Weekly news summary for April 21 to April 27
Friday: April 21: Oi 2022 Financial Statements Release Postponed
A telecommunications company from Brazil, Oi, announced on Friday that it would postpone the release of its 2022 financial data to May 22, which will come after an anticipated presentation of the firm’s judicial reorganization plan. Oi said the delay was primarily amid ongoing negotiations with its financial creditors’ group.
However, the company released preliminary figures showing a combined net revenue of 2.62 Brazilian reals (reais) in the Q4 of last year. Its routine EBITDA for Brazilian operations reached 320.00 million reais in the period. Also, its cash position by the end of 2022 was 3.22 billion reais.
Monday: April 24: German Economy Beat Q1 Expectations
In a monthly report on Monday, Bundesbank said that the German economy will likely have grown in the previous quarter on a rebound in industrial production, assessing its recent prediction of a slight contraction. A significant recovery has been underway when gas prices fell back, increasing hopes that a recession could be prevented.
According to the Bundesbank, the German economy topped expectations in the first quarter of 2023 as the industry rebounded stronger than anticipated. In the fourth quarter, the banks’ minor optimism matches the survey data, showing a mild recovery after a 0.40% contraction.
Tuesday: April 25: Bitcoin and Other Cryptocurrencies Traded Lower
On Tuesday, Bitcoin along with some other crypto tokens were lower while the digital asset market waited for tech earnings. After a marginal rebound, Bitcoin returned under selling pressure as the famous crypto asset fell more than a percent. Still, it held above the $27,000 level. Moreover, its most prominent peer, Ethereum, declined by another 2.00% to go below the $1,850 mark.
Globally, the cryptocurrency market cap was trading lower, stumbling around the $1.15 trillion mark since it dropped more than a percent in the past 24 hours.
Wednesday: April 26: Output Drop Caused Bullish Prices for Cocoa
Cocoa futures prices for July delivery rallied on April 26 due to weaker outputs. Over the past five weeks, the beans’ costs boosted on signs of better demand. The Ivory Coast government announced that farmers sent a cumulative 1.89 MMT of cocoa to the coast’s ports for the year of 2022/23.
In addition, the International Cocoa Organization (ICCO) projected that the bean stockpiles would drop by -3.50% year-on-year to 1.65 MMT. Also, a quarterly report from the ICCO said that 2021/22 cocoa production plunged by -8.00% YoY to 4.82 MMT due to harsh weather affecting yields.
Thursday: April 27: Microsoft Defended by UK Watchdog
Britain’s antitrust regulator leader mentioned that blocking Microsoft’s acquisition of Activision Blizzard was the right move for the UK since both companies believed it sent the wrong message to the global tech industry.
However, for CMA Chief Executive Sarah Cardell, the regulator’s role was to ensure that Britain was a competitive environment for companies to grow and thrive.
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