New rules making it easier for international investors to trade in China’s booming capital markets have come into force, adding momentum to Beijing’s sweeping liberalisation of its financial system. The measures, which went into effect on Sunday, update the official schemes that govern foreign access to the country’s enormous capital markets. They allow much greater
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Donald Trump delivered a grim message to Pennsylvania voters on Saturday as he kicked off a final blitz of swing state rallies — his last chance to hold on to the White House. The president again raised the prospect of electoral fraud in the key swing state, as well as nationally, and warned that Democratic
Boris Johnson has announced tougher coronavirus restrictions across England — including strict travel restrictions and the closure of pubs and restaurants — as he admitted the current approach had failed to stem an alarming second wave of the pandemic. The prime minister told a Downing Street press conference on Saturday evening that the new restrictions
Oil traders and analysts are scrambling to calculate the hit to demand from renewed coronavirus lockdowns in France and Germany, as fears over their impact drove oil prices to their worst week in six months. For an industry still heavily scarred by the events of March and April, when prices went into freefall as widespread
Monty Rakusen | Cultura | Getty Images Company: Contura Energy, Inc. (CTRA) Business: Contura is large scale provider of metallurgical (“met”) and thermal coal. The company has mining operations across coal basins in Pennsylvania, Virginia and West Virginia. It supplies both metallurgical coal to produce steel and thermal coal to generate power. The met coal
Boris Johnson will announce tougher Covid-19 restrictions in England in an admission that the government’s current approach is failing to stem an alarming second wave of the pandemic. Mr Johnson decided to rip up his previous strategy after a new document published on Friday showed the number of coronavirus infections and hospital admissions had surpassed
For Chinese officials working on the country’s 14th five-year plan, the US looms large over the drafting process. One senior Chinese government official advising on the five-year plan’s manufacturing strategies said that regardless of whether Donald Trump is re-elected on November 3 or defeated by Joe Biden, “it is certain that industrial decoupling between the
A view of the Exxon Mobil refinery in Baytown, Texas. Jessica Rinaldi | Reuters Exxon Mobil on Friday reported its third straight quarter of losses as depressed oil demand sparked by the coronavirus pandemic weighed on the company’s operations. During the third quarter, the company lost $680 million, although Exxon said results improved on a
If you are American and the enforced jollity of Thanksgiving makes you anxious, think how the turkeys must feel. This year brings them a respite. The pandemic is dragging into autumn, which means sales of gobblers look set to fall. Turkey is still the centrepiece of most Thanksgiving meals in the US. About 46m of
Raymond James CEO Paul Reilly told CNBC on Friday that long-term investors should not be scared away from equity markets, despite the rise in coronavirus cases and other risk factors that weighed on Wall Street in October. “The important message is stay invested,” Reilly said on “Power Lunch.” “If you’re afraid of some segments, that’s
Major League Baseball owners voted on Friday to approve hedge fund billionaire Steve Cohen as the new owner of the New York Mets, concluding a nearly year-long battle for control of the star-crossed franchise. The New York native takes control of the team nearly seven years after his former company, SAC Capital, pleaded guilty to
PetSmart has shelved a planned $4.7bn fundraising linked to its split from online store Chewy, delivering a setback for the pet supply chain after years of testy relations between its lenders and private equity owner. Investors had pushed back against the terms of the proposed fundraising, which included a mix of bonds and loans, amid
Michael Wirth, CEO of Chevron. Adam Jeffery | CNBC Chevron on Friday reported its second straight quarter of losses after revenue during the third quarter fell 32% year over year, hammered by Covid-19. Amid declining oil prices Chevron said it implemented aggressive cost-cutting measures. The oil giant lost $207 million during the quarter. On an
ExxonMobil announced its third consecutive quarterly loss on Friday as it slashed planned capital spending for next year and warned of “significant” impairments in the coming months. The oil supermajor posted a net loss of $680m in the three months to September, down from a $3.2bn profit in the same period last year. Underlining the
Equities markets were set to cap a volatile trading week on a gloomy note on both sides of the Atlantic after broadly upbeat earnings from America’s tech giants failed to impress investors. European stocks struggled for direction on Friday, paring back earlier falls by lunchtime. The region-wide Stoxx 600 index was flat, while Frankfurt’s Xetra
Mokrane Embarek agreed to buy L’Auberge Normande, a restaurant and hotel in the Norman town of Saint-Lô, shortly before the pandemic erupted. Now, with the French government announcing a new one-month national lockdown in an attempt to stop Covid-19 infections spiralling even higher as winter looms, the 71-year-old could be forgiven a severe case of
Ohio and Indiana reported their biggest jumps in infections on Thursday. Ohio added a further 3,590 cases over 24 hours, while Indiana had 3,649 new infections. West Yorkshire, home to 2.5m people, became the latest area of England to be moved into the highest level of Covid-19 restrictions in England, tier 3. California’s seven-day average
Getty Images Global travel screeched to a halt during the pandemic, and it’s hurting credit card companies’ bottom line. American Express, Mastercard and Visa all reported double-digit drops in profit for the recent quarter, compared to a year ago. The companies pointed to a plunge in international travel as borders remain closed during the pandemic.
Apple posted record top-line results for the September quarter even as iPhone sales slipped 21 per cent from a year ago, demonstrating that the tech group is benefiting from the growth of services, hardware and accessories. Apple reported $64.7bn of revenue in its fiscal fourth quarter ending in September, compared with expectations of $64bn. Revenue
Amazon recorded another quarter of blistering profit growth, earning $6.3bn between July and September, up from $2.1bn in the same period last year and beating Wall Street expectations by 71 per cent. Revenues of $96.1bn — boosted by the effects of the pandemic, which has pushed consumers into online shopping — also came in comfortably
Credit Karma’s promise is to provide you with your credit score and credit report for free. But is that really worth giving up your personal and financial information? Is Credit Karma giving you precisely the same information that a lender will check if you’re applying for a mortgage or a car loan? And, for that matter, is it
The European Central Bank has left its monetary policy unchanged and decided not to inject more stimulus into the eurozone economy, despite a fresh surge in coronavirus infections triggering growing restrictions on activity in some of the bloc’s largest economies. The ECB kept its deposit rate at minus 0.5 per cent and held its emergency
When the streets of Hong Kong were filled with protesters last year, being an Asia-focused lender bank did not sound very appealing. This year, it has helped UK-based Standard Chartered beat earnings expectations, even as it reported a 40 per cent drop in third quarter pre-tax profits to $745m. Chief executive Bill Winters struck an
CNBC’s Jim Cramer said he sees positives for investors after steep market declines Wednesday as Wall Street grew further concerned about the coronavirus pandemic. “I recognize the carnage, but I do think the carnage is reversible,” Cramer said Wednesday on “Closing Bell,” after the Dow Jones Industrial Average gave up 943 points, or 3.4%, in
Although the process by which new cryptocurrency tokens or coins are generated is called mining, it bears little resemblance to the work done by those who physically mine for precious metals like gold. The comparison does hold, however; digital currency miners use computers to solve complex mathematical problems and they are rewarded for their work with
Peter Wells in New York The US reported its third-biggest one-day jump in coronavirus cases, and more than 1,000 deaths, on Wednesday. Adding to the worrying figures, a record number of states now have higher levels of patients hospitalised with coronavirus compared than four weeks ago. A further 78,661 people tested positive, according to Covid
The chief executive of Unibail-Rodamco-Westfield, Europe’s largest shopping centre owner, is confident that shareholders will back plans for a controversial capital increase despite efforts by a French billionaire and the property group’s former boss to block it. Christophe Cuvillier has been pressing his case with investors since telecoms tycoon Xavier Niel and real estate investor
The implementation of smart contracts in business is expected to speed up transactions and enable digitization of a wide variety of physical assets, such as oil and gold. But the legal and regulatory underpinnings of smart contracts are still shaky and rife with their own set of problems. Resolving disputes between parties is the biggest
Germany’s federal and state governments agreed on Wednesday to shut down parts of the economy and toughen restrictions on social contact, in a bid to stem a record rise in coronavirus infection rates. As the rise in infections stoked alarm across the continent, France’s president Emmanuel Macron announced a new one-month national lockdown. Stocks slumped
CNBC’s Jim Cramer said Wednesday that a lack of coronavirus stimulus is making it difficult for investors to buy stocks as the Covid-19 outbreak in the United States worsens. “It’s very hard to buy a lot of stocks when you see these numbers,” Cramer said on “Squawk Box,” as U.S. equities were headed to steep