May 30, 2023

Ukraine Recap: Drones Hit Moscow, Air Strikes Target Kyiv Eskom Latest: Tiger Brands’ Power Costs Up Sixfold Bearish Oil Bets Slide After Saudis Tell Speculators to ‘Watch Out’ NATO Boosts Presence in Northern Kosovo as Tensions Flare Anew Oil Edges Higher as Traders Monitor Progress on US Debt Ceiling Banks Tap Hong Kong’s Discount Window for Most Funds Since 2021 Nvidia CEO Gets Rock Star Reception in Taiwan With AI Stock Surge Bitcoin Discount Emerges on Binance Australia Ahead of Payment Cutoff Imran Khan Summoned Over Attacks on Pakistan Military Buildings Trudeau Faces Energy-Policy Fights as Conservatives Hold Alberta Cash-Hungry Adani Utility Shows Funding Urgency to Power India Buyout Firm Apollo to Buy UK’s United Living Through Impact Fund Asia Stocks Set for Cautious Open Before Debt Vote: Markets Wrap SBB Is Second Most Bought Stock by Swedish Retail Savers in May Erdogan Overcomes Economic Woes to Extend Record Turkey Rule China Stock Gauge Slumps 20% From 2023 Peak as Pessimism Abounds Too Rich for Cathie Wood, Nvidia Shares Stretch Valuation Limits Hong Kong Hires Banks for Its Third Green-Bond Sale of 2023 Climate Costs Mount for Poorer Nations Already Burdened by Debt How to invest globally without taking on a world of risk: Dale Jackson How improving your financial literacy can help ease stress in a tough economy Considering tenant insurance? Here's what you need to know first How to be the model driver, and get a break on car insurance Pattie Lovett-Reid: Protecting yourself financially from the risks of dementia Fixed income investors can breathe easier as inflation recedes: Dale Jackson Summer on a shoestring budget: Tips for surviving summer break as camp costs rise Why re-investing your tax refund is the smart option Owe money to the CRA this tax season? Here are some repayment options PSAC: Will Canada's tax deadline be moved due to the strike? How claiming income from side gigs can lower your tax bill Paper filing is dying but free income tax software lives on: Dale Jackson Tax deadline: Strike not a major issue for most Canadians, expert says 'Give yourself time and space': How to manage your finances during times of grief Experts explain how to cope with money stress Experts share effective ways to tackle student debt As thousands flock to day trading during lockdown, experts urge caution Dual income, no kids: Why some young Canadians are choosing this lifestyle 'Ask a lot of questions' before deciding what to do with your tax refund: experts SBB Is Second Most Bought Stock by Swedish Retail Savers in May Niche Commodities Sound Alarm in Every Corner of China’s Economy China’s Manufacturing Sector Improved in May, Surveys Show Australia’s Building Approvals Slump to Lowest Level in 11 Years New Zealand House Prices to Rise Earlier Than Expected, ANZ Says UK’s Labour Party Studies Land Reforms to Cut Cost of House-Building Toronto Condo Investors Are Losing Money in a Bad Sign for Renters More than half of GTA condo investors losing money on properties: Report Swedish Landlord Heimstaden Asks Tenants to Pay for Rising Rates Philippines’ Ayala Eyes Investment Deals as it Recycles Capital Swedish Household-Lending Growth Hits New Low as Rates Rise Sweden’s SBB Weighs Sale of Company as Part of Strategic Review Here’s Why Buying a Chunk of America Can Be an Inflation Hedge Iraq Offers Region Multi-Billion Dollar Project for Europe-Asia Link LVMH Won’t Proceed With Beverly Hills Hotel as Vote Falls Short Swedish Landlord SBB Gets Second Junk Rating as Crisis Worsens Iceland Wage Restraint Needed to Slow Hikes, Central Banker Says Bond Traders Are Starting to Eye Potential Risks Beyond the Debt Ceiling US Bank Lending, Deposits Increase in Sign of Stable Credit US Rebukes Poland for New Law, Citing Potential Electoral Abuse William J. O’Neil, Investor’s Business Daily Founder, Dies at 90 Sweden’s GDP Grows More Than Expected at Start of Year Ukraine Recap: Drones Hit Moscow, Air Strikes Target Kyiv Eskom Latest: Tiger Brands’ Power Costs Up Sixfold Ambani’s Big Cricket Bet Captures Record Viewers for IPL Final Nvidia CEO Gets Rock Star Reception in Taiwan With AI Stock Surge Several Moscow Buildings Damaged in Drone Attack, Mayor Says Bitcoin Discount Emerges on Binance Australia Ahead of Payment Cutoff Trudeau Faces Energy-Policy Fights as Conservatives Hold Alberta Cash-Hungry Adani Utility Shows Funding Urgency to Power India Buyout Firm Apollo to Buy UK’s United Living Through Impact Fund Asia Stocks Set for Cautious Open Before Debt Vote: Markets Wrap SBB Is Second Most Bought Stock by Swedish Retail Savers in May Former J-Pop Idols-in-Training Seek New Law on Child Sex Abuse Erdogan Overcomes Economic Woes to Extend Record Turkey Rule Too Rich for Cathie Wood, Nvidia Shares Stretch Valuation Limits Xi’s Charm Offensive Turns to Space as ‘Divine Craft’ Blasts Off Japan’s Largest Insurer Joins Defectors from GFANZ Climate Group Eskom Latest: Tiger Brands’ Power Costs Up Sixfold Bearish Oil Bets Slide After Saudis Tell Speculators to ‘Watch Out’ Oil Edges Higher as Traders Monitor Progress on US Debt Ceiling Bitcoin Discount Emerges on Binance Australia Ahead of Payment Cutoff Trudeau Faces Energy-Policy Fights as Conservatives Hold Alberta Cash-Hungry Adani Utility Shows Funding Urgency to Power India Asia Stocks Set for Cautious Open Before Debt Vote: Markets Wrap Erdogan Overcomes Economic Woes to Extend Record Turkey Rule Japan’s Largest Insurer Joins Defectors from GFANZ Climate Group Climate Costs Mount for Poorer Nations Already Burdened by Debt Niche Commodities Sound Alarm in Every Corner of China’s Economy Biden-McCarthy Debt Limit Deal Puts Government Services on a Diet Europe’s Unwanted Coal Heads to China and India as Heat Builds China’s Manufacturing Sector Improved in May, Surveys Show BYD Outbids Tesla to Supply EVs for Indonesian Taxi Operator Li Auto Seen Winner of China EV Race With 107% Gain World's Largest Solar Manufacturer Is Fueling a Price War Namibia Considers Taking Stakes in Mining and Petroleum Companies Alternative Fuels Take the Spotlight at Japanese Endurance Race Canada's immigration system should prioritize workers from in-demand industries: Expert Oilpatch restarts production that was shut in due to Alberta wildfires The Daily Chase: U.S. debt deal clears major hurdle; Alberta election day Scotiabank economist explains his call for another Bank of Canada interest rate hike StatCan report casts clouds on claims of a widespread labour shortage in Canada Canadian companies adopt 'stay interviews' as workers rethink careers, needs Credit unions trending towards greater unity as tech pressures mount TSX recap: Index finishes 0.74% higher amid broad-based gains Federal government posts $41.3 billion deficit for 2022-23 fiscal year Quebec opens door to more immigrants - if they speak French The Daily Chase: Glencore reportedly eyes Bunge; Canadian Western Bank misses expectations Spring flood risks highlight lack of insurance for Canadian homeowners: experts Canadian residential mortgage debt hits $2.08 trillion: CMHC U.S. economic growth for last quarter is revised up to a still-tepid 1.3% annual rate The Daily Chase: Loan loss provisions weigh on bank earnings; Nvidia forecasts upbeat outlook TSX recap: Index finishes more than 1% lower amid losses in materials stocks A June pause in rate hikes would be a close call for U.S. Fed officials, meeting minutes show Debt ceiling: GOP, Biden negotiators resume talks amid impasse CPP Investments reports 1.3 per cent return for its latest fiscal year Ukraine Recap: Drones Hit Moscow, Air Strikes Target Kyiv NATO Boosts Presence in Northern Kosovo as Tensions Flare Anew Taiwan’s Lai Wants to Tell Xi Jinping to ‘Chill Out’ Over Dinner South Africa Paves Way for Immunity for BRICS Summit Attendees Imran Khan Summoned Over Attacks on Pakistan Military Buildings Trudeau Faces Energy-Policy Fights as Conservatives Hold Alberta Former J-Pop Idols-in-Training Seek New Law on Child Sex Abuse Erdogan Overcomes Economic Woes to Extend Record Turkey Rule Xi’s Charm Offensive Turns to Space as ‘Divine Craft’ Blasts Off Treasury Bills Climb as Traders Back Congress to Pass Debt Deal Namibia Considers Taking Stakes in Mining and Petroleum Companies Xi Seeks to Upgrade China’s Education System, Boost Global Sway UK’s Labour Party Studies Land Reforms to Cut Cost of House-Building Biden, McCarthy Work Lawmakers to Pass Deal as US Default Looms Spain’s Embattled Prime Minister Gambles Again on Snap Election Venezuela’s Maduro Visits Brazil in a Blow to US Strategy of Isolation Polish President Approves Panel That May Probe Opposition Leader Nigeria’s $10 Billion of Fuel Subsidies Are Gone, Tinubu Says Turkish Lira Falls After Erdogan Wins Another Five Years in Power Nvidia CEO Gets Rock Star Reception in Taiwan With AI Stock Surge Bitcoin Discount Emerges on Binance Australia Ahead of Payment Cutoff Asia Stocks Set for Cautious Open Before Debt Vote: Markets Wrap Too Rich for Cathie Wood, Nvidia Shares Stretch Valuation Limits Xi’s Charm Offensive Turns to Space as ‘Divine Craft’ Blasts Off Taiwan Rushes to Prevent China From Cutting Off Internet, Phones US Says China Declined Request to Meet Austin in Singapore A China Crypto Pioneer Warns Hong Kong May Cool on Digital Assets Longer Term Li Auto Seen Winner of China EV Race With 107% Gain World's Largest Solar Manufacturer Is Fueling a Price War Arm Chief Pitches Chip Designer as AI Play in Buildup to IPO China Rejects US Claim That It’s ‘De-Risking’ Not ‘Decoupling’ Big Tech Rally Will Only Grow Further as Recession Worries Reign, Investors Say Asus to Sell Nvidia AI Servers You Can Install in Your Office Third Point, Moore Led Hedge Funds Buying Alibaba Last Quarter MediaTek Adopts Nvidia Tech for Automotive AI and Chips Winklevoss Twins Attempt Pivot After Gemini Loses Money and Employees Alternative Fuels Take the Spotlight at Japanese Endurance Race GM Secures Financial Support for an EV Battery Plant in Quebec The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Cathie Wood Defends ARKK’s Decision to Dump Nvidia, Citing Chip-Cycle Risks There's a New King in Chip ETFs After Record $805 Million Inflow Traders Are Duped by Bear-Market Rally, Morgan Stanley’s Wilson Says Think Nvidia’s Move Is Wild? Check Out the Leveraged ETP AI-Focused ETF Assets Could Triple to $35 billion by 2030 Cathie Wood’s ARKK Dumped Nvidia Stock Before $560 Billion Surge BlackRock’s $9 Billion Quant ETF Set to Lean in on Nvidia, Tech What’s Causing the FOMO Drought in US Equities? Goldman Says Stocks Risk ‘Elevator Down’ With Quants Near Max Long Wave of Corporate Spinoffs Fills a Void of Large US Listings AI Intrigues ETF Managers as Both Investment and Tool Investors Should  Prepare for Dividend Stock Rebound, Goldman Strategists Say AI-Powered ETF Getting Left Behind by an AI-Powered Stock Rally Fund Boss Who Beat 91% of Peers Says ESG Is Key to Making Money BlackRock Bond Chief Rick Rieder’s First ETF Is All About Income Cut Stocks, Buy Gold, Hold Your Cash, JPMorgan’s Kolanovic Says Qatar Wealth Fund Sets up $275 Million Market-Making Program Stock Futures Decline, Currencies in Tight Ranges: Markets Wrap Regional Banks Rallied Last Week. Traders Continued to Short the Sector BCE You are now being redirected to the BCE.ca website (Bell Canada Enterprises), where you can view our Accessibility plan, and submit your feedback using our Accessibility webform. Renee Bonorchis, Bloomberg News (Bloomberg) -- Tiger Brands Ltd., Africa’s largest listed food maker, said the total cost of loadshedding, the South African term for rolling blackouts, in its fiscal first half amounted to 76 million rand ($3.8 million), a more than sixfold increase from 12 million rand a year earlier. This had an impact on Tiger Brands’ gross margins, which declined to 27% from 29.2% year-on-year. Maintaining full-year operating income in line with last year will be challenging if the current operating conditions persist, the company said in its results statement on Tuesday. “Operating costs are expected to rise significantly as a consequence of higher levels of loadshedding during the winter season,” Tiger Brands said. Eskom Holdings SOC Ltd., South Africa’s state power utility, has cut power on 148 days of this year, skipping only one day so far. Read: Tiger Brands 1H Net Income 1.17B Rand Vs. 1.21B Rand Y/y Energy Regulator Agrees to Eskom Power Purchase Plans (May 29, 6 p.m.) The National Energy Regulator of South Africa approved a plan to allow Eskom to buy 344.5 megawatts of new generation capacity from solar and battery energy storage. The regulator also approved the national free basic electricity rate of 172.76c per kilowatt-hour for the 2023/24 municipal financial year, effective from July 1. Regulators’ Contingency Planning for Possible Grid Shutdown (May 29, 5 p.m.) The Financial Sector Contingency Forum, which includes the central bank and other financial regulators, said they continue to plan “for the improbable but not impossible scenario of a national electricity grid shutdown” with a view to mitigating the impact on the financial system and the economy. Solar Panel Demand Soars in Cape Town (May 29, 3:38 p.m.) Cape Town has seen a record number of applications to install solar power as South Africa’s electricity shortage worsens. More than 2,300 of these requests have been made this year as of end-April, with the figure of almost 700 in March the highest to date, the City of Cape Town said in a statement. As an incentive, the city will offer to buy excess rooftop solar power from businesses and homes from later this year. Read more: Cape Town’s Demand for Home Solar Panels Surges on Power Outages Eskom CEO Shortlist Includes Ayanda Noah, Marokane, Solidarity Says (May 29, 2:59 p.m.) Ayanda Noah, chairwoman of South Africa’s Central Energy Fund and former executive for customer services at Eskom, and Dan Marokane, Eskom’s former head of group capital, have been shortlisted to take over as the utility’s chief executive officer, the Solidarity labor union said. Marokane was Solidarity’s top pick, with Noah the second choice, the union said, without naming any of the other candidates. The information on the shortlist was communicated directly by Eskom, said Theuns du Buisson, an economic researcher at the Solidarity Research Institute. Eskom denied that it had communicated any information about the shortlist because discretion and confidentiality were essential when hiring executives. “We can confirm at this stage that we have concluded the interviews and will announce the successful candidate at the appropriate time,” it said it a text message. Read More: Eskom CEO Shortlist Includes Marokane, Noah: Solidarity Union Eskom Ramps Up Power Cuts (May 29, 2:14 p.m.) Eskom will cut 6,000 megawatts of power from the grid from 4 p.m. Monday until 5 a.m. on Tuesday, instead of 5,000 megawatts, due to delays in returning 10 of its generating units to service. The utility will thereafter cut 4,000 megawatts from the grid until 4 p.m. It will then repeat the pattern until further notice, it said in a statement on Twitter. Ramaphosa Sets Powers for Minister to Address Energy Crisis (May 26, 5:34 p.m.) President Cyril Ramaphosa allocated a range of powers to his electricity minister to enable him to address the nation’s energy crisis, almost three months after appointing him. Kgosientsho Ramokgopa will be able to determine which energy sources should be used to generate additional electricity and has been given the authority to enable private-sector participation in the procurement of new capacity, according to a statement from the Presidency. The announcement transfers some responsibilities away from Gwede Mantashe, the energy minister, who has faced criticism for stifling the government’s efforts to transition away from the use of coal, which is used to produce most of the nation’s electricity, and buy more green energy. ©2023 Bloomberg L.P.