World news

Aluminum’s record high price means a windfall for stocks?

February 09, 2022 11:29 AM AEDT| By Rupam Roy

Highlights Aluminum price hit a 13-year high of US$3,235 on Tuesday. Leading aluminum producer Slovalco cut its output by around 60%. Aluminum stocks in LME-registered warehouses fell to their lowest level since 2007. Aluminum prices hit .....

Amazon hikes base salary for its employees to $350,000

February 08, 2022 08:51 PM AEDT| By Priyanka Payal

Highlights Amazon Inc. announces its decision to more than double the maximum base salary it pays to its employees to US$350,000. In its fourth-quarter results announced last week, Amazon revealed that its net sales increased 9% to US$137.....

US renews calls on China to fulfil Trump-era trade commitments

February 08, 2022 02:38 PM AEDT| By Sanjeeb Baruah

US officials on Monday renewed calls on China to fulfill its promises made in a trade pact with than Trump administration to buy US$200 billion worth of American goods, Reuters reported. The officials asked China to take "concrete action" to meet .....

Meta (FB) builds shield after avatars ‘harass’ proxies in metaverse

February 08, 2022 10:09 AM AEDT| By Team Kalkine Media

Highlights Some users have faced harassment on Meta’s Horizon network, its virtual reality platform. The protective function will be turned on by default. Meta Platforms had opened its virtual reality platform to the public in North Am.....

Frontier Group (ULCC) to acquire Spirit Airlines for US$6.6 billion

February 08, 2022 06:35 AM AEDT| By Rupam Roy

The Colorado-based airline holding company, Frontier Group Holdings, Inc (NASDAQ: ULCC), is acquiring its rival Spirit Airlines Inc. (NYSE: SAVE) for US$6.6 billion in a cash-and-stock deal. The purchase is expected to help Frontier compete with l.....

Ørsted Appoints the Next Group CFO

February 08, 2022 12:05 AM AEDT| By 3BL

Today, Ørsted’s Board of Directors appointed Daniel Lerup as the next Group Chief Financial Officer (CFO) and member of Ørsted’s Executive Committee as of 8 April 2022. Daniel Lerup is cur...

Amazon (AMZN), Meta (FB) epic gain, loss – case of want and necessity?

February 06, 2022 02:40 PM AEDT| By Sanjeeb Baruah

Highlights Amazon Inc (AMZN) closed the week with its biggest single-day gain of US$191 billion. Meta Inc’s (FB) stock rout wiped out more than US$250 billion in market value. PetroChina Co holds the record for daily gain at US$597 bill.....

Can Fed rate hikes impact emerging markets?

February 06, 2022 12:52 AM AEDT| By Ashish

Highlights Kristalina Georgieva, managing director of the IMF, recently said interest rate hikes by the Fed could have an impact on global recovery. She feared that escalated interest rates in the US could make repayment costlier for econom.....

Chip firms see supply tension even with production boost in 2022

February 05, 2022 06:49 PM AEDT| By Versha Jain

Highlights Automakers like Ford Motor Co and General Motors anticipate the semiconductor shortage to improve in the second half of 2022. But the supply tension is expected to persist even with a production boost this year. The House on.....

Protests, diplomatic boycotts overshadow Beijing Winter Olympics

February 05, 2022 06:43 PM AEDT| By Versha Jain

Highlights According to BBC, China has issued no tickets to the common public, but only to the members of the Communist Party and the state-run company officials. Diplomats from around a dozen countries, including the US, the UK.....

Volvo, Northvolt to build US$3.3-bn battery gigafactory in Sweden

February 05, 2022 11:27 AM AEDT| By Rupam Roy

Highlights The plant’s construction, which includes an R&D center, will begin next year. The batteries for Volvo and Polestar models are expected to start in 2025. The new facility would create 50-gigawatt-hour (GWh) of battery c.....

Is Meta Platforms’ (FB) US$250-bn loss biggest wipeout in US history?

February 05, 2022 06:58 AM AEDT| By Versha Jain

Highlights Meta Platforms, Inc. (FB) lost around US$250 billion in market value in a single day. The Dow Jones US Technology Total Stock Market Index’s total YTD decline widened to 10.97% after the stock rout. Meta&.....

Snap Inc (NYSE: SNAP) nixes iPhone privacy fears - answer to Meta woes?

February 05, 2022 03:58 AM AEDT| By Rupam Roy

Highlights Snap Inc forecasts revenue of US$1.03 billion to US$1.08 billion in Q1, FY22. It expects daily active users to be in the range of 328 million to 330 million. The company reported its first positive net income since its IPO in March .....

Amazon (AMZN) rides Rivian stake to US$14.3-bn profit, raises membership fees

February 04, 2022 11:38 AM AEDT| By Sanjeeb Baruah

Amazon.com Inc (AMZN) on Thursday posted a fourth-quarter profit of US$14.3 billion, boosted by a pre-tax gain from its stake in electric vehicle maker Rivian Automotive. The stock rose as much as 15% in the after-market hours after dipping nearly.....

World's Largest Asset Management Firm Sees Opportunity in Stakeholder Capitalism & Sustainability

February 04, 2022 04:30 AM AEDT| By 3BL

“I believe the de-carbonization of the global economy is going to create the greatest investment opportunity of our lifetime.” This bold prediction is part of the annual letter sent to CEO...

World's Largest Asset Management Firm Sees Opportunity in Stakeholder Capitalism & Sustainability

February 04, 2022 04:30 AM AEDT| By 3BL

“I believe the de-carbonization of the global economy is going to create the greatest investment opportunity of our lifetime.” This bold prediction is part of the annual letter sent to CEO...

Jeff Bezos gets Dutch bridge dismantled to make way for his yacht

February 04, 2022 01:12 AM AEDT| By Sanjeeb Baruah

Amazon.com, Inc (AMZN) founder Jeff Bezos is bearing the cost of taking apart a historic Dutch bridge so his US$485-million superyacht can pass, it was revealed this week. Rotterdam officials agreed to dismantle the steel Koningshaven bridge that .....