Category: Business

A raft of federal agencies are probing last month’s “Reddit rally” in which Reddit users trading on low cost retail platforms banded together to push up GameStop Corp and other stocks, burning hedge funds that had bet against the companies. The resulting volatility triggered massive margin calls from post-trade clearing houses that guarantee stock trades, […]

The U.S. House of Representatives on Thursday reintroduced a bipartisan bill that would ban imports from China’s Xinjiang region unless it is certified they are not produced with forced labor, and allow further sanctions against Chinese officials responsible for abuses against Muslims. The updated version of legislation that passed the House 406-3 in the previous […]

Apollo Global Management Inc said on Thursday it had appointed former U.S. Securities and Exchange Commission (SEC) chief Jay Clayton as its lead independent director to improve corporate governance in the wake of an inquiry into Chairman Leon Black’s ties to late financier and convicted sex offender Jeffrey Epstein. The review found that Black, who […]

Shares of GameStop briefly reversed losses on Thursday after the trader known as Roaring Kitty told a congressional hearing he remained optimistic about the stock following its recent rally and selloff. Shares rose as much as 4% before falling again to a loss of about 4%. Keith Gill, 34, known on YouTube as Roaring Kitty […]

The World Bank on Thursday named the first African chief executive of its private sector arm, the International Finance Corp, a position key to the bank’s efforts to finance vaccines and drive investment in low-carbon energy projects. Makhtar Diop, a Senegalese national and the former minister of economy and finance of the West African nation, […]

Ford Motor has frozen all projects it was working on with Mahindra & Mahindra while it finalises a new India strategy, three people familiar with the U.S. carmaker’s plans told Reuters, weeks after the two companies called off their planned joint venture. “The options could include working out a new relationship with Mahindra or ending […]

The dollar lost ground on Thursday, ending a two-day winning streak as hopes for a speedy economic recovery from the global heath crisis was dampened by disappointing labor market data, which put market participants in a risk-off mood. “It’s hard to reconcile what’s pulling the dollar lower today,” said Mazen Issa, senior currency analyst at […]