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2 | The market reaction shows at least some acknowledgement of the disconnect between the ECB and investors, who expect the central bank to start cutting interest rates in April or even March despite pushback from President Christine Lagarde last week. |
0 | More than 150 bps of reductions are priced in by the end of 2024, according to derivatives markets, after markets upped their expectations of cuts after the U.S. Federal Reserve appeared to call time on the global rate-hiking cycle. |
2 | Yields dropped sharply last week, making it three weeks of declines in succession. |
0 | The European Central Bank held rates at a record 4% on Thursday and took a firmer line than the Fed, stressing that borrowing costs would stay high until inflation was tamed. |
2 | "We regard current market expectations that the Fed will make around 140 bps of rate cuts by the end of 2024 and the ECB doing a bit more as overdone," said UniCredit strategists said in a note to clients. |
2 | "This implies that yields at the long end are also stretched." Also in the mix was a reminder of the threat from inflation provided by a spike in oil prices as mounting attacks by the Iran-aligned Yemeni Houthi militant group on ships in the Red Sea disrupted maritime trade and raised concern of supply disruption. |
0 | Brent rose more than 3%. |
0 | Italy's 10-year yield rose 4 basis points to 3.77%, having touched a year low of 3.690% earlier in the day, and the closely watched gap between Italian and German 10-year borrowing costs was last at 168 bps. |
0 | It narrowed to its tightest since September at 164 bps last week in a sign that investors think lower interest rates should ease pressure on the euro zone's more indebted countries next year. |
0 | Germany's two-year bond yield was last up 5 bps at 2.55% on Monday. |
2 | It fell to a nine-month low of 2.458% last week as prices surged. |
0 | -- Exxon Mobil Corp. plans to build a carbon-capture demonstration project in Rotterdam that will incorporate technology from FuelCell Energy Inc. to produce electricity, a move aimed at reducing costs for a process that may play a key role in fighting climate change. |
1 | Exxon’s Esso Nederland BV unit will install the system at a refinery complex and the company may later deploy the technology at other sites around the world, according to a statement Monday. |
0 | There’s growing recognition that carbon-capture systems that store planet-warming emissions underground will help rein in climate change, but costs remain a barrier. |
0 | Exxon will use the power produced by the FuelCell system to reduce operating costs, FuelCell Energy Chief Executive Officer Jason Few said. |
0 | “We deliver a lower cost of capture, because we are adding power instead of consuming power,” Few said in a telephone interview. |
1 | FuelCell’s technology uses fuel cells to produce electricity from methane through a chemical reaction. |
1 | The system will run flue gases from the refinery through a fuel cell, generating about 1 megawatt of power and concentrating carbon dioxide that will be stored under the North Sea. |
0 | -- A blank-check company set up by former New York Yankees all-star Alex Rodriguez has agreed to merge with satellite communications provider Lynk Global Inc. Slam Corp. has signed a letter of intent to combine with Lynk, with the merged company expected to list on the Nasdaq stock exchange, according to a statement on Monday that confirmed a Bloomberg News report. |
1 | The company is expected to be valued at no less than $800 million upon the closing of the transaction. |
1 | Led by Chief Executive Officer Charles Miller, Lynk Global is working on delivering satellite service to mobile devices from flip phones to the latest 5G handsets without the use of special equipment. |
0 | So-called satellite-to-mobile services are receiving heightened attention because of their usefulness in remote areas that aren’t covered by regular towers. |
1 | “We were looking for a category leader with a championship team and Charles and Lynk provide both,” Rodriguez said in an interview with Bloomberg TV. |
0 | “There’s a body of about a billion people today that live in rural countries, farmland, foreign countries like the Dominican Republic, which is my home land, and we get an opportunity to improve their lives, their health and their economic capacity and ability to make even more income.” Based in Falls Church, Virginia, Lynk Global has launched three commercial satellites since 2022 and counts wireless companies including Canada’s Rogers Communications Inc. among its partners, according to its website. |
1 | In a statement with Lynk Global on Thursday, Rogers said it had completed Canada’s first satellite-to-mobile call and that it planned to begin service starting in 2024. |
1 | Partnering with mobile phone companies is a key part of Lynk’s strategy, Miller said in an interview with Bloomberg TV. |
1 | “Like many people here in the United States know Verizon and T-Mobile, but there’s 800 around the world and we are going to be a partner with mobile network operators.” Lynk Global’s backers include Blazer Ventures, Unshackled Ventures and Global Space Ventures. |
1 | Elon Musk’s SpaceX also plans to offer satellite-to-mobile service. |
0 | It won US approval last week to run tests on signals between mobile phones and its orbiting Starlink satellites. |
0 | Read more: SpaceX Gets US Approval to Test Direct-to-Cell Service (1) Slam raised capital during the heyday of SPACs with the goal of finding an acquisition target in sports, media, entertainment, health and wellness, or consumer technology. |
1 | About 60% of the SPAC’s investors opted to redeem their shares when it sought approval to extend a deadline to continue hunting for a target. |
1 | Read more: A-Rod’s SPAC Is Latest to Be Hit by Wave of Investors Bailing --With assistance from Paayal Zaveri. |