Odey Asset Management has suspended trading in a fourth fund after a “significant level” of withdrawal requests in the wake of allegations of sexual misconduct against founder Crispin Odey hastened the collapse of one of London’s oldest hedge fund firms. The firm said in a letter to investors on Friday that it was temporarily suspending...
Category: Business
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iPhone maker Foxconn to move into cars as US-China tensions rise
Foxconn Chairman and CEO Yang Liu iPhone maker Foxconn is betting big on electric cars and redrawing some of its supply chains as it enters a new era of icy relations between Washington and Beijing. In an exclusive interview, chairman and chief executive Young Liu told the BBC what the future might hold for the...
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Energy saving for return to prevent blackouts in winter
Offers of rebates for households to use less electricity at peak times will return this winter as part of plans to minimize the risk of blackouts. National Grid ESO said it expected to have enough capacity to meet demand, but added that it would be “sensible” to keep the energy saving scheme. The grid operator...
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U.S. stocks rose in choppy trade as the Federal Reserve held off on raising interest rates
US stocks rose sharply on Wednesday after the Federal Reserve kept interest rates steady after 10 straight hikes. Wall Street’s benchmark S&P 500 closed a volatile session up 0.1 percent, while the tech-heavy Nasdaq Composite added 0.4 percent. The Russell 2000 index, whose participants are more sensitive to perceptions of the US economy, ended the...
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US stocks rose after weaker inflation supported Fed hopes
Wall Street stocks hit fresh 14-month highs on Tuesday after the U.S. inflation rate fell to its lowest level in more than two years, bolstering investor bets that the Federal Reserve will not raise interest rates this week. The benchmark S&P 500 rose 0.7%, pushing higher into the bull market territory it entered last week....
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Thousands of frustrated users around the world are reporting problems accessing the auction site
Thousands of eBay users are experiencing serious technical issues with the auction website this morning. According to DownDetectorwhich tracks website outages, more than 1,800 users worldwide reported problems searching for items and logging into their accounts. A company representative confirmed on Twitter that the issues were affecting “most eBay members.” Sellers complain that their store...
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Bank of England believes inflation will fall but ‘takes much longer than expected’
UK inflation is taking “much longer than expected” to ease, the Governor of the Bank of England admitted yesterday. Speaking to the House of Lords economic affairs committee, Andrew Bailey stressed that Britain’s labor market was “very tight”, with some companies “bulking” staff to avoid having to hire new staff from a shrinking pool. While...
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The S&P 500 hit its highest close in more than a year
U.S. stocks advanced to their highest level in more than a year on Monday as investors added to a rally driven by shares of major technology companies. The blue-chip S&P 500 rose 0.9% to 4,338.93, surpassing a peak reached last August to mark its highest point since April 2022. The Nasdaq Composite gained 1.5% to...
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Can Amsterdam make the circular economy work?
Tailor Bakri Zaitoun repairs clothes at the United Repair Center At the United Repair Center (URC), located next to Amsterdam’s popular Foodhallen indoor food market, Bakri Zaitoun is busy repairing the sleeve of a navy blue Patagonia down jacket. Mr Zaitoun, a tailor from Syria who arrived in the Netherlands in 2018, is among eight...
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Mortgage rates rise again amid warning that UK is heading for ‘big reset’
Mortgage rates were hiked again as the UK heads into a ‘big reset’. The interest rate approaches six percent on a two-year fixed deal. The change is expected to lead to 2.6 million payments of thousands of pounds extra a year by the end of the year. Interest rates are also expected to continue rising...