MARKETS - Page 21

With a powered chainsaw in hand and a wild hairdo, libertarian Javier Milei wowed Argentina with his strong win in the presidential election run-off, riding a wave of anger over decades of economic decline and double-digit inflation. His rants against a “thieving political class” struck a chord with voters, particularly young men, and gave his nascent Liberty Advance party a huge boost in a country where polls had predicted a tight race between the two main candidates. In downtown Buenos

After nearly four decades, legendary short seller Jim Chanos is shutting down the hedge funds he manages that wager against companies he believes are overpriced or fraudulent. His firm, Chanos & Co., which he founded as Kynikos Associates in 1985, will stop taking new investments and will return most of the cash his investors have left by Dec. 31, the Wall Street Journal reported on Friday. Chanos, a frequent presence on television and the founder of the social media platform

The United States is importing record amounts of beef this year and exporting less after ranchers slashed its cattle herd to its lowest level in decades. The trend reversal could squeeze margins for meat companies like Tyson Foods. The decline in cattle numbers comes after years of drought fried pasture lands used for grazing, which drove farmers to reduce herd sizes. In addition, lofty feed prices — such as corn, which rose by nearly 40% this year to $6 a

The European subsidiary of Russia’s VTB (VTBR.MM) is changing its name as it liquidates. The Frankfurt-based bank, already ring-fenced by regulators due to sanctions and in liquidation since last year, will be known as OWH SE, said Frank Hellwig, the chief executive officer of VTB’s Europe hub. Before Russia invaded Ukraine, the bank attracted tens of thousands of German savers with its relatively high-interest rates. It marketed itself as a sponsor of Frankfurt’s ice hockey team, the Lions. Earlier this

The board of debt-laden Telecom Italia (TLIT.MI) approved on Sunday the 19 billion euro ($20 billion) sale of its fixed-line network to U.S. private equity firm KKR (KKR.N). This deal will make the former phone monopoly the first telecoms group in a major European country to part ways with its landline grid. It also marks a milestone in Chief Executive Officer Pietro Labriola’s plans to revive the junk-rated company, which can no longer afford the expensive investments its aging grid

Indonesia’s economy logged solid growth in the third quarter, although it slowed more than expected to its weakest in two years as exports shrank and household spending softened. Gross domestic product grew 4.94% annually in the July-September quarter, below the 5.17% growth logged in the second quarter and short of the 5.05% predicted by economists. The economy’s robust performance, despite a decline in commodity prices and global economic slowdown, is a testament to the country’s resilience, Central Statistics Bureau head

A bond rally and hopes of early rate cuts underpin gains in world shares. But the gains could be short-lived as a swarm of central bank speakers take the stage this week. World shares were heading for a sixth straight session of gains on Monday, helped by last week’s bond rally as investors priced in earlier rate cuts in the United States and Europe. Markets imply around an 80 percent chance the European Central Bank will cut rates in April

Bank of America’s (BAC.N) mobile app flashed a message on Friday that said customers could face temporary delays in depositing funds into their accounts after a technical glitch impacted multiple financial institutions. The issue appears to stem from The Clearing House, a core payments system infrastructure owned by some of the largest commercial banks in the world, which issued an advisory on its website and confirmed to CNBC that it had experienced “an error” with one file that caused some