MARKETS - Page 24

Microsoft is reportedly in talks to sign on Amazon as a customer for its 365 cloud productivity tools in a move that would turn bitter rivals into business partners. The deal is worth over $1 billion, with the e-commerce giant committing the amount for a period exceeding five years and aiming to secure more than one million Microsoft 365 license seats’ (the term used for individual users). These seats will be used by both Amazon corporate employees and workers in

September data from China offered plenty of welcome surprises, with faster-than-expected growth, falling unemployment, and a glimmer of momentum in consumption. But investors are not rushing to buy into the story. The world has grown accustomed to a China that turns in enviable economic results, and a slowdown is causing anxiety. Investors are wondering what will replace property investment and infrastructure spending as a driver of economic growth. Xi Jinping’s vision of a consumer-focused economy has yet to take hold,

The company’s stock was up about 22% before the bell. The deal would merge Choice Hotels’ brands, such as Econo Lodge and Quality Inn, with Wyndham’s brand names, including Days Inn and Travelodge. Combining the two companies could be a powerful player in the budget lodging sector. Wyndham Hotels and Resorts is a global vacation ownership and management company that operates or franchises more than 8,100 hotels worldwide, including Days Inn, Howard Johnson’s, Travelodge, and Baymont Inn and Suites. The

Bank of America (BAC.N) beat Wall Street estimates for quarterly profit on Tuesday as it joined rivals in reaping windfalls from higher interest payments while benefiting from a better-than-expected performance of its investment banking and trading divisions. The second-largest U.S. bank reported a profit of 90 cents per share in the quarter, beating analysts’ average expectations of 82 cents per share. Excluding interest expense, revenue rose to $25.2 billion, slightly ahead of forecasts. Rising interest rates have boosted banks’ loan

Bitcoin and Ether are retaining losses alongside the majority of other cryptocurrencies as the global financial markets remain in a state of uncertainty. The crypto market slipped into the red on Friday, October 13, as investors focused on global news headlines that pushed investors to withdraw from risky investments. The Bitcoin price on the Bitfinex exchange sank below the $27,000 mark, a critical support level marking its fifth day in a row in the bearish territory. Similarly, Ethereum also saw

Japan chip tool maker Kokusai Electric raised $724.4 million after pricing its shares at the top of their marketed range in the country’s most extensive initial public offering in five years. The offering by the maker of machines that deposit thin films on semiconductor wafers was upsized and priced at 1,840 yen per share, according to a filing on Monday. That valued the company at 423.9 billion yen ($2.8 billion). The portion of the IPO available to foreign investors was

Australia’s richest woman, Gina Rinehart, pushed rival US chemical maker Albemarle into a corner and dumped its $4.2 billion lithium play for Liontown Resources. The miner’s board last week granted the world’s biggest lithium chemical maker a four-week extension to examine its books, but that did not stop Albemarle from dropping its indicative offer of A$3 a share. That bid would have paid a near-100% premium to Liontown’s undisturbed price. Albemarle said the bid was its “best and final,” but

Drug retailer Rite Aid filed for bankruptcy on Sunday, a move that would halt lawsuits the company faces over its alleged role in the U.S. opioid crisis. The Chapter 11 filing will allow Rite Aid to pause and resolve those lawsuits in a single forum, the Wall Street Journal reported. The company needs help to compete with larger competitors like CVS Health and Walgreens Boots Alliance and online pharmacies. In its most recent quarter, the company saw revenue decline and

World shares rose, and the dollar and bond market borrowing costs held steady on Thursday ahead of U.S. inflation data and European Central Bank meeting minutes that will add to the hotly-contested debate on where interest rates are heading. Inflation readings due in the United States on Friday are expected to come in below expectations, which would help lower investors’ expectations of future rate hikes from the Federal Reserve. Investors’ bets are now at least 90% that the Fed will

Taiwan’s TSMC expects permanent U.S. approval to supply chipmaking tools to its China factory, easing the restrictions Washington imposed last year on foreign chipmakers operating in the country. The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) has advised TSMC to apply for the “validated end-user” (VEU) program, which would allow the chipmaker to receive exports without separate approvals, the TSMC said on Friday. The company should have said how long it expected the process to take. The