Month: July 2022
Samsung’s ‘better than feared’ earnings spur chip stock rally
Samsung shares rose on Thursday, dragging Asian chipmakers higher after the South Korean technology giant posted “better than feared” earnings guidance for the second quarter. The numbers assuaged investors’ concerns about rising inflation, deteriorating consumer demand and higher material costs for semiconductor firms, though analysts cautioned that demand weakness may not have fully run its […]
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Sterling gains on unconfirmed reports UK PM Boris Johnson will resign today
Sterling hit a day’s high Thursday following multiple unconfirmed reports that Prime Minister Boris Johnson is set to resign. The pound rose 0.35% against the U.S. dollar to trade at $1.1971 around 9.25 a.m. London time. It comes after more than 50 MPs resigned from Johnson’s government within 48 hours. CNBC and NBC News were […]
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Euro continues to slide toward dollar parity — and could fall even further
A financial trader monitors data as a television shows euro currency banknotes at the Frankfurt Stock Exchange in Germany. Martin Leissl | Bloomberg | Getty Images The euro dropped below $1.02 this week, continuing its slide to new 20-year lows and potential parity with the U.S. dollar. The euro traded as low as $1.0165 on […]
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Villas by the sea: Rich Russians fleeing sanctions are pumping up Dubai’s property sector
Dubai is seeing its hottest real estate market in years, with sales in the sector up 45% year on year in April and 51% in May, according to the Dubai Land Department. DUBAI, United Arab Emirates – The team at Dubai property firm Mira Estate have reason to celebrate. The luxury real estate company just […]
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UK government resignations top 50 as PM Boris Johnson clings to power
British Prime Minister Boris Johnson attends a news conference during a NATO summit in Madrid, Spain June 30, 2022. Yves Herman | Reuters LONDON — Over 50 members of parliament have resigned from U.K. Prime Minister Boris Johnson’s government since Tuesday, as the unprecedented revolt against the leader from within his own party continues. After […]
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Russia says the West risks the ‘wrath’ of God if it punishes Moscow over the war; heavy weapons start to have an impact
Humanity at risk if the West seeks to punish Russia over Ukraine, official warns Former President Dmitry Medvedev said on Telegram on Wednesday that he thought it was a “crazy” idea “to create tribunals or courts for the so-called investigation of Russia’s actions” in Ukraine. Ekaterina Shtukina | Sputnik | Reuters A top Russian official […]
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Buy the dip in China markets despite Covid concerns, says Bank of America Securities
Short-term corrections in the Chinese stock markets can be a buying opportunity for investors, says a strategist from Bank of America Securities. Winnie Wu, a China strategist at the investment bank, acknowledged that there’s still a potential volatility from China’s evolving Covid situation, and there could be more bad news ahead if Covid cases rebound […]
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Malaysia fuel subsidies offer some reprieve from inflation, says economist
Malaysia is in an “enviable” position because fuel subsidies have shielded households from higher oil prices, according to an economist. “Even though we’re seeing this acceleration in inflation, and we’re going to see higher inflation going forward, particularly into the second half … households have in some way been shielded because of these fuel subsidies,” […]
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Video game sales set to fall for first time in years as industry braces for recession
The PlayStation 5 logo pictured at a store in Krakow, Poland. Nurphoto | Getty Images Video game sales are set to decline annually for the first time in years, as another industry that boomed in the coronavirus era faces the grim prospect of a recession. The global games and services market is forecast to contract […]
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Chips drive Samsung’s highest second-quarter profit since 2018, but demand is cooling
People walk past the logo of Samsung Electronics in Seoul on July 7, 2022. South Korea’s Samsung Electronics Co Ltd turned in its best April-June profit since 2018 on Thursday, underpinned by strong sales of memory chips to server customers even as demand from inflation-hit smartphone makers cools. Jung Yeon-je | Afp | Getty Images […]
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