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(Reuters) – Valuations of Asian equities dropped for a third straight month in June and hit their lowest since the start of the pandemic, as regional equity markets plunged on concerns over a global recession and aggressive rate hikes by major central banks. The MSCI Asia-Pacific index’s forward 12-month price-to-earnings ratio (P/E) stood at 12.1 …

Valuations of Asian stocks hit lowest since March 2020 Read More »

By Uditha Jayasinghe and Swati Bhat COLOMBO (Reuters) -Sri Lanka raised interest rates to the highest level in two decades on Thursday, saying it had to head off runaway inflation to avoid even deeper pain for an economy that is already in crisis and is shrinking. The Sri Lankan central bank increased its standing lending …

Sri Lanka hikes rates in face of record inflation, despite economic contraction Read More »

OSLO (Reuters) -Norway’s Equinor said on Thursday its second-quarter results would be positively impacted by between $400 million and $550 million from trade in natural gas derivatives used to hedge its physical deliveries. The oil firm has earned record profits from soaring oil and gas prices and is widely expected to see a further increase …

Equinor sees Q2 gas derivatives gain of up to $550 million Read More »

BEIJING (Reuters) – The trade and economic teams of China and the United States agreed to maintain close communication following virtual talks between Chinese Vice Premier Liu He and U.S. Treasury Secretary Janet Yellen, China’s commerce ministry said on Thursday. “China always opposes the trade protectionism such as the Section 301 investigation and urges the …

China, U.S. trade teams agree to maintain close communication: China commerce ministry Read More »

By Anita Komuves and Alan Charlish BUDAPEST (Reuters) – The Hungarian forint is expected to gradually recover and add more than 7% in the next year after plunging to fresh record lows this week, a Reuters poll of central European currencies showed on Thursday. The forint is the worst-performing currency among its CEE peers this …

Forint has scope to recover from historic lows Read More »

PARIS (Reuters) -EDF and the French government on Thursday said the process of finding a new boss for the utility starts immediately, a day after the government announced its plan to fully renationalise the debt-laden power giant. “The state and Jean-Bernard Levy have agreed to launch the succession process from now,” the French economy ministry, …

EDF seeks new CEO as France plans full nationalisation Read More »

By Jonathan Stempel NEW YORK (Reuters) – Vanguard Group, the largest mutual fund company, on Wednesday reached a $6.25 million settlement to resolve regulatory charges it failed to warn many fund investors that they would face surprisingly big tax bills. The settlement with Massachusetts Secretary of State William Galvin concerned Vanguard’s popular target-date retirement funds, …

Vanguard to pay millions to mutual fund investors hit with big tax bills Read More »

(Reuters) -The U.S. Food and Drug Administration is looking at ways to allow overseas manufacturers of baby formula to keep selling in the country beyond the current shortage, the health regulator said on Wednesday. The FDA in May said it would allow baby formula imports until Nov. 14 to ease a shortage that had left …

U.S. FDA working to allow overseas infant formula beyond shortage Read More »

By Allison Lampert MONTREAL (Reuters) -Air Canada said on Wednesday it will not allow animals in the baggage hold until Sept. 12 due to “longer than usual” delays at airports, as carriers and airports wrestle with complaints over lost luggage and long lines. Airlines in Europe, the United States and Canada are cancelling and delaying …

Air Canada temporarily bans pets from baggage hold, cites delays Read More »