Spotify halts streaming in Russia over security concerns, and more

 Spotify halts streaming in Russia over security concerns, and more

Spotify halts streaming in Russia over security concerns.

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European markets closed slightly higher Friday as investors continued to monitor the war in Ukraine and assess the outlook for global monetary policy. The pan-European Stoxx 600 closed 0.12% higher after reversing earlier losses. Oil and gas stocks rose 1.2%, while banks lost 0.4%. The Ifo business climate index for Germany fell sharply in March as the war in Ukraine dampened sentiment in Europe’s largest economy.

The S&P 500 rose Friday to end the week with a gain, even as investors weighed interest rate hikes and the war in Ukraine. The 10-year benchmark interest rate hit a new multi-year high of 2.5% on Friday as investors priced in a more aggressive rate hike cycle. Financial stocks rose Friday as the 10-year yield jumped. Bank of America and Wells Fargo rose 1.5% and 2.4%, respectively. On the flip side, technology stocks slipped, weighing on the Nasdaq. Zoom fell 3.2% and DocuSign lost 3.9%, among the biggest losers on the Nasdaq.

Asia-Pacific stocks fell for most of this morning as oil prices fell about 3%. Data released over the weekend showed Chinese manufacturing profits rose in the first two months of the year. According to the data released on Sunday, profits of Chinese industrial companies rose 5.0% year-on-year from January to February. Shares of Meituan rose more than 5% this morning after the group reported higher-than-expected sales in the final three months of 2021.

Uber lists yellow cabs in New York City on its app

After ravaging the yellow cab industry in New York City, Uber is now taking steps to get closer to it. The company will now list New York City’s yellow cabs on its app. Uber described this partnership as the latest step in its global efforts to work with the cab industry to enter new markets. Uber already has similar agreements in countries such as Spain, Germany, Austria and Turkey. Uber is facing a driver shortage as the company emerges from the pandemic. Through the agreement, Uber will add about 14,000 cab drivers licensed in New York City – one of its major markets – to its platform.

Spotify halts streaming in Russia over security concerns

Spotify is pulling out of Russia, citing a new law that threatens jail time for spreading “fake news” about the country’s armed forces. The music streaming company said security concerns regarding employees and “possibly even our listeners” had led it to completely shut down its free service. Spotify had already closed its office in Russia in March. However, the company said it wanted to continue operating its service to provide “independent news” to the country. “Spotify continues to believe that it is critical to maintain our service in Russia to provide trusted, independent news and information from the region,” Spotify said in a statement.

Mandy Nunes

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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