Latest News
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Wall Street Journal, July 8,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Ruoming Pan, Apple's executive who is in charge of AI models, has left the company to join Meta Platforms. Tech giants are aggressively chasing top talent as they race to be the leaders of the next AI wave. Royal Gold announced that it would acquire Sandstorm Gold, a Canadian rival company, for approximately $3.5 billion. This will help the royal firm to strengthen its position within North America during a period when gold prices have reached record highs. CoreWeave is buying crypto mining company Core Scientific for $9 billion in a deal that involves only stock. AI infrastructure companies are racing to secure energy and data centers to meet the demand. The Transportation Security Administration has introduced new procedures that allow passengers to wear their shoes through airport screening checkpoints. Andrew Hider has been named as the new CEO of Baxter International, replacing long-time CEO Jose Almeida. A group of independent companies and trade associations has called on the European Union (EU) to launch a thorough investigation into the acquisition of Downtown Music Holdings by Universal Music Group. They claim that the deal is a threat to competition if the antitrust officials allow it to proceed.
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The rupee is a little higher, but the US tariffs are keeping traders cautious.
The Indian rupee rose slightly during early trading on February 2, in line with a rise in other Asian currencies. However, traders were cautious, waiting for clarity regarding the ongoing trade talks between India and the United States. The rupee was up 0.16 percent on the day to 85.71 dollars at 10:25 am IST. Most regional counterparts gained when U.S. president Donald Trump delayed the imposition steep reciprocal levies until August 1, giving countries more time to negotiate trade deals. The White House sent letters to 14 countries stating the duties that would be applied on their exports in just over three weeks. Trump claimed that he was nearing a deal with India. Market participants were comforted by the fact that they still had time to negotiate with the largest economy in the world. MUFG stated in a report that "this modest reaction may be a function either of market pricing for the ability to negotiate tariffs down, or possibly a continuation in the TACO trade (Trump Always Chickens Out)." The traders say that despite the uncertainty surrounding the outcome of the trade negotiations, aggressive bets on the rupee are unlikely to occur, due to the potential for news-driven movements. A trader from a private banking firm said that the sharp drop in the rupee during the previous session had many traders on their wrong side. This has led to a level of caution moving forward. On Monday, the local currency fell by up to 0.7% after Trump threatened to levy a tariff of 10% on BRICS nations. Separately, another source with knowledge of the issue said that the tariffs would only be imposed if the countries took so-called anti-American policy actions.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. ARAMIS GROUP - French used car company Aramis updated their full-year guidance on Monday. They forecast that its adjusted EBITDA will be around 65 million euro ($76.12million) in 2025. ALSTOM: French rail manufacturer Alstom signed on Monday a contract in Chile with EFE to ensure the high reliability of Santiago-Nos service. It also signed a 2-billion-euro deal with New York Metropolitan Transportation Authority to supply 316 railcars. BRITAIN/FRANCE: The first European state visit since Brexit will be made by the French President Emmanuel Macron on Tuesday at Windsor Castle. This trip is meant to celebrate the re-establishment of stronger political ties between Britain and France. CARREFOUR - French retail distribution company Carrefour announced Concordis, an alliance for European buying with Cooperative U. Ipsos, a French market research firm, announced on Monday that it had acquired Inmoment’s German health division. PEUGEOT Invest: French investment holding Peugeot Invest announced on Monday that it will sell its remaining stake in SPIE through an accelerated placing. SHURGARD Self Storage, a Guernsey based self-storage facility provider, signed a purchase contract in the Netherlands on Monday. TITAN: The building and infrastructure materials company Titan announced on Monday that it will invest in a sustainable construction materials platform located at the former Fiddler's Ferry Power Station. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street Report ..... Nikkei 225............. Tokyo report............ London report ........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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Qantas Australia says it has made cyber criminal contacts a week after a data breach.
Qantas' spokesperson said on Tuesday that a cyber criminal had contacted the airline following a data leak last week which exposed personal details of six million passengers. Hacker targeted call centre, gained access to third-party platform of customer service, which contained names, emails, phone numbers and birth dates, as well as frequent flyer numbers. The spokesperson stated that "this is a criminal case and we will not be commenting further on the details of the contact" as it was a criminal matter. She added that there were no signs stolen data was released, but the company continues to monitor with cyber security experts. The breach is Australia's highest-profile cyberattack since 2022 when telecommunications giant Optus was attacked, and the health insurer Medibank. These incidents led to mandatory cyber resilience legislation. This latest incident has brought unwanted scrutiny on the flag carrier of the country as it seeks public trust following its COVID-19 actions that saw it fall in airline and brand reputation ratings. Reporting by Roushni Nai in Bengaluru; additional reporting by Jasmeen Islam Shaikh, editing by Shilpi Mahumdar and Shakesh Kuber
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A man was killed in Texas after a shooting at a US Border Patrol station
Local police reported that a 27-year old Michigan man died after police shot him dead Monday morning in McAllen, Texas. The Michigan man had opened fire with an assault weapon on a U.S. Border Patrol post. McAllen police chief Victor Rodriguez said that Ryan Louis Mosqueda had fired dozens at the facility's entrance shortly before 6 am. U.S. Border Patrol agents responded with fire. Rodriguez reported that a McAllen officer was wounded in the leg during an exchange of gunfire and taken to the hospital. A Border Patrol agent was also injured, according to the U.S. Department of Homeland Security. The police found more assault weapons and ammunition in Mosqueda’s Chevrolet car that was parked near, Rodriguez said. He said that the suspect fired dozens and dozens of shots at the building, as well as the agents inside. The vehicle was covered in writing, which Rodriguez thought was Latin. He did not say what the writing said or if it indicated the motive of the attack. According to a former U.S. Customs and Border Protection employee, the Border Patrol special operations teams are housed in the facility where this shooting occurred. Mosqueda, who was reported missing from Weslaco at 4 am, is believed to be a local. He lived about 18 miles (30 kilometers) east of McAllen. Rodriguez stated that the FBI was leading the investigation, as there had been an attack against federal officers and on a federal building. Law enforcement securing the area caused several hours of delays at McAllen International airport. Former CBP officials who requested anonymity in order to discuss the details of the incident said that a member of Border Patrol’s tactical unit known as BORTAC helped stop the alleged gunman. Donald Trump, Republican President, has made fighting illegal immigration his top priority. He sent troops to secure the U.S.Mexico border, and launched aggressive raids on U.S. cities. Americans are concerned that the actions, supported by Trump's hardline Republican supporters, have led to arrests of noncriminals and enforcement techniques which include officers wearing masks in order to conceal their identities. Under Trump, the number of illegal migrants crossing the border has dropped to new lows. A new monthly low was reached of 6,100 in late June. Trump sent BORTAC agents in 2020, his first term to Portland, Oregon, to protect federal buildings following attacks on a federal building during protests against police brutality and racism. (Reporting and editing by Ted Hesson, Jasper Ward and Kevin Liffey; Reporting by Ted Hesson, Jasper Ward and Bill Berkrot)
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Canada Post strikes cause private delivery firms to gain market share
UPS, FedEx, and other private parcel delivery companies are battling to gain a larger share of Canada's nearly $17 billion delivery market while Canada Post, owned by the government, struggles with its labor problems. Canada Post, Canada's main postal service, has suffered from labor disruptions for the past year. This included during the holiday season when workers went on strike to protest pay. After contract negotiations broke down, the Canadian Union of Postal Workers, which represents delivery personnel at Canada Post initiated a ban on all overtime in May. Small businesses have been forced to use private carriers and rivals to ensure timely delivery, even though they may be more expensive. Michael Ashley Schulman is the chief investment officer of wealth management company Running Point Capital. FedEx, the parcel giant, said it expected "the circumstances at Canada Post to trigger an increased demand for FedEx service." To meet the increased demand, the company can offer special rates, increase delivery vehicles, change routes, reallocate resource and open temporary sorting centres. UPS refused to reveal its plans to increase capacity. Lisa Graham from Calgary, who runs a small ecommerce based company called YYC Beeswax said that her business heavily relied on Canada Post for its affordable rates for small packages. Graham's business lost some money during the holiday strikes last year. To keep her deliveries going, she turned to UPS and FedEx. She also enlisted local services to supply domestic clients, who account for 70% of sales. "Anything going to take more than two days we will be spending extra to ship them (private courier service)." The Canadian Federation of Independent Business reported that the strikes last year cost small and mid-sized businesses more than $1 billion in lost revenue. Michael Cox imports Irish sweaters and textiles from the UK, along with jewelry, to his Ottawa shop. However, Canada Post, its only logistics provider, caused him to stop business during last year’s strikes. According to Mordor Intelligence, the Canadian courier, express and parcel market could reach $21.55 billion in 2030. Canada Post's spokesperson stated that the impact of ongoing uncertainty and last year's strike on their business was significant. Since the union began their strike action again in May 2025, once the collective agreements expired we have lost nearly 60% of our business. Canada Post's share of the market fell to 26,7% in 2024, from 62% in 2019 according to its annual report. This is despite an e-commerce boom following the pandemic. The 32-day strike last year cost the company $208 million. Schulman said that if CUPW's contract battle drags on, Canada Post could see its share drop to the teens by December 2026.
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Ambrey reports two crew members injured and two missing after a vessel was attacked near Hodeidah in Yemen.
Ambrey, a British maritime security company, reported on Monday that two crew members were injured and another two went missing after a Liberian bulk carrier was attacked by skiffs or drones at 49 nautical miles south of Yemen's Red Sea Port of Hodeidah. Ambrey stated that the vessel had been reported to have had its engines disabled, and had begun to drift. The ship was not identified. A maritime security source told us that a ship near Hodeidah had been attacked by drones and issued a Mayday call. The Houthis, who are Iran-aligned, claimed earlier in the day that the Magic Seas cargo ship, which they had attacked with rockets, gunfire and explosive-laden remote controlled boats, was sunk by the Red Sea. This is their first attack known on the high seas in this year. (Reporting and editing by Mark Heinrich, Kevin Liffey and Yannis Souliotis. Additional reporting by Jana Choukeir).
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Two Kenya protesters die from gunshot wounds, hospital director says
Aaron Shikuku, director of Eagle Nursing Home, said that two Kenyans died on Monday from gunshot injuries in a Nairobi suburb, following a wave of anti-government protests across the country. A reporter who was on the ground said that earlier in the day police fired to disperse an advancing crowd of protesters in Kangemi as demonstrators attempted to mark the 35th Anniversary of pro-democracy rally. In the wake of the recent demonstrations in Kenya, a man was seen motionless and bleeding on the road. This is the first time that the public has been unrest since the death in police custody of blogger Albert Ojwang last month. A request for comment from the police spokesperson Muchiri Nyaga on the deaths of two people was not responded to immediately. Since youth-led demonstrations in Nairobi in June 2024, which initially focused on tax increases but expanded to include issues such as graft and police brutality, and unexplained disappeared of government critics. (Reporting and writing by Humphrey Malalo, editing by Mark Heinrich).
UPS strategy to sweeten vacation profits could switch off carriers
UPS, the world's greatest package shipment carrier, is the initially significant industry player to announce this year's holiday additional charges, unveiling hefty hikes that experts say might backfire.
The 2024 peak gift delivery season from Thanksgiving to Christmas Eve has just 17 operating days, versus the normal 20 or more days. That time crunch could press everyday peak season volume to tape-record highs, costing UPS additional for trucks, airplanes and personnel to deliver vacation gifts on schedule, the business stated.
UPS is treking costs to boost earnings which has actually fallen after online spending plan sellers
Temu and Shein
made low-margin, slower shipments a larger percentage of the Atlanta-based company's company.
Wall Street analysts and industry specialists question that
seasonal demand
will be strong enough to support UPS's hikes and said clients could go elsewhere.
UPS is trying to will a better rates market into existence, said shipment prices specialist Nate Skiver, creator of LPF Spend Management.
We were surprised by the magnitude, Wolfe Research study expert Scott Group said of the additional charges revealed on July 23.
For the first time, UPS will impose a peak surcharge for industrial air shipments of items including COVID vaccines, which are in need ahead of year-end gatherings, to maximize cargo space and create revenue. It will also reinstate a. blanket per-package additional charge throughout the peak need duration.
Overall, published UPS peak surcharges are up 10% or more. from last year, shipping specialists stated.
We think that the prices are going to stick because of what. the environment is telling us from a need perspective, UPS. CEO Carol Tome said, keeping in mind that this year's peak season is the. tightest given that 2019.
UPS peak additional charges typically range from about $1.50 per. package for its most cost-effective SurePost service to $8.25 for. over night air service, expert Satish Jindel stated.
Amongst rivals, FedEx typically matches UPS's seasonal. delivering surcharges, but has yet to reveal its vacation. method. The U.S. Postal Service has lots of excess capability. and any additional charge would not be more than 25 cents per bundle,. Jindel said.
Rapidly growing e-commerce business Shein and PDD Holdings'. Temu swamped the UPS network with shipments of products. like $10 gowns and $4 plastic toys direct from Chinese. factories, depressing UPS earnings in the 2nd quarter and. triggering executives to cut their 2024 margin projection.
Shein and Temu, whose deliveries can take a week or longer to. reach shoppers, have sped up a shift to slower, less expensive. delivery services, deepening issue about slower earnings growth. at UPS.
Amazon.com, the greatest UPS consumer whose shipment. times vary from over night to a few days, also is exploring. slower direct-to-consumer deliveries from factories in China,. specialists said. Amazon decreased to comment.
VACATION TAKE ADVANTAGE OF?
Market forces may avoid UPS's hikes from taking hold,. market professionals said. Merchants seem to be offering earlier. vacation deals once again this year, a practice that flattens demand. throughout the peak season.
Jindel approximated that U.S. shipment firms will manage about. 90 million parcels daily during the holiday season, less than. their capacity of 110 million parcels.
When the capacity is so much higher than the demand,. individuals are not going to be responsive to paying a peak. surcharge, stated Jindel, who helped discovered the business that. became FedEx Ground.
And considering that the pandemic-fueled delivery boom ended in. mid-2022, consumers of UPS, FedEx and other bundle delivery. companies have actually acquired utilize in rate negotiations. Carriers. rolled back peak surcharges for numerous customers which requested for. reductions in 2015 when need faltered.
You're going to see a lot more of these carriers begin to. stand and press back, said Jey Yokeley, chief profits officer. at TransImpact, a consultancy that helps clients handle. shipping budget plans.
COVID-19 vaccine makers Pfizer and Moderna. and other high-margin commercial shippers, have influence,. specialists stated, as UPS depends on them to meet its revenues development. targets. Those health care business did not right away comment. on this.
However, UPS is hiking peak additional charges when retailers. are focused on vacation sales that can make or break their. results for the year, Tom Nightingale, CEO of AFS Logistics. noted.
These are timed so that they can minimize the quantity of. pushback.
(source: Reuters)