Stocks are on the rise with the S&P 500 up 0.34% in early trading, aiming for its best monthly gain since November 2023. The Nasdaq Composite is also performing well, on track for its strongest month since May with a 0.53% increase. Meanwhile, the MSCI's global stock index is 0.26% higher, indicating a positive trend across markets. Bitcoin has surged to $98,000.
ExxonMobil has signed a lithium offtake agreement with LG Chem for 100,000 tons of lithium carbonate, aimed at bolstering the US critical mineral supply chain. The lithium will be sourced from ExxonMobil's upcoming project and supplied to LG Chem's Tennessee cathode plant, which is set to be the largest in the US. This initiative is expected to create jobs, enhance energy security, and utilize Direct Lithium Extraction technology, promising lower environmental impacts compared to traditional mining methods.
FGS Global has restructured its management following KKR & Co.'s acquisition of a controlling stake in the corporate communications group. KKR’s European private equity co-head, Philipp Freise, along with several colleagues, will join two new governing bodies as part of the changes. The deal is expected to be finalized early next week.
Raiffeisen Bank International (RBI) has successfully completed the sale of its Belarusian subsidiary, Priorbank JSC, to Emirati firm Soven 1 Holding. This move marks a significant step in RBI's strategic realignment in the region.
Justin Bieber is grappling with financial troubles exacerbated by Ramsay Hunt syndrome, which has led to canceled tours and soaring medical bills. With reckless spending depleting his savings and a hefty property tax looming, a return to touring may be his quickest path to recovery, despite concerns over his health. Additionally, he is contemplating legal action against former advisors for mismanaging his wealth, leaving his future uncertain.
Researchers at Monash University have developed lightweight lithium sulfur batteries with twice the energy density of traditional lithium-ion batteries, enabling faster charging and discharging. This breakthrough, inspired by betadine chemistry, could revolutionize electric vehicles and aviation, offering longer ranges and reduced costs. The technology is poised for commercial application, with a startup launched to attract investment and further enhance performance.
Quebec's Health Minister Christian Dubé has acknowledged that budget cuts could impact healthcare services, with a projected deficit potentially reaching $1.5 billion. Recent measures include job cuts at CIUSSS du Centre-Sud-de-l'Île-de-Montréal and delays in infrastructure projects, as the government seeks to regain control over healthcare funding and negotiate better compensation for home care providers.
UBS has increased its target price for British American Tobacco (BAT) from 2800 to 3000 pence while maintaining a "Neutral" rating. Analyst Faham Baig noted the positive impact of recent investments showcased at the company's capital markets day, although the dynamic market environment may reignite discussions about reducing its stake in ITC.
JPMorgan Chase & Co. has revised its forecast for a half-point interest-rate cut by the European Central Bank to December, citing a slowdown in the bloc's economic activity. This adjustment has increased the likelihood of such a cut to 20%, up from 10%, encouraging money market traders to adjust their positions accordingly.