Business News from WN Network

Britain forked out $91 million for King Charles’ coronation in the middle of a cost-of-living crisis 2024-11-22
CNN

The coronation of King Charles III and Queen Camilla held in May last year cost British taxpayers £72 million ($91 million), an amount some have labeled excessive. The Department for Culture, Media and Sport said in its annual accounts released Thursday that it had spent just over £50 million ($63...

photo: Henry Nicholls/POOL via AP

Adani Group shares fall for a second day after US issues arrest warrant for Indian billionaire 2024-11-22
Khaleejtimes

Stocks and bonds of India's Adani Group dropped for a second session on Friday after a US arrest warrant was issued for its billionaire founder Gautam Adani over an alleged $265-million bribery scheme. Adani Green Energy, the company at the centre of the case, was down eight per cent in early Friday...

photo: AP / Ajit Solanki, File

Oil gains more ground amid anxiety over escalating Ukraine war 2024-11-22
Business Day

Singapore — Oil prices extended gains on Friday, heading for a weekly uptick of more than 4%, as the Ukraine war intensified with Russian President Vladimir Putin warning of a global conflict. Brent crude futures gained 10c, or 0.1%, to $74.33 a barrel by 4.48am GMT. US West Texas Intermediate crude...

photo: Creative Commons / Dmitrijs Purgalvis

Gold set for best week in a year 2024-11-22
Business Day

Bengaluru — Gold prices were headed for their best week in a year on Friday, supported by safe-haven demand amid further escalation in the Russia-Ukraine war, while investors assessed the outlook for US interest rate cuts. Spot gold rose 0.7% to $2,688.70/oz by 3.06am GMT. Bullion was up nearly 5%...

photo: Public Domain / Hamiltonleen

Tesla’s path in China clears as Musk courts both Trump and Xi 2024-11-22
AOL

If it pays to have friends in high places, few among us can claim to be better placed than Elon Musk, the world’s richest man and one of the only people to have cosy relationships with both Donald Trump and Xi Jinping. His commercial and political connections to both may prove pivotal as the feud...

photo: AP / Ng Han Guan

Federal Reserve’s likely slowdown in rate cuts could disappoint borrowers 2024-11-21
Santa Cruz Sentinel

By CHRISTOPHER RUGABER, Associated Press Economics Writer WASHINGTON (AP) — Just a few weeks ago, the path ahead for the Federal Reserve looked straightforward: With inflation cooling and the job market slowing, the Fed appeared on track to steadily cut interest rates. In September, its officials...

photo: Public Domain

Geopolitical tension boosts oil 2024-11-21
Business Day

Singapore — Oil prices rose marginally on Thursday as geopolitical concerns over escalating tension between Russia and Ukraine countered the effect from a bigger-than-expected increase in US crude inventories. Brent crude futures rose 16c, or 0.2%, to $72.97 by 4.08am GMT. US West Texas Intermediate...

photo: Creative Commons

Gold climbs as Russia-Ukraine tension fuels safe-haven demand 2024-11-21
Business Day

Bengaluru — Gold prices rose for the fourth consecutive session on Thursday, driven by safe-haven demand amid escalating tension in the Russia-Ukraine conflict, while investors awaited remarks from Federal Reserve policymakers on the interest rate outlook. Spot gold was up 0.3% at $2,657.41/oz by...

photo: Creative Commons

A social media ban for children younger than 16 is introduced in Australia’s Parliament 2024-11-21
Wtop

MELBOURNE, Australia (AP) — Australia’s communications minister introduced a world-first law into Parliament on Thursday that would ban children younger than 16 from social media, saying online safety was one of parents’ toughest challenges. Michelle Rowland said TikTok, Facebook, Snapchat, Reddit,...

photo: Creative Commons / Unsplash/ Solen Feyissa

ECB warns of ‘bubble’ in AI stocks as funds deplete cash buffers 2024-11-20
Business Day

Frankfurt — The European Central Bank (ECB) warned on Wednesday about a “bubble” in stocks related to artificial intelligence (AI), which could burst abruptly if investors’ rosy expectations are not met. The warning was contained in the ECB’s biannual Financial Stability Review, which listed...

photo: Creative Commons