BUSINESS
Leading stablecoin issuer Tether sees $10 billion in net profits for 2024
As Bitcoin and many other cryptocurrencies rallied to new all-time highs, demand for Tether’s USDT stablecoin — pegged to the dollar — has skyrocketed.
BUSINESS
Panama’s leader takes up feud with Trump over canal control
Trump’s diplomatic hardball — just less than a month before his inauguration — represents a new front in his attempt to ratchet up pressure on trading partners. After Mulino’s retort about continued Panamanian control, Trump said, “We’ll see about that!” on his Truth Social platform.
BUSINESS
Novo Nordisk falls most on record after new weight drug disappoints
The shot helped patients lose an average of 20.4% of their weight over 68 weeks, short of the 25% weight loss that Novo had predicted for its next-generation product, which analysts had expected to launch in 2026.
BUSINESS
FedEx plans to spin off $30 billion freight unit, CEO Raj Subramaniam says move to help both companies
FedEx said it will separate the unit, which is estimated to have an enterprise value of over $30 billion, within the next 18 months.
BUSINESS
Foxconn interest in Nissan said on hold amid Honda merger talks
The decision to pause comes after Foxconn sent a delegation to meet with Renault SA — which owns 36% of Nissan and will have a say in any tie-up — in France, people with knowledge of the matter said.
BUSINESS
Trump threatens tariffs If EU doesn’t buy more US oil and gas
The US is the world’s largest producer of crude oil and the biggest exporter of liquefied natural gas. LNG buyers — including the EU and Vietnam — have already talked about purchasing more fuel from the US, in part to deter the threat of tariffs.
BUSINESS
Apollo says private credit may reach $40 trillion by 2030
The asset manager sees growth mostly on the investment-grade side, including data centers and energy infrastructure, as well as in assets like mortgages, which typically sit on bank balance sheets.
BUSINESS
Another year of IPO boom beckons in India after $19 billion record
More IPOs are on the horizon. LG Electronics is reportedly considering increasing the valuation of its India unit to as much as $15 billion, and Carlyle Group is said to be weighing an IPO of engineering services firm Quest Global.
WORLD
Trump-backed GOP funding plan fails in House as shutdown nears
Trump and key adviser Elon Musk had pressured GOP lawmakers, including threats to oppose them in the next election, to abandon an earlier bipartisan deal
WORLD
Asian stocks slip ahead of key US inflation data
A key gauge of regional shares fell 0.2% early Friday, with losses in Australia and South Korea. Japan was an outlier after the yen weakened.
BUSINESS
Diageo is said to weigh Ciroc Vodka sale after Diddy tie-up ends
Diageo is studying a sale of Cîroc following the settlement in January of a lawsuit with Combs where he accused the spirits company of racism in its alleged neglect of Cîroc Vodka and another liquor brand called DeLeón Tequila
WORLD
US jobless claims fell last week during holiday season volatility
The four-week moving average of new applications, a metric that helps smooth out volatility, rose to 225,500.
WORLD
South Korea's won slumps to lowest since 2009 on hawkish US Fed, political risk
The dollar-won rose as much as 1.5% to 1460.2 on Thursday, bringing the won to its weakest level since March 2009 before it pared some of its losses
WORLD
China's central bank offers strongest yuan support since July after dollar gains
The People’s Bank of China set the so-called fixing at the strongest bias since July versus the average estimate in a Bloomberg survey on Thursday
WORLD
Powell signals US Fed’s focus has returned firmly to inflation
Officials now see it taking much longer for inflation to reach their 2% target, which they have missed for nearly four years
WORLD
Asian stocks retreat as US Fed sees fewer rate cuts
Equity benchmarks in Japan, Australia and South Korea declined, helping drag a gauge of regional equities more than 1% lower
BUSINESS
Bitcoin retreats from record high after Fed cools risk appetite
Fed officials lowered their benchmark interest rate for a third consecutive time on Wednesday, but reined in the number of cuts they expect in 2025
BUSINESS
Fed lowers rates by quarter point, signals two cuts for 2025
Policymakers have now lowered their benchmark lending rate by a full percentage point since mid-September, when they began cuts with an aggressive half-point move
BUSINESS
India’s record gold import said to be due to calculation error
The double counting may have gone unnoticed earlier, but became apparent only in November because domestic prices went into a discount of at least 10% from international prices, triggering increased purchases that disproportionately pushed up import figures
BUSINESS
Merck in pact for Chinese obesity drug in nearly $2 billion deal
Under the terms of the deal, Hansoh Pharma would also receive royalties on sales, and may co-promote or solely commercialize the drug in China subject to certain conditions, the companies said in the statement.
BUSINESS
Yotta Data Services seeks $500 million private credit to invest in data centres
Yotta’s fund-raising plan underscores the growing need for capital in the world’s fastest-growing major economy that has made infrastructure building a key priority.
BUSINESS
Reserve Bank dials down use of NDFs to fight dollar
The Reserve Bank of India has recently let some short dollar positions in the overseas market expire without rolling into new contracts
BUSINESS
Foxconn said to have approached Nissan to take controlling stake
Honda is considering several options that may also involve a capital tie-up or the establishment of a holding company, Executive Vice President Shinji Aoyama said on Wednesday.
WORLD
Asian stocks edge higher with focus on US Fed meeting
A gauge of regional stocks rose 0.3%, led by gains in Hong Kong, mainland China and South Korea. Japanese equities fluctuated
