The world this week--Business
Glencore, a Swiss-based commodities company, resolved various long-standing corruption allegations against it.
In America it pleaded guilty to wide-ranging graft that the Justice Department described as “staggering”, involving hundreds of millions of dollars in bribes to officials in numerous countries, and to running a scheme to manipulate oil prices.
In Britain it indicated it would plead guilty to bribery connected with oil operations in five African countries.
And in Brazil it is paying a fine for corrupt payments to Petrobras, the state-controlled oil company.
Gary Nagle, who took over as chief executive last year from Ivan Glasenberg, on whose watch the wrongdoing took place, stressed that Glencore has taken significant steps to enhance its ethics and compliance programme.
A surprise profit warning from Snap, the parent company of Snapchat, caused its share price to drop by more than 40%, and rattled investors in other tech companies, dragging down the stocks of Alphabet, Amazon, Apple and Meta among others.
Snap blamed a range of issues, including high inflation.
The latest earnings season revealed slower growth in online spending by advertisers across the whole tech sector.
Abercrombie & Fitch’s stock also swooned after it reported an unexpected quarterly loss.
Abercrombie & Fitch公布了意外的季度亏损后，其股价也大幅下跌
Like other retailers, A&F is battling higher logistics costs and a build-up in its inventory amid the supply-chain crunch, just as inflation bites and customers (already skinny at A&F) tighten their belts.
In Britain the share prices of leading oil-and-gas companies and electricity suppliers fell sharply ahead of an expected announcement of a windfall tax on the industry.
South Korea’s central bank raised its main interest rate by a quarter of a percentage point, to 1.75%.
New Zealand upped its rate by half a point, to 2%.
The rouble reached its highest level against the dollar in four years, and against the euro in five years.
The Russian currency collapsed at the start of Russia’s invasion of Ukraine, but has strengthened on the back of government capital controls to make it the world’s best performer so far this year.
It has been boosted by the central bank raising interest rates, Russian exporters being ordered to convert 80% of their foreign currency into roubles, and Russia demanding payment for its energy supplies in roubles.