Reuters US Economy

Global 2024 staple food supplies to be strained by dry weather, export curbs

27 Dec 2023

By Naveen Thukral SINGAPORE (Reuters) -High food prices in recent years have prompted farmers worldwide to plant more cereals and oilseeds, but consumers are set to face tighter supplies well into 2024, amid adverse El Nino weather, export restrictions and higher biofuel mandates. Global wheat, corn and soybean prices – after several years of strong …

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South Korea’s Dec exports likely rose for a third month: Reuters poll

27 Dec 2023

By Cynthia Kim SEOUL (Reuters) – South Korea’s exports likely rose for a third month in December albeit at a slower pace, as stronger electronics demand is seen supporting the country’s economic recovery into the new year, a Reuters poll showed on Wednesday. Exports are expected to have risen 6.6% in December from a year …

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Saudi cabinet approves contracting rules for firms not based there

27 Dec 2023

CAIRO (Reuters) – Saudi Arabia’s cabinet on Tuesday announced its approval of contracting regulations for firms that do not have regional headquarters in the Kingdom, Saudi state news agency SPA reported. The decision comes just days before Saudi Arabia’s January 2024 deadline for companies to move their regional headquarters to the kingdom or risk losing …

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Banco de Brasil exec Haui named to head BB Seguridade after CEO resigns

27 Dec 2023

SAO PAULO (Reuters) – Brazilian insurer BB Seguridade said on Tuesday its CEO Ullisses Assis has resigned from his position and its controlling shareholder, Banco do Brasil, has nominated one of its executives to replace him. The state-run lender named Andre Haui, who has worked for Banco do Brasil for 23 years and currently leads …

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Brazil to launch program to boost industrial machinery renewal – minister

26 Dec 2023

BRASILIA (Reuters) – Brazil will launch a program this week to encourage companies to update their machinery and acquire more modern equipment to increase productivity, Finance Minister Fernando Haddad said on Tuesday. After meeting with acting President Geraldo Alckmin, Haddad told reporters they discussed “a commitment we have to the industry to allow entrepreneurs to …

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Philippines extends tariff cuts on imported rice, other food items to fight inflation

26 Dec 2023

MANILA (Reuters) – Philippine President Ferdinand Marcos Jr. has approved the extension of reduced tariffs on rice and other food items until the end-2024 to keep prices stable amid a threat of dry weather in the coming months, his office said on Tuesday. The modified rates first approved in 2021 had already been extended this …

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Japan corporate service inflation steady in November

26 Dec 2023

TOKYO (Reuters) – Japan’s business-to-business service inflation was steady at 2.3% in November, data showed on Tuesday, suggesting companies were gradually passing on rising labour costs amid prospects for sustained wage gains. The data underscores the Bank of Japan’s (BOJ) view that rising service prices will start to replace cost-push inflation as a key driver …

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Japan November jobless rate flat at 2.5%

26 Dec 2023

TOKYO (Reuters) – Japan’s jobless rate was unchanged at 2.5% in November from the previous month, government data showed on Tuesday. The seasonally adjusted unemployment rate matched economists’ median forecast of 2.5% in a Reuters poll. The jobs-to-applicants ratio dipped to 1.28 in November, slightly lower than in October and the median forecast of 1.30, …

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Brazil’s Suzano buys forestry assets for $376 million

24 Dec 2023

SAO PAULO (Reuters) -Brazilian pulp and paper company Suzano has acquired certain forestry assets from two special-purpose firms managed by BTG Pactual Timberland Investment Group, according to a securities filing. The deal was valued at 1.826 billion reais ($375.7 million) and requires regulatory approval, Suzano said in the filing late on Saturday. The target companies …

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