(Reuters) – Global drugmakers condemned on Wednesday an initiative by four World Trade Organization members to introduce an intellectual property waiver for COVID-19 vaccines, saying it could undermine the industry’s ability to respond to health crises in future. The United States, the European Union, India and South Africa reached consensus on Tuesday on key elements…
Ratings agencies say Russia is on the verge of defaulting on government bonds following its invasion of Ukraine, with billions of dollars owed to foreigners. That prospect recalls memories of a 1998 default by Moscow that helped fuel financial disruption worldwide. Ratings agency Fitch said Wednesday that “a default or a default-like process has begun”…
By Francesco Canepa and Jesús Aguado FRANKFURT/MADRID (Reuters) – European Union regulators have told some banks to scrutinise transactions by all Russian and Belarusian clients, including EU residents, to ensure that they are not used to circumvent Western sanctions against Moscow, three sources told Reuters. The instructions from European Central Bank (ECB) supervisors mean tens…
By Pete Schroeder WASHINGTON (Reuters) – Sarah Bloom Raskin’s decision Tuesday to withdraw her nomination as the Federal Reserve’s Wall Street cop further delays rule changes that have been in limbo since Randal Quarles stepped down as vice chair for supervision in October. A Fed controlled by Democrats will pursue the same broad agenda regardless…
By Pratima Desai, Zandi Shabalala and Eric Onstad LONDON (Reuters) – The London Metal Exchange (LME) halted nickel trading on its electronic system shortly after it reopened on Wednesday after technical issues allowed a small number of trades to be executed below the new daily price limit. The nickel market was suspended on March 8…
BERLIN (Reuters) – German carmaker Volkswagen said on Wednesday that deliveries of its core brand dropped by 8% to 4.9 million vehicles last year, and it was reluctant to make forecasts for 2022. While the brand announced an increase in operating profit, sales and returns for 2021, it was much less specific than the group,…
By Julie Zhu, Yingzhi Yang and Yew Lun Tian (Reuters) – Alibaba Group and Tencent Holdings are preparing to cut tens of thousands of jobs combined this year in one of their biggest layoff rounds as the internet firms try to cope with China’s sweeping regulatory crackdown, sources said. While Alibaba is yet to specify…
BEIJING (AP) — China’s government tried Wednesday to reassure jittery investors by promising support for real estate and technology companies after regulatory crackdowns caused stock prices to plunge. Regulators should issue market-friendly policies to “invigorate the economy,” officials said at a Cabinet meeting led by Vice Premier Liu He, President Xi Jinping’s top economic adviser,…
(Reuters) -U.S. cybersecurity firm NortonLifeLock Inc’s $8.6 billion purchase of rival Avast Plc will face an in-depth probe by Britain if competition concerns are not addressed, the UK anti-trust regulator said on Wednesday. The Competition and Markets Authority (CMA) said the deal could lead to British customers getting a worse deal when looking for cyber…
BEIJING (AP) — Asian stock prices surged for a second day Thursday after the Federal Reserve announced its first interest rate hike since 2008 and China promised support for its real estate and internet industries. Hong Kong’s benchmark jumped 5.8% and Tokyo gained 3%. Shanghai, Seoul and Sydney advanced more than 1%. Oil prices gained…
