Business

Etsy acquires Brazilian online marketplace Elo7 for $217 million

E-commerce company Etsy Inc (ETSY.O) said on Monday it had acquired Elo7 — a Brazilian online marketplace specializing in made-to-order products — in a $217 million cash transaction in a first move to expand into Latin America. The move comes just weeks after Etsy’s acquisition of Depop, a website for buying and selling second-hand clothing […]

Business

Tech stock rally sends S&P and Nasdaq to record highs

The Nasdaq and S&P 500 headed to all-time highs on Monday, fueled by tech stocks as interest rates remain low, while investors awaited data on the U.S. labor market due on Friday. Big tech companies including Facebook Inc (FB.O), Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O) and Nvidia Corp (NVDA.O) were among the biggest boosts to […]

Business

Facebook hits $1 trillion value after judge rejects antitrust complaints

A U.S. judge on Monday dismissed federal and state antitrust complaints against Facebook Inc (FB.O) that sought to force the social media company to sell Instagram and WhatsApp, saying the federal complaint was “legally insufficient.” Facebook shares rose more than 4% after the ruling. The share price rise put Facebook’s market capitalization over $1 trillion […]

Business

U.S. biofuel groups urge EPA to curb oil refinery waivers despite ruling

U.S. biofuel and corn industry groups said on Monday they are urging the Environmental Protection Agency to use restraint in its use of waivers exempting refiners from their biofuel blending obligations after the Supreme Court last week upheld the controversial program. The pressure comes as the refining industry and its representatives push hard for the […]

Business

Japan’s retail sales rise for 3rd month, but overall trend still soft

Retail sales jumped 8.2% in May from a year earlier, the third straight month of growth, government data showed on Tuesday, a larger rise than the median market forecast for a 7.9% gain. Despite the better-than-expected rise in retail sales, the jump was not strong enough to mark a definite shift towards a brighter outlook […]

Business

Enbridge raises funds from sustainability bonds in climate-goal push

Enbridge Inc (ENB.TO) said on Monday it has closed its inaugural sustainability-linked bond (SLB), the first company in the midstream sector to raise sustainable bonds in North America, as it moves a step closer to its environment goals. Enbridge said in a statement that as part of a larger $1.5 billion financing, it issued a […]

Business

Fed’s Kashkari says banks can’t expect govt to bail them out of every crisis- FT

Banks cannot expect the government to bail them out of every crisis and must increase their equity funding to protect against the next “unexpected shock,” Minneapolis Federal Reserve President Neel Kashkari wrote in an op-ed for the Financial Times. “Absent these fiscal interventions, losses in the banking sector would have been much larger,” he wrote […]