U.S. stocks jumped on Tuesday after a decline in bond yields ushered investors into the beaten-up technology sector. The tech-heavy Nasdaq Composite climbed 4.2%, on pace for its best day since April 2020. Tesla stock soared 17% after a five-day losing streak and headed for its biggest one-day pop since February 2020. Apple, Facebook and Amazon jumped 4% each, while Microsoft […] Read more
Friday’s employment report pointed to further signs of a recovery in the U.S. economy, with 379,000 net jobs added and the unemployment rate falling to 6.2%. But despite the encouraging top-line numbers, the job-market’s 2020 swoon and its 2021 recovery have not fallen equally across the U.S. labor force. Employment data was worse for minority groups, […] Read more
The European Union has made its first intervention into the supply of coronavirus vaccines, with Italy reportedly blocking a shipment of the AstraZeneca-Oxford vaccine to Australia on Thursday. Reuters reported, citing two sources, that British pharma giant AstraZeneca had requested permission from Rome to ship around 250,000 doses from its Anagni, Italy, plant. However, the Italian government […] Read more
A Paris court found French former President Nicolas Sarkozy guilty of corruption and influence peddling on Monday and sentenced him to a year in prison. He can ask to serve that time at home and also plans to appeal. The 66-year-old, who was president from 2007 to 2012, was convicted of trying to bribe a […] Read more
China stands a good chance of doubling the size of its economy by 2035 — and surpassing the U.S. as the world’s largest economy along the way, said an economist from the Bank of America. As China seeks to become an advanced nation, Chinese President Xi Jinping said in November that it was possible to double the country’s gross domestic […] Read more
Klarna’s CEO is ‘deeply worried’ about tweets promoting bitcoin and thinks regulators should step in
The boss of European fintech giant Klarna says he’s “deeply worried” about posts promoting bitcoin on Twitter and thinks regulators should act to protect people from potential losses. Sebastian Siemiatkowski told that, though he thinks bitcoin could be an “interesting technology,” he fears retail investors may get drawn in by tweets urging people to buy the cryptocurrency without thinking […] Read more
The Dow Jones Industrial Average bounced back from steep losses and closed the session in the green on Tuesday after Federal Reserve Chair Jerome Powell relieved some of the concerns about higher interest rates and inflation. The blue-chip Dow wiped out a 360-point loss and closed 15.66 points higher, or 0.1%, at 31,537.35. The S&P […] Read more
President Joe Biden said that the U.S. and its international partners must hold China to account for its economic practices. “We have to push back against the Chinese government’s abuses and coercion that undercut the foundations of the international economic system,” Biden said in a speech to the Munich Security Conference, delivered virtually from the […] Read more
Pfizer and BioNTech have started an international study with 4,000 volunteers to evaluate the safety and effectiveness of their COVID-19 vaccine in healthy pregnant women, the companies said on Thursday. Pregnant women are at higher risk of developing severe COVID-19, and many public health officials have recommended some women in high-risk professions take coronavirus vaccines even without proof […] Read more
Arne Sorenson, who turned Marriott International into the world’s largest hotel chain after acquiring Starwood Hotels & Resorts in a $13 billion deal in 2016, has died. He was 62 and had been undergoing treatment for pancreatic cancer, the company announced Tuesday. Sorenson, the third CEO in Marriott’s history and the first outside the founding family, died […] Read more
