in the first quarter, thanks to continued strong demand for advanced chips, particularly those used in AI applications. The firm guided first-quarter revenue to be between $18 billion and $18.8 billion. The continued demand for advanced chips, particularly those used in AI applications, is a positive sign for both the short and long term. "TSMC's net profit margin continues to be one of the highest in the company's history at 40%, against an industry average of 14%, demonstrating TSMC's strong competitive position.

Persons: Amber Wang, Brady Wang, TSMC, Grzegorz Drozdz Organizations: Taiwan Semiconductor Manufacturing Company, Center, Nvidia, Apple, Counterpoint Research, Research, Samsung Foundry Locations: Hsinchu, AFP, Taiwan, U.S, Arizona

☆ Gold is shining ‘bright like a diamond’ and could hit $3,000, says Citi
▼ + stars: | 2024-04-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices continued to hover near record highs days after Middle East tensions flared, boosting the safe-haven appeal of bullion. Gold prices notched another record close Monday, with the most-active June contract for gold futures trading 0.37% higher to settle at $2,383 per ounce, and some say there's more room to run. "The recent gold rally has been aided by geopolitical heat and is coinciding with record equity index levels," Citi wrote in a note dated April 15. Market watchers are closely monitoring a potential retaliation by the Jewish state, which has vowed to "exact a price" from Iran.

Persons: Israel —, Bartosz, Conotoxia Organizations: Co, Citi, U.S . Locations: Bangkok, Thailand, East, Iran, Israel

☆ These 10 oil stocks are the most — and least — sensitive to price swings amid Iran-Israel tensions
▼ + stars: | 2024-04-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Crude oil prices have been volatile in April amid heightened geopolitical risks. Fears of a spillover conflict in the Middle East have led some market watchers to predict oil prices could soar to $100 per barrel and beyond . Any disruption in its capacity to supply global markets could send oil prices higher, analysts told CNBC. Oil and gas stocks that show a negative correlation with crude oil prices will enable investors to withstand any volatility while remaining invested in the sector. A correlation of 0 would mean no link between the crude oil price and the stock price.

Persons: Bartosz, Andy Lipow, — CNBC's Lee Ying Shan, Jenni Reid Organizations: Organization of, Petroleum, CNBC, Brent, Lipow Oil Associates, CNBC Pro, Energy Locations: Iran, Israel, Conotoxia, Hormuz, lockstep

☆ Merely winning has never been enough for Putin — and this year's presidential election is no different
▼ + stars: | 2024-03-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

There's little doubt Putin, 71, will win, even as the Ukraine war drags into its third year, analysts say. After all, his challengers — who were approved to run by the country's election commission — are far from his level of clout and influence. But for Putin, merely winning has never been enough — and 2024 looks no different. Putin needs to show that Russians really want him to leadFor Putin, it's not about winning. As Thomas Graham, a fellow at the Council on Foreign Relations, wrote on March 7, "Just winning has never been enough for Putin.

Persons: —, There's, Putin, it's, It's, Thomas Graham, David Szakonyi, Elvira Nabiullina, Nabiullina, they're, Vladimir Putin Organizations: Service, Business, International Monetary Fund, Council, Foreign Relations, George Washington University, Profit, Central Bank of Russia, Putin Locations: Ukraine, Russian, Policymaking, Russia, Polish

☆ VIEW Turkey central bank ramps up interest rates to 40%
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. Below reaction from analysts to the decision:LIAM PEACH, CAPITAL ECONOMICS, LONDON"(Turkey's central bank) suggested that it is very close to the end of the tightening cycle. For the central bank to have any chance of achieving single digit inflation this decade, rates will need to stay at this level for some time." BARTOSZ SAWICKI, CONOTOXIA FINTECH, WARSAW"In October the annual inflation rate inched lower and external price dynamics have turned a tad more favourable. The risk of a sharp slowdown in activity points to less aggressive continuation of the tightening cycle.

Persons: Cagla, LIAM PEACH, CONOTOXIA, Karin Strohecker, Ezgi, Susan Fenton Organizations: Turkey's Central, REUTERS, Thomson Locations: Ankara, Turkey, CONOTOXIA FINTECH, WARSAW

The plea deals end a years-long investigation into the crypto exchange. Binance holds around $2.8 billion worth of BNB tokens, according to Nansen. Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year. "This, combined with the likely imminent approval of an ETF based on bitcoin quotes, could positively impact the crypto market in the long term," said Drozdz. Binance has agreed to forfeit $2.5 billion to the government and to pay a fine of $1.8 billion.

Persons: Binance's, Changpeng Zhao, Ben Mcshane, Sportsfile, Nansen, Binance, Grzegorz Drozdz, Bitcoin, Drozdz, Zhao, Yesha Yadav, Milton R, Underwood, General Merrick Garland, Garland, Richard Teng, Teng, Janet Yellen, Al, Yellen Organizations: Getty, Department of Justice, ., SEC, Conotoxia, CNBC, DOJ, Vanderbilt University, Justice Department, U.S, Monetary Authority of Singapore, Binance, Futures Trading Commission, Treasury Department, The Securities, Exchange Commission, ISIS Locations: Lisbon, Portugal, Binance, Nansen, U.S, Abu Dhabi

☆ VIEW Turkey cements policy shift with super-sized rate hike
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +5 min

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. "We should recall that sudden changes in interest rates usually have a delayed effect. "This was also the steepest rate hike since the CBT management reshuffle after the elections in May. We think the strong rate hike meant to address market concerns that the CBT wanted to avoid significant rate hike." TIMOTHY ASH, BLUEBAY ASSET MANAGEMENT, LONDON"Really solid move by the CBRT (central bank) to hike policy rates arguably above expectations by 750bps to 25%."

Persons: Cagla, GRZEGORZ DROZDZ, TIMOTHY ASH, 750bps, Hatice Karahan, Hatice Gaye, PIOTR MATYS, Governor Erkan, Erdogan, LIAM PEACH, Erkan, OZKARDESKAYA, SWISSQUOTE Organizations: Turkey's Central, REUTERS, Reuters, Thomson Locations: Ankara, Turkey, Turkish, EMERGINGMARKETWATCH.COM, SOFIA, GENEVA

Moscow's actions have deprived many foreign investors of the ability to trade in Russian securities, including depositary receipts. Investors are worried about future copycat actions by other governments who might look to reduce foreign influence over their leading companies. Depositary receipts, or DRs, are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange. But events in Russia have forced many investors to write down the value of depositary receipts of Russian companies to zero, given their inability to trade them. CONSEQUENCESLoss of confidence in DRs could drain needed foreign capital from firms in emerging economies, for instance.

Persons: Dado Ruvic, Peter C, Earle, Christopher Day, Michael Ashley Schulman, Goldman Sachs, III, Detsky Mir, Goldman, Otkrytie, Schulman, Grzegorz Drozdz, Malcolm Dorson, Sinead Cruise, Carolina Mandl, David Gregorio Our Organizations: REUTERS, Global, American Institute for Economic Research, Reuters, Citigroup, Companies, Citi ., Reuters Graphics, DR, Investors, Doliver Advisors, Running, Capital Advisors, Conotoxia, Russian, Thomson Locations: Moscow, Ukraine, Brazil, China, Russia, GDR, GDRs, United States, Britain, London, Carolina, New York

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS/Brendan McDermid/File PhotoAug 4 (Reuters) - Shares of Tupperware Brands (TUP.N) surged 44% on Friday, after the kitchen storage container maker finalized a debt restructuring deal as it attempts a turnaround of its business, reinvigorating retail investors' interest in the company. It was the seventh most traded stock by retail investors at 10:00 a.m. The share gains were reminiscent of eye watering "meme stocks" rallies, where retail investors coordinate on social media and typically focus their speculative bets on companies that were financially struggling or had high short interest. Tupperware was the second most actively traded single stock by retail traders over the past week, according to a J.P.Morgan note.

Persons: Brendan McDermid, Tupperware, Bartosz, stocktwits.com, Peter Earle, Medha Singh, Savyata Mishra, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Tupperware Brands, American Institute for Economic Research, American, Corp, Thomson Locations: New York City, U.S, Florida, Bengaluru

☆ Turkey's inflation rate cools despite steep lira plunge
▼ + stars: | 2023-07-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Turkey's monthly inflation rate for June came in lower than expected, despite the continued collapse of the lira currency following the re-election of President Recep Tayyip Erdogan. Turkey's consumer price index rose 3.92% month-on-month, official data showed Wednesday. On a year-on-year basis, inflation rose 38.21%, also slightly lower than Reuters' forecasts of 39.47%. "The lira freefall starts to take its toll once again as it reignites cost pressures," he said. Ash added that the central bank will need to "work very hard to bring inflation meaningfully down from here."

Persons: Recep Tayyip Erdogan, Bartosz Sawicki, Timothy Ash, Ash Organizations: Reuters, CNBC

☆ Coca-Cola to see less pain from looming WHO decision on aspartame - analysts
▼ + stars: | 2023-06-30 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

June 30 (Reuters) - Coca-Cola (KO.N) will only see a limited impact if the world health agency classifies the artificial sweetener used in its Diet Coke, aspartame, as a possible carcinogen, thanks to its scale of production, analysts said on Friday. But for Coca-Cola, whose low-calorie products accounted for a third of its total volumes sold in 2022, analysts said switching to a natural sweetener could be easier than many other companies that use aspartame. In the past, beverage makers like Coca-Cola and PepsiCo have tweaked their ingredient composition to comply with evolving policy changes. However, PepsiCo could get an edge over its rival as it had moved away from aspartame to a blend of sucralose and acesulfame potassium earlier, CFRA Research said. Reporting by Savyata Mishra in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Charlie Higgs, Grzegorz, Savyata Mishra, Arun Koyyur Organizations: World Health, Redburn Ltd, Cola, PepsiCo, Conotoxia, Research, Thomson Locations: California, Bengaluru

☆ Clearstream suspends processing of new Russian share conversions after EU sanctions
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

June 29 (Reuters) - European clearing giant Clearstream has suspended processing new client instructions to convert or cancel their American and Global Depository Receipt holdings in Russian companies after the latest round of European Union sanctions against Moscow. Investors globally are facing challenges in recovering stranded Russian investments in a saga that is spilling over to implicate Western depositories. Deutsche Bank (DBKGn.DE) has told clients it can no longer guarantee full access to Russian stocks that belong to them. Clearstream previously halted DR conversions in June 2022, only to resume processing in October. "The new rules quite strictly limit the conditions for the conversion of Russian securities for residents and citizens of the European Union," Grzegorz Drozdz, market analyst at investment company Conotoxia said.

Persons: Western, Clearstream, Grzegorz Drozdz, Conotoxia, Alexander Marrow, Sinead Cruise, Emelia Sithole Organizations: Global, Union, Moscow, Deutsche Bank, Deutsche, EU, Clearstream Banking, European Union, Thomson Locations: Russia, Europe

☆ Analysis: Stablecoin regulatory crackdown sends warning to industry
▼ + stars: | 2023-02-22 | by ( Hannah Lang | ) www.reuters.com time to read: +5 min

But usage is raising questions from regulators who have expressed concern about the disclosures stablecoin issuers provide, as well as the tokens' potential instability during periods of stress. While the crypto industry has criticized the SEC's broad industry crackdown, the move against Binance USD, the third-biggest stablecoin with about $16 billion in circulation, could lend some guidelines for which stablecoin activities may get scrutinized. SEC Chairman Gary Gensler has previously said he believes some stablecoins are in fact securities, which require registration and additional regulatory oversight. The New York Department of Financial Services also ordered Paxos last week to stop minting Binance USD. But the specific features of tokens like Binance USD have some stablecoin issuers keen to highlight their differences.

☆ With a recession looming, layoffs are in full effect. Here are some of the safest and most at-risk jobs, according to economists.
▼ + stars: | 2022-12-17 | by ( Sam Tabahriti | Beatrice Nolan | ) www.businessinsider.com time to read: +5 min

US employees are worried about their jobs amid a looming recession. Insider spoke to economists to identify some of the safest jobs, and the ones most at risk. The grim economic outlook has caused employee concerns about layoffs to skyrocket, Lauren Thomas, a UK-based economist for Glassdoor told Insider. Insider spoke to labor experts and economists to identify some of the safest and most-at-risk jobs. Olga Rolenko/Getty ImagesConstruction, which relies heavily on borrowed funds, tends to get hit hard early on during a recession, experts told Insider.

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