2024-11-08 00:14
NEW YORK, Nov 7 (Reuters) - BlackRock Inc (BLK.N) , opens new tab is in early-stage talks with hedge fund Millennium Management about a strategic tie-up that could involve acquiring a minority stake in the hedge fund, two sources familiar with the matter said. The sources said it was not clear whether the talks would result in a deal, with one of them saying the strategic rationale of a transaction was not clear. The Financial Times reported earlier on the deal talks. Sign up here. https://www.reuters.com/markets/deals/blackrock-talks-about-strategic-tie-up-with-millennium-sources-2024-11-08/
2024-11-08 00:03
NEW YORK, Nov 7 (Reuters) - A U.S. judge on Thursday dismissed some claims in a lawsuit accusing Rio Tinto (RIO.L) , opens new tab and its former CEO Jean-Sebastien Jacques of defrauding investors by concealing problems developing the $5.3 billion Oyu Tolgoi copper and gold mine in Mongolia. U.S. District Judge Lewis Liman in Manhattan addressed recently added claims that Rio Tinto knowingly concealed how it would miss a deadline for "draw bell" blasting, a key milestone, while Jacques hid delays and associated cost overruns. In a 40-page decision, Liman dismissed the claim against Rio Tinto because it was Turquoise Hill Resources, which owned 66% of the mine with Mongolia owning the rest, that said the draw bell schedule was on track. Liman said Rio Tinto was not liable for that statement even though an affiliate of the Anglo-Australian mining giant was Turquoise Hill's majority owner. The judge also dismissed claims that Jacques intended to defraud shareholders in statements about the mine beginning in October 2018, because those statements suggested he believed Rio Tinto's timetable announced that month was accurate. Claims against Jacques based on earlier statements survived, because shareholders adequately alleged that he knew delays existed when the class period began, Liman said. Led by funds advised by Pentwater Capital Management, the lawsuit seeks damages on behalf of shareholders of Montreal-based Turquoise from July 17, 2018 to July 31, 2019. Pentwater's lawyers did not immediately respond to requests for comment. Lawyers for Rio Tinto and Jacques did not immediately respond to similar requests. Jacques led Rio Tinto for four years before stepping down in March 2021, following pressure from shareholders seeking accountability for the company's destruction of two culturally significant Aboriginal rock shelters in May 2020. Rio Tinto did not break any laws when working around the Juukan Gorge sites in Western Australia. The sites showed evidence of human habitation dating back 46,000 years. The case is In re Turquoise Hill Resources Ltd Securities Litigation, U.S. District Court, Southern District of New York, No. 20-08585. Sign up here. https://www.reuters.com/legal/us-judge-narrows-investor-lawsuit-against-rio-tinto-over-mongolian-mine-2024-11-07/
2024-11-07 23:59
TOKYO, Nov 8 (Reuters) - Japan spent 3.168 trillion yen ($20.69 billion) on dollar-selling intervention on July 11 and 2.367 trillion yen on July 12, quarterly data from the Ministry of Finance (MOF) showed on Friday. The data represents a detailed daily breakdown of the previously revealed 5.53 trillion yen currency intervention made during the period from June 27 through July 29. Over those two days in July, the yen shot to as high as 157.30 to the dollar from as low as 161.76. ($1 = 153.1300 yen) Sign up here. https://www.reuters.com/markets/currencies/japan-spent-207-bln-currency-intervention-july-11-2024-11-07/
2024-11-07 23:57
Nov 7 (Reuters) - Argentine state oil company YPF blew past expectations with a third-quarter net profit of $1.47 billion posted on Thursday, boosted by increases in output and prices of oil and natural gas. Analysts polled by LSEG expected YPF to post a much smaller net profit of $312 million, but still reversing its year-ago loss of $128 million. YPF's revenues were up 18% year-on-year to $5.30 billion, also above the LSEG consensus of $4.84 billion. YPF, one of Argentina's top fuel suppliers, boosted its total output around 8% from the year-ago period. Crude production was also up 8% while natural gas production climbed 7%. Prices of each increased 13% and 4% respectively. YPF operates the Vaca Muerta shale formation, one of the biggest in the world, which it hopes can help the country boost production to eventually become a net energy exporter and replenish the country's foreign reserves. Shale output climbed 36% year-over-year, YPF said, while it also cut its local fuel sales and fuel imports. Sign up here. https://www.reuters.com/business/energy/argentinas-ypf-posts-24-bln-profit-9-months-ended-september-2024-11-07/
2024-11-07 23:42
SEOUL, Nov 8 (Reuters) - South Korea's finance minister said on Friday that authorities will respond in a timely manner if volatility heightens excessively in financial markets. Minister Choi Sang-mok said the government's 24-hour monitoring system, which had been run to monitor the Middle East situation, would be expanded to cover financial and foreign exchange markets. Choi made the comments at a meeting with top economic and financial policymakers to review the implications of the U.S. Federal Reserve's policy meeting outcome. Sign up here. https://www.reuters.com/markets/asia/south-korea-respond-if-market-volatility-heightens-excessively-finance-minister-2024-11-07/
2024-11-07 23:37
HONG KONG, Nov 8 (Reuters) - The Hong Kong Monetary Authority (HKMA) on Friday cut by 25 basis points its base rate charged via the overnight discount window, to 5.0%, tracking a move by the U.S. Federal Reserve. Major Hong Kong banks followed with HSBC cutting its Hong Kong dollar best lending rate by 25 basis points and Bank of China (Hong Kong) also cutting its Hong Kong dollar prime rate by the same magnitude. "In light of another U.S. rate cut and factors including economic and market conditions, HSBC decided to lower its Hong Kong dollar deposit and lending interest rates," Luanne Lim, chief executive officer, Hong Kong, HSBC, said in a statement. The Asian financial hub's monetary policy moves in lock-step with the United States as its currency is pegged to the greenback in a tight range of 7.75 to 7.85 a dollar. "The pace of future rate cuts remains uncertain as it is subject to U.S. economic data, which will be influenced by fiscal, economic and trade policies," the HKMA said , opens new tab in a statement. The Fed cut rates by a quarter of a percentage point on Thursday as it began taking stock of what could become a more complex economic landscape when President-elect Donald Trump takes office next year. Fed Chair Jerome Powell said the results of Tuesday's presidential election would have no "near-term" impact on U.S. monetary policy. The HKMA said the U.S. rate-cut cycle was still at an initial stage and the decision to cut rates would not affect Hong Kong's financial and monetary stability. The financial and monetary markets had continued to operate in a smooth and orderly manner, it added. "Interest rates might still remain at relatively high levels for some time," the HKMA said, urging careful assessment and management of the interest rate risk when making property purchase, mortgage or other borrowing decisions. Sign up here. https://www.reuters.com/markets/asia/hong-kong-central-bank-cuts-interest-rate-after-fed-move-2024-11-07/
