Business

Uber and Lyft’s long wait for a rebound in demand signals slow economic recovery

With the pandemic still suppressing ridesharing demand, Wall Street is keen to know how soon Uber Technologies Inc and Lyft Inc expect a rebound and how they plan to keep costs under control until then. Investors are also hoping for more insight on Uber’s successful food delivery operations and Lyft’s efforts to set up a […]

Business

Oil rises 2% to more than one-year high on supply cuts, stimulus hopes

Oil prices rose 2% on Monday to their highest in over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus. Brent rose $1.22, or 2.1%, to settle at $60.56 a barrel, while U.S. West Texas Intermediate rose $1.12, or 2%, to […]

Business

Musk-fuelled bitcoin surge triggers cryptocurrency exchange glitches

Major cryptocurrency exchanges experienced technical issues on Monday as trading volumes soared after billionaire Elon Musk’s Tesla Inc revealed it had purchased $1.5 billion of bitcoin and would soon accept it as a form of payment. The electric-vehicle company’s move marked the latest step toward mainstream acceptance of bitcoin, sending it 10% higher on expectations […]

Business

What recovery? Clothes retailers cut orders while factories fight to survive

Clothes retailers in Europe and America sit on excess inventory and cut back on spring orders. Sourcing agents face late payments. Garment factories in Bangladesh are on the rack. The global apparel industry, reeling from a punishing 2020, is seeing its hopes of recovery punctured by a new wave of COVID-19 lockdowns and patchy national […]

Business

Stocks hit record highs, bitcoin surges after Tesla news

Major U.S. stock indexes registered all-time closing highs on Monday amid optimism over U.S. fiscal stimulus, and bitcoin jumped after Tesla revealed it had purchased $1.5 billion of the cryptocurrency and would soon accept it as a form of payment. The world’s most widely-held cryptocurrency, bitcoin touched a record high following the Tesla Inc disclosure, […]

Business

Apple positioned to offer cryptocurrencies

Apple Inc has a “clear opportunity” to offer a buying and selling mechanism for cryptocurrencies, a move that would allow the company to immediately gain market share, according to a research report on Monday from RBC Capital Markets. With its access to world-class software and a secure ecosystem, Apple could tackle the problem individuals face […]

Business

KKR beats estimates with 15% rise in fourth-quarter earnings

KKR & Co Inc said on Monday its after-tax distributable earnings rose 15% year-on-year in the fourth quarter, driven by growth in management and transaction fees from its capital markets business. KKR’s after-tax distributable earnings (DE) – the cash used to pay dividends to shareholders – rose to $431 million from $375.1 million a year […]