China Central Bank Adopts Measures To Safeguard Yuan

Oil Prices Climb As Focus Shifts To Hurricane Ian

Oil prices rose on Tuesday, rebounding from their lowest levels since January as the dollar eased and Hurricane Ian advanced to the west coast of Florida, in the first shut-in of U.S. offshore oil and gas output this hurricane season.

Benchmark Brent crude futures jumped 1.6 percent to $84.22 barrel, while WTI crude futures were up 1.6 percent at $77.91.

The dollar rally paused, and the British pound stabilized after Bank of England (BoE) Governor Andrew Bailey stated that the central bank will raise rates as much as necessary at its next meeting to bring inflation back to the 2 percent target.

The BoE governor said the central bank is closely monitoring the weakness in the pound amid the turmoil in markets which saw the pound fall to a record low against the dollar.

Markets weighed the potential for a reduction in supply after two oil and gas operators in the U.S. Gulf of Mexico, BP and Chevron, said they had cut production at some of their assets and evacuated personnel in anticipation of Hurricane Ian.

Additionally, Iraq Oil Minister Ihsan Abdul Jabbar said on Monday that OPEC and its ally Russia were keeping an eye on the oil price situation, raising the possibility of the group cutting output at next week’s meeting.

He stated in an interview broadcast on Iraqi state television, “We don’t want a significant spike in oil prices or a collapse.”

Neogen Q1 Net Profit Plunges, But Revenue Up 3%

Neogen Corp. (NEOG) reported on Tuesday that net income for the first quarter plunged to $5.21 million or $0.05 per share from to $17.08 million or $0.16 per share in the prior-year quarter.

Excluding items, adjusted earnings were $0.15 per share, compared to $0.16 per share in the year-ago quarter.

Revenues for the quarter increased 3 percent to $132.35 million from $128.31 million in the same quarter last year. Excluding unfavorable currency, revenues increased 6 percent. On an organic basis, sales increased 4 percent.

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Meta says it removed a sprawling network of 1,600 fake Facebook accounts used to spread Russian propaganda about Ukraine – The Denver Post

MENLO PARK, Calif. (AP) — Meta says it removed a sprawling network of 1,600 fake Facebook accounts used to spread Russian propaganda about Ukraine.

Emerson In Deal To Sell Russia Business To Local Management

Emerson Electric Co. (EMR), an engineering products and services provider, announced Tuesday an agreement to sell its Russia business to the local management team. The financial terms of the deal were not revealed.

The divesting business includes Metran, its Russia-based manufacturing subsidiary, and Emerson LLC in Russia, the sales and service organization for Metran.

The deal follows the company’s statement in May to exit its Russia business and explore strategic options to divest Metran amid the ongoing war with Ukraine.

For fiscal year 2021, Russia represented approximately 1.5% of total Emerson sales. Emerson included a pre-tax loss of $162 million in the third quarter of fiscal 2022 related to the Russia exit.

The sale will be subject to regulatory and government approvals, and other customary closing conditions.

Emerson said it will work closely with the local Russia management team to help ensure a smooth transition for employees through the process.

I-225 crash: Northbound lanes reopened

AURORA, Colo. — The northbound lanes of Interstate 225 reopened at 17th Place after a rollover crash near Colfax Avenue.

The Colorado Department of Transportation reported the crash around 4:40 a.m.

No information is available on number or extent of injuries. It’s also not clear how the crash occurred.

Read more on Denver7.

TD SYNNEX Q3 Profit Spikes, Beats Estimates

TD SYNNEX Corp. (SNX) Tuesday reported a surge in third-quarter earnings supported by a nearly three times increase in revenues, reflecting integration. SYNNEX Corp. and Tech Data Corp. had completed their merger to form TD SYNNEX last year. Earnings as well as revenue beat estimates.

The global distributor and solutions aggregator for the IT ecosystem reported quarterly earnings of $148.8 million or $1.55 per share compared to $94.7 million or $1.81 per share last year. On an adjusted basis, earnings were $2.75 per share.

On average, 8 analysts polled by Thomson Reuters were looking for $2.73 per share. Analysts’ estimates usually exclude special items.

Revenue for the quarter was up 194.9 percent to $15.36 million from $5.21 million last year. Wall Street was looking for $15.03 billion.

The company said there is significant progress in merger integration and exceeds its targets for adjusted earnings accretion and cost synergy attainment.

China Central Bank Adopts Measures To Safeguard Yuan

China’s central bank ramped up measures to safeguard the yuan from further depreciation on Monday as the U.S. Dollar continued to strengthen on the Federal Reserve’s tightening stance.

The People’s Bank of China decided to raise the risk reserve requirement for banks’ forward forex sales to 20 percent from zero. The new rate will take effect on September 28.

This foreign exchange risk reserves for financial institutions when buying forex through currency forwards were lowered to zero in October 2020.

The PBoC had set the central parity rate of the renminbi at 7.0298 per dollar on Monday, the weakest since mid-2020. The currency is allowed to move within the range of 2 percent above or below the central parity each trading day in the spot market.

Despite the announcement on reserve requirement for forward forex trade, the currency ended the session weaker today, at 7.1464 per dollar.