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(Reuters) -U.S. regulators on Tuesday fined 16 financial firms, including Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley and UBS, a combined $1.8 billion after staff discussed deals and trades on their personal devices and apps. The sweeping industry probe, first reported by Reuters last year and subsequently disclosed by multiple lenders, is a landmark case for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), marking one their largest collective resolutions.
TOKYO/SEOUL (Reuters) -U.S. Vice President Kamala Harris told South Korea's prime minister on Tuesday that Washington will work to address Seoul's concerns over recently enacted electric vehicle (EV) subsidies that could disadvantage Asian automakers. The $430 billion "Inflation Reduction Act" bill enacted in August includes a host of U.S. President Joe Biden's priorities, including investments to roll back climate change and make Washington a world leader in the EV market. The law also ends subsidies for other EV models and requires that a percentage of critical minerals used in those cars' batteries come from the United States or an American free-trade partner.
LONDON (AP) — TikTok could face a 27 million-pound ($29 million) fine in the U.K. over a possible breach of U.K. data protection law by failing to protect children's privacy when they are using the video-sharing platform. The U.K. Information Commissioner's Office said Monday that it has issued the social media company a legal document that precedes a potential fine. It said TikTok may have processed the data of children under 13 without appropriate parental consent, and processed “special categ
The company has also been facing tough competition from Microsoft Corp, Citrix Systems and International Business Machines in the security software segment, with revenue in the unit falling 7.5% to $111 million from a year ago. The company said in an earnings call that cybersecurity segment revenue in the third quarter is expected to be flat year-on-year. However, revenue at the company's Internet of things (IoT) unit, which includes the QNX software for automotive customers, rose about 28% to $51 million as it signed up more customers.
Royal Bank of Canada ("RBC") today announced that it had completed the acquisition of Brewin Dolphin Holdings PLC ("Brewin Dolphin"), a multi-award-winning wealth management firm. Brewin Dolphin will now operate as 'RBC Brewin Dolphin', as part of RBC, and will continue to be led by CEO, Robin Beer.
Barrick Gold (TSX:ABX)(NYSE:GOLD) stock seems way too cheap to ignore after the recent plunge. The post Battered Gold Stocks (With Huge Dividend Yields) to Buy Now appeared first on The Motley Fool Canada.
The recent rally in the U.S. dollar is creating an “untenable situation" for riskier assets that could end in a financial or economic crisis, strategists at Morgan Stanley warned in a note Monday. The wild swings in currencies are another pressure on the global economy and corporate earnings, which are expected to fall as the Federal Reserve’s aggressive interest rate hikes over the summer begin to weigh on spending. “The ultimate lows for stocks, and highs for yields, will likely be determined by the growth trajectory in earnings and the economy rather than inflation or the Fed,” analysts including Michael Wilson at Morgan Stanley wrote.
Recent profit warnings from bellwether companies like Ford Motor Co, may signal more challenges ahead for corporate America, increasing wariness for investors as the stock market deepens its sell-off. The U.S. Federal Reserve raised interest rates by three-quarters of a percentage point for a third straight time on Wednesday in its fight to combat inflation, and some analysts think the aggressive hikes could tip the economy into recession. Ford Motor warned last Monday that inflation-related supplier costs will run about $1 billion higher than expected in the current quarter, while FedEx Corp outlined on Thursday cost cuts of up to $2.7 billion after falling demand hammered first-quarter profits.
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Solar power has outpaced wind power over the last five years in terms of global capacity additions, notching up a more than 200% increase in worldwide generation from 2016 to 2021, compared to a 93.5% rise in wind generation during the same slot. China, the United States, Japan, India and Germany together generated 67.4% of all solar power in 2021, and have been among the largest solar power developers for decades. The problem is, when measured by photovoltaic power potential, or the amount of sunlight available to generate solar power, three of those countries are not even in the top 100 most suitable solar locations.
LONDON (Reuters) -Turmoil in British financial markets forced mortgage lenders to temporarily withdraw and reprice products for new customers on Monday, a real-world consequence of the market volatility thrown up by finance minister Kwasi Kwarteng's mini-budget last week. Brokers said the moves were likely just the start of a big shift in Britain's mortgage market. The country's largest mortgage lender Halifax said it was withdrawing its fee-paying mortgage products - where borrowers could pay an arrangement fee in exchange for a lower interest rate - and moving to a full fee-free range.
SEOUL, South Korea (AP) — North Korea and China resumed freight train service Monday following a five-month hiatus, South Korean officials said, as the North struggles to revive an economy battered by the pandemic, U.N. sanctions and other factors. The reopening came after North Korean leader Kim Jong Un last month made a dubious claim to have overcome the COVID-19 pandemic and ordered an easing of the restrictions guarding against the spread of the coronavirus. South Korea’s Unification Ministr
KYIV, Ukraine (AP) — The Kremlin paved the way Tuesday to annex more of Ukraine and escalate the war by claiming that residents of a large swath overwhelmingly supported joining with Russia in stage-managed referendums the U.S. and its Western allies have dismissed as illegitimate. Pro-Moscow officials said all four occupied regions of Ukraine voted to join Russia. According to Russia-installed election officials, 93% of the ballots cast in the Zaporizhzhia region supported annexation, as did 87
TOKYO (Reuters) -Bank of Japan (BOJ) board members agreed the inflationary impact of the yen's recent sharp moves must be closely scrutinised, but policymakers reiterated their resolve to keep policy loose even as the currency's rapid fall has unsettled financial markets. In minutes of the BOJ's July policy meeting released on Wednesday, one member said the downward pressure on the yen may ease as the global economic slowdown begins to weigh on inflation and long-term interest rates across the world. At the July 20-21 meeting, the BOJ projected inflation would exceed its 2% target this year in fresh forecasts, but maintained ultra-low interest rates and signalled its resolve to keep monetary super loose.
L'Oreal SA on Tuesday failed to persuade a U.S. judge in Manhattan to dismiss a proposed class action lawsuit accusing the company of defrauding shoppers by suggesting that two topical collagen products help smooth wrinkles. The plaintiffs Rocio Lopez and Rachel Lumbra sued in August 2021, claiming that L'Oreal violated New York and California consumer protection laws by deceiving them into overpaying for its Collagen Moisture Filler Day/Night Cream and its Fragrance-Free Collagen Moisture Filler Daily Moisturizer. According to the complaint, topically applied collagen is too large to be absorbed by the epidermis, the uppermost layer of skin, making the products incapable of helping "smooth wrinkles" and "restore skin's cushion" as the labels suggest.
WASHINGTON (AP) — President Joe Biden announced a new initiative Monday that would eventually allow consumers to see a more complete price on airline tickets — including baggage and change fees — before they buy, as the White House continues to search for ways to lower costs for Americans amid persistently high inflation. The White House says the proposed rule from the Transportation Department will prevent airlines from hiding the “true cost” of airline tickets, which would help consumers save
TOKYO (AP) — Asian shares tumbled Wednesday after a wobbly day ended with mixed results on Wall Street as markets churn over the prospect of a possible recession. Tokyo's Nikkei 225 index sank 2.2% to 25,984.51 while the Kospi in Seoul lost 2.8% to 2,161.86. In Sydney, the S&P/ASX 200 gave up 0.8% to 6,443.30. Hong Kong's Hang Seng dropped 2.1% to 17,483.89 and the Shanghai Composite index declined 0.8% to 3,068.59. Taiwan's benchmark dropped 2.1%. The week started off with a broad sell-off that
NeuroCatch Inc. ("NCI"), a subsidiary of HealthTech Connex ("HTC"), is excited to announce that the newest version of its groundbreaking NeuroCatch® Platform brain function assessment system has received a Health Canada medical device license. The previous generation NeuroCatch® already received Health Canada approval in 2019 and is currently being used in a number of clinical research studies throughout North America.