The Chicago-based company announced in early March that it was temporarily closing its stores in Russia but would continue to pay employees. On Monday, it said it would seek to have a Russian buyer hire those workers and pay them until the sale closes. It did not identify a prospective buyer.
The loss was in stark contrast to a year earlier when SoftBank posted record annual profit, surpassing global heavyweights such as Warren Buffett's Berkshire Hathaway, after the listing of South Korean e-commerce firm Coupang.
While overall inflation remains moderate, food and energy costs are rising rapidly, an outgrowth not of increased demand, but of market turmoil related to the pandemic and Russia’s invasion of Ukraine. And the yen has hit a two-decade low against the dollar, a dizzying drop of more than 18% since September that has unnerved Japanese businesses.
The rate increase to 1% from 0.75% was backed by six of the bank’s nine policy makers, with three voting for a 50-basis-point increase. Those members, Michael Saunders, Catherine Mann and Jonathan Haskel, were particularly concerned about rising pay growth.
A trader at the U.S. firm made a mistake “inputting a transaction,” Citigroup said late last night, after a knee-jerk selloff in Swedish stocks in five minutes wreaked havoc in bourses from Paris to Warsaw, wiping out 300 billion euros ($315 billion) at one point. The bank said it identified the error “within minutes” and corrected it.
Tesla shares have fallen nearly 20% since Musk disclosed his over 9% stake in Twitter on April 4. Investors have expressed concern that Musk may have to sell Tesla shares to fund his equity contribution to the takeover offer.
The electric-vehicle maker’s market capitalization is now down more than $275 billion since April 4, when Musk disclosed that he increased his Twitter stake. That’s a drop of roughly 23%.
Ahead of the ECB's decision, due at 1145 GMT, the broader Euro STOXX 600 gained 0.1%, with French shares adding 0.4% and German stocks up up 0.2%.
PT GoTo Gojek Tokopedia Tbk was formed by last year's merger of ride hailing-to-payments company Gojek and e-commerce leader Tokopedia, with its businesses straddling millions of small and mid-sized firms across the archipelago.
Car prices have helped push inflation sharply higher over the past year, and economists have been counting on them to level off and even decline in 2022, allowing the rising consumer price index to moderate markedly.
The statement dropped direct reference to the coronavirus pandemic but instead cited the war in Ukraine as creating "additional upward pressure on inflation" and weighing on economic activity.
Trading briefly restarted at 8 a.m. and nickel futures immediately fell through the 5% daily window before the market was suspended again. The exchange said it halted electronic trading to investigate the problem and will cancel a “small number” of transactions.
The last time the market for overnight index swaps linked to Fed meeting dates fully priced that much tightening was on Feb. 11, the day after U.S. consumer-price inflation numbers for January came in hotter than expected, prompting investors to wager on more hawkish central bank policy.
While Moody's Investors Service downgraded Russia's long-term issuer and senior unsecured (local-and foreign-currency) debt ratings to 'B3' from 'Baa3', Fitch pulled down the rating on the country to 'B' from 'BBB', putting it on 'Rating Watch Negative'.
The bank, set to unveil 2021 financial results later, said it was no longer able to supply liquidity to European subsidiaries, following a central bank order, but its capital level and asset quality were sufficient to pay all depositors.
In his maiden State of the Union Address on Tuesday, Biden said his administration was taking “robust action” to make sure the pain of the US sanctions is targeted at Russia's economy.
The interest rate will increase from 9.5% to 20%, the central bank said in a statement before ruble trading was due to open at 10 a.m. local time. It also temporarily banned brokers from selling securities held by foreigners starting Monday on the Moscow Exchange, without specifying which securities the ban applies to.
Crude surged on possible risks to Russian energy exports, with Brent touching $100 a barrel. The flight to safer investments saw the U.S. 10-year Treasury yield fall to 1.90%. Gold hit the highest since early 2021. The dollar and yen jumped, while the euro and the ruble retreated.
Crude prices have surged around 20% this year to more than $90 a barrel with consumption increasing and many major producers struggling to boost supply. Several traders believe prices will soon hit $100.
Markets tumbled after the government released Consumer Price Index data for January, which showed prices jumping 7.5% over the year and 0.6% over the past month, exceeding forecasts.
The new class of retail investors often weigh affordability and brand recognition when deciding which stocks to buy. Alphabet has been at a disadvantage, as its stock is expensive and uses the name of a holding company, rather than the globally recognized brand, Google.
Investors are focused on the Fed’s next move as it focuses on slowing inflation by pulling back on its support for the economy. The central bank has said it will soon stop buying government bonds, and investors expect it to start raising interest rates in March.
The largest cryptocurrency dropped as much as 7.4% to $38,261, while second-ranked Ether slid below $3,000.
The retreat comes after minutes from the Federal Reserve’s December meeting, published Wednesday, flagged the chance of earlier- and faster-than-expected rate hikes as well as potential balance-sheet rundown.
Notes released Thursday from the Fed meeting last month showed policymakers believe the U.S. job market is nearly healthy enough that ultra-low interest rates are no longer needed. Traders took that as a sign the Fed might be more aggressive about rolling back stimulus that is boosting stock prices.