SHANGHAI (Reuters) – Chinese businesses are hoarding dollars because they expect their own currency to weaken, and that in turn is exacerbating a slide in the yuan that has been driven by wobbly stock markets and feeble growth in the world’s second largest economy. This feedback loop has been playing out for months in mainland …
Analysis-China’s cycle of dollar hoarding and weakening yuan gets vicious Read More »
By David Lawder WASHINGTON (Reuters) – The global economy is set for another year of slow but steady growth, the International Monetary Fund said on Tuesday, with U.S. strength pushing world output through headwinds from lingering high inflation, weak demand in China and Europe, and spillovers from two regional wars. The IMF forecast global real …
IMF sees slow, steady 2024 global growth; China, war escalation pose risks Read More »
By Uditha Jayasinghe and Marc Jones COLOMBO (Reuters) -Sri Lanka on Tuesday rejected international bondholders’ proposal to restructure more than $12 billion in debt, putting at risk critical International Monetary Fund support and delaying its efforts to resolve a two-year-long debt crisis. Some of the proposal’s “baseline” assessments and a lack of a contingency option …
Sri Lanka debt restructuring stumbles as govt rejects bondholders’ proposal Read More »
By Andrea Shalal and David Lawder WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen said on Tuesday that China’s massive investments in advanced manufacturing of clean energy goods have resulted in an unfair playing field that puts American workers and businesses at risk, and it needs to be mitigated. Yellen told reporters on the sidelines of …
China’s overproduction of clean energy goods needs to be mitigated, Yellen says Read More »
SHANGHAI (Reuters) – China’s securities regulator said on Tuesday that tighter rules would not spark a wave of delistings, in an apparent attempt to assuage market panic following a two-day sell-off in small-caps. The watchdog published draft rules on Friday to strengthen the supervision of company listings and delistings, triggering fears that a slew of …
Chinese regulator plays down delisting risks after small-cap sell-off Read More »
By Asif Shahzad ISLAMABAD (Reuters) – Saudi Arabia’s foreign minister said on Tuesday that Riyadh will be “moving ahead significantly” to invest in projects in Pakistan, days after Islamabad announced that the Kingdom had pledged to expedite $5 billion in investment. Prince Faisal bin Farhan bin Abdullah arrived in Islamabad on Monday to lead a …
Riyadh eyes significant investment in Pakistan, Saudi FM says Read More »
BEIJING (Reuters) – China is urging banks and financial institutions to increase credit support to the advanced manufacturing sector as part of efforts to become a powerhouse in goods from electric vehicles and wind turbines to aerospace components and semiconductors. Banks should promote more credit resources to help develop the manufacturing industry, and continue to …
China urges financial institutions to boost credit for advanced manufacturing Read More »
By Leah Douglas and Alexandra Alper (Reuters) -The Biden administration will award up to $6.4 billion in grants to South Korea’s Samsung to expand its chip production in central Texas as part of a broader effort to boost U.S. chipmaking, the Department of Commerce said on Monday. The funding from the 2022 Chips and Science …
US awards Samsung $6.4 billion in grants to boost Texas chip output Read More »
SHANGHAI/BERLIN (Reuters) – Tesla’s global job cuts include reducing staff in the U.S. and China, the automakers’ two biggest markets, across sales, tech, and engineering, five sources briefed on the matter said. CEO Elon Musk on Monday told staff in an internal memo seen by Reuters that the company is laying off more than 10% …
Tesla’s global job cuts include leading markets US, China Read More »
By David Lawder WASHINGTON (Reuters) – U.S. Trade Representative Katherine Tai will tell lawmakers on Tuesday that the Biden administration is “taking a serious look” at U.S. trade defense tools to deal with threats posed by China’s trade and economic policies, including a review of Trump-era tariffs on Chinese imports. In excerpts of testimony to …
US trade chief Tai says taking ‘serious look’ at tools to deal with China Read More »
