By Cynthia Kim and Joori Roh SEOUL (Reuters) – South Korea’s central bank on Thursday delivered back-to-back interest rate hikes and forecast further aggressive increases to wrestle consumer inflation down from 13-year highs. The Bank of Korea raised its benchmark policy rate by a quarter of a percentage point to 1.75%, the highest since mid-2019,…
MANILA (Reuters) – Philippine President-elect Ferdinand Marcos on Thursday announced the current central bank governor Benjamin Diokno would be his finance minister when he takes office next month. Diokno will be replaced by Felipe Medalla as Bangko Sentral ng Pilipinas (BSP) governor, Marcos said in an interview conducted by his press new secretary, which was…
(Reuters) -Australia’s Qantas Airways signalled changes to domestic capacity and fares on Thursday to counter surging fuel prices, saying that it expected strong demand for air travel, sending its shares up nearly 3%. The Australian flag carrier lowered domestic flying levels for July and August from 107% of pre-COVID-19 levels to 103% but it did…
(Reuters) – Apple Inc is raising the overall compensation budget for its U.S. employees amid broadening inflationary pressures and a push for unionization, the Wall Street Journal on Wednesday. The starting pay for hourly workers in the United States will rise to $22, or higher based upon the market, a 45% increase from 2018 levels,…
By Sam Nussey TOKYO (Reuters) -Sony Group Corp said it plans to ramp up production of its PlayStation 5 console as supply chain snarls ease and signalled a radical broadening of its games portfolio including more titles on PC and mobile. The PS5, which went on sale in November 2020, undersold its predecessor in its…
By Takaya Yamaguchi TOKYO (Reuters) – Japan plans to call for moving ahead with a new “green” gross domestic product (GDP) indicator that will reflect the country’s progress in reducing greenhouse gas emissions, a draft of its annual economic policy outline seen by Reuters showed. The government will make a mention of moving forward with…
TOKYO (Reuters) – An index measuring prices Japanese firms charge each other for services rose in April at the fastest annual pace in more than two years, data showed on Thursday, a sign that inflationary pressure is building broadly across the economy. The services producer price index rose 1.7% in April from a year earlier,…
WASHINGTON (AP) — Twitter will pay a $150 million penalty and put in new safeguards to settle federal regulators’ allegations that the social platform failed to protect the privacy of users’ data over a six-year span. The Justice Department and the Federal Trade Commission announced the settlement with Twitter on Wednesday. The regulators allege Twitter…
By Vivek Mishra BENGALURU (Reuters) – Rampant rises in Australian house prices will grind almost to a halt this year, and an 8% decline is expected in 2023 as a cost-of-living crisis worsens and mortgage rates rise, a Reuters poll of property market analysts found. Cheap loans based on near-zero interest rates have nearly doubled…
By Norihiko Shirouzu BEIJING (Reuters) – If global automakers think they can extend their dominance in China into the electric era, they may be in for a shock. Kings of the combustion age such as General Motors and Volkswagen are falling behind local players in the booming electric vehicle (EV) market in China, a country…
