DIRS.INFO The most relevant business & tech news

☆ 'Not hanging around for whatever Elon has planned:' Shonda Rhimes is among the celebrities announcing that they have quit Twitter after Elon Musk takeover
▼ + stars: | 2022-10-31 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

Multiple celebrities say they have quit Twitter in the wake of Elon Musk's takeover. Musk's $44 billion deal to buy the social-media platform closed on Thursday. Screenwriter, producer, and showrunner Shonda Rhimes tweeted on Saturday: "Not hanging around for whatever Elon has planned. It follows online chatter in April, when some stars vowed to leave the platform after Musk's deal closed, citing concern over what the billionaire would do at the helm of the company. Now, some celebrities are making good on their threats to quit Twitter.

☆ Audi supports one-off staff payments over permanent wage hikes
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 30 (Reuters) - German carmaker Audi is in favour of offering employees one-off tax-free payments instead of permanent wage increases, its human resources director said, as unions across Europe's biggest economy demand higher wages in light of rising inflation. Workers' purchasing power in Germany has already taken a hit, with consumer price inflation at 11.6% in October. Employers, however, do not see much scope for wage increases due to the rising costs of material and energy. But such payment could be a way to reach an agreement, Audi HR Director Xavier Ros said, adding that responding to rising consumer prices with significant wage increases would harm the economy in the long-term. Audi, a Volkswagen Group (VOWG_p.DE) brand, is not itself a direct partner in the wage negotiations, but it adopts the talks outcomes in a collective wage agreement.

☆ Zuck refuses to let his metaverse dream die. Wall Street has finally had enough.
▼ + stars: | 2022-10-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Meta shares slumped nearly 20% in after-hours trade to $104.30 on Wednesday. The drop in Meta's share price this year has shaved off 61% off Mark Zuckerberg's net worth. The share price slide is also chipping a chunk off CEO Mark Zuckerberg's rapidly shrinking fortune. Following Wednesday's earnings announcement, Meta shares slumped nearly 20% in after-hours trade to $104.30. However, the metaverse is likely "the most potent headwind" to Meta's share price, he added.

Technology stocks (.SX8P) fell 1.8% to lead sectoral losses in Europe after their U.S. peers were dragged down by weak results from Microsoft Corp (MSFT.O) and Alphabet Inc (GOOGL.O). The European banking index (.SX7P) fell 0.7%. read moreItaly's UniCredit (CRDI.MI) was a rare bright spot as its shares rose 3.9% after the bank raised its 2022 profit goal. "Nonetheless, we are likely to see some hesitation, with the economic implications of rising interest rates yet to be felt. read moreReporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur and Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street's fear gauge drops to a 4-week low as expectations for less-aggressive Fed rate hikes fuel stock gains
▼ + stars: | 2022-10-25 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Wall Street's so-called fear gauge hit a one-month low Tuesday as stocks rose amid speculation the Fed will reduce the size of future rate hikes. The Cboe Volatility Index fell by more than 4% to its lowest level since September 23. Investors have latched onto signs the Fed may downshift rate hikes from the current size of 75 basis points. The Cboe Volatility Index, a widely watched track of the 30-day implied volatility of the S&P 500 index, fell 4.5% to 28.49, the lowest level for the VIX since September 23. The CME FedWatch tool on Tuesday showed expectations locked in for a rate hike of 75 basis points at the Fed's November 1-2 meeting.

☆ China's richest people lost about $13 billion in just one day due to a market sell-off after President Xi Jinping secured a third term
▼ + stars: | 2022-10-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The 13 richest people in China lost $12.7 billion on Monday alone, per Bloomberg. Their losses were due to a massive market sell-off over President Xi Jinping's third term in office. Tencent founder and CEO, Pony Ma, was the biggest loser in the market rout, as his net worth plunged by $2.5 billion to $24 billion, per Bloomberg. Alibaba founder Jack Ma lost $1.2 billion, bringing his net worth down to $29 billion, while JD.com's Richard Liu saw his net worth fall by $1.3 billion to $9 billion, according to Bloomberg. Alibaba shares fell 13% on the Nasdaq and 11% in Hong Kong.

☆ VIEW Rishi Sunak to become Britain's new PM, UK markets rally
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +8 min

LONDON, Oct 24 (Reuters) - Former British finance minister Rishi Sunak will be Britain's next prime minister after his rivals quit the race, which analysts said had relieved some of the nervousness around the outlook for the UK economy, boosting domestic markets. The new Prime Minister needs to confirm their leadership team as soon as possible and provide clarity on their strategy for stabilising the economy and their policy priorities. ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY WEALTH, NEW YORK:"Coming to a very rapid decision on who the prime minister is going be certainly breathes a sigh of relief into the markets. RUTH GREGORY, SENIOR UK ECONOMIST, CAPITAL ECONOMICS, LONDON:"The fall in gilt yields on the news today that Rishi Sunak will become the UK’s next Prime Minister has reduced the chances of a significant fiscal consolidation. With the pound, just because we have a new Prime Minister in place, all of the issues don't just go away and we still have remarkable strength being enjoyed by the dollar."

☆ Travis Scott responds to claims he cheated on Kylie Jenner
▼ + stars: | 2022-10-24 | by ( Lisa Respers France | ) edition.cnn.com time to read: +1 min

CNN —Travis Scott has slammed speculation that he cheated on the mother of his children, Kylie Jenner. It all started last week after Instagram model Rojean Kar reportedly shared scenes of Scott on the set of a shoot. In 2019, Kar denied she was the reason Scott and Jenner had taken a break in their relationship at the time. Chatter sparked due to Kar and Scott being together on the set and he took to his Instagram stories to address it. Scott and Jenner are the parents of a daughter, age 4, and an eight-month-old son.

☆ Bank of America downgrades Meta, says lower ad spending could hurt Reels
▼ + stars: | 2022-10-24 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Investors should hold off on Meta as it heads into earnings this week, according to Bank of America. Analyst Justin Post downgraded shares of Meta to neutral from buy, saying there is likely greater ad spending pressure ahead that could hurt Meta's Reels business. "We expect 4% y/y growth in 2023 ($120bn in rev) vs Street at 9% ($127bn) and see some downside risk to our estimates in a recession." Meta shares dipped 1.7% in the premarket Monday. The analyst said that lower content consumption on Snap has made the firm cautious on whether Meta could successfully transition users to Reels.

☆ Investors should remain underweight on U.S. equity market, says U.S. Bank's Lisa Erickson
▼ + stars: | 2022-10-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors should remain underweight on U.S. equity market, says U.S. Bank's Lisa EricksonJJ Kinahan, IG North America CEO, and Lisa Erickson, head of the U.S. Bank Wealth Management public markets group, join CNBC's 'Squawk Box' to break down the latest market action ahead of the open.

☆ These 3 charts show the chaos that ran through markets during the 45 days that Liz Truss was UK prime minister
▼ + stars: | 2022-10-20 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Liz Truss resigned as UK prime minister on Thursday after just 45 days in the role. Truss quit as UK prime minister after just 45 days in the role Thursday, becoming the shortest-serving leader in the country's history. "First her policies went up in flames, then her brief career as prime minister," IG's chief market analyst Chris Beauchamp said. "The great political gamble of Liz Truss has spectacularly backfired but not before wreaking significant damage to the UK economy." Read more: UK Prime Minister Liz Truss resigned after the market rebelled against her aggressive economic growth plan.

☆ Chinese stocks tumble to multi-year lows in New York and Hong Kong amid party congress
▼ + stars: | 2022-10-20 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN Business —Chinese stocks have hit multi-year lows in New York and Hong Kong amid growing concerns about China’s rising Covid cases and economic outlook. In Hong Kong, the benchmark Hang Seng (HSI) Index tumbled as much as 3% in Thursday’s morning trade. The fall comes just a day after the city’s leader, Chief Executive John Lee, promised to invest billions of dollars to bring global talent and businesses back to Hong Kong. The heavy decline followed a sharp sell-off in Chinese stocks listed on Wall Street overnight. “China’s National Party Congress failed to drive a positive catalyst, ” said Yeap Jun Rong, a market strategist for IG Group, on Thursday.

☆ The Japanese yen falls past the key level of 150 to the dollar, hitting a 32-year low as officials say they're ready to intervene
▼ + stars: | 2022-10-20 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

The Japanese yen slid past 150 against the dollar Thursday for the first time since 1990. The breaching of the key level ups pressure on Japan's officials to intervene to shore up the currency. The yen's decline has been driven by the difference in interest rate policy in Japan and the US. We will continue to watch currency moves meticulously and with a sense of urgency," Shunichi Suzuki said, per Reuters. "Little has changed for the yen with Japanese officials seemingly willing to let the currency weaken further by capping bond yields," Nick Cawley, senior strategist at IG's DailyFX, said.

As in Danchenko’s trial, Durham failed to convict Sussmann of making false statements to the FBI. And therein lies the reason underlying Durham’s losing trial record. On Monday, during Durham’s closing argument against Danchenko, the special prosecutor made a point of rebuking the FBI’s 2016 investigation. The Hartford Courant reported her concern about “pressure from Barr ... to produce results before the election.”Durham, however, stuck with Barr. And Barr’s energetic attempts after Jan. 6 to rehabilitate his image cannot erase his sad final legacy as a Trump enabler.

☆ Gold dips as steady U.S. dollar, looming rate hikes dim appeal
▼ + stars: | 2022-10-19 | by ( ) www.cnbc.com time to read: +1 min

Gold inched lower on Wednesday as the dollar gained some ground, while the U.S. Federal Reserve's commitment to tightening its monetary policy also weighed on zero-yield bullion's appeal. Spot gold was down 0.1% at $1,650.02 per ounce, as of 0317 GMT, while U.S. gold futures were flat at $1,654.80. "Market participants may want to see a clearer end to Fed's rate hikes before restoring some confidence in gold prices," IG market strategist Yeap Jun Rong said, adding given upside risks to inflation, monetary tightening seems far from over. "That will keep gold prices locked in an overall downward trend for now, with any rallies running the risks of being eventually sold into." The Fed is widely expected to deliver a fourth straight 75-basis point rate hike when it meets in November, and traders of futures contracts tied to the policy rate are betting on another oversized hike in December as well.

☆ Facebook said an Indian publication, The Wire, used faked documents in an investigation. Now the publication is taking the stories down. Here's a timeline of the escalating conflict.
▼ + stars: | 2022-10-18 | by ( Kali Hays | ) www.businessinsider.com time to read: +16 min

Facebook claims a series of reports by an Indian news site, The Wire, were based on faked documents. On Tuesday, an expert The Wire used in a story denied publicly that he commented in any way to the publication. Stone responded on Twitter saying, "as it's been clear from the outset @thewire_in's stories are based on fabrications." Varadarajan wrote on Twitter that the email account The Wire uses, a protonmail.com address, had been "hacked via the hacking of a MacBook." Kumar of The Wire deactivated his Twitter account.

☆ German chemical sector employers, union agree wage hikes of 3.25%
▼ + stars: | 2022-10-18 | by ( Matthias Inverardi | ) www.reuters.com time to read: +2 min

BERLIN, Oct 18 (Reuters) - Germany's chemical and pharmaceutical industry agreed on two wage hikes of 3.25% each for its workers on Tuesday, one for the beginning of 2023 and the other a year later. While trade union IG BCE had not published a specific demand, the industry, which is among those most heavily affected by surging energy costs, managed to keep the wage agreement well below inflation in the region. German public sector unions this month demanded a 10.5% wage increase, or at least 500 euros more per month, over a year for some 2.5 million workers. The larger metal engineering sector is also in negotiations, with the trade union pushing employers to respond to its demand for 8% higher wages. Workers' purchasing power has already taken a hit, with German consumer price inflation at almost 11% in September.

☆ Dollar dips as UK budget U-turn improves market sentiment
▼ + stars: | 2022-10-17 | by ( Karen Brettell | ) www.reuters.com time to read: +2 min

British Pound Sterling and U.S. Dollar notes are seen in this June 22, 2017 illustration photo. Register now for FREE unlimited access to Reuters.com RegisterBritish gilts rallied sharply after the news, helping to also send U.S. Treasury yields lower. Hunt replaced Kwasi Kwarteng, whose package of unfunded tax cuts on Sept. 23 unleashed a bond market sell-off. "For now, the market seems happy to give the new chancellor time and space to put the government's house back in order," said Chris Beauchamp, chief market analyst at IG. Traders are also on watch for any intervention from the Bank of Japan after the yen fell to a 32-year low.

☆ Reactions: UK's Truss fires Kwarteng, set to U-turn on tax cuts
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +5 min

LONDON, Oct 14 (Reuters) - British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng and news reports said she will scrap later on Friday parts of the economic programme of big, unfunded tax cuts that they delivered last month. Consequently, the scope for a rally in gilts (move lower in yields) and sterling would seem to be limited." BENJAMIN NABARRO, ECONOMIST, CITI"The key issue in the near term is the contradiction between monetary and fiscal policy. RACHEL REEVES, OPPOSITION LABOUR PARTY'S FINANCE CHIEF"This humiliating u-turn is necessary - but the real damage has already been done. We may well be through the worst of the volatility but I fear that the UK is nowhere near out of the woods."

☆ UK finance minister Kwasi Kwarteng has been fired as the government waters down tax cuts
▼ + stars: | 2022-10-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

UK finance minister Kwasi Kwarteng was fired from his role on Friday. His tax cut proposals have rattled markets for weeks, with yields on gilts soaring. Prime Minister Liz Truss is expected to announce a policy U-turn at 9AM Eastern Time. Chief finance minister Kwarteng's pledges to carry on cutting income and corporation tax have rattled markets in recent weeks, with yields on gilts – UK government bonds – soaring. Read more: Pound crashes to record low against the dollar as UK tax cut plans rattle investors

Oct 13 (Reuters) - Oil prices struggled to find a footing on Thursday after easing in the previous session on a weakening global demand outlook. "While the OPEC+ production cuts may provide somewhat of a floor for oil prices, upside may seem limited as economic conditions will run the risks of further moderation as a trade-off to further Fed's tightening process," Yeap said. The U.S. Energy Department lowered its expectations for both production and demand in the United States and globally. Worsening demand for crude oil is contributing to inventory builds. U.S. crude oil stockpiles rose by about 7.1 million barrels for the week ended Oct. 7, according to market sources citing API data.

Oct 13 (Reuters) - Oil prices struggled to find their footing in Asian trade on Thursday after easing in the previous session on the back of a weakening global demand outlook. "While the OPEC+ production cuts may provide somewhat of a floor for oil prices, upside may seem limited as economic conditions will run the risks of further moderation as a trade-off to further Fed's tightening process," Yeap added. The U.S. Energy Department lowered its expectations for both production and demand in the United States and globally. Worsening demand for crude oil is contributing to inventory builds. U.S. crude oil stockpiles rose by about 7.1 million barrels for the week ended Oct. 7, according to market sources citing API data.

☆ This pair of chemical stocks are primed for big gains even as possible recession looms, Goldman says
▼ + stars: | 2022-10-13 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Thus, we are more positive on defensive stocks," Fischer wrote in a Thursday note. The analyst set a $338 price target for the company. The analyst's 12-month price target of $280 implies roughly 39% upside from Wednesday's closing price of $201.51. This margin expansion is our top idea," Fischer wrote. The market appears to have tired of this thesis right before it inflects favorably, in our view," he added.

☆ Secretary of the Army warns officers to keep 'out of the culture wars' following the investigation of a Major who called out Tucker Carlson
▼ + stars: | 2022-10-11 | by ( Isabella Zavarise | ) www.businessinsider.com time to read: +3 min

Army Secretary Christine Wormuth warned leaders about engaging in social media at a press conference on Monday. Her comments come after an investigation found Maj. Gen. Patrick Donahoe's Twitter activity was inappropriate. In 2021, Donahoe criticized a Tucker Carlson segment about efforts to accommodate women soldiers. When only 9% of kids are interested in serving, we have got to make sure that we are careful about not alienating wide swaths of the American public to the Army," Wormuth said. In the segment, Carlson attacked the Defense Department for trying to make military service more accommodating to women by creating maternity uniforms, for example.

The logo of Ferrari is seen in the headquarters as CEO Benedetto Vigna unveils the company's new long term strategy, in Maranello, Italy, June 15, 2022. They cover almost 70,000 workers in Italy, two thirds of them at the former Fiat-Chrysler, which last year merged with France's PSA to create Stellantis, whose brands also include Peugeot and Jeep. Spokespeople for Stellantis and Iveco said they would not make any comment until unions have filed a formal request, in coming days or weeks. The Agnelli family's holding company Exor (EXOR.AS) is a major shareholder in carmakers Stellantis and Ferrari, truckmaker Iveco and agricultural and construction machine maker CNH Industrial. This is separate from a national contract for workers in other parts of the metal and mechanical sector.

Search resuls for: "Ig"

25 mentions found