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Image: REUTERS/Eli Hartman
Wake up to the shifts shaping the future.
From boardroom shakeups and billion-dollar bets to the latest tech breakthroughs rewriting the rules, The Company Brief is your front-row seat to the stories moving markets and mindsets.
We cut through the noise so you can stay ahead of the curve, one bold business move at a time.
Fed 'in a fog' as it heads toward another rate cut
The Federal Reserve is expected to cut interest rates by a quarter of a percentage point on Wednesday as policymakers steer the U.S. economy based on limited data that has nevertheless kept concerns about the strength of the job market top of mind. Economists polled by Reuters were nearly unanimous in expecting the U.S. central bank to reduce its benchmark policy rate to the 3.75%-4.00% range when its latest two-day meeting concludes. But it's a decision at least partly based on inertia, not the firm grounding in data Fed officials like to say they use in setting monetary policy.
Oil dips on worries about Russian sanctions, OPEC+ output increase
Oil prices edged lower on Wednesday, extending a three-day slide, as doubts about the effectiveness of Russia sanctions and a potential OPEC+ output increase put pressure on the market. Brent crude futures were down 7 cents, or 0.11%, to $64.33 a barrel at 0411 GMT. U.S. West Texas Intermediate crude futures fell 7 cents, or 0.12%, to $60.08. U.S. crude, gasoline and distillate stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Crude stocks fell by 4.02 million barrels for the week ended October 24, the sources said, requesting anonymity. Gasoline inventories dropped by 6.35 million barrels, while distillate inventories fell by 4.36 million barrels from a week earlier, the sources said. The larger-than-expected draws triggered a short-term price surge during the last trading session and supported the market early this morning.
Tax authorities target former Bafokeng CEO over R630 million payout
The South African Revenue Service (SARS) is zeroing in on a payment of approximately R630 million made more than a decade ago to Niall Carroll, the former CEO of Royal Bafokeng Holdings (RBH). SARS claims that Carroll did not properly account for the payment in his tax filings and failed to disclose key information that would enable the agency to assess his affairs. The dispute hinges on two large payments: R242.5 million in 2010, followed by R390 million in 2011. Both were paid by a trust established as part of an incentive structure for RBH executives.