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Tag: Investing News

Korean Cosmetic Giant Amorepacific to Buy U.S. Luxury Skincare Brand Tata Harper
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Korean Cosmetic Giant Amorepacific to Buy U.S. Luxury Skincare Brand Tata Harper

By Manya Saini and Anirban Sen(Reuters) - South Korea-based personal products maker Amorepacific Corp will buy Natural Alchemy LLC, which operates the luxury beauty brand Tata Harper, as part of a strategic push to tap into the growing North American market.Vermont-based Tata Harper, which was launched in 2010 by Tata Harper and her former husband Henry Harper, currently sells its products in 25 online stores and over 800 brick-and-mortar retailers such as Sephora, Bluemercury and Neiman Marcus.It has grown in popularity in the United States over the past decade driven by a growing base of affluent, health-conscious consumers who are increasingly turning to environment-friendly, natural cosmetic products.Tata Harper, which is a fast-growing and profitable business, sources farm-grown he...
U.S. Export Ban on Some Advanced AI Chips to Hit Almost All China Tech Majors
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U.S. Export Ban on Some Advanced AI Chips to Hit Almost All China Tech Majors

SHANGHAI (Reuters) - A U.S. order to ban exports of some advanced chips to China is likely to hit almost any major tech company running public clouds or advanced artificial intelligence training modules in the country, experts said.Chip designer Nvidia Corp said on Wednesday that U.S. officials told it to stop exporting two top computing chips for AI work to China.Advanced Micro Devices also said it had received new license requirements that will stop its advanced AI chip called MI250 from being exported to China.Shu Jueting, a Chinese Commerce Ministry spokesperson, said on Thursday that Beijing opposes the measures, saying they undermine the rights of Chinese companies and threaten to disrupt global supply chains.The orders underscore deepening U.S.-China tensions over access to advan...
European Shares Dip as U.S. Inflation Data Looms; Ahold Jumps
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European Shares Dip as U.S. Inflation Data Looms; Ahold Jumps

(Reuters) -European shares edged lower on Wednesday on losses in technology stocks ahead of key inflation data from the United States, while gains in supermarket major Ahold Delhaize kept declines in check.The pan-European STOXX 600 index dipped 0.1%, tracking a second straight session of losses after a strong start to the week.A higher-than-expected U.S. Consumer Price Index report for July could spook markets after a surprisingly robust hiring report last week. Markets are expecting a high chance of a 75 basis point interest rate hike by the Federal Reserve next month as the U.S. central bank remains focused on taming decades-high inflation."Markets seem to be going into today's all-important U.S. CPI a little on the apprehensive side," Deutsche Bank strategist Jim Reid wrote."It's ce...
Asian Shares Track Wall Street Losses Ahead of U.S. Inflation Data
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Asian Shares Track Wall Street Losses Ahead of U.S. Inflation Data

(Reuters) - Asian shares fell and the dollar steadied on Wednesday as investors waited for a key U.S. report on inflation to provide hints to the Federal Reserve's plans for future monetary tightening.The Consumer Price Index (CPI) report will be released later today, with markets watching for signs that inflation eased in July despite last week's unexpectedly strong U.S. jobs numbers.MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.51%, while Japan's Nikkei extended losses from the previous day and was down 0.65%.South Korea's KOSPI lost 0.64%, Australia's AXJO dropped 0.12%, and Taiwan's TAIEX fell 0.70%."I don’t think that we are through the bear market woods yet – recession risks loom and I don’t think the Fed is done with its aggressive belt tightening," said David...
Citigroup Plans 500 Hires for New Wealth Unit
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Citigroup Plans 500 Hires for New Wealth Unit

(Reuters) - Citigroup Inc is planning to hire 500 employees over the next three years for a new wealth division, Bloomberg News reported on Tuesday, citing an interview with the segment's global head.Naz Vahid told Bloomberg the new unit, called Wealth at Work, would cater to junior employees at private equity offices and accounting firms, betting those clients will someday join the ranks of the ultra wealthy and maintain their relationship with Citigroup.The bank did not immediately respond to a Reuters request for comment.(Reporting by Niket Nishant in Bengaluru)Copyright 2022 Thomson Reuters. Source link
Yen Recovery Continues on Lower U.S. Yields; Markets on Edge Over Pelosi
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Yen Recovery Continues on Lower U.S. Yields; Markets on Edge Over Pelosi

HONG KONG (Reuters) - The dollar continued its decline on Tuesday, falling to its lowest in two months against the recovering Japanese yen and losing ground on other peers, as investors continued to position for a less aggressive pace of Federal Reserve interest rate hikes.Jitters about the impact of an impending visit to Taiwan by U.S. House of Representatives Speaker Nancy Pelosi were also driving some safe-haven flows to the yen, while weighing on other Asian currencies.The greenback fell as low as 130.595 yen in early trading, its lowest since June 6, and was last down 0.55%, leaving it down 4% in the past four sessions."Its the same old story with the yen being very sensitive to the gap between U.S. and Japanese government bond yields. Of course Japanese ones aren't moving because ...
China Will Keep Forex Market Steady in H2
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China Will Keep Forex Market Steady in H2

BEIJING (Reuters) - China will keep its foreign exchange markets steady in the second half of this year and will safeguard the country's economic and financial security, the foreign exchange regulator said on Friday.China will also improve capital management of foreign investors' investments in the domestic bond market and strengthen risk supervision and risk response of cross-border capital flows, the State Administration of Foreign Exchange said in a statement after a meeting on foreign exchange management operations.(Reporting by Beijing Newsroom; Editing by Jacqueline Wong)Copyright 2022 Thomson Reuters. Source link
New Zealand Business Confidence Slightly Less Gloomy
Business

New Zealand Business Confidence Slightly Less Gloomy

WELLINGTON (Reuters) - New Zealand business sentiment improved slightly in July but remained gloomy in the face of intense inflation pressures, an ANZ Bank survey showed on Thursday.The survey's headline measure showed a net 56.7% of respondents expected the economy to deteriorate over the year ahead. That compared with a 62.6% pessimism level in the previous poll in June.ANZ said in a note that businesses were well aware the Reserve Bank is on a mission to reduce customer demand to curb inflation so it was no surprise they were feeling apprehensive.A total of 8.7% of respondents expected their own businesses to shrink in the next 12 months, a slight improvement from 9.1% previously.ANZ said economy-wide inflation pressures remain intense with 91.3% of business expecting costs to rise.T...
Pelosi’s Husband Dumps Nvidia Stock as House Eyes Chip Bill
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Pelosi’s Husband Dumps Nvidia Stock as House Eyes Chip Bill

(Reuters) - U.S. House Speaker Nancy Pelosi's husband sold his shares of chipmaker Nvidia on Tuesday, days before the House is expected to consider legislation providing subsidies and tax credits worth over $70 billion to boost the U.S. semiconductor industry.In a periodic transaction report, the senior Democrat disclosed that her husband, financier Paul Pelosi, sold 25,000 shares of Nvidia for about $4.1 million, ending up with a loss of $341,365.Paul Pelosi frequently trades shares of companies popular with many investors, including Apple, Microsoft and other tech companies.Transaction reports filed by Pelosi, a multi-millionaire, show her husband bought 5,000 Nvidia shares in July 2021, and that he exercised options to buy another 20,000 Nvidia shares last June.The Senate is expected...