Latest Financial and Business News

Reuters
UPDATE 1-Meta to test limiting some news access on Facebook, Instagram in Canada
Meta Platforms Inc on Thursday said it will begin tests on its social media websites Facebook and Instagram that will limit some users and publishers from viewing or sharing some news content in Canada. The testing period will run for several weeks, the social media giant said, adding that the minor percentage of Canadian users enrolled in testing will be notified if they attempt to share news content. The test comes in response to Canada's proposed "Online News Act".
Reuters
Japan's 10-year bond yield hits 1-week low as US peers decline
Japan's 10-year government bond yield touched a one-week low on Friday, tracking U.S. Treasury yield declines overnight, while firm outcome of an auction in the previous session underpinned sentiment. The 10-year JGB yield fell to as low as 0.400% in early trade, its lowest level since May 24, before trading at 0.410% as of 0245 GMT, up 0.5 basis point from the previous session. "Japan's 10-year yield tracked U.S. Treasury yields which fell overnight on expectation that the Federal Reserve will pause hiking interest rates," said Takeshi Ishida, strategist at Resona Holdings.
Reuters
UPDATE 1-Dev Shah, 14, crowned US National Spelling Bee champion
Dev Shah, a 14-year-old boy from Largo, Florida, won the 2023 Scripps National Spelling Bee on Thursday, nailing the word "psammophile," meaning an organism that thrives in sandy soils, in the 15th round of the contest's finals. He edged out fellow eighth-grader Charlotte Walsh, 14, from Arlington, Virginia, who finished in second-place after she misspelled "daviely," a Scottish-rooted word for listlessly, in the 14th round. Shah, a student at Morgan Fitzgerald Middle School, had correctly, and swiftly, spelled "bathypitotmeter" in the 14th round, but under spelling bee rules needed to land one more word to be declared winner.
Reuters
UPDATE 1-Netflix shareholders withhold support for executive pay package
Netflix Inc shareholders on Thursday withheld their support for the company's executive pay package, in a non-binding vote that followed a call by striking Hollywood writers to reject the proposed 2023 compensation. The Writers Guild of America West had urged investors to vote against the compensation offered to Netflix's top executives, arguing such a vote would be "inappropriate" during the strike, which has entered its fifth week. "While investors have long taken issue with Netflix's executive pay, the compensation structure is more egregious against the backdrop of the strike," wrote Writers Guild West President Meredith Stiehm.
Reuters
UPDATE 1-California, New York pension systems vote against Toyota chairman re-election
Two of the largest U.S. public pension systems have voted against the re-election of Toyota Motor Corp chairman Akio Toyoda, shareholder voting records showed, sharpening the focus on the automaker's annual meeting later this month. The California Public Employees' Retirement System (CalPERS) and the Office of the New York City Comptroller both also voted for a resolution urging Toyota to improve disclosure of its lobbying on climate change, according to online postings by the funds. One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board.
Reuters
Meta to test limiting some news access on Facebook, Instagram in Canada
The testing period will run for several weeks, the social media giant said, adding that the minor percentage of Canadian users enrolled in testing will be notified if they attempt to share news content. The test comes in response to Canada's proposed "Online News Act". Introduced in April last year, the legislation would force platforms like Meta and Google parent Alphabet Inc to negotiate commercial deals and pay Canadian news publishers for their content.
Reuters
California, New York pension systems vote against Toyota chairman re-election
TOKYO (Reuters) -Two of the largest U.S. public pension systems have voted against the re-election of Toyota Motor Corp chairman Akio Toyoda, shareholder voting records showed, sharpening the focus on the automaker's annual meeting later this month. The California Public Employees' Retirement System (CalPERS) and the Office of the New York City Comptroller both also voted for a resolution urging Toyota to improve disclosure of its lobbying on climate change, according to online postings by the funds. One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board.
Reuters
UPDATE 1-Arizona restricts Phoenix home construction amid water shortage
The state of Arizona on Thursday restricted future home-building in the Phoenix area due to a lack of groundwater, based on projections showing that wells will run dry under existing conditions. The state's recently concluded analysis projected a water shortfall of 4.86 million acre feet (6 billion cubic meters) in the Phoenix area over the next 100 years. In response, the state said it will deny new certificates of Assured Water Supply, which enable home construction.
Bloomberg
Asia Stocks Led Higher by China Tech, Fed Bets: Markets Wrap
(Bloomberg) -- Asian stocks advanced Friday, led by gains in Hong Kong-listed technology companies amid a buoyant tone in markets as traders look to the Federal Reserve to pause interest rate hikes in June.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthInside the Making of Redfall, Xbox’s Latest MisfireWall Street Banks Are Using AI to Rewire the World of FinanceDebt-Limit Deal Passes the House, Easing US Default ConcernsBillionaire Perot Warns of Real Estate Re
Reuters
Dollar wallows as June Fed bets ebb, debt ceiling deal close
The U.S. dollar wallowed near a one-week low versus major peers on Friday, on course for its worst week since late March, amid strengthening views that the Federal Reserve will forgo an interest rate hike this month. Signs that a bill to suspend the U.S. debt ceiling and avert a disastrous default would soon become law also removed a pillar of support for the dollar, which had paradoxically been a key beneficiary because of its safe-haven status. A day earlier, Fed Governor Philip Jefferson had said that "skipping a rate hike at a coming meeting would allow the committee to see more data before making decisions about the extent of additional policy firming."
Bloomberg
K-Pop Stocks’ $5.4 Billion Rally Emboldens Bulls
(Bloomberg) -- A $5.4 billion rally in K-pop stocks looks set to power on, as a growing global fanbase fuels one of the hottest trades in South Korean equities.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthInside the Making of Redfall, Xbox’s Latest MisfireWall Street Banks Are Using AI to Rewire the World of FinanceDebt-Limit Deal Passes the House, Easing US Default ConcernsBillionaire Perot Warns of Real Estate Recession as Loans Dry UpShares of the nation’s
Reuters
FOREX-Dollar wallows as June Fed bets ebb, debt ceiling deal close
The U.S. dollar wallowed near a one-week low versus major peers on Friday, on course for its worst week since late March, amid strengthening views that the Federal Reserve will forgo an interest rate hike this month. Signs that a bill to suspend the U.S. debt ceiling and avert a disastrous default would soon become law also removed a pillar of support for the dollar, which had paradoxically been a key beneficiary because of its safe-haven status. A day earlier, Fed Governor Philip Jefferson had said that "skipping a rate hike at a coming meeting would allow the committee to see more data before making decisions about the extent of additional policy firming."
Reuters
UPDATE 1-Peru sees copper projects on track, to stay ahead of Congo on output
Peru's key copper projects are moving forward and the country is optimistic about remaining the world's second-largest copper producer, its mining minister said on Thursday, fending off a rise in the ranks by the Democratic Republic of Congo. Mining Minister Oscar Vera expressed confidence Peru's copper industry can boost output of the key industrial metal as mines worth some $6 billion come online over the next two years. Congo's copper output has accelerated rapidly and pulled almost even with Peru, while a report this week said Congo could grab the No. 2 spot as Peru's output slows.
Reuters
UPDATE 1-Hackers use flaw in popular file transfer tool to steal data, researchers say
Hackers have stolen data from the systems of a number of users of the popular file transfer tool MOVEit Transfer, U.S. security researchers said on Thursday, one day after the maker of the software disclosed that a security flaw had been discovered. Software maker Progress Software Corp, after disclosing the vulnerability on Wednesday, said it could lead to potential unauthorized access into users' systems. The managed file transfer software made by the Burlington, Massachusetts-based company allows organizations to transfer files and data between business partners and customers.
Bloomberg
Senators Strike Deal for Swift Passage of Bill to Avert US Default
(Bloomberg) -- Senators reached a deal to expedite passage late Thursday of a debt-ceiling agreement forged by President Joe Biden and House Speaker Kevin McCarthy as a June 5 deadline for a destabilizing US default approaches. Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthInside the Making of Redfall, Xbox’s Latest MisfireWall Street Banks Are Using AI to Rewire the World of FinanceDebt-Limit Deal Passes the House, Easing US Default ConcernsBillionaire Perot W
Reuters
Asian shares rise on debt bill progress, Fed pause hopes
Asian stocks surged on Friday as the progress on the bill to raise U.S. debt ceiling and increasing hopes that the Federal Reserve might stand still on interest rates in its next meeting helped perk up investor appetite for risky assets. The U.S. Senate is on track to pass a bill to lift the government's $31.4 trillion debt ceiling late on Thursday in Washington, Democratic Majority Leader Chuck Schumer said, after the House of Representatives passed the bill on Wednesday. The Treasury Department has warned it will be unable to pay all its bills on June 5 if Congress fails to act.
Reuters
US poet laureate dedicates ode to Europa for NASA mission to Jupiter's icy moon
When U.S. Poet Laureate Ada Limon was asked to write a poem for inscription on a NASA spacecraft headed to Jupiter's icy moon Europa, she felt a rush of excitement at the honor, followed by bewilderment at the seeming enormity of the task. "Where do you start a poem like that?" she recalled thinking just after receiving the invitation in a call at the Library of Congress, where the 47-year-old poet is serving a two-year second term as the nation's top bard. On Thursday night, exactly one year later in a ceremony at the library, across the street from the U.S. Capitol, Limon's 21-line creation, "In Praise of Mystery: a Poem for Europa," was unveiled and read aloud to a public audience for the first time, receiving a standing ovation.
Reuters
GLOBAL MARKETS-Asian shares rise on debt bill progress, Fed pause hopes
Asian stocks surged on Friday as the progress on the bill to raise U.S. debt ceiling and increasing hopes that the Federal Reserve might stand still on interest rates in its next meeting helped perk up investor appetite for risky assets. The U.S. Senate is on track to pass a bill to lift the government's $31.4 trillion debt ceiling late on Thursday in Washington, Democratic Majority Leader Chuck Schumer said, after the House of Representatives passed the bill on Wednesday. The Treasury Department has warned it will be unable to pay all its bills on June 5 if Congress fails to act.
Bloomberg
Oil Heads for Weekly Decline Ahead of OPEC+ Meeting on Supply
(Bloomberg) -- Oil headed for its biggest weekly loss in a month as persistent concerns over demand weigh on the market ahead of an OPEC+ meeting.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthInside the Making of Redfall, Xbox’s Latest MisfireWall Street Banks Are Using AI to Rewire the World of FinanceDebt-Limit Deal Passes the House, Easing US Default ConcernsBillionaire Perot Warns of Real Estate Recession as Loans Dry UpWest Texas Intermediate futures trade
Reuters
Southern China sizzles in high temperatures, stressing power grids
Sizzling temperatures, coupled with strong convection storms, are set to blanket southern China in coming days, with the persistently hot weather driving up demand for electricity and putting power grids under severe stress. In the next three days, most of southern China is expected to be hit by temperatures of more than 35 degrees Celsius (95 degrees Fahrenheit), with temperatures in some local areas even exceeding 40C, according to national forecasters on Friday. Like many parts of Asia, China has been beseiged by extreme hot weather in recent weeks ahead of summer proper in the northern hemisphere.
Reuters
BOJ's Ueda: No set time frame for hitting 2% inflation target
Bank of Japan Governor Kazuo Ueda said on Friday the central bank did not have a set time frame for achieving its 2% inflation target but that it would strive to hit it at the earliest date possible. Speaking in parliament, Ueda said the country's trend inflation was likely to heighten ahead, but that achieving the BOJ's target would take time. He also said setting an explicit time frame for hitting the inflation goal was undesirable as doing so could have an unexpected impact on financial markets.
Bloomberg
K-pop Giant Hybe to Raise About $380 Million for US Deals
(Bloomberg) -- Hybe Co., the South Korean music agency behind BTS and Ariana Grande, is seeking to raise around 500 billion won ($380 million) to fund acquisitions in the US and expand its business beyond K-pop.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthInside the Making of Redfall, Xbox’s Latest MisfireWall Street Banks Are Using AI to Rewire the World of FinanceDebt-Limit Deal Passes the House, Easing US Default ConcernsBillionaire Perot Warns of Real Esta
Reuters
Oil prices rise as market awaits possible OPEC+ cuts
Oil prices rose on Friday in early Asian trade as markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend amid positive sentiment over U.S. monetary policy and Washington's debt ceiling bill. Brent crude futures rose 13 cents, or 0.18% to $74.41 a barrel by 0115 GMT, while U.S. West Texas Intermediate crude (WTI) rose 15 cents, or 0.21%, to $70.25 a barrel, following two consecutive days of sliding crude prices. Markets were reassured by signals of a potential pause in rate hikes by the Federal Reserve as well as the House of Representatives' passage of a bill suspending the U.S. government debt ceiling, likely staving off a calamitous sovereign default.
Reuters
RPT-UPDATE 2-Yellen urges new World Bank chief to 'get the most' from balance sheet
U.S. Treasury Secretary Janet Yellen on Thursday told incoming World Bank Group President Ajay Banga to "get the most out of the bank's balance sheet" and mobilize more private capital for climate finance and global development objectives, the Treasury said. During a meeting with Banga a day before the former Mastercard CEO takes office at the World Bank, Yellen "conveyed her strong desire for Treasury to continue close collaboration" with him on the lender's evolution to address climate change and other global challenges.
Bloomberg
PwC Contracts Frozen by $191 Billion Australian Pension Fund
(Bloomberg) -- Australia’s largest pension fund AustralianSuper has frozen all future contracts with PricewaterhouseCoopers as it assesses the fallout of the embattled accounting firm’s tax advice scandal. Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthInside the Making of Redfall, Xbox’s Latest MisfireWall Street Banks Are Using AI to Rewire the World of FinanceDebt-Limit Deal Passes the House, Easing US Default ConcernsBillionaire Perot Warns of Real Estate Re