WORLDWIDE: HEADLINES
Facebook, Twitter, T-Mobile drop CES plans over COVID-19 concerns
Facebook parent Meta Platforms Inc (FB.O), Twitter Inc (TWTR.N) and Pinterest Inc (PINS.N) separately said on Tuesday they will not send teams to the Consumer Electronics Show (CES) in Las Vegas next month as concerns grow about the Omicron variant of the coronavirus.
U.S. wireless carrier and conference sponsor T-Mobile (TMUS.O) additionally said the vast majority of its contingent would no longer be going and that its chief executive would no longer be delivering a keynote speech in person or virtually. The other companies had not planned large in-person gatherings at the show.
“While we are confident that CES organizers are taking exhaustive measures to protect in-person attendees, we are prioritizing the safety of our team and other attendees with this decision,” T-Mobile said.
CES in the past has attracted over 180,000 people from around the world to a sprawling set of casinos and convention spaces in Las Vegas, serving as an annual showcase of new trends and gadgets in the technology industry.
The Consumer Technology Association, which runs CES, said on Tuesday that the show is going forward from Jan. 5 through Jan. 8. Health precautions will include vaccination requirements, masking and the availability of COVID-19 tests, the association said.
Twitter had planned to have some employees attend to participate on panels. Both Twitter and Facebook said they are now exploring virtual opportunities.
Full coverage: REUTERS
U.S. SEC denies Apple’s bid to dismiss shareholder proposal on concealment clauses
The U.S. Securities and Exchange Commission has denied Apple Inc’s (AAPL.O) bid to exclude a shareholder proposal that would require the company to inform investors about its use of non-disclosure agreements and other concealment clauses, according to a document viewed by Reuters.
The move means that Apple will have to face a vote on the proposal at its annual shareholder meeting next year, barring a deal with the activist. Apple has said its policy is not to use concealment clauses, but at least one former employee has disputed that and filed a whistleblower complaint with the securities regulator.
In September, investor Nia Impact Capital filed a shareholder proposal calling for Apple’s board to prepare a “public report assessing the potential risks to the company associated with its use of concealment clauses in the context of harassment, discrimination and other unlawful acts.”
Apple in October filed a response with the SEC saying it wanted to exclude the proposal because “the company’s policy is to not use such clauses.”
In a letter dated Monday, the SEC denied Apple’s request, saying that the company had not “substantially implemented the proposal.”
An Apple spokesperson declined to comment on the SEC letter. The company has previously said it does not discuss specific employee matters and is “deeply committed to creating and maintaining a positive and inclusive workplace.”
Full coverage: REUTERS
WORLDWIDE: FINANCE/MARKETS
Asian share markets higher despite Omicron threat
Asian sharemarkets were gaining ground on Wednesday as the risk appetite of global investors rises heading into year-end, despite the surging number of Omicron variant cases around the world.
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.6%, after U.S. stocks ended the previous session with gains.
Australian shares (.AXJO) were down 0.1%, which analysts said was the result of a higher US dollar overnight which weakened appetite for commodities and the sector’s related stocks.
Japan’s Nikkei stock index (.N225) was 0.1% higher.
Hong Kong’s Hang Seng Index (.HSI) jumped 1.2% and China’s blue-chip CSI 300 Index (.CSI) was 0.23% up in eary trade. Tech stocks were the major driver of the Hong Kong strong open after trading in negative territory for most of the week.
A better night on Wall Street provided the positive lead for Asian markets with a sharp rebound in sentiment for U.S stocks.
The Dow Jones Industrial Average (.DJI) rose 560.54 points, or 1.6%, to 35,492.7, the S&P 500 (.SPX) gained 81.21 points, or 1.78%, to 4,649.23 and the Nasdaq Composite (.IXIC) added 360.14 points, or 2.4%, to 15,341.09.
The jump came despite growing concerns as the spread of the Omicron variant in the lead-up to traditional holiday periods around the world.
Full coverage: REUTERS
Oil climbs on weaker dollar, China, amid Omicron caution
Oil prices rose again on Wednesday as the dollar slipped, with risk appetite returning as some governments resist imposing lockdowns to curb the spread of the Omicron COVID-19 variant and as China said it would be able to sustain economic growth.
U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 0.7%, to $71.62 a barrel at 0235 GMT after jumping 3.7% on Tuesday.
Brent crude futures rose 44 cents, or 0.6%, to $74.42 a barrel after gaining 3.4% on Tuesday.
Oil prices typically move inversely to the U.S. dollar, with a weaker greenback making commodities cheaper for those holding other currencies.
Meanwhile a senior Chinese state planning official said on Wednesday Beijing would work to aid economic growth, including stepping up government spending, strengthening support to manufacturers and stabilizing industry supply chains
The country, the world’s biggest oil importer, would “strive to stabilize economic operations in the first quarter, the first half and even the whole year,” the official told Xinhua News Agency.
Meanwhile, some governments are trying to hold off imposing new pandemic curbs to slow the spread of the Omicron coronavirus variant, including in Britain and Australia, which should help support fuel demand.
Full coverage: REUTERS
