Adani Group stocks rose sharply Friday after Florida-based GQG Partners invested nearly $1.9 billion in the shares that had tumbled, following a report by U.S. short seller Hindenburg Research late January.
Adani Enterprises Ltd. shares were recently 11% higher and Adani Ports & Special Economic Zone Ltd. shares were up 6.3%.
Walmart CEO Plans to Stay in Role at Least Three More Years
Walmart Inc. Chief Executive Doug McMillon plans to helm the country's largest retailer for at least three more years as the company continues work to identify a successor, according to people familiar with the matter.
Mr. McMillon, 56, a Walmart lifer who has held the job since 2014, is the company's fourth CEO since founder Sam Walton. His plans to stay in the role for more than a decade will extend the company's timeline for finding its next leader, the people said.
Dell Earnings Top Estimates, but Guidance Misses Expectations. CFO to Retire.
Dell Technologies posted better-than-expected financial results-despite continued weakness in the company's personal-computing business-as corporate IT spending outpaced estimates.
But the company's guidance fell shy of Street estimates, pressuring the company's stock price.
The World Economy Is Doing Well-This Is Bad News for Central Bankers
The global economy is showing vigor, with business surveys this week pointing to a widespread revival in growth despite rising borrowing costs and elevated energy and food prices, a sign that central banks may need longer than anticipated to bring inflation under control.
Data from the U.S., China and Europe have shown surprising vitality in these regions' economies since the start of 2023, confounding predictions from the World Bank and other economists that the global economy was set for one of its weakest years in recent decades.
U.S. Export Limits Target 28 Chinese Entities, Citing Alleged Ties to Iranian Military
WASHINGTON-The U.S. Commerce Department on Thursday targeted more than two dozen Chinese entities with export restrictions, part of a broader effort by the Biden administration to mitigate what it says is a growing national security threat from China.
In adding the 28 Chinese firms and individuals to its Entity List, Commerce's Bureau of Industry and Security said the firms represented a range of potential national security risks including through alleged dealings with an Iranian electronics firm previously sanctioned by the U.S. for its alleged ties to Tehran's military.
Xiaomi Billionaire Leads New Fund to Boost China's Chip Industry
HONG KONG-Smartphone giant Xiaomi Corp., founded by Chinese tech billionaire Lei Jun, has set up a fund to invest in China's chip industry, the latest effort to shore up the sector targeted by U.S. restrictions.
Xiaomi and software and cloud company Kingsoft Corp. are investors in the 10 billion yuan ($1.45 billion) fund, which is also backed by a handful of government-backed investors, according to a Kingsoft regulatory filing announcing the fund.
PBOC Governor Tips Reserve Requirement Ratio Cut
China's central bank governor, Yi Gang, signaled Friday that the People's Bank of China could reduce the size of deposits commercial banks have to set aside this year in a bid to unleash long-term funds to support the nation's economy.
China has cut the so-called reserve requirement ratio 14 times since 2018, which brought the RRR level from around 15% to 8%, but the RRR cut is still an "effective" way to support the economy and keep the liquidity at a reasonable level, Mr. Yi said in response to a question raised at a briefing.
Germany's Trade Balance Rose More Than Expected on Month in January
Germany's trade surplus rose more than expected in January compared with the previous month as exports ticked up and imports declined, reflecting recovering foreign demand at the start of the new year.
The country's adjusted trade surplus-the balance of exports and imports of goods-climbed to 16.7 billion euros ($17.70 billion) in January from EUR10.0 billion in December, data from the country's statistics office Destatis showed Friday.
How Gas From Texas Becomes Cooking Fuel in France
Cities across Europe are keeping the lights on and heating homes with natural gas fracked from wells in Texas and Louisiana, as U.S. exports of liquefied natural gas to the continent reach record levels.
After its tanks rolled into Ukraine, Russia all but cut its flows of pipeline gas to Europe, by far its largest customer. The curtailment forced Europe to tap into supplies of American LNG like never before, its shores attracting tankers filled with the liquid gas by the hundreds. Between 2021 and 2022, exports of U.S. LNG to Europe more than doubled, according to commodities-data firm Kpler.
Crypto Firms Ditch Silvergate, a Favorite Bank Partner
A raft of crypto companies cut ties Thursday with one of the top digital-currency market's banks, Silvergate Capital Corp., whose financial troubles threaten the industry's ability to fulfill basic financial transactions.
Silvergate bet big on the crypto market, focusing on crypto firms as a way to distinguish itself from other regional banks by becoming a conduit for turning dollars into digital currency. It grew along with the rest of the market during crypto's rise but has fallen fast. On Wednesday, Silvergate said that it was at risk of being "less than well-capitalized" and was evaluating its ability to continue doing business.
Demand for Himars Rocket Launcher Grows in Asia-Pacific Amid China Threat
AVALON, Australia-The highly mobile, U.S.-built Himars rocket launcher helped Ukraine to blunt Russia's advance. Now, more countries in the Asia-Pacific region are considering purchasing the system, which could be adapted to better suit combat at sea.
Three more countries in the Asia-Pacific region have shown strong interest in Himars, said Wayne Harrison, who works in international business development for Lockheed Martin Corp. Lockheed Martin makes Himars, which stands for High Mobility Artillery Rocket System, at a plant in Camden, Ark.
Ukraine Military Holds Simulated War Exercises on U.S. Base
WIESBADEN, Germany-The U.S. is hosting members of the Ukrainian military here for a weeklong war-planning exercise, designed to help Kyiv game out its strategy against Russia in the next phase of their war.
Dozens of members of the Ukrainian military are participating in what is often referred to as a wargame or a tabletop exercise, held at a U.S. military base to give the Ukrainian forces an opportunity to assess their next courses of action in the war, now in its 13th month.
Biden Says He Won't Veto Bill Blocking D.C. Crime Law
WASHINGTON-President Biden said he would support an effort by Congress to roll back changes to the District of Columbia's criminal code, siding with federal lawmakers over local elected officials as the capital city grapples with a surge in murders and car thefts.
The Republican-led measure to overturn the criminal-code changes has already passed the House with significant Democratic support, and Senate Republicans plan to force a vote as early as next week to repeal the law. Some Senate Democrats have said that they would back the measure, and others said they were considering it, making the override likely to also pass that chamber, where Democrats hold a narrow majority.
Tennessee Governor Signs Bill Restricting Transgender Healthcare for Minors
NASHVILLE-Tennessee's governor on Thursday signed legislation that blocks physicians from providing treatments to minors related to their gender identity, one of dozens of bills moving through legislatures that would impose limits on access to transgender healthcare for children and teenagers.
The law, signed by GOP Gov. Bill Lee, prohibits doctors from providing certain treatments to anyone under 18 even with parental consent if the procedure is used as part of transgender healthcare. Those treatments could include prescribing medications that can delay the onset of puberty or hormones that can cause physical changes such as the development of facial hair or breasts.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
Ensign Energy 4Q
Kelt Exploration 4Q
Oncolytics Biotech 4Q
SNC-Lavalin 4Q
Economic Calendar (ET):
0815 Feb Official International Reserves
0830 Jan Building permits
0830 Q4 Labour productivity, hourly compensation & unit labour cost
Stocks to Watch:
Andlauer Healthcare 4Q Net C$19.8M; 4Q Rev C$165.8M
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Black Diamond 4Q EPS C$0.15; 4Q Rev C$89M
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Chartwell Retirement 4Q Net C$47.5M; 4Q FFO C$0.14/Shr
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Extendicare 4Q Rev C$310.4M; 4Q EPS C$0.02
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FLINT 4Q Rev C$149.7M
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Genesis Land 4Q EPS C$0.05; 4Q Net C$3.06M; 4Q Rev C$54.2M
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Guardian Capital 2Q Loss/Shr C$2.85; 2Q Rev C$74.1M
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Martinrea 4Q Sales C$1.29B; 4Q EPS C$0.58
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Parkland 4Q EPS C$0.39; 4Q Net C$69M; 4Q Rev C$8.72B; Raises Dividend to C$1.36
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Pason Systems 4Q Net C$36.3M; 4Q Rev C$94.4M
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RF Capital 4Q Rev C$89M
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TWC 4Q EPS C$0.17; 4Q Net C$4.25M
Other News:
Suncor Energy has entered into a share purchase agreement with Equinor for the sale of Suncor Energy UK, which includes Suncor's non-operated offshore interests in the North Sea.
Read more here
Expected Major Events for Friday
00:01/UK: Feb BRC-Sensormatic IQ Footfall Monitor
00:30/JPN: Feb Japan Services PMI
06:00/RUS: Feb Russian Services PMI
07:00/GER: Jan Foreign Trade
07:45/FRA: Jan Industrial production index
08:45/ITA: Feb Italy Services PMI
08:50/FRA: Feb France Services PMI
08:55/GER: Feb Germany Services PMI
09:00/ITA: 4Q GDP
09:30/UK: Feb UK Official Reserves
09:30/UK: Feb S&P Global / CIPS UK Services PMI
09:30/UK: 4Q Bank of England external business stats
13:15/CAN: Feb Official International Reserves
13:30/CAN: Jan Building permits
(MORE TO FOLLOW) Dow Jones Newswires
03-03-23 0638ET
