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Weekly news summary for November 24 to November 30

Weekly news summary for November 24 to November 30

Friday, Nov. 24: Japan’s Core CPI Rises 2.9% in October

Japan’s core consumer prices picked up for the first time in four months in October, raising expectations for the Bank of Japan (BOJ) to begin normalizing its ultra-loose monetary stimulus soon.

Data from the Statistics Bureau showed on Friday that the country’s core consumer price index (CPI), which excludes volatile fresh food costs, rose 2.9% year-over-year in October from September’s reading of a 2.8% surge, although ending below forecasts of 3.0%.

Monday, Nov. 27: Cyber Monday Online Sales to Hit 12 Billion USD

US consumers seeking significant discounts on products are expected to increase Cyber Monday online sales between 12 billion USD and 12.4 billion USD in the day, marking the largest-ever online shopping to occur in the country.

The range’s midpoint showed a near 8% rise, higher than Adobe Analytics’ early estimates of a 6.1% climb to 12 billion USD, weakening the prospect of a muted holiday shopping season this year.

Tuesday, Nov. 28: Zhao Relinquishes Chairman Role at Binance.US

Binance.US announced on Tuesday that founder Changpeng ‘CZ’ Zhao will be vacating his position as chairman of its board, a week after pleading guilty to violating anti-money laundering policies and stepping down as the global exchange’s chief executive.

Zhao would keep an economic interest in Binance Holdings Ltd.’s US affiliate, although he will be handing over his voting rights to a proxy and no longer participate in Binance.US’s governance.

Wednesday, Nov. 29: RBNZ Holds OCR Steady, Signals Further Hikes

The Reserve Bank of New Zealand (RBNZ) held its official cash rate (OCR) steady at 5.50% for the fourth straight month at its November meeting, although it warned of another possible rate hike should inflationary pressures intensify.

The central bank expressed confidence over the current level of interest rates, describing it as restrictive but adding that ongoing excess demand and price pressures remained a concern considering the high level of the country’s core inflation.

Thursday, Nov. 30: Microsoft Joins OpenAI Board as Sam Altman Returns

Microsoft Corp. is set to take a seat on OpenAI Inc.’s new board as a non-voting observer, chief executive Sam Altman announced in his first official statement after returning to the artificial intelligence (AI) startup.

The position would allow the US tech giant to appoint a representative who would attend OpenAI’s board meetings and look at confidential information, although it does not provide Microsoft with the right to vote on matters such as nominating or selecting directors for the board.

The post Weekly news summary for November 24 to November 30 appeared first on FinanceBrokerage.

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