Results for: Business

Multiple lenders, including Barclays, NatWest, HSBC, The Co-Operative Bank, and Accord, have announced increases in their mortgage rates. These hikes follow an upward trend in swap rates, which underpin fixed-rate mortgages. Experts predict further rate increases, impacting both new borrowers and those nearing the end of fixed-rate deals. The average two-year fixed residential mortgage rate has slightly decreased, while the average five-year rate remains stable. Despite the dip in the two-year rate, monthly repayments have significantly increased compared to two years ago due to higher interest rates.

The European Union (EU) has demanded that TikTok provide information regarding its new TikTok Lite app, which offers rewards to users for watching videos. The EU has concerns about the app’s potential addictive features and their risks to children. The bloc has opened formal proceedings to determine whether TikTok Lite violates the bloc’s Digital Services Act (DSA). The Commission has given TikTok 24 hours to submit the risk assessment and until Wednesday to present its case. The EU has warned that it may order TikTok Lite to suspend its reward features as early as Thursday if the company fails to comply.

RBC Capital Markets has initiated coverage of Ultragenyx Pharmaceutical (NASDAQ: RARE) with an outperform rating and a $77 price target, suggesting 82% upside potential from current levels. The analyst sees a favorable risk/reward profile, citing an undemanding valuation and a clear path to profitability if any of the late-stage pipeline drugs are successful. Ultragenyx’s base business continues to grow at a steady pace, providing downside protection.

HP Inc. and Indo-MIM have joined forces to meet the surging demand for high-precision metal parts produced through 3D printing. This partnership aims to revolutionize the metal parts manufacturing sector in India, fostering innovation and expanding its global presence.

Mirae Asset Mutual Fund (Mirae Asset MF) has advised investors to exercise caution before purchasing units of its overseas exchange-traded funds (ETFs), as they are currently trading at a premium due to restrictions on market makers. Existing investors can still redeem their ETF units at values close to their indicative net asset values (i-NAVs).

The Food Safety and Standards Authority of India (FSSAI) plans to sample major spice and infant nutrition brands in India in response to reports of alleged food violations involving pesticide and added sugar content.

Analysts at Jefferies and MoffettNathanson remain bullish on Amazon, citing factors such as strong advertising revenue growth, cost leverage, and margin expansion. Despite the challenges faced by its 1P business in the past year, analysts anticipate a recovery in 2024, leading to significant profit improvement.

Poland’s industrial output fell sharply in March 2024 due to a significant decline in coal mining, raising concerns about the country’s economic growth prospects. Coal mining output plunged by 25.9% year-over-year, contributing to a 6% decline in industrial production. This steep drop cast doubt on expectations of a 3% economic rebound in Poland this year.

Pakistan plans to privatize three major airports, including Islamabad, Karachi, and Lahore, as part of its efforts to secure an IMF bailout package. The government is also aiming to privatize Pakistan International Airlines (PIA) by July 2024. This privatization push is a condition set by the IMF to address the country’s loss-making public-sector entities. Economic initiatives taken by the government, such as measures to reduce the current account deficit, are showing positive results, with foreign exchange reserves expected to increase by June.

Bitcoin’s recent halving event, a significant change to its underlying technology that reduces the rate of new bitcoin creation, has had minimal impact on its price. Industry insiders attribute this to the cryptocurrency’s increasing correlation with broader financial market sentiment and geopolitical developments.