Author: News Room
DUBAI, United Arab Emirates — Uber-owned ride hailing service Careem announced on Monday a spinout with major backing from a new source, as well as from its parent company.Abu Dhabi-based tech holding company e&, formerly Etisalat, signed a binding agreement with Uber Technologies to acquire a 50.03% majority stake in the spinout — which will be known as Careem Technologies — with a $400 million investment.Careem’s ride-hailing business remains fully owned by Uber, which acquired it for $3.1 billion in 2019. Uber’s stake in the spinout is currently undisclosed.Careem Technologies will focus on the growth of the company’s “super app,”…
By Lindsay (NYSE:) Dunsmuir (Reuters) -The Federal Reserve should stick to raising interest rates to lower inflation while the labor market remains strong, given the high probability recent financial stresses will continue to abate and absent a marked tightening of credit conditions, St. Louis Fed President James Bullard said on Thursday. “We’ve got a long ways to go and I think inflation is going to be sticky going forward, it’s going to be difficult to get inflation back down to the 2% target … so we are going to have to stay at it in order to apply pressure to…
By Saqib Iqbal Ahmed NEW YORK (Reuters) -The dollar rose against most major peers on Wednesday, reversing some of its recent declines, and gained sharply against the yen, which was volatile as the end of the Japanese fiscal year approaches. The , which measures the currency against six rivals, was 0.18% higher on the day at 102.67, pulling away from the near seven-week low of 101.91 touched late last week. “The recent failures in the financial sector of the U.S. appear to be contained and the immediate bleeding has stopped,” Helen Given, FX trader at Monex USA, said. Improving risk…
By Kate Abnett BRUSSELS (Reuters) – The U.S. and EU pledged on Tuesday to confront any attempts to destabilise global energy markets, after meeting in Brussels to discuss the impact of Russia’s invasion of Ukraine. Cooperation on energy between the United States and the European Union has intensified since Russia slashed gas deliveries to Europe after its invasion of Ukraine last year. This plunged the continent into a crisis over energy supplies and record-high prices. European politicians have accused Russia of “weaponising” its energy supplies and the U.S. and EU have imposed sanctions on Russian goods including coal and oil,…
© Reuters. FILE PHOTO: The moon rises behind the skyline and financial district in Toronto, November 25, 2015. REUTERS/Mark Blinch By Maiya Keidan TORONTO (Reuters) -Canadian dealmakers are optimistic about a return to strength in the second half of the year after mergers and acquisitions in the first quarter dropped to pandemic levels, belayed by higher borrowing costs and panic around a banking crisis. The collapse of regional banks Silicon Valley Bank and Signature Bank (OTC:) in the U.S. tightened credit markets, making funding difficult for deals. As the banking crisis abates and many global central banks move to the…
Headline consumer inflation in Europe is decelerating, data released on Thursday showed. However, bond yields reversed initial losses as traders noted German CPI not falling as much as hoped and underlying price pressures remained stubbornly high, raising concerns the European Central Bank may need to keep raising interest rates. Consumer prices in Spain, the eurozone’s fourth biggest economy, rose 3.1% in the year to March, down sharply from the 6% increase recorded in February and below forecasts of 3.7%. The 20-month low for Spanish inflation was driven by plunging energy prices as tight conditions in the natural gas market eased…
When it comes to dining out, customers say Shake Shack SHAK, +0.55% has gotten far too pricey for what it’s dishing out. And that’s despite the fact that it’s even not the most expensive of the fast-casual and fast-food restaurant chains. That’s the big takeaway from a study by Stifel SF, +0.82%, the wealth-management and investment-banking firm. The report looked at menu pricing at several popular chains, and it also looked at how customers rated these restaurants in terms of value — and highlighted which ones left them hungry for more. So, what’s the most expensive chain, based on the…
Hello! This week’s ETF Wrap shines the light on gold ETFs, which are outperforming the S&P 500 so far this year. Will gold rally when the Fed eventually pauses its rate hikes?Please send feedback and tips to [email protected]. You can also follow me on Twitter at @cidzelis and find me on LinkedIn. There’s been a bit of a gold rush lately. Investors added almost $521 million into SPDR Gold Shares GLD, -0.71% over the past week through Wednesday, according to FactSet data. And on March 13, investors poured $709 million into the fund, the biggest daily inflows since April 2022, FactSet data show.…
Investors in the U.S. may be coming off Easter weekend eager to trade. Many stock exchanges—including in the U.S., Canada, and the U.K.—were closed on Good Friday. Last week, the Dow Jones Industrial Average climbed 0.6%, the S&P 500 fell 0.1%, and the Nasdaq Composite dipped 1.1%. Keep reading to see what market participants should know about trading hours on Easter Monday. Is the U.S. Stock Market Open Today? The New York Stock Exchange and the Nasdaq Stock Market will resume regular hours and open at 9:30 a.m. Eastern on Monday. Trading for stock-index futures resumed on Easter Sunday at…
A single conservative judge in Texas has provoked sudden health care and legal chaos by effectively halting the nationwide use of a popular abortion drug by the end of the week. US District Judge Matthew Kacsmaryk’s decision to suspend the Food and Drug Administration approval of the drug mifepristone, which has been used safely for more than 20 years, marked an extraordinary use of judicial power in the face of scientific data and is likely to force the Supreme Court to take up abortion again, a year after it overturned Roe v. Wade. His ruling on Friday, which he paused…
