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.
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.
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.
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.
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.
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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.
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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.
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.
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.
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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.
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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.
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.
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.
The capacity of each state and local government to channel this funding has varied widely.
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.
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) -- 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
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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.