By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The euro slid across the board on Thursday as weaker-than-expected German and French PMI data showed that the euro zone economy is struggling to gain traction, prompting traders to trim bets on big rate-hike moves from the European Central Bank. The dollar, on the other hand, rose against …
Euro sinks after bleak manufacturing, services data; U.S. dollar rises Read More »
By Laila Kearney NEW YORK (Reuters) -Oil prices dropped by nearly $2 a barrel on Thursday after another round of remarks from Federal Reserve Chair Jerome Powell fanned worries U.S. interest rate hikes would slow economic growth. Brent crude futures settled at $110.05 a barrel, falling $1.69, or 1.5%. U.S. West Texas Intermediate (WTI) crude …
Oil prices slump as investors fear Fed rate hikes will hurt demand Read More »
By Ben Klayman DETROIT (Reuters) – Vietnamese electric vehicle startup Vinfast could eventually enter the electric pickup truck market, a top U.S. executive said on Thursday. Vinfast, a unit of Vietnam’s Vingroup conglomerate, is focused on launching sales of its electric SUVs in the U.S. market later this year, but its vehicle platform allows for …
Vinfast could eventually offer an electric pickup -executive Read More »
By Sarah McFarlane LONDON (Reuters) -Officials from some G7 countries, including Germany and Britain, will push for temporary waivers on biofuels mandates to combat soaring food prices when leaders from the group of wealthy nations meet on Sunday, three people familiar with the matter told Reuters. The food crisis caused by the war in Ukraine …
Exclusive-Britain, Germany push G7 for halt to biofuel mandates to tame food prices Read More »
By Lucia Mutikani, Jonathan Cable and Leika Kihara WASHINGTON/LONDON/TOKYO (Reuters) – Manufacturing growth is slowing worldwide as China’s COVID-19 curbs and Russia’s invasion of Ukraine disrupt supply chains and keep inflation at the highest in years, while the growing risk of a U.S. recession poses a new threat to the global economy. Gauges of factory …
U.S. recession fears darken outlook for global growth Read More »
By Martin Quin Pollard BEIJING (Reuters) – Jenny Bai was among 10 high-performing computer science students from different Chinese universities selected by a Beijing-based internet firm for a job upon graduation, following four rounds of arduous interviews. But last month, the company told the students their contract offers were cancelled due to COVID-19 headwinds and …
Record numbers of Chinese graduates enter worst job market in decades Read More »
By Gayatri Suroyo and Stefanno Sulaiman JAKARTA (Reuters) – Indonesia’s central bank left interest rates at a record low on Thursday, saying it was monitoring risks from rising inflation while downplaying recent pressure on the rupiah currency. Bank Indonesia is expected to raise rates in the third quarter, analysts say, to shore up a weaker …
Indonesia central bank stays on hold, monitoring inflation risks Read More »
SHANGHAI (Reuters) – Chinese battery giant CATL will start mass production next year of its latest generation product, with greater efficiency that lets electric cars drive longer distances on each charge, the company said on Thursday. The world’s biggest battery maker is scrambling to retain its top position against competition from rivals such as BYD, …
China’s CATL to produce next-generation EV battery in 2023 Read More »
By Neil Jerome Morales and Karen Lema MANILA (Reuters) – The Philippine central bank raised its benchmark rate for a second month in a row on Thursday to curb red-hot inflation, but opted for a modest 25-basis-point increase, fearing that more aggressive tightening could compromise growth. The rate adjustment, which followed a 25-bps increase in …
Philippine central bank raises rates for second time to tame inflation Read More »
BEIJING (Reuters) – Risks in China’s medium-sized and small banks are generally under control despite some individual banks having engaged in criminal activities, the vice chairman of the country’s banking and insurance regulator said on Thursday. Authorities will draw up risk-disposal strategies for those in trouble and push to replenish their capital, Xiao Yuanqi told …
Chinese watchdog says risks in smaller banks generally under control Read More »
