Category: Latest News
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European Midday Briefing: Fresh U.S. Bank Stock Worries Add to Cautious Mood
Market Wraps Stocks: European stocks continued their start-of-week retreat, as investors looked ahead at some big-tech earnings on Wall Street and as fresh worries in U.S. regional banking stocks weighed on the overall mood. Banking shares were weaker after embattled U.S. lender First Republic Bank reported a slump in deposits, while miners dropped on lower…
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UBS Profits Slump 52% in Q1 Amid Legacy Litigation
Switzerland’s largest bank, UBS Group AG, said Tuesday that its first-quarter earnings fell 52 per cent due to increased legal provisions over mortgage-backed securities (MBS) litigation issues. The result came at a turbulent time for the Swiss bank after it was forced to acquire former rival Credit Suisse. Net income attributable to shareholders came in…
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Coinbase Filed Petition To SEC To Create Rules For Digital Assets
Coinbase Global, the largest U.S. cryptocurrency exchange, filed a petition on Monday to force the U.S. Securities and Exchange Commission (SEC) to create new rules for digital assets, it said in a blog post. This is the latest move in escalating tensions between securities regulators and cryptocurrency exchanges. Coinbase (NASDAQ:COIN) filed a rulemaking petition with…
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First Republic Stock Plunges As Deposits Plummet In Q1
Shares fell 20% in after-hours trading after First Republic Bank said Monday that deposits plunged more than $100 billion in the first quarter and it was exploring options such as restructuring its balance sheet. This sharp drop in deposits overshadowed the beleaguered bank’s better-than-expected quarterly earnings. First Republic managed to weather the crisis by injecting…
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GM and Samsung SDI Plan To Build A New Battery Plant In The US
General Motors (NYSE:GM) and Samsung SDI (KOSPI:006400) will announce plans to build a new joint venture battery manufacturing plant in the US as early as Tuesday, Reuters reported, citing sources. The planned announcement comes after Reuters reported in January that GM and LG Energy Solutions (KOSPI:373220) would not be pursuing a fourth US battery manufacturing…
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Netflix Invests $2.5 Billion In South Korea To Produce TV Shows And Movies
Netflix said on Tuesday that it plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and reality shows. This investment is twice the amount Netflix has invested in the Korean market since 2016. The US streaming service’s investment was announced after a meeting between South…
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MedPace’s Share Price Soared On Better-Than-Expected Q1 Results
US clinical research firm Medpace Holdings reported first quarter earnings of $2.27 per share after the New York market close on Monday, beating the analyst consensus estimate of $1.80 by 26.11%. Shares soared in after-hours trading following the announcement. This is a 34.32% increase from earnings of $1.69 per share reported for the same period…
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Whirlpool Beats Expectations In Q1 Thanks To Strong Home Appliances Demand In N. America
Global home appliance manufacturer and retailer Whirlpool Corp reported better-than-expected first-quarter results after the New York market close on Monday, driven by strong demand for refrigerators and washing machines in North America, its largest market. As a result, the share price rose in after-hours trading. Like many consumer goods manufacturers, Whirlpool has had to raise…
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Bed Bath & Beyond Shares Plunge After Filing For Chapter 11
Bed Bath & Beyond Inc, a US household goods retailer that has finally filed for bankruptcy due to financial difficulties, crashed in the New York market on Monday. Bed Bath & Beyond, which has a 52-year history, filed for Chapter 11 bankruptcy protection on Sunday (local time) and commenced the liquidation sale of some or…
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US Futures, European Stocks Slip
In the U.S., futures for the S&P 500 were down 0.4% and futures for the Dow Jones Industrial Average decreased 0.3%. Changes in futures do not necessarily predict movements after the opening bell. In Europe, the Stoxx Europe 600 (STOXX:SSXP) declined 0.4% in morning trading. Wartsila rose 6.3% and Kuehne + Nagel Intl added 5.5%.…