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By Pesha Magid, Hadeel Al Sayegh and Federico Maccioni RIYADH/DUBAI (Reuters) – Saudi Arabia has scaled back lofty ambitions for its NEOM gigaproject to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh, three sources told Reuters a day after the sudden departure of the project’s longtime CEO. Crown Prince Mohammed bin Salman, known as MbS, has poured hundreds of billions of dollars into development projects through … Read more…

By Lisa Pauline Mattackal (Reuters) – U.S. small-cap stocks have surged to near record highs following Donald Trump’s presidential election win, but some investors are wary of chasing the rally as they fear his policies could drive a resurgence in inflation, hurting the rate-sensitive sector. The Russell 2000 index has jumped around 6% since the election on Nov. 5, outperforming gains in major indexes on expectations that Trump’s proposals to cut taxes, decrease regulations and … Read more…

By Douglas Gillison and Chris Prentice NEW YORK (Reuters) – Congress is likely to adopt legislation governing cryptocurrencies during President-elect Donald Trump’s administration, Jay Clayton, a former top Wall Street regulator and potential political appointee, said on Wednesday. Clayton also said he favored easing regulatory burdens to encourage companies to go public, remarks foreshadowing broad-based changes in public policy now anticipated by industry, which spent heavily to influence this month’s elections. “I think we will … Read more…

By Tatiana Bautzer NEW YORK (Reuters) – President-elect Donald Trump’s return to the White House could usher in a wave of bank mergers and acquisitions as the administration appoints regulators who are more open to approving larger deals, financial executives and analysts said on Tuesday. The banking industry is expected to win big if Republican regulators ease capital rules and merger approvals when they replace the aggressive financial regulators of the Biden era. “I have … Read more…

By Nikhil Sharma (Reuters) -Canada’s main stock index hit a three-week high on Monday, led by technology and financial shares, as markets continued to rally on Donald Trump’s reelection in the United States. The S&P/TSX composite index was up 107.4 points, or 0.43%, at 24,866.8, hovering near a record high last hit on Oct. 21. The technology sector led the overall gains with a 1.7% jump, buoyed by blockchain-farm operator Bitfarms’s shares that climbed 10.5% … Read more…