Latest News
-
BBC board member Banerji quits after Trump documentary edit
Shumeet Baniaerji, an independent director of the BBC board, resigned on Friday after the broadcaster claimed that a speech given by Donald Trump was incorrectly edited. The BBC has threatened to sue for $5 billion over the matter. Banerji resigned a couple of weeks before the end of his four-year tenure. He is also a member of the board of Indian conglomerate Reliance Industries, and a former CEO of management consulting firm Booz & Company. Banerji, according to the broadcaster's news department, had written in his resignation letter that he felt upset by governance issues at top management. BBC News reported that Banerji claimed in the letter that he was not consulted on the events leading to the resignations by Tim Davie, the BBC director general, and Deborah Turness as chief executive officer of BBC News. Davie and Turness resigned on November 9, following allegations of bias against the broadcaster. This included the way the program edited a speech that Trump gave on January 6, 2021 before his supporters stormed Washington's Capitol Building. The BBC apologized on November 13 over how its "Panorama", news program had edited footage of Trump's address, but stated that there was no basis for him suing it for defamation. The BBC is primarily funded by an annual mandatory charge of 174.50 pounds ($228.56) on British households who watch live TV from any broadcaster, or use BBC's online platform. ($1 = 0.7635 pound) (Reporting and editing by Lisa Shumaker; Reporting by David Miliken)
-
Ford reaffirms annual EBIT guidance after latest aluminum supplier fire
Ford Motor Company on Friday reiterated its guidance for the annual EBIT of $6 billion to $6 billion for this coming year, following a second fire at Novelis' New York aluminum plant this week. Ford's shares rose by about 4% on Friday, continuing gains made after the automaker confirmed the outlook that it had already revised due to production disruptions caused by a devastating fire at the supplier's factory in September. In October, Ford cut its profit projection, citing an incident that could have cost up to $2 billion. Ford said it would offset approximately $1 billion by increasing production in certain truck factories next year. Ford is a large customer of Novelis, as its trucks are largely made from aluminum. After the fire in September at Novelis' Oswego factory in New York, Ford halted production indefinitely of its F-150 Lightning Electric pickup in Michigan. The production of the lucrative F-150 gas-powered lineup was also disrupted. Novelis announced in October that it would restart operations at the affected area of the plant before the end of the month of December. This was an earlier projection than its previous one of the first quarter 2026. Ford's statement of Friday didn't mention any changes in that timeline. The statement stated that "Novelis will continue to update as new details become available." Reporting by Nora Eckert, Editing by David Gregorio
-
Gold prices steady as traders increase December rate-cut bets
The gold price held steady Friday after falling by over 1% in the previous session. Traders increased their bets that interest rates will drop in December following comments from the U.S. Federal Reserve. As of 1:48 pm, spot gold was unchanged at $4,086.57 an ounce. ET (18:48 GMT), following a fall of more than 1% in the earlier session. Bullion has a 0.1% weekly gain so far. U.S. Gold Futures for December Delivery settled 0.5% higher, at $4.079.5 an ounce. John Williams, the New York Fed president, said on Friday that the U.S. Central Bank could still reduce interest rates in near-term without jeopardizing the inflation target. Jim Wyckoff said that the comments were "certainly supportive" and gave gold bulls some good news early on today. The traders now expect a rate reduction at the Fed’s next meeting. This is up from 40% earlier that day. The delayed jobs report revealed a mixed picture of the labor market. Nonfarm payrolls rose by 119,000, far above expectations for a 50,000 increase, while unemployment reached a four-year peak. In low-interest rate environments, gold, which is a non-yielding investment, does well. Lorie Logan, the Dallas Federal Reserve president, called for a temporary pause in the policy rate. The traders are also closely watching the U.S. Stock Markets. "If the stock market rallies today, this will probably put downward pressure on gold due to the increased risk appetite on the marketplace," Wyckoff said. Wall Street's major indexes rose as traders increased bets that the Fed will cut interest rates next month after policymakers made remarks. The physical gold market in major Asian markets has remained low this week due to the volatility of rates. This deterred buyers from purchasing. (Reporting by Pablo Sinha in Bengaluru; Additional reporting by Sarah Qureshi; Editing and production by Shreya Biswas, Alan Barona, Vijay Kishore) (Reporting from Bengaluru by Pablo Sinha; Additional reporting by Sarah Qureshi, Editing by Shreya biswas, Alan Barona, and Vijay Kishore.)
-
Glass Lewis considers US investment advisor registration to ease criticism
Glass Lewis' top executive has said that the company may register as an investment adviser in the United States. This would expose it to greater regulation, but could also help ease criticisms from Republican politicians and corporate executives over its proxy voting advice. Glass Lewis Chief Strategist Cheryl Gustitus said in an interview with The Washington Post on Friday that "we're seriously considering registering as an investment advisor" at the Securities and Exchange Commission. Gustitus didn't give a time frame for when the company owned by Canada’s Peloton Capital Management, and its Chairman Stephen Smith might make a final decision. She said the issue should be viewed in the context of other steps Glass Lewis took to recast its influential role in U.S. Corporate Governance under Chief Executive Bob Mann who assumed the position last year. Glass Lewis, for example, announced last month that it would end its "benchmark proxy voting" recommendations in 2027. Gustitus also said that clients will have the option to choose between different approaches when conducting research. Gustitus: "We are trying to evolve. We're not digging into ourselves." Glass Lewis, and its bigger rival Institutional Shareholder Services, have been criticized and investigated by Republicans over their recommendations for how large institutional investors should vote during corporate annual meetings. Both firms have backed fewer resolutions from shareholders on environmental issues this year as companies increased their climate disclosures. ISS is a registered investment advisor with the SEC since about 25 years. This gives the Wall Street regulator power to examine things such as how the company handles potential conflicts of interests. Glass Lewis had been registered with the SEC but retracted the status in 2005. The firm said that it was not appropriate because, among other things, the firm didn't recommend its clients to trade, buy, sell, or hold securities. (Reporting and editing by Nick Zieminski, Ross Kerber)
-
Gold prices steady as traders increase December rate-cut bets
The gold price held steady Friday after it fell over 1% in the previous session. Traders increased their bets that interest rates will drop by December following Fed comments. As of 11:45 am, spot gold was unchanged at $4,077.19 an ounce. ET (1645 GMT), following a fall of more than 1% in the earlier session. Bullion has lost 0.1% in the last week. U.S. Gold Futures for December Delivery rose by 0.4%, to $4.076.90 an ounce. John Williams, the New York Fed president, said on Friday that the U.S. Central Bank could still reduce interest rates in near-term without compromising its inflation target. Jim Wyckoff said that the comments were "certainly supportive" and gave gold bulls some good news early on today. The traders now expect a 70% probability of a Fed rate cut during the next meeting. This is up from 46% earlier that day. The delayed jobs report revealed a mixed picture of the labor market. Nonfarm payrolls rose by 119,000, far above expectations for a 50,000 increase, while unemployment reached a four-year peak. In low-interest rate environments, gold, which is a non-yielding investment, does well. Lorie Logan, the Dallas Federal Reserve president, called for the rate to be held "for a while." The traders are also closely watching the U.S. Stock Markets. "If the stock market rallies today, this will probably put downward pressure on gold due to the increased risk appetite on the marketplace," Wyckoff said. Wall Street's major indexes rose on Friday, as renewed hopes of a rate cut in the United States boosted tech stocks after a rout last session. The physical gold market in major Asian markets has remained low this week due to the volatility of rates. This deterred buyers from purchasing. Other than that, silver spot fell by 1.2%, to $49.99 an ounce. Platinum rose 1.2%, to $1.529.00. Palladium dropped 0.4%, to $1.372.44. (Reporting and editing by Shreya Biwas and Alan Barona in Bengaluru)
-
Lilly is the first pharmaceutical company to reach $1 trillion in valuation on weight loss demand
Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. As new and highly effective treatments for obesity have hit the market in the past two years, this category has become one of the most profitable segments in healthcare. The world's top-selling drug is now Lilly's Tirzepatide. It's marketed under the brand names Mounjaro and Zepbound, respectively. Novo Nordisk was the first to market, but Mounjaro & Zepbound are now a huge hit and have helped the company surpass its competitor in prescriptions. Lilly gained ground in part due to the fact that Novo's Wegovy release in 2021, which was delayed by a shortage of supplies, gave Lilly more room for growth. Lilly's drugs also have a higher clinical efficacy and the U.S. firm has been quicker to increase manufacturing and distribution. The shares of the company, which briefly reached a record-high, were trading at $1,051. LSEG data shows that Lilly is now trading at one of the highest valuations among big pharma companies, with a 50-fold multiple on its expected earnings for the next year. This reflects investors' expectations that the demand for obesity drugs would remain strong. The shares have also outpaced the overall U.S. equity markets. Lilly's shares have risen by more than 75% since the launch of Zepbound late in 2023. The S&P 500 has risen by over 50% in the same time period. Lilly's obesity and diabetes business generated combined revenues of over $10.09 billion in the last reported quarter. This represents more than half its total revenue, which was $17.6 Billion. The current valuation reflects investor confidence in the long-term sustainability of the company's metabolism health franchise. Evan Seigerman of BMO Capital Markets said that Lilly is preferred by investors in the obesity arms-race. Lilly's revenue forecast for the year ended October was increased by $2 billion, based on a surge in global demand for its diabetes and obesity drugs. Wall Street predicts that the global weight-loss drugs market will be worth $150 billion in 2030. Lilly and Novo are expected to control the majority of the projected sales. Investors now focus on Lilly’s orforglipron oral obesity drug which is expected be approved in early 2019. Citi analysts wrote in a note published last week that the latest generation GLP-1 drugs are already a "sales phenomena" and orforglipron will benefit from "the gains made by its predecessors when used as injectables." SUSTAINING MOMENTUM Lilly will benefit from an agreement with the Trump Administration and its planned investment of billions to boost U.S. manufacturing. Analysts said that the White House pricing agreement may have a negative impact on revenue in the near term, but it will significantly increase access to the treatment of obesity. This could add up to 40 million new potential candidates in the U.S. James Shin, Director of Biopharma Equity Analysis at Deutsche Bank said that Lilly has started to resemble "the Magnificent Seven", referring to tech giants such as Nvidia and Microsoft, which have fueled much of this year's market returns. Investors once considered it to be part of the elite group. However, after some disappointing earnings and headlines, it fell out of favor. He added that it could be an option for investors now, given the recent concerns about and weakness of some AI stocks. Analysts and investors will be watching to see if Lilly is able to maintain its current growth, as the prices of Mounjaro, Zepbound, and its diversified pipeline come under pressure. They'll also be looking at whether its scaling-up plans and its dealmaking, combined with its diversified portfolio, can offset a possible margin squeeze.
-
US and global stocks to decline this week amid mixed Fed messages, concerns about tech valuation
Wall Street stocks shook in range-bound, but choppy trading on Friday. Rising hopes for a December rate reduction from the U.S. Federal Reserve was countered with persistent concerns about lofty valuations of tech companies. The tech-laden Nasdaq had a modest decline, while the S&P 500 had a slight increase, and the Dow Jones Industrial Average was heading more decisively in the positive direction. The benchmark Treasury yields fell, the dollar remained steady and bitcoin was sharply lower. The S&P 500, the Nasdaq, and other world markets are on course to post their biggest weekly percentage losses since U.S. president Donald Trump shook the market with his major announcement of tariffs in April. The solid earnings of AI pioneers, notably Nvidia, only temporarily eased concerns that AI stocks are overpriced, and may be due for a correction. After a government shutdown that ended recently, the Fed finally got to see the current state of the job market, and it was a surprise to find the rate of unemployment ticking up. Financial markets have increased the likelihood that this will be the Fed's third and final cut in interest rates for this year. CME's FedWatch set the odds to 73.3%. This is a big jump from Thursday's 39.1%. The messages from policymakers are mixed. New York Fed president John Williams said that the Fed may still be able to cut rates in near-term, but Dallas Fed president Lorie Logan urged them to remain on hold until the central bank assessed the impact of current rates on economy. Oliver Pursche is a senior vice president of Wealthspire Advisors in New York. There are ongoing concerns over valuation, the Fed's future move and unemployment. Pursche said that "the fourth quarter has seen a rough start, even though it is usually the best for stocks, in terms of performance." The Dow Jones Industrial Average increased 200.09 points or 0.44% to 45,952.35, while the S&P 500 gained 3.54 points or 0.04% to 6,541.66. Meanwhile, the Nasdaq Composite dropped 81.74 or 0.38% to 21,993.43. European stocks fell on renewed concerns over stretched technology valuations. The MSCI index of global stocks fell by 4.07 points or 0.42% to 964.46. The pan-European STOXX 600 fell by 0.44% while Europe's FTSEurofirst 300 fell by 0.43%. Emerging market stocks dropped 2.81% to 1333.04. MSCI's broadest Asia-Pacific share index outside Japan closed at 684.69 - a 2.83% decrease. Japan's Nikkei dropped 2.40% to 48625.88. The dollar was expected to gain a little each week, while the yen gained support after Japanese officials intensified their verbal interventions to stop the currency's fall. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.12%, to 100.28. However, the euro fell by 0.22%, at $1.1502. The dollar fell 0.73% against the Japanese yen to 156.33. Cryptocurrencies fell to multi-month lows as a result of a wider flight away from riskier assets. Bitcoin dropped 5.08% to $82 789.98. Ethereum fell 6.44% to 2,692.87. U.S. Treasury yields fell as Fed rate-cut bets increased. The yield on the benchmark U.S. 10 year notes dropped 3.9 basis points from 4,104% at late Thursday to 4.065%. The 30-year bond rate fell 1.2 basis point to 4,7199%, from 4,732% at the end of Thursday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Fed fell by 5.3 basis points, to 3.505% from 3.558% at late Thursday. The U.S. has been pushing for a peace agreement between Russia and Ukraine. U.S. crude dropped 2.2% to $57.71 per barrel. Brent was down to $62.21 per barrel on the same day, a drop of 1.81%. Gold recovered from earlier losses following dovish Fed remarks that increased the likelihood of a rate cut in December. Gold spot fell by 0.31%, to $4.064.19 per ounce. U.S. Gold Futures rose by 0.35% to $4.070.90 per ounce.
-
Gold prices fall as traders increase bets on December rate cuts
After falling more than 1% in the previous session, gold prices recovered on Friday as traders increased bets that interest rates will fall by December following Fed comments. As of 0952 am, spot gold had fallen 0.1%, to $4,071.74 an ounce. After falling by more than 1% in the earlier session, ET (1452 GMT) was set to be the next trading day. Bullion will lose 0.2% per week. U.S. Gold Futures for December Delivery rose by 0.2%, to $4.068.50 an ounce. John Williams, the New York Fed president, said on Friday that the U.S. Central Bank could still reduce interest rates in near-term without jeopardizing the inflation target. Jim Wyckoff said that the comments were "certainly supportive" and gave gold bulls some good news early on today. The traders now expect a 70% probability of a Fed rate cut during the next meeting. This is up from 46% earlier that day. The delayed jobs report revealed a mixed picture of the labor market. Nonfarm payrolls rose by 119,000, far above expectations for a 50,000 increase, while unemployment reached a four-year peak. In low-interest rate environments, gold, which is a non-yielding investment, does well. Lorie Logan, the Dallas Federal Reserve president, called for the rate to be held "for a while." The traders are also closely watching the U.S. Stock Markets. "If the stock market rallies today, this will probably put downward pressure on gold due to the increased risk appetite on the marketplace," Wyckoff said. Wall Street's major indexes rose on Friday, as renewed hopes of a rate cut in the United States boosted tech stocks after a rout last session. The physical gold market in major Asian markets has remained low this week due to the volatility of rates. This deterred buyers from purchasing. The spot price of silver XAG= dropped 2.1%, to $49.54 an ounce. Platinum XPT= increased 0.1%, to $1.513.70. Palladium XPD= declined 1.3%, to $1.360.63. (Reporting and editing by Shreya Biwas in Bengaluru)
Four people are seriously injured after a grizzly attack on a school group in British Columbia
On Thursday, a grizzly attacked a group of schoolchildren and an adult on a British Columbia walking trail. Three children were seriously injured.
On Friday, officers were still looking for the animal. The attack took place in Bella Coola, a town on the central coast of Canada’s westernmost province. Residents have been asked to stay indoors until further notice.
B.C. Conservation Officer Service posted a Facebook statement saying that despite overnight efforts, the bear had not been captured.
According to a statement, the students and teachers were stopped on a trail near a river when the grizzly emerged from the woods and attacked.
It said that multiple teachers intervened using bear spray and bear bangers to drive away the bear.
Provincial Health Services Authority informed by email that paramedics treated four patients who were in critical and serious conditions and transported them to hospital. Seven other people were treated at the scene, but they did not need to be transported to hospital.
B.C. At a Friday press conference, Premier David Eby thanked teachers for their heroism.
I want to express my deepest sympathies to all the injured people, including parents, children and family members. I wish them a speedy recovery.
The group came from the Acwsalcta School run by the Indigenous Nuxalk Nation. It was closed on Friday.
In a Friday statement, the Nuxalk Nation Council and Chief said that children and loved ones had been affected by this bear attack.
The statement stated that "we remain in close communication with the families and we understand those who were hurt are receiving the best level of care." Reporting by Maiya Kiedan; Editing by Caroline Stauffer, Ni Williams and Caroline Stauffer
(source: Reuters)