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Nikkei ends lower on yen strength, profit-taking after crossing 44,000

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By Rocky Swift and Kevin Buckland

TOKYO (Reuters) – Japan’s Nikkei share average ended lower on Tuesday, dragged by a stronger yen and profit-taking after the index climbed past the key 44,000 mark earlier in the session.

The Nikkei 225 Index surged as much as 1.24% to an unprecedented 44,185.73 before closing 0.4% lower at 43,459.29, snapping a three-day rally. The broader Topix finished the day down 0.5%.

Shares started strong, continuing sharp gains from Monday, on prospects for increased government spending following the resignation of fiscal hawk Prime Minister Shigeru Ishiba.

“We think the government is likely to adopt a more expansionary stance in the fiscal debates from the autumn, given the need to secure the cooperation of one or more opposition parties, all of which are calling for procyclical fiscal policy,” BofA Securities analysts said.

Stocks lost momentum as the yen strengthened, rising as much as 0.5% to 146.82 against the U.S. dollar, denting earnings prospects for exporters.

Japan’s chief trade negotiator Ryosei Akazawa said in a post on X that U.S. tariffs on Japanese autos are set to be lowered by September 16, clearing up ambiguity over a trade deal sketched out in July.

But Akazawa said the most-favoured-nation status for pharmaceuticals and semiconductors have not been included in an executive order signed by U.S. President Donald Trump.

Takeda Pharmaceutical, Japan’s biggest drugmaker, slid 3%.

Citizen Watch sank 5.5%, among the biggest losers on the Nikkei. The index compiler said after the close on Monday that Citizen would be removed from the Nikkei 225 from October.

The Nikkei’s biggest gainer was chip-testing equipment maker and Nvidia supplier Advantest, which jumped 6.5% to a new record high.

Other notable risers included chip-making tool manufacturers Screen Holdings, which jumped 2.4%, and Tokyo Electron, which added 2%.

(Reporting by Rocky Swift and Kevin Buckland; Editing by Alan Barona and Rashmi Aich)

Who could replace Angela Rayner as Labour deputy leader?

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Becky MortonPolitical reporter and

Joshua NevettPolitical reporter

Getty Images Angela Rayner stands on stage at Labour Party conference in September 2025, while Sir Keir Starmer applauds in the background.Getty Images

Angela Rayner resigned after she was found to have broken ministerial rules

The starting gun has been fired in the race to replace Angela Rayner as deputy Labour leader.

Rayner resigned from the role – as well as her government jobs of housing secretary and deputy prime minister – after failing to pay enough tax when buying a flat.

Candidates now have until Thursday evening to win the backing of at least 80 Labour MPs, and will then need support from either 5% of local parties or three Labour-affiliated groups, including two unions.

The winner will then be decided in a vote of party members, with an announcement due on 25 October.

Bridget Phillipson

PA Media File photo dated 3 February 2025 of Education Secretary Bridget Phillipson.PA Media

Phillipson is the only cabinet minister on the list, pledging to unite the party and take on Reform UK. As education secretary, she would be more supportive of the government than other candidates.

The Labour MP for Houghton and Sunderland South since 2010, Phillipson has highlighted her background and her journey from growing up in a council house, to taking on the highest ministerial ranks of government.

Describing herself as a “proud working-class woman from the north east”, Phillipson said that with her help Labour could defeat Nigel Farage’s party while “staying true” to its values of equality, fairness and social justice.

“With me as deputy leader we will beat them right across the country and unite to deliver the opportunity that working people across this great country deserve,” Phillipson said.

Other cabinet ministers had been reluctant to stand, fearing the possibility of defeat by a backbencher or somebody more junior.

She is almost certain to attract the support of the 80 MPs required by Thursday.

Bell Ribeiro-Addy

PA Media Bell Ribeiro-Addy, for Clapham and Brixton HillPA Media

South London MP Bell Ribeiro-Addy was the first candidate to declare she would stand.

A committed left-winger, Ribeiro-Addy is a close ally of veteran MP Diane Abbott and is being backed by the Socialist Campaign Group, a left-leaning caucus of the party.

Ribeiro-Addy describes herself as a socialist, feminist, anti-racist and trade unionist in her X bio.

It is unlikely she will get anywhere near enough supporters, but she is using her moment in the spotlight to urge the government to change course.

She told the BBC Labour’s deputy leader should be free to criticise government policy.

Ribeiro-Addy said Labour needed a debate about “what’s gone wrong” in its first year in power and warned the party would not be able to “attract or even to retain” voters without a change in direction.

Lucy Powell

EPA Lucy Powell outside 10 Downing Street holding a black folder.EPA

Backed by Greater Manchester mayor Andy Burnham, Lucy Powell has been the MP for Manchester Central since 2010.

Announcing she was standing as a candidate, Powell said she would aim to bring together “all parts of the party” and unite “our broad voter coalition”.

She added that in her time in government she had “championed our backbenchers, made sure their voices were heard, and sought to unite our team”.

Until recently she was leader of the House of Commons, responsible for organising government business in the chamber, as well as modernising Parliament and improving working conditions for MPs and staff.

However, she was sacked from that role in the recent reshuffle.

Emily Thornberry

PA Media Emily ThornberryPA Media

Dame Emily Thornberry held a number of frontbench roles in opposition, including shadow foreign secretary under former Labour leader Jeremy Corbyn and shadow international trade secretary and shadow attorney general under Sir Keir Starmer.

She was open about her surprise and disappointment at being left out of the prime minister’s cabinet, following last year’s general election victory.

Instead, she took up the role of chairwoman of the Commons Foreign Affairs Committee, where she is tasked with holding the government to account on its foreign policy.

Announcing her deputy leadership campaign, Dame Emily signalled that, if successful, she would not give the PM an easy ride.

“We fought hard for a Labour government, but we’ve made mistakes and must listen,” she wrote on social media.

“I will be a voice for the membership, unions, PLP [Parliamentary Labour Party], and our constituents – not just nod along.”

However, representing the London seat of Islington South and Finsbury could harm her chances in the eyes of those who want a deputy who counters what they see as Labour’s London-dominated leadership.

Alison McGovern

Getty Images Alison McGovernGetty Images

Announcing her candidacy, Housing Minister Alison McGovern promised to take on what she calls the “huge threat from the dark forces of right-wing populism” by fighting for “the right to a home, a job and to feel part of this country”.

As MP for Birkenhead on the Wirral – an area where she grew up – McGovern ticks the boxes of those calling for the next deputy leader to be a woman who can connect with voters in the north of England.

First elected in 2010, she was previously a parliamentary aide to former Prime Minister Gordon Brown and is seen as on the right of the party.

McGovern is also a former chairwoman of Progress, a Labour organisation founded to support Tony Blair’s leadership.

Following Labour’s election victory last year, she was made a minister in the Department for Work and Pensions but was moved to the Ministry of Housing, Communities and Local Government in the recent reshuffle.

Paula Barker

UK Parliament Headshot of Liverpool Wavertree MP Paula Barker. She has shoulder length  dark, auburn hair and is wearing a black jacket and a black top with small yellow spots. UK Parliament

Liverpool Wavertree MP Paula Barker said she decided to run because she was “worried about the lack of geographical and political diversity at the top of our party”.

She has called for the party to return to “our true Labour values” and not attempt to take on Reform UK “at their own game”.

A former Unison trade union official, Barker quit Labour’s front bench as shadow devolution minister over the party’s stance on Gaza in November 2023.

Having defied the leadership in order to vote for the government to back an immediate ceasefire, it’s unlikely she’d be seen as a conciliatory candidate by Sir Keir.

A former shadow housing minister, she still sits on the All Party Parliamentary Group (APPG) for Ending Homelessness as co-chair, as well as being a member of Westminster’s Standards and Privileges Committees.

Who isn’t running?

Shabana Mahmood, who was promoted from justice secretary to home secretary in last week’s reshuffle, has ruled herself out of the race, as has her cabinet colleague, Health Secretary Wes Streeting.

Former Transport Secretary Louise Haigh and Tooting MP Rosena Allin-Khan, who works as an NHS doctor, have also said they are not putting themselves forward.

Backbench MP Barry Gardiner, a former member of Corbyn’s shadow cabinet who had been floated by some on the left of the party as a potential candidate, has said he will not stand.

David Lammy will remain Sir Keir’s deputy prime minister, regardless of who wins.

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Wu, Kraft advance in Boston mayor's race

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Boston Mayor Michelle Wu (D) and Josh Kraft, the son of New England Patriots owner Robert Kraft, advanced in the primary to the general election in the city’s mayoral race, Decision Desk HQ projects

The race call formally sets up the head-to-head battle between Wu, Boston’s first female mayor and first Asian American mayor, who is seeking a second term, and Kraft, a scion of the longtime Patriots owner who also formerly led the New England Patriots Foundation and the Boys & Girls Club of Boston. 

The two candidates fended off relatively minor opposition to advance from the nonpartisan blanket primary, in which the two top-performing candidates move on to compete in the general election. 

The race could become a proxy battle of sorts between the progressive Wu and the more moderate Kraft, who is also running as a Democrat. But Wu enjoys wide popularity in Boston and appears to be in a strong position to win reelection in November. 

Observers’ eyes will be on Kraft’s performance in the Tuesday primary for an indication of how much of a chance he will have against Wu. 

Wu has focused her reelection campaign on key local issues like the cost of housing and reducing crime, but she has also received national attention for her opposition to the Trump administration’s threats against Boston and other sanctuary cities that limit cooperation with federal immigration authorities. 

“The U.S. Attorney General asked for a response by today, so here it is: stop attacking our cities to hide your administration’s failures,” she said in a social media post last month responding to a letter that Attorney General Pam Bondi sent to “sanctuary jurisdictions.” 

Months earlier, she and other Democratic mayors testified before the GOP-led House Oversight Committee in defense of their sanctuary city policies, positioning her as a face of Democratic pushback against the administration’s actions. 

Kraft has attacked Wu over various local issues, including a lack of available affordable housing, the planned expansion of bike lanes throughout city streets and public safety concerns. But polling has shown Wu with massive leads early on. 

An Emerson College Polling survey conducted last week found Wu ahead by 50 points, 72 percent to 22 percent. Three quarters of respondents said they view her favorably. 

A Suffolk University poll from July showed Wu ahead by 40 points. 

Wu has also racked up many major endorsements from Massachusetts Democrats, including from Sens. Elizabeth Warren and Ed Markey, Rep. Ayanna Pressley and Boston City Council President Ruthzee Louijeune. 

Kraft has received a few notable endorsements, most recently former city councilor Annissa Essaibi George, who was the runner-up to Wu in the 2021 race. 

HSBC Sees Apple at $220 as Investors Eye Tomorrow’s iPhone 17 Reveal

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Apple Inc. (NASDAQ:AAPL) is one of the AI Stocks Gaining Attention on Wall StreetOn September 8, HSBC analyst Erwan Rambourg reiterated a Hold rating on the stock with a $220.00 price target. The rating comes ahead of the tech giant’s upcoming product launch event.

Following Alphabet’s Pixel 10 launch on August 20, Apple will be hosting its iPhone 17 lineup on September 9. The firm discussed what is anticipated at the big launch event such as four iPhone models, including an all-new slim version (“Air”) which will replace the “Plus” model in previous lineups.

Overall, the firm holds high expectations regarding Apple’s products pipeline in 2026-27.

“We expect a lower-priced 17e version coming in 2026. A US survey points towards high pent-up demand, with seven of 10 users expressing interest in upgrading to a 17 model (MacRumors, 1 September 2025). We also expect announcement of a new Apple Watch (11, Ultra 3), new AirPods, and Airtag (possibly an upgraded Vision Pro too).”

“While we do not see the iPhone 17 lineup as introducing a clear step change in Apple’s offering, we have higher expectations from its products pipeline in 2026-27 as reported in the press (Bloomberg 24 August 2025), including a foldable phone and smart glasses. Also in the works is a special 20th anniversary edition iPhone model with curved glass.”

Apple is a technology company known for its consumer electronics, software, and services.

While we acknowledge the potential of AAPL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 10 AI Stocks to Watch Out For in 2025 and 10 Buzzing AI Stocks on Wall Street

Disclosure: None.

South Korea workers detained in US see may return home delayed

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South Korean workers who were detained in the US in a massive immigration raid at a Hyundai plant in the state of Georgia may see their departure delayed, according to the South Korean Foreign Ministry.

Their return home “has been made difficult due to circumstances on the US side” and talks are being held to ensure that they are able to leave America as soon as possible, officials say.

The workers were originally expected to leave the US on a chartered plane at about 14:30 local time (18:30 GMT) on Wednesday.

The White House said earlier that US Secretary of State Marco Rubio would meet South Korea’s foreign minister Cho Hyun in Washington on Wednesday morning.

Before leaving for the US on Monday, Cho said he would work with the Trump administration to prevent a repeat of the incident.

Last week, US officials detained 475 people – more than 300 of them South Korean nationals – who they said were working illegally at the battery facility, one of the largest foreign investment projects in the state.

A worker at the plant spoke to the BBC about the panic and confusion during the raid. The employee said the vast majority of the workers detained were mechanics installing production lines at the site, and were employed by a contractor.

South Korea, a close US ally in Asia, has pledged to invest tens of billions of dollars in America, partly to offset tariffs.

The timing of the raid, as the two governments engage in sensitive trade talks, has raised concern in Seoul.

The White House has defended the operation at the Hyundai plant, dismissing concerns that the raid could deter foreign investment.

On Sunday, US President Donald Trump referenced the raid in a social media post and called for foreign companies to hire Americans.

The US government would make it “quickly and legally possible” for foreign firms to bring workers into the country if they respected its immigration laws, Trump said.

Israel attacks Hamas leadership in Qatar – what to know

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Financial Services Roundup: Market Talk

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Financial Services Roundup: Market Talk

Canelo v Crawford: Andre Ward breaks down Saul ‘Canelo’ Alvarez v Terence Crawford

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Saul ‘Canelo’ Alvarez and Terence Crawford have got a lot to lose for different reasons.

For both men, to lose this fight is not a good look and it’s not going to be good for their legacies.

Do I think their legacies and what they’ve done prior to this should be wiped out with a loss? No, but you know how this goes.

This is the last thing that people are going to remember and it’s the thing that they’re never going to let you forget about.

This is a bona fide once-in-a-generation super-fight.

It’s a match-up that commands attention.

Alvarez is the face of boxing and has never been beaten down or dominated. He may have draws and losses on his record, but there are explanations – moving up in weight or nights where he felt he could have got the nod.

He didn’t have an amateur career but learned his craft as a pro, debuting at just 15.

Now 35, he talks as if he wants to continue fighting for another five to ten years, but the signs suggest he is winding down. What’s certain is he won’t want another blemish.

Although Alvarez may be the name most casual fans know, make no mistake – this is no crossroads fight.

Alvarez has more miles on the clock, but Crawford, who turns 38 shortly after the fight, is the older man. He’s been around a long time and had a long amateur career too.

The weight disparity, and what Crawford is attempting – moving up two divisions to chase a third undisputed crown – only adds to the allure.

I’m not a betting man, but it’s hard to bet against Crawford. It’s later than it should have been, but he is finally getting recognition as an all-time great.

He has never lost, yet there has to be a blueprint to beat him. Can Alvarez be the one to find it?

Israel attacks Hamas leadership in Qatar – what to know

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