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(Bloomberg) — The European Central Bank lowered interest rates for the sixth time since June and indicated that its cutting phase may be drawing to a close as inflation cools and the economy digests seismic shifts in geopolitics. Most Read from Bloomberg The deposit rate was reduced by a quarter point to 2.5%, as predicted by all but one analyst in a Bloomberg survey. Officials described their monetary-policy stance as becoming “meaningfully less restrictive.” Revealing that inflation will take slightly longer to reach 2%, the ECB is switching “to a more evolutionary approach,” President Christine Lagarde said Thursday. She repeated…
You reach into your purse or wallet for your credit card and it’s not there. Your heart sinks. Now what are you supposed to do? Fortunately, federal law and card issuer zero liability benefits can protect you from unauthorized purchases if your card is stolen. However, it’s important to quickly take steps, such as reporting your lost credit card, to minimize your overall risk and hassle. The first thing to do if you’ve misplaced your credit card is to lock or freeze it. This will help prevent someone from using your card if there’s any unauthorized access. Many credit card…
A money market account is a type of savings deposit account that tends to offer check-writing privileges and a debit card for ATM access to your savings. Typically, savings accounts usually don’t let you write checks from the account, making money market accounts a unique option to store and tap your money when you need it. The average money market account yield is 0.46 percent annual percentage yield (APY) as of the week of March 3, 2025. Some money market accounts give you a higher annual percentage yield (APY) for carrying a larger balance. Always make sure you’re following the…
By Daniella Parra Ascentage Pharma (NASDAQ: AAPG; HKEX) said that its drug Olverembatinib is the first China-approved third-generation BCR-ABL inhibitor, and has been approved for certain chronic myeloid leukemia (CML) indications and included in China’s National Reimbursement Drug List. Olverembatinib, is first-line treatment of newly diagnosed Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL) in combination with low-intensity chemotherapy, Ascentage said. Ph+ ALL, which accounts for 20%-30% of adult ALL cases, has poor treatment tolerance and prognosis, with existing first- and second-generation tyrosine kinase inhibitors (TKIs) facing limitations such as high relapse rates, they said. “We are much encouraged to have…
(Bloomberg) — Marvell Technology Inc. shares tumbled the most in more than nine years after the company delivered a revenue forecast that fell short of the highest estimates, disappointing investors who were looking for a bigger payoff from the AI boom. Most Read from Bloomberg Sales will be about $1.88 billion in the fiscal first quarter, which runs through April, the chipmaker said in a statement Wednesday. Though that was in line with the average analyst estimate, some projections ranged as high as $2 billion. Marvell shares fell as much as 21% after markets opened in New York on Thursday,…
Copper prices witnessed a sharp increase of more than 5% in New York, surpassing other global benchmarks, following US President Donald Trump’s announcement of a potential 25% tariff on metal imports, reported Bloomberg. President Trump’s speech to Congress on Tuesday sparked a rally in copper prices on the Comex trading platform during Asian trading hours. Market participants reacted swiftly to the prospect of larger-than-anticipated tariffs on copper, which could be implemented sooner than expected. Last week, President Trump announced that the Commerce Department will conduct a comprehensive investigation that might lead to copper tariffs on national security grounds. This has…
Applications for U.S. jobless benefits fell last week as the labor market remains sturdy ahead of an expected purge of federal government employees. The number of Americans filing for jobless benefits fell by 21,000 to 221,000 for the week ending March 1, the Labor Department said Thursday. That’s significantly fewer than the 236,000 new applications analysts expected. Weekly applications for jobless benefits are considered a proxy for layoffs, which have remained mostly in a range between 200,000 and 250,000 for years. The four-week average, which evens out some of the week-to-week volatility, inched up by 250 to 224,250. Some analysts…
(Bloomberg) — The US trade deficit widened to a record in January as companies scrambled to secure goods from overseas before President Donald Trump imposed tariffs on America’s largest trading partners. Most Read from Bloomberg The gap in goods and services trade widened 34% from the prior month to $131.4 billion, Commerce Department data showed Thursday. The deficit was larger than all but one estimate in a Bloomberg survey of economists. The value of imports rose 10% to a record $401.2 billion, while exports increased 1.2%. The figures aren’t adjusted for inflation. Trump promised sweeping tariffs during the 2024 presidential…
US-based Cold Chain Technologies (CCT), a provider of thermal packaging and digital monitoring solutions, has acquired Global Cold Chain Solutions (GCCS), which offers passive cold chain solutions. The acquisition marks an expansion of CCT’s operational capabilities and its presence in the Asia-Pacific region. The financial details of the transaction have not been disclosed. Headquartered in Melbourne, Australia, GCCS designs and manufactures thermal assurance solutions for various life sciences applications. It specialises in good distribution practice-compliant temperature-controlled packaging and monitoring for pharmaceuticals, healthcare, and logistics. Its advanced thermal engineering capabilities and manufacturing sites in Australia and India are claimed to offer…
UK retailer Marks & Spencer (M&S) has allocated £95m ($121m) to increase its retail pay offer, despite facing additional financial pressures due to recent government measures. This is the largest allocation of funds to retail pay since Stuart Machin assumed the role of CEO in 2022 and the third such raise under his leadership. Effective from 1 April 2025, remuneration for around 50,000 UK customer assistants will rise from £12 to £12.60 per hour. The adjustment means an enhancement of 5% compared to the previous year and a cumulative 26% rise since 2022 – twice the inflation rate during that…