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European stocks fall for the fifth day, with the decline in the telecommunications and real estate sectors by Reuters

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© Reuters. FILE PHOTO: A chart of the German stock price index DAX is pictured at the Frankfurt Stock Exchange, Germany, December 5, 2022. REUTERS/Staff/File Photo

by Amruta Khandekar

(Reuters) – European stocks fell for the fifth consecutive session on Thursday, dragged down by weakness in the telecoms and real estate sectors amid growing fears of an imminent recession.

Regional interest rates fell 0.2%, as investors jittered ahead of a slew of interest rate decisions from major central banks, including from the US Federal Reserve and European Central Bank, next week.

said Hugh Jemper, global market strategist at JPMorgan Asset Management in London.

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“There is a little bit of excitement in the market right now about how quickly central banks will be able to slow down the pace of tightening because inflation is still very high. That is very evident in both the Eurozone and the UK.”

European Central Bank President Christine Lagarde is scheduled to speak at an event later today.

Among the STOXX 600 sectors, telecoms led the declines, falling 1.1%, followed by real estate, which quickly reversed early gains to fall 0.8%.

However, China’s easing of its strict restrictions over the novel coronavirus boosted sectors such as energy and mining, which rose 0.8% and 0.7%, respectively, tracking higher oil and metals prices. [O/R] [MET/L]

China-exposed financial services company Prudential plc rose 1.7% and was among the biggest gainers in blue-chip shares in London.

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Among individual stocks, Ryanair rose 1.3 percent after Europe’s largest airline said on Wednesday that group chief executive Michael O’Leary had agreed to extend his contract until 2028.

British American Tobacco (NYSE) shares fell 2.8% after the tobacco company said it expects net financing costs to reach 1.6 billion pounds ($1.95 billion) in FY22 due to higher interest rates globally and a stronger dollar.

($1 = 0.8211 pounds)

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Red Flags That Your Spouse Is Hiding Money (And What To Do About It)

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Marriage can be hard enough without one spouse hiding money from the other.

When financial infidelity occurs in the form of “hidden cash,” a marriage or a live-forever relationship can easily be ended.

The truth is About 30% of American couples suffer from financial infidelity. Other evidence shows that more than 75% of couples describe the hidden money situation as negative and common 10% of these scenarios end in divorce.

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US judge orders Norwegian Cruise Line to pay $110m for use of Cuba port By Reuters

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© Reuters. Norwegian American Airlines cruise ship Marina arrives in Havana Bay, Cuba on March 9, 2017. REUTERS/Alexander Meneghini/File/File Photo

Written by Brian Ellsworth

MIAMI (Reuters) – Norwegian Shipping Line (NYSE) has to pay $110 million in compensation for the use of a port confiscated by the Cuban government in 1960, a US judge said Friday, marking a significant milestone for Cuban Americans. Who are seeking reparations for the Cold War era. Assets confiscation.

The decision by US District Judge Beth Bloom in Miami follows her decision in March that use of the Havana Cruise Terminal constituted smuggling of forfeited property belonging to the plaintiff, Delaware-registered Havana Docks Corp.

The decision read: “The judgment is made in favor of Plaintiff Havana Docks Corporation and against Norwegian Cruise Line Holdings, Ltd.”

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“The plaintiff was awarded $109,848,747.87 in damages,” it says, adding that the Norwegian must also pay an additional $3 million in legal fees and costs.

Norwegian Cruise Line did not immediately respond to a request for comment.

Cuban President Miguel Diaz-Canel has sharply criticized the Helms-Burton Act, calling it an extraterritorial violation of international law.

Havana Docks also sued Carnival Cruise Lines (NYSE: ), Royal Caribbean (NYSE:) and MSC under the Helms-Burton Act, which allows US citizens to sue over the use of property seized in Cuba after 1959.

The ruling could fuel more lawsuits by Cuban exiles pursuing claims, worth $2 billion, according to one estimate, over asset seizures under late Cuban leader Fidel Castro.

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It may also serve as a reminder to multinational companies of the complexities that can come with doing business in Cuba.

In 2016, US cruise ships began traveling to Cuba for the first time in decades after a détente negotiated by former President Barack Obama eased some provisions of a Cold War US embargo.

But the Trump administration in 2019 ordered a halt to all such cruises amid efforts to pressure Cuba over its support for Venezuelan President Nicolas Maduro, Washington’s ideological foe.

The Trump administration has also allowed US citizens to sue third parties for using property seized by Cuban authorities, a provision of the Helms-Burton Act that every previous president has waived since the law was passed in 1996.

Havana Docs says Cuba, which has been under a US trade embargo for decades, has never compensated it for taking the drug.

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The four cruise lines sued in 2019 in the US District Court for the Southern District of Florida. Bloom in March held the companies liable for damages under the Helms-Burton Act, also known as the Libertad Act.

According to the US-Cuban Economic and Trade Council, a nonprofit organization that provides information on relations between the two countries, 5,913 validated claims related to property seized in Cuba represent an estimated liability of nearly $2 billion.

Forty-four lawsuits have been filed under Title III of the Helms-Burton Act, the organization says.

“For the current plaintiffs of Cuban descent, (the decision) will give them a moment of relief,” said John Cavulich, the group’s president. “It will give them a moment to say ‘You can run but you can’t hide,’” Cavulich said.

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Is a Royal Caribbean or Carnival beverage package worth it?

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An all-inclusive beverage package that gives you access to beer, wine, liquor, bottled water, soda, specialty coffee, and even shakes/juices may cost more than your cruise fare.

This is especially true right now when many cruise cabins are being sold at discounted prices while the drinks package prices have gone up.

Deciding whether to purchase a drink package is a challenge because you have to estimate whether you will be drinking enough to cover the cost. Or, more importantly, whether you’d spend more if you decided not to purchase a drink package.



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