Latest Financial and Business News

Reuters
Marketmind: Dollar flexes its muscles
Global trading volumes return to more normal levels on Tuesday as U.S. and UK markets re-open after their one-day holidays, with optimism over a U.S. debt ceiling agreement set to support risk assets and lift bond yields and the dollar. The dollar on Monday held firm around its strongest level in over two months against a basket of major currencies and a six-month peak against the Chinese yuan, and strengthened to a new six-month high against the Japanese yen. The onshore yuan traded weaker than 7.00 per dollar for the eighth straight day, as markets position for another hike in U.S. interest rates and potential policy easing from Beijing.
Reuters
MORNING BID ASIA-Dollar flexes its muscles
Global trading volumes return to more normal levels on Tuesday as U.S. and UK markets re-open after their one-day holidays, with optimism over a U.S. debt ceiling agreement set to support risk assets and lift bond yields and the dollar. The dollar on Monday held firm around its strongest level in over two months against a basket of major currencies and a six-month peak against the Chinese yuan, and strengthened to a new six-month high against the Japanese yen. The onshore yuan traded weaker than 7.00 per dollar for the eighth straight day, as markets position for another hike in U.S. interest rates and potential policy easing from Beijing.
Reuters
Canada, Quebec to provide about C$300 million for GM-POSCO battery materials facility
Canada's federal government and the Quebec province will each provide about C$150 million ($112 million) for a General Motors-POSCO Chemical battery materials facility that is expected create about 200 jobs in the country, the Canadian industry ministry said on Monday. The U.S. carmaker and South Korea's POSCO outlined their plan last year to build the facility in Becancour, Quebec, to produce cathode active material (CAM) for electric vehicle (EV) batteries. CAM includes components like processed nickel, lithium and other materials that make up about 40% of the cost of a battery, the industry ministry said in a statement.
Reuters
Canada, Quebec to provide about C$300 mln for GM-POSCO battery materials facility
Canada's federal government and the Quebec province will each provide about C$150 million ($112 million) for a General Motors-POSCO Chemical battery materials facility that is expected create about 200 jobs in the country, the Canadian industry ministry said on Monday. The U.S. carmaker and South Korea's POSCO outlined their plan last year to build the facility in Becancour, Quebec, to produce cathode active material (CAM) for electric vehicle (EV) batteries. CAM includes components like processed nickel, lithium and other materials that make up about 40% of the cost of a battery, the industry ministry said in a statement.
Reuters
UPDATE 1-Air Canada pilots end 10-year contract framework, eye bargaining
Air Canada's pilots have ended a decade-long contract framework, opening the door to "full bargaining this summer," their union leadership said on Monday in a note to members seen by Reuters. Air Canada pilots have previously said they are pressing for "historic" gains to narrow the earnings gap with higher-paid aviators at U.S. carriers. Their counterparts at Onex Corp's WestJet Airlines reached a tentative agreement that would offer a 24% hourly raise over four years, plus other pay and benefits.
Bloomberg
Wall Street Deals Show Unfulfilled Ambition of Japan’s Megabanks
(Bloomberg) -- Greenhill & Co.’s 75th-place ranking for global mergers advice this year didn’t deter Mizuho Financial Group Inc. from paying more than double the market price for the US boutique bank.Most Read from BloombergWorld’s Most Valuable Chipmaker Nvidia Unveils More AI Products After $184 Billion RallyManchin Gets Mountain Valley Pipeline Deal Into Debt BillDebt-Limit Deal Brings Relief Tinged by Caution: Markets WrapTraders Ready to Embrace Riskier Assets After Debt-Cap DealBiden, McCa
Bloomberg
Debt-Limit Deal Brings Relief Tinged by Caution: Markets Wrap
(Bloomberg) -- American equity futures posted modest gains amid cautious optimism the US will avert a catastrophic default after the weekend’s tentative debt-ceiling deal. European stocks wavered in muted holiday-affected trading.Most Read from BloombergWorld’s Most Valuable Chipmaker Nvidia Unveils More AI Products After $184 Billion RallyManchin Gets Mountain Valley Pipeline Deal Into Debt BillDebt-Limit Deal Brings Relief Tinged by Caution: Markets WrapTraders Ready to Embrace Riskier Assets
Reuters
Air Canada pilots end 10-year contract framework, eye bargaining
MONTREAL (Reuters) -Air Canada's pilots have ended a decade-long contract framework, opening the door to "full bargaining this summer," their union leadership said on Monday in a note to members seen by Reuters. Air Canada pilots have previously said they are pressing for "historic" gains to narrow the earnings gap with higher-paid aviators at U.S. carriers. Their counterparts at Onex Corp's WestJet Airlines reached a tentative agreement that would offer a 24% hourly raise over four years, plus other pay and benefits.
Bloomberg
Viterra-Bunge Merger Proposal Backed by Canadian Pension Funds
(Bloomberg) -- A merger between Viterra and Bunge Ltd. to create a $25 billion agricultural trading behemoth has the support of two of Canada’s biggest pension fund managers, according to a person with direct knowledge of the matter.Most Read from BloombergWorld’s Most Valuable Chipmaker Nvidia Unveils More AI Products After $184 Billion RallyManchin Gets Mountain Valley Pipeline Deal Into Debt BillDebt-Limit Deal Brings Relief Tinged by Caution: Markets WrapTraders Ready to Embrace Riskier Asse
Reuters
CANADA STOCKS-TSX recoups some recent declines as U.S. debt deal struck
Canada's main stock index edged higher on Monday, extending its recovery from a near two-month low, as energy and financial shares gained ground after a deal was reached in Washington that could enable the U.S. to avoid defaulting on its debt. The Toronto Stock Exchange's S&P/TSX composite index ended up 47.64 points, or 0.2%, at 19,967.95, after posting on Thursday its lowest closing level since March 28 at 19,774.08. Trading volume was lighter than normal with U.S. markets closed for Memorial Day.
Reuters
UPDATE 1-Republicans speak out against US debt-ceiling deal, in sign of rocky road ahead
to raise the United States' $31.4 trillion debt ceiling, in a sign that the bipartisan agreement could face a rocky path through Congress before the U.S. runs out of money next week. Although expected, the opposition illustrates the hurdles that Democratic President Joe Biden and top congressional Republican Kevin McCarthy will have to overcome to see the Republican-controlled House of Representatives and Democratic-controlled Senate pass the package.
AP Finance
Nevada Legislators weigh plan to put MLB stadium on Las Vegas Strip
Lawmakers are considering a proposal to finance and incentivize construction of a Major League Baseball stadium on the Las Vegas Strip, with an initial public hearing scheduled Monday at the Nevada Legislature. The plan would authorize up to $380 million in incentives for the potential $1.5 billion retractable-roof stadium, mainly through state transferable tax credits and county bonds to help provide a home for the Oakland Athletics. The state would forgo up to $180 million in transferable tax credits, with a cap at $36 million per year.
Bloomberg
Biden, McCarthy Work Lawmakers to Pass Deal as US Default Looms
(Bloomberg) -- The White House and Republican congressional leaders geared up lobbying campaigns to win approval of a deal to avert a US default as environmentalists, defense hawks and conservative hard-liners condemned concessions.Most Read from BloombergWorld’s Most Valuable Chipmaker Nvidia Unveils More AI Products After $184 Billion RallyManchin Gets Mountain Valley Pipeline Deal Into Debt BillDebt-Limit Deal Brings Relief Tinged by Caution: Markets WrapTraders Ready to Embrace Riskier Asset
Reuters
UPDATE 1-Bunge launches fintech to support agribusiness funding in Brazil
The Brazilian unit of commodities trader Bunge launched on Monday a fintech with $500 million available to provide funding for deals between farmers and retailers of agricultural inputs. The new business, called Fincrop, will grant credit after a risk assessment focused on social and environmental criteria, the firm said. Bunge will verify sustainable practices through the monitoring of data from the farms, including satellite imagery and real-time field information.
Bloomberg
Oil Ekes Out Gain as US Lawmakers Address Tentative Debt Deal
(Bloomberg) -- Oil eked out a second session of gains as traders waited to see if US lawmakers would approve a tentative deal to avert a catastrophic default.Most Read from BloombergWorld’s Most Valuable Chipmaker Nvidia Unveils More AI Products After $184 Billion RallyManchin Gets Mountain Valley Pipeline Deal Into Debt BillDebt-Limit Deal Brings Relief Tinged by Caution: Markets WrapTraders Ready to Embrace Riskier Assets After Debt-Cap DealBiden, McCarthy Forge Debt Deal in Bid to Avert US De
AP Finance
UAE announces groundbreaking mission to asteroid belt, seeking clues to life's origins
The United Arab Emirates unveiled plans Monday to send a spaceship to explore the solar system's main asteroid belt, the latest space project by the oil-rich nation after it launched the successful Hope spacecraft to Mars in 2020. Dubbed the Emirates Mission to the Asteroid Belt, the project aims to develop a spacecraft in the coming years and then launch it in 2028 to study various asteroids. “This mission is a follow up and a follow on the Mars mission, where it was the first mission to Mars from the region," said Mohsen Al Awadhi, program director of the Emirates Mission to the Asteroid Belt.
Reuters
CANADA FX DEBT-CAD gains as investors cheer U.S. debt ceiling deal
The Canadian dollar edged higher against its U.S. counterpart on Monday, clawing back some recent declines, as a deal to temporarily suspend the U.S. debt ceiling boosted investor sentiment. The loonie was trading 0.2% higher at 1.3584 to the greenback, or 73.62 U.S. cents, after moving in a range of 1.3584 to 1.3618. "The Canadian dollar has been able to extend its bounce from Friday thanks to a constructive risk mood following this past weekend's U.S. debt ceiling deal," said Erik Bregar, director, FX & precious metals risk management at Silver Gold Bull.
AP Finance
Belarus has no immediate plans to adopt Russian currency, its strongman leader Lukashenko says
Belarus and Russia have no plans to adopt a joint currency in the near future, Belarus’ strongman leader announced on Monday. Speaking at a meeting with the head of Russia’s central bank, Alexander Lukashenko said that introducing the Russian ruble in Belarus would not be “an easy process,” and that the authorities in Minsk had no intentions so far of doing so. “When it comes to creating a single currency and so on, this is not an easy process and, probably, not (one) for today,” Lukashenko said on Monday during talks with bank governor Elvira Nabiullina.
Yahoo Finance
Here's how each U.S. state is benefiting from Biden's $1.2T infrastructure law
The capacity of each state and local government to channel this funding has varied widely.
Reuters
Republicans speak out against US debt-ceiling deal, in sign of rocky road ahead
WASHINGTON (Reuters) -A handful of hard-right Republican lawmakers said on Monday they would oppose a deal to raise the United States' $31.4 trillion debt ceiling, in a sign that the bipartisan agreement could face a rocky path through Congress before the U.S. runs out of money next week. Although expected, the opposition illustrates the hurdles that Democratic President Joe Biden and top congressional Republican Kevin McCarthy will have to overcome to see the Republican-controlled House of Representatives and Democratic-controlled Senate pass the package. Florida Governor Ron DeSantis, a candidate for the Republican 2024 presidential nomination, said the deal does not do enough to change the fiscal trajectory.
Reuters
U.S. Republicans tee up debt-ceiling vote in Congress
Republicans in the House of Representatives on Monday laid plans to advance a debt-ceiling deal with Democratic President Joe Biden starting Tuesday, with the aim of passing it through Congress before the U.S. government runs out of money early next week. The House Rules Committee said it would take up the agreement on Tuesday afternoon, which could clear the way for a vote by the Republican-controlled chamber. The package also must pass the Democratic-controlled Senate before Biden can sign it into law.
Bloomberg
Long-Dated Treasury Futures Rally in Wake of Debt-Ceiling Accord
(Bloomberg) -- Treasury futures linked to the 10- to 30-year part of the US government bond market rallied on light volume Monday, as traders looked ahead to an array of supportive factors that could come into play when trading resumes Tuesday after the Memorial Day holiday.Most Read from BloombergWorld’s Most Valuable Chipmaker Nvidia Unveils More AI Products After $184 Billion RallyManchin Gets Mountain Valley Pipeline Deal Into Debt BillDebt-Limit Deal Brings Relief Tinged by Caution: Markets
Bloomberg
Toronto Condo Investors Are Losing Money in a Bad Sign for Renters
(Bloomberg) -- The majority of investors who took on mortgages in 2022 to pay for new Toronto condos have been losing money every month, a shift that could discourage future building in what is already one of North America’s tightest rental markets.Most Read from BloombergWorld’s Most Valuable Chipmaker Nvidia Unveils More AI Products After $184 Billion RallyManchin Gets Mountain Valley Pipeline Deal Into Debt BillDebt-Limit Deal Brings Relief Tinged by Caution: Markets WrapTraders Ready to Embr
Bloomberg
Saudi Investment Enclaves Take Shape With Top Steelmaker’s Entry
(Bloomberg) -- Saudi Arabia has unveiled a flurry of new investment projects led by the world’s biggest steelmaker as the kingdom dangles incentives for companies willing to operate in its special economic enclaves.Most Read from BloombergWorld’s Most Valuable Chipmaker Nvidia Unveils More AI Products After $184 Billion RallyManchin Gets Mountain Valley Pipeline Deal Into Debt BillDebt-Limit Deal Brings Relief Tinged by Caution: Markets WrapTraders Ready to Embrace Riskier Assets After Debt-Cap
Reuters
CD Projekt is not for sale - CEO
CD Projekt, which has previously been rumoured to be a target for Microsoft, reported a 1% year-on-year rise in quarterly net profit, as it gears up to release an expansion to action role-playing game "Cyberpunk 2077". After two years without a major new release, CD Projekt is due to present "Cyberpunk 2077: Phantom Liberty" in Los Angeles on June 8 during the Summer Game Fest: Play Days. "Phantom Liberty" is the last game produced on company's own RED engine, with CD Projekt switching to the external Unreal Engine 5 for upcoming projects, which include among others a new Witcher trilogy, a remake of Witcher 1 and a Cyberpunk sequel.