BUSINESS

Biden sees chance for Ukraine diplomacy, keeps pressure on Moscow

The Chinese yuan's recoil from a near four-year high has raised market nerves that a recent period of stability is ending, which could leave regional peers exposed especially as U.S.

Brazilian mining company Vale SA has dropped a $1.2 billion claim against individuals and entities linked to Israeli-born billionaire Beny Steinmetz, the miner said in a statement on Monday.

Asian share markets dropped and safe haven assets such as gold rose on Tuesday, as investors contemplated the implications of a potential imminent Russian invasion of Ukraine.

Oil prices eased on Tuesday as investors scooped up profits from the previous day's rally to seven-year highs and as global stock markets slumped, although lingering concerns that Russia might invade Ukraine and disrupt energy supplies limited losses.

Oil prices fell on Tuesday as investors took profits from the previous day's rally to seven-year highs and as global stock markets slumped, although losses were capped by fears that Russia might invade Ukraine and disrupt supplies.

Oil dropped from a seven-year high to around $94 a barrel on Tuesday, pressured by a report that some troops in Russia's military districts adjacent to Ukraine are returning to bases, a move that could de-escalate tension between Moscow and the West.

Oil tumbled over 4% from a seven-year high on Tuesday after Russia said some of its military units were returning to their bases after exercises near Ukraine, a move that appeared to de-escalate tension between Moscow and the West.

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The euro rebounded on Tuesday, nearly erasing all of Monday's losses, after reports that some Russian troops in areas near Ukraine have started returning to their bases.

The U.S. dollar was down slightly on Tuesday as investors absorbed the latest news on the Russia-Ukraine standoff, with the dollar index briefly paring some of its losses late in the day after President Joe Biden said that a Russian attack on Ukraine remains a possibility.

The U.S. dollar eased and the euro strengthened on Tuesday as Russia said some of its troops were returning to base after exercises near Ukraine, reducing some investor anxiety over the crisis in the region.

The euro rebounded on Tuesday, nearly erasing all of Monday's losses, while the dollar's losses deepened after reports some Russian troops in areas near Ukraine have started returning to their bases.

Tensions in eastern Europe weighed on the euro on Tuesday and pushed demand for the dollar and the safe-haven yen, while the greenback was also helped by debate about more aggressive U.S.

The euro edged up a little in Asian trading, but was still nursing bruises after two sessions of sharp losses as tensions in Eastern Europe pushed demand for the dollar and the safe-haven yen.

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Brazilian holding company Itausa SA on Monday posted a 53% jump in its fourth-quarter recurring profit, mainly helped by gains with lender Itau Unibanco Holding SA and broker XP Inc, it said in a filing.

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Union officials on Monday agreed to schedule a membership vote on a contract offer that could end a nearly 10-month worker lockout at an Exxon Mobil refinery in southeast Texas, a union official said.

Billionaire Leon Cooperman, hedge fund Lone Pine Capital, and mutual fund manager Polen Capital were among firms that greatly reduced their positions in Facebook-parent Meta Platforms Inc in the quarter that ended Dec.

Trian Fund Management, the activist investment firm run by Nelson Peltz, said in a regulatory filing on Monday it has slashed holdings in consumer staples giants Procter & Gamble Co and Mondelez International Inc by more than 90% each.

Brazilian state-controlled lender Banco do Brasil SA said in a filing on Monday that its 2022 net income is likely to rise by up to 23.7% from last year, despite a slower loan book growth.

Warren Buffett's Berkshire Hathaway Inc acquired nearly $1 billion of shares in Activision Blizzard Inc before Microsoft Corp agreed to buy the video game maker for $68.7 billion, according to a Monday regulatory filing.

Warren Buffett's Berkshire Hathaway Inc said on Monday it added nearly 14.7 million shares of video game maker Activision Blizzard Inc ahead of Microsoft Corp's $68.7 billion deal to buy the company.

The bridge, which connects Windsor, Canada with Detroit on the American side, is a key route for automakers to ship parts and vehicles back and forth across the border during the manufacturing process.

Intel Corp is close to buying Israeli firm Tower Semiconductor for about $6 billion, a source familiar with the matter said, as the U.S.