Nippon Steel Corp. remains optimistic about finalizing its $14.1 billion acquisition of United States Steel Corp. by year-end, despite opposition from both the current and incoming U.S. presidents. Vice President Takahiro Mori emphasized that the deal could proceed if it receives the necessary approvals from the outgoing administration of President Joe Biden.
Consumers are increasingly pushing back against high prices, with major retailers like Target and Walmart responding by reducing prices. However, proposed tariffs from President-elect Trump could lead to new price hikes, as companies may find it easier to pass on costs to consumers than in previous years. Richmond Fed President Tom Barkin notes that while tariffs create inflationary pressure, the actual impact on prices will depend on various factors, including consumer and business responses.
Incoming Senate Republican leader John Thune anticipates discussions with Treasury secretary nominee Scott Bessent regarding tariffs and the Federal Reserve during their meeting. Thune expressed interest in hearing Bessent's perspectives on these key topics ahead of the nomination hearings.
Salesforce shares surged over 8% following a strong earnings report, with third-quarter revenue reaching $9.44 billion, surpassing expectations. The company raised its fiscal 2025 revenue guidance and highlighted a robust pipeline for its AI agent, Agentforce, which closed over 200 deals in the quarter. Analysts from Morgan Stanley, Goldman Sachs, and Bank of America expressed optimism, raising price targets and affirming buy ratings, citing Salesforce's strategic position in the cloud industry.
The Escalante Solar project has been awarded Solar Project of the Year for its successful transformation of a retired coal plant site into a solar facility, generating clean electricity for 63,000 homes. This initiative, part of New Mexico's clean energy transition, employs around 400 workers and is pivotal in helping Tri-State members achieve 50% clean energy by 2025. The project utilizes 500,000 Boviet solar panels and is a significant step towards reducing emissions in the region.
HPS Investment Partners is implementing a five-year vesting grant program for employees following its acquisition by BlackRock. This "material incentive grant" aims to reward staff for their contributions and promote long-term retention within the company.
A consultant known as "Mr. Non Compliant," who previously worked for Trafigura, claimed he felt part of the company's "family" while allegedly facilitating bribes. Testimony from ex-COO Mike Wainwright highlighted the company's reliance on former employees for intermediary roles, amid ongoing corruption trials involving senior leadership. Wainwright denied knowledge of specific payments linked to the alleged bribery, emphasizing the compliance department's role in oversight.
UBS forecasts a decline in the euro/yen pair, predicting it will fall to 151 by the end of 2025 and 145 by the end of 2026, driven by increased confidence in the Bank of Japan's interest rate policies. The bank warns that potential political uncertainty in France could impact foreign investment in French bonds, which has been crucial for the euro's strength, suggesting that the current situation may have a more significant and lasting effect than previously observed.
17:48 04.12.2024
UBS Group AG has increased its stake in DS Smith PLC to 5.56% of the voting rights, as officially notified on December 4, 2024. This significant acquisition may impact the strategic decisions of the UK packaging company, drawing attention from investors in the financial markets.
17:37 04.12.2024
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