Newsletter Oct 28, 2022

Elon Musk takes control of Twitter, fires executives: US media

The reports came hours before the court-appointed deadline for Musk to seal his on-again, off-again deal to purchase the social media network.

Amazon predicts sales growth slowdown for holidays, crushing shares

Amazon.com Inc on Thursday forecast a slowdown in sales growth for the holiday season, disappointing Wall Street and warning that inflation-wary consumers and businesses had less money to spend.

Oil prices fall as dollar climbs, but set for weekly gain on supply concerns

Oil prices fell in early trade on Friday on a stronger dollar, but were on track for a weekly gain on concerns about supply tightening with Europe's pending cut-off of imports from Russia.

Global FX trading hits record $7.5 trln a day - BIS survey

Currency trading has hit a record $7.5 trillion-a-day, a comprehensive new study has shown, with the dollar retaining its global dominance but some signs too that London's position as the world's top trading hub is being eroded by Brexit.

TotalEnergies, Shell post bumper profits, LNG business diverges

Europe's two largest energy companies Shell and TotalEnergies reported profits of more than $9 billion in the third quarter, though Shell's liquefied natural gas (LNG) division struggled to capture the benefits of high fuel prices.

Ultra-rich UK PM to move into Downing Street flat

Britain's ultra-wealthy new Prime Minister Rishi Sunak and his family plan to live in the flat above number 10 Downing Street, despite owning a string of luxury properties including one in London.

UK banks start cutting 'Truss premium' from mortgage rates, but slowly

Having hiked mortgage rates after political turmoil drove up the cost of borrowing, British banks are now cutting home loan prices, albeit slowly, as markets calm since Liz Truss's government collapsed and Rishi Sunak took power.

European stocks cut losses as ECB hikes rate as expected

European stocks pared losses on Thursday after the European Central Bank raised interest rates by 75 basis points, matching market expectations, and signalled the need for more hikes to bring down record-high inflation.

EU chief calls for closer ties to Central Asia in Kazakhstan visit

EU chief Charles Michel called on Thursday for closer ties with Central Asia on his first official visit to Kazakhstan, the main economic powerhouse in a region where Russia's influence has come under question.

Toyota lowers 2022 output target to 9.5 million units, it tells suppliers

Toyota Motor Corp has told several of its suppliers it has lowered its global production target for the year to 9.5 million units, two people familiar with the matter told Reuters on Thursday.

Volkswagen to work with Mobileye on automated driving after Argo exit - sources

Volkswagen plans to expand its cooperation with Intel's Mobileye to include its automated driving program after Wednesday's decision to no longer invest in self-driving startup Argo AI, two sources familiar with the plan told Reuters on Thursday.

Comcast quarterly revenue beats but broadband, advertising growth muted

Comcast Corp's third-quarter revenue edged past Wall Street's expectations on Thursday, thanks to a steady rebound in its theme parks and studios businesses, but sluggish broadband subscriber growth and a decline in advertising sales continue to weigh on the media company.

Disney unveils centenary events at London 'Mary Poppins' mansion

Events previewed at the show include a "Disney100" exhibition of historic film costumes and props that will be shown at ExCel in London next autumn.

Meteorite that smashed into Mars shook planet, NASA says

The crater is the largest ever observed since the MRO began its Mars orbit 16 years ago.

U.S. government to test Pfizer's Paxlovid for long COVID

The U.S. National Institutes of Health's $1 billion RECOVER Initiative has picked Pfizer Inc's antiviral drug Paxlovid as the first treatment it will study in patients with long COVID, organizers of the study said on Thursday.