Reuters Financial News

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

(Reuters) — Meta Platforms plans to launch a microblogging app, Threads, days after Twitter executive chair Elon Musk announced a temporary cap on how many posts users can read on the social media site.

China to impose export restrictions on metals essential to make semiconductors, electric vehicles, and high-tech sectors has escalated its trade war with the United States, threatening to derail already-fragile global supply chains. The controls, China said, were aimed at protecting national security and interests. Exporters will now need prior permission to ship some gallium and germanium products. Following the sudden announcement on Monday, companies are scrambling to soothe investor worries. A China-based germanium producer told Reuters enquiries from abroad and prices had surged overnight. China's commerce ministry stated that, starting from August 1, it would exercise control over the exports of eight gallium products and six germanium products, citing the need to safeguard national security and interests. Analysts interpret this move as a retaliatory response to Washington's increasing efforts to curb China's technological advancements. Peter Arkell, Chairman of the Global Mining Association of China, told Reuters, «China has hit the American trade restrictions where it hurts.» He emphasized the significance of gallium and germanium, among other minor metals, in a wide range of tech products, highlighting that China dominates their production. Replacing China as a major supplier in the short or even medium term is deemed unrealistic.

The June 2 crash at Bahanaga Bazar station, in the eastern Indian state of Odisha, killed 288 people and injured more than 1,000. The disaster struck when a passenger train hit a stationary freight train, jumped off the tracks and hit another passenger train coming from the opposite direction.

Nifty traded at their record high levels. Meanwhile, crude oil prices held steady as markets weighed supply woes from cuts for August by top exporters Saudi Arabia and Russia against economic data that hinted at weak crude demand, Reuters reported.

Brent crude futures were up 22 cents, or 0.3%, at $74.87 a barrel by 0033 GMT. U.S. West Texas Intermediate crude were at $70.06, up 27 cents, or 0.3%.

Philadelphia, and a suspect was taken into custody, local news media outlets reported, citing police. A spokesperson for the Philadelphia Police Department confirmed to Reuters by email there were «multiple gunshot victims» but said no further details were immediately available.

Indian market is likely to open flat after the benchmark equity indices closed at record levels with the Sensex surpassing 65,000-mark and the Nifty ending above 19,300 fuelled by favourable economic data, sustained foreign fund inflows and positive global cues. Japan’s Nikkei 225 fell 0.72%, while the Topix declined 0.45%. South Korea’s Kospi eased, while the Kosdaq rose 0.13%.  Hong Kong’s Hang Seng index futures were trading around 130 points lower at 19,176.

By Anant Chandak

Five-time champion Venus Williams returned to Wimbledon a quarter of a century after her first win on the All England Club lawns but was unable to summon the old magic in a painful first-round defeat by Ukraine’s Elina Svitolina on Monday.

By Valerie Volcovici

By Lucia Mutikani

By Hyunjoo Jin

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Morgan Stanley’s board is set to prioritize the selection of CEO James Gorman’s replacement during its upcoming meetings, according to a Reuters anonymous source. As Gorman looks to resolve major regulatory issues, the board will evaluate three internal candidates in July and subsequent meetings in September and October. Co-presidents Ted Pick (head of the International Securities Group) and Andy Saperstein (head of the Wealth Management Unit) are considered the front runners, with Pick slightly ahead. Another contender is Dan Simkowitz, the head of investment management, although no final decision has been made. The process remains confidential, and neither Morgan Stanley nor the individuals involved commented on the matter.

It’s July and OPEC — the Organization of the Petroleum Exporting Countries — is expected to make all the right noises and moves to try and “seize back” the narrative in oil. The trouble is the Fed will also have something to say this week on why it paused rate hikes at last month’s meeting. And then, there’s that all-important U.S. jobs report for May.

artificial intelligence (AI) such as Microsoft-backed OpenAI's ChatGPT are complicating governments' efforts to agree laws governing the use of the technology. Here are the latest steps national and international governing bodies are taking to regulate AI tools:AUSTRALIA Seeking input on regulations The government is consulting Australia's main science advisory body and considering next steps, a spokesperson for the industry and science minister said in April.BRITAIN Planning regulations The Financial Conduct Authority, one of several state regulators that has been tasked with drawing up new guidelines covering AI, is consulting with the Alan Turing Institute and other legal and academic institutions to improve its understanding of the technology, a spokesperson told Reuters.

Former United Airlines CEO Oscar Munoz discusses a government report blaming airlines for cancellations, retention in employees, and his new book, «Turnaround Time.»

UBS Managing Director and Senior Portfolio Manager Jason Katz breaks down stock trends on Varney & Co.

In his early 30s, Brijesh Goel had it all. After starting his career at Deutsche Bank in New York, he joined Goldman Sachs aged 26 and was already a vice president on the structured credit team. Aged 36, he achieved a position at Apollo, the buyside firm with a reputation forindecently high pay.