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Yen holds gains, markets bounce after Bank of Japan move
The yen held onto gains Wednesday and equity markets rebounded from a plunge the day before fuelled by the shock Bank of Japan decision to shift away from its ultra-loose monetary policy. "And beyond the Covid shift, Chinese policymakers have taken more decisive steps to support the economy, while broader macro policy continues to ease.
Musk expresses doubts on reliability of Twitter CEO poll
Elon Musk on Tuesday said that he doubted the reliability of a Twitter poll in which a majority of votes said he should step down as a CEO of the company. But polling company HarrisX on Tuesday tweeted out their own poll of Twitter users, in which 61 percent of respondents voted to keep Musk as CEO. "Interesting.
Five ways TikTok is seen as threat to US national security
Many in the United States see TikTok, the highly popular video-sharing app owned by Beijing-based ByteDance, as a threat to national security. Republicans are also putting pressure on Democrats as US President Joe Biden negotiates a long-term security arrangement for the app to keep operating under Chinese ownership in the United States.
Nike tops estimates despite hit to profit margins
Nike reported flat profits on higher sales Tuesday in results that topped estimates and lifted shares as strong demand helped counter the drag from heavy discounting due to excessive inventory. In the most recent quarter, Nike's gross margin declined compared with the prior quarter due to higher markdowns, especially in North America, Nike said.
TikTok under pressure as US lawmakers push government ban
The US Congress is on the cusp of approving a nationwide ban on using TikTok on government devices because of perceived security risks -- thrusting the hugely popular video-sharing platform into a delicate position over Washington's ties to China.
3M to phase out 'forever chemicals' PFAS by 2025
US industrial giant 3M announced Tuesday it will phase out production of so-called "forever chemical" PFAS in light of tightening regulation connected to harmful health effects from their use. 3M said Tuesday that its annual net sales of manufactured PFAS are about $1.3 billion. jmb/tjj
Yen surges on surprise Bank of Japan policy move
The yen soared to a four-month high against the dollar Tuesday after a surprise tweak to monetary policy by the Bank of Japan, which decided against hiking interest rates to tame decades-high inflation.
EU cuts gas consumption by 20% over past four months
EU countries have cut the amount of natural gas they consume by 20 percent over the past four months as they adapt to an energy crunch, the bloc's statistics agency said Tuesday. All but two EU countries showed declines, with major economies Germany, France slicing the amount of gas used by 25 percent and 20 percent, respectively, over that period.
US agency orders Wells Fargo to pay $3.7 bn for shoddy banking practices
US officials announced Tuesday a $3.7 billion settlement with Wells Fargo over an array of "illegal activity" that burdened customers with wrongful home foreclosures and other problems. Wells Fargo will pay $2 billion to compensate customers and $1.7 billion in civil fines under a Consumer Financial Protection Bureau settlement that the agency said pertained to some 16 million consumer accounts.
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