COLOMBO, Sri Lanka (AP) — Sri Lanka is suspending its repayment of foreign debt, including bonds and government-to-government borrowing, pending the completion of a loan restructuring program with the International Monetary Fund to deal with the island nation’s worst economic crisis in decades, the government announced Tuesday. Sri Lankans in recent months have endured fuel…
By Uditha Jayasinghe and Jorgelina do Rosario COLOMBO/LONDON (Reuters) -Sri Lanka’s central bank said on Tuesday it had become “challenging and impossible” to repay external debt, as it tries to use its dwindling foreign exchange reserves to import essentials like fuel. The island nation’s reserves have slumped more than two-thirds in the past two years,…
SHANGHAI (Reuters) -German auto parts supplier Bosch on Tuesday said it has suspended production at two sites in the Chinese cities of Shanghai and Changchun as it follows government policies to contain a surge of COVID-19 cases. Bosch said it had paused production at a Thermotechnology factory in Shanghai and an automotive components site in…
By Joyce Lee and Byungwook Kim (Reuters) – South Korea’s SK Group said on Tuesday it was mulling investments in small-sized nuclear reactors and that one of the candidates was TerraPower, a U.S. venture founded by Bill Gates. A spokesperson for SK Inc, the holding company of the No. 3 conglomerate in South Korea, confirmed…
TOKYO (AP) — Asian shares were mostly higher Wednesday on hopes that the curbs on U.S. interest rates may moderate after new data showed signs of slowing inflation. Benchmarks rose in early trading in Japan, South Korea and Australia, while slipping in China. Regional optimism was lifted by the easing of a COVID-19 lockdown in…
A look at the day ahead in markets from Sujata Rao There it is: an admission from a central banker that rapid policy tightening may cause a hard landing for economic growth — Federal Reserve Governor Chris Waller described rate hikes as a “blunt force” tool that may act like a “hammer”, causing collateral damage…
AMSTERDAM (Reuters) – Just Eat Takeaway.com, Europe’s largest online food ordering service, said on Tuesday it will partner with grocer Ahold’s flagship Dutch Albert Heijn chain to provide home delivery of groceries and convenience products. Financial terms were not disclosed. (Reporting by Toby Sterling, editing by Ed Osmond)
By Alun John HONG KONG (Reuters) – The dollar index held firm on Tuesday, supported by high U.S. yields ahead of inflation data that is expected to show U.S. prices gained the most in over 16 years, reinforcing expectations of aggressive Fed tightening policy. The index rose as high as 100.13, testing last week’s near…
By Lisa Pauline Mattackal and Medha Singh (Reuters) – A crypto platform’s pledge to amass $10 billion worth of bitcoin to back its own “stablecoin” is firing up the market. It’s part of a wider movement to crown bitcoin as the reserve currency of a new age. Seoul-based Terraform Labs has so far built up…
By Mohi Narayan (Reuters) -Oil prices climbed on Tuesday as fears of a demand downturn in China eased after Shanghai relaxed some COVID-19 related restrictions, and OPEC warned it would be impossible to increase output enough to offset lost Russian supply. Brent crude futures were up $1.72, or 1.75%, to $100.20 a barrel, and U.S….
