Author: Press Room
© Reuters. FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC’s headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger/File Photo By Alex Lawler and Ahmad Ghaddar LONDON (Reuters) -OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers, an OPEC+ source said on Monday. Several analysts have said they expect OPEC+ to extend or even deepen supply cuts into next year in order to support prices, which on Monday were trading just above $80 a barrel,…
Md Saiful Islam Khan/iStock via Getty Images Shares of GRI Bio (NASDAQ:GRI) were down 9% in mid-morning trading Monday despite the company announcing it had received FDA clearance to begin clinical testing of its therapy candidate GRI-0621in the treatment of idiopathic pulmonary fibrosis. GRI said it plans to begin a Phase 2a biomarker study of the product before the end of the year. Interim data is expected during the first half of 2024, with topline results during the second half of the year. The company added that it plans to pursue a 505(b)(2) regulatory pathway for the drug.
Senate Majority Leader Chuck Schumer, D-N.Y., will bring the Biden administration’s $106 billion national security funding request to the floor for a vote as early as next week, Schumer said in a Dear Colleague letter Sunday night. “One of the most important tasks we must finish is taking up and passing a funding bill to ensure we as well as our friends and partners in Ukraine, Israel, and the Indo-Pacific region have the necessary military capabilities to confront and deter our adversaries and competitors,” he wrote. The White House’s supplemental request, which was sent to Congress in October, includes $61.4 billion for…
Topline Chinese electric vehicle giant BYD is a wiser investment than its American counterpart Tesla, Bernstein analysts contended in a Monday research note, laying out a case for the peers’ valuations to converge and maintaining its pessimistic outlook for Tesla following the Elon Musk-led firm’s 120% share price surge in 2023. Tesla competitor BYD nearly matched Tesla’s Q3 EV deliveries.UCG/Universal Images Group via Getty Images Key Facts Bernstein’s Toni Sacconaghi and Eunice Lee said they “struggle to bridge” the valuation gap between Tesla (about $730 billion market capitalization) and BYD ($84 billion market cap) considering the companies’ comparable revenue, EV…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Chrysalis Investments and its investment managers are to split from asset management group Jupiter, three years after the trust was acquired as part of a wider deal.The investment company said on Monday that managers Richard Watts and Nick Williamson would leave Jupiter in spring 2024 and set up their own investment advisory company that will manage Chrysalis, four years after the trust was brought under Jupiter’s control through its acquisition of Merian.The change follows a shareholder consultation into the trust’s approach, manager…
By Luiza Ilie BUCHAREST (Reuters) – Romania has yet to present credible measures to offset the budget impact of planned pension hikes in the 2024 election year, Standard & Poor’s said, as rating agencies warned the country’s deficit could remain high for the foreseeable future. Romania, one of the European Union’s poorest states, passed legislation last week under a framework agreed with the EU in exchange for recovery funds to put its pension system on a sustainable path. The measures are aimed at eliminating inconsistencies in the way state pensions are calculated and include a gradual increase in the retirement…
© Reuters. Amid an overall challenging economic climate, the United Kingdom’s has experienced a modest year-over-year increase of 0.2%, a stark contrast to the more significant gains seen in other major international indices like the in the United States and Japan’s . The FTSE 100’s lukewarm performance masks the varied fortunes of its constituent companies. Approximately half of the index’s stocks have shown positive momentum, with an average increase of 23.9%. Conversely, a slight majority have seen their values decline by an average of 12.8%. Leading the pack in growth is aerospace titan Rolls-Royce (OTC:) Holdings, which has witnessed its…
© Reuters. Investing.com — Oil prices retreated Monday amid caution ahead of this week’s delayed OPEC+ meeting, with traders looking for more information about future production levels. By 09:05 ET (14.05 GMT), the futures traded 0.4% lower at $75.24 a barrel and the contract dropped 0.3% to $80.24 a barrel. Postponed OPEC+ meeting looms The crude benchmarks recorded their first positive week in five last week, but the tone turned negative after the Organization of the Petroleum Exporting Countries and allies, including Russia, a group known as OPEC+, delayed its gathering to discuss output levels going into 2024. The group…
Foot Locker downgraded at Citi on weakening macro environment
A New York politician is calling for the resignation of a university president who he accused of finding “moral equivalence between Hamas’ terrorist slaughter of innocent women and children with the contested political agenda of the Palestinian people” in the wake of the October 7 attacks. In a letter first obtained by Fox News Digital on Sunday, Nassau County Executive Bruce Blakeman said Hofstra University President Dr. Susan Poser’s statement last month regarding the Israel-Hamas war is “so misguided and antithetical to good moral values and judgment that it puts into question her ability to lead Nassau County’s largest private university.” “I…