Reuters US Economy

By Patrick Werr and Marc Jones CAIRO/LONDON (Reuters) – Egypt’s finances remain in a precarious state despite two major currency devaluations this year and a brand new $3 billion International Monetary Fund rescue package, economists say. With debt interest payments set to soak up over 40% of the government’s revenues next year and a lack …

Analysis-Egypt not out of the woods after IMF rescue deal Read More »

(Corrects to show cuts already happened) By Valentine Hilaire MEXICO CITY (Reuters) -Mexican online used-car dealership Kavak has made significant spending cuts and laid off staff as it prepares for a challenging 2023, according to an internal email sent Friday and seen by Reuters. Carlos Garcia, the start-up’s chief executive, said in the email that …

SoftBank-backed Kavak lays off staff, makes ‘significant’ cuts -internal email Read More »

SAO PAULO (Reuters) -Brazil President-elect Luiz Inacio Lula da Silva will give “full priority” to kicking off tax reform early in his administration, close aide and former Sao Paulo mayor Fernando Haddad said on Friday. Haddad, who has recently emerged as the front-runner to become finance minister, said at an event hosted by banking lobby …

Brazil’s Lula to prioritize tax reform early in govt, aide says Read More »

BRASILIA (Reuters) -Brazil’s federal public debt increased in October after three consecutive months of decline, official data showed on Friday, driven by debt interest payments. The stock of federal public debt rose 26.29 billion reais from September to 5.778 trillion reais ($1.07 trillion). According to the Treasury, interest payments on public debt totaled 35.39 billion …

Brazil’s federal public debt rises in October due to interest payments Read More »

BERLIN/BRUSSELS (Reuters) -Luxembourg’s former finance minister Pierre Gramegna will take over the euro zone’s bailout fund, the European Stability Mechanism (ESM), from December, succeeding Germany’s Klaus Regling who retired last month. “The ESM Board of Governors just appointed Pierre Gramegna by broad consensus to become the new ESM Managing Director as of 1 December,” the …

Euro zone bailout fund gets new head from Luxembourg Read More »

LONDON (Reuters) – Britain’s Office for National Statistics on Friday revised up its producer price inflation figures because of an error, meaning factory gate inflation this year has been higher than thought previously. Headline annual output producer price inflation (PPI) was revised up by an average of 1.8 percentage points from January to October 2022, …

UK factory gate inflation higher than thought after ONS finds error Read More »

FRANKFURT (Reuters) -Euro zone wage growth could keep pushing up inflation for years but this does not signal a permanent shift in wage dynamics and current indicators underlying inflation may be misleading, European Central Bank chief economist Philip Lane said on Friday. Wage growth has been a key focus of policymakers this year due to …

ECB’s Lane plays down wage, core inflation fears Read More »

BERLIN (Reuters) – German consumer sentiment is set to barely change in December as government energy measures help stabilize morale at a level that is just above a record low set two months earlier and still signals declining consumption, a GfK institute survey showed on Friday. The institute said its consumer sentiment index rose to …

German consumer sentiment stabilizes with help of energy measures -GfK Read More »