Reuters US Economy

By Clare Jim and Xie Yu HONG KONG (Reuters) -Cash-strapped Chinese developer Shimao Group has proposed a two-class restructuring plan to offshore creditors to repay $11.8 billion over a period of three to eight years, according to two sources with direct knowledge of the matter and a document seen by Reuters. Shanghai-based Shimao, which first …

China developer Shimao looks to repay $11.8 billion debt over 3-8 years -sources Read More »

By Chen Lin SINGAPORE (Reuters) – Singapore’s key consumer price gauge in July rose again at its fastest pace in more than 13 years, official data showed on Tuesday, mounting pressure on the central bank to consider another policy tightening move later this year. The pick-up in inflation was mainly driven by stronger increases in …

Tightening risks loom as Singapore July core inflation hits 13-year high Read More »

BEIJING (Reuters) – China is facing growing challenges in international services trade as COVID-19 outbreaks curb mobility and softening external demand weighs on firms’ operating outlooks, the country’s vice commerce minister said on Tuesday. Local COVID-19 outbreaks have restricted cross-border movement, hurting travel, construction and exhibitions, said Vice Commerce Minister Sheng Qiuping at a press …

China says international services trade faces challenges Read More »

BUENOS AIRES (Reuters) – Argentina’s new Economy Minister Sergio Massa on Monday announced the extension of a plan offering tax incentives to Argentines who use undeclared savings to invest in construction projects, as part of a government effort to boost industry and employment.     The law extends one passed last year and sets tax rates of …

Argentina extends tax incentives on undeclared savings to spur construction Read More »

MEXICO CITY (Reuters) – Mexico’s inflation likely accelerated in the first half of August, a Reuters poll showed Monday, hitting the upper end of the central bank’s current forecast and reinforcing bets policymakers will again hike the key interest rate in September. The median forecast of 14 analysts expects annual inflation to climb to 8.51% …

Mexico’s inflation expected to hit 8.51% in first half of August: Reuters poll Read More »

By Ari Rabinovitch and Steven Scheer JERUSALEM (Reuters) -The Bank of Israel raised its benchmark interest rate on Monday by three-quarters of a percentage point, its biggest hike in two decades, and appeared on track for further increases as it tries to rein in inflation that has topped 5%. The central bank lifted its key …

Bank of Israel makes strongest rate hike in 20 years to cool inflation Read More »

By Ahmed Aboulenein WASHINGTON (Reuters) – The U.S. government will soon begin hiring experts and collecting the data needed to launch direct negotiations over prescription drug prices for older and disabled people, a top Biden administration official told Reuters. President Joe Biden last week signed into law the Inflation Reduction Act, introducing new policies to …

Hiring and data: how the U.S. will set up new Medicare drug price talks Read More »

By Winni Zhou and Brenda Goh SHANGHAI (Reuters) -China cut its benchmark lending rate and lowered the mortgage reference by a bigger margin on Monday, adding to last week’s easing measures, as Beijing boosts efforts to revive an economy hobbled by a property crisis and a resurgence of COVID cases. The People’s Bank of China …

China steps up easing, cuts lending benchmarks to revive faltering economy Read More »

By Howard Schneider (Reuters) – For workers hoping to hold onto wage gains and investors hoping to hang onto profits, Federal Reserve Chair Jerome Powell’s remarks this week to a central banking conference in Wyoming will lay out what he expects to happen in an economy battling inflation while also, some fear, edging towards a …

Forecast for Powell’s mountain resort trip: High inflation, limited visibility Read More »