By Gleb Bryanski MOSCOW (Reuters) – The Russian central bank’s independence is set to be tested as it prepares to hike interest rates on Friday amid growing pressure from opponents – including Russia’s most influential corporate executive Igor Sechin – who says it should take cues from China. A Reuters poll of analysts predicts the …
Top critics challenge Russian central bank, point to China’s rate cuts Read More »
BEIJING (Reuters) – China’s biggest listed steelmaker, Baoshan Iron and Steel Co (Baosteel), said on Thursday that it will more than double its investment in a steel plate joint venture in Saudi Arabia to $1 billion from around $437.5 million previously. Baosteel, a subsidiary of the world’s largest steelmaker China Baowu Steel Group, signed agreements …
China’s Baosteel to boost investment in steel plate in Saudi to $1 billion Read More »
By Naomi Rovnick LONDON (Reuters) – Investors are scrambling to shore up global portfolios against wild market swings ahead of the Nov. 5 U.S. presidential election and backing out of assets stuck in the crosshairs of uncertainty, from big tech stocks to European government debt. With Republican Donald Trump and Democrat Vice-President Kamala Harris in …
Global investors scramble to dodge US election curveballs Read More »
BEIJING (Reuters) -China will allocate 300 billion yuan ($41.40 billion) in ultra-long treasury bonds to support a programme of equipment upgrades and consumer goods trade-ins, the government said on Thursday, in the latest step to spur an economic recovery. About half the planned bond funds will be used for supporting consumer goods trade-ins, according to …
China to allocate $41 billion in bonds for trade-ins to boost consumption Read More »
BEIJING (Reuters) – A Chinese court said on Wednesday it is seeking administrators in the event that it accepts bankruptcy and re-organisation proceedings involving China’s third-largest stainless steel firm, Jiangsu Delong Nickel Industry, and three other firms. Since July 2, Delong ownership stakes worth more than two billion yuan ($276.54 million) in subsidiaries have been …
Chinese court seeks administrators in event of Delong bankruptcy proceedings Read More »
By Cynthia Kim SEOUL (Reuters) -South Korea’s economy unexpectedly shrank in the second quarter, clocking the sharpest contraction since 2022 as slumping consumer spending undermined an export boom, reinforcing expectations that an interest rate cut could be imminent. Gross domestic product (GDP) for the April-June period fell 0.2% from a quarter earlier in seasonally adjusted …
South Korean GDP unexpectedly shrinks, boosting rate cut chances Read More »
SINGAPORE (Reuters) – China National Offshore Oil Company (CNOOC) said on Thursday it signed strategic alliance agreement with Abu Dhabi National Oil Company (ADNOC) to deepen cooperation. Under the agreement, the companies will cooperate in oil, gas exploration and production, oilfield services and the trading of crude oil and liquefied natural gas, CNOOC, parent of …
China’s CNOOC, Abu Dhabi’s ADNOC agree to deepen cooperation Read More »
(Reuters) – Japanese stocks witnessed a sharp outflow of foreign funds in the week to July 19, driven by a global selloff in technology shares and worries about the outlook for local exporters after a rally in the yen. According to exchange data, foreign investors offloaded Japanese stocks worth a net 819.6 billion yen ($5.38 …
Japanese stocks see biggest weekly foreign outflow in three months Read More »
By Roushni Nair (Reuters) – Investors turned bullish on the Singapore dollar for the first time since mid-December as the city-state’s growth and inflation dynamics continue to support the local unit, while bearish bets on most Asian currencies eased, a Reuters poll found on Thursday. Long positions on the Singapore dollar were at their highest …
By Heekyong Yang SEOUL (Reuters) -South Korea’s Hyundai Motor Co reported a record high quarterly profit and revenue for the three months ended June, beating forecasts, as favourable exchange rates and strong sales of high-margin sport utility vehicles boosted earnings. The automaker, however, warned of an uncertain outlook due to intensifying price competition as inflation …
Hyundai Motor posts record Q2 profit on strong US sales Read More »
