By Heekyong Yang and Silvia Aloisi SEOUL (Reuters) – As COVID curbs cut travel and duty-free shopping, South Koreans are driving a luxury goods boom at home that has left Chanel barring nearly a third of would-be shoppers to stop bulk buyers snagging $10,000 bags for resale with markups of 20% or more. The storied…
By Kevin Buckland TOKYO (Reuters) – Japan and Hong Kong led a jump in regional stocks on Thursday, joining a rally on Wall Street overnight as potential risks from Federal Reserve monetary tightening to the Ukraine war and a slowdown in China became less murky. Treasury yields eased a little after spiking to nearly three-year…
SHANGHAI (Reuters) – Shenzhen city in China, a key technology and manufacturing hub that had halted operations of companies to tackle rising COVID-19 cases, will allow them to resume work and production in an orderly manner, a local government official said on Thursday. Huang Qiang told a press conference that work resumption will take place…
By Leika Kihara TOKYO (Reuters) – Japanese households accumulated a record $17 trillion in financial assets as of December last year, roughly four times the size of its economy, as the COVID-19 pandemic kept consumers housebound, saving their money instead of spending it. While the crisis in Ukraine clouds the outlook by pushing up fuel…
(Reuters) -Canadian Pacific Railway will lock out its employees in 72 hours if there is no agreement with a union, the company said on Wednesday, a move that would potentially disrupt the movement of grain, potash and coal at a time of soaring commodity prices. CP has commenced work stoppage contingency plans and will gradually…
By Tom Westbrook SINGAPORE (Reuters) – The yen was pinned to a six-year low on the dollar and struggled against crosses on Thursday, as a rate hike with a hawkish outlook from the U.S. Federal Reserve underscored just how far the Bank of Japan is likely to lag worldwide policy tightening. The Fed has raised…
WASHINGTON (AP) — The Senate Banking Committee approved Jerome Powell’s nomination to a second four-year term as chair of the Federal Reserve Wednesday, just hours after the central bank began what will be a difficult effort to combat inflation. Fed governor Lael Brainard was also approved to serve as the Fed’s vice chair, and the…
By Allison Lampert (Reuters) – The gleaming, late-model European jet for sale was a rarity in the hot market for second-hand corporate aircraft. It was only after aviation lawyer Amanda Applegate’s client did some additional digging that they discovered the aircraft, while not registered in Russia, was in fact Russian-owned. For that buyer, it was…
By Daniel Leussink TOKYO (Reuters) – Japan’s core machinery orders slipped for the first time in five months in January, a worrying sign for an economy already facing heightened pressure from the Ukraine war and high energy and raw material prices. The decline in core orders hurts hopes that a pickup in business spending will…
By Andy Bruce LONDON (Reuters) – The Bank of England looks set to press on with raising interest rates on Thursday as it tries to stop soaring inflation from becoming engrained in the British economy. All but five of 49 economists recently polled by Reuters thought the BoE will raise Bank Rate for a third…
