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…
The Biden administration has sided against the airline industry and urged the U.S. Supreme Court on Wednesday to uphold a California law that would provide more rest and meal breaks than airline crews are guaranteed under federal rules. The U.S. solicitor general and other administration officials said in a filing that California’s law is not…
By Stefanno Sulaiman and Orathai Sriring (Reuters) – From export bans to price controls, governments in Asia are taking a much more targeted approach than their Western counterparts in curbing global inflationary pressure, a strategy that appears to be working at least for now. While inflation remains a serious economic challenge in Asia, the measures…
By Stephen Culp NEW YORK (Reuters) – Wall Street closed higher Wednesday, boosted after minutes from the Federal Reserve’s latest monetary policy meeting showed policymakers unanimously felt the U.S. economy was very strong as they grappled with reining in inflation without triggering a recession. The minutes from the Federal Open Market Committee’s May meeting, which…
(Reuters) – Creating an official digital version of the U.S. dollar could help ensure financial system stability as crypo-assets and digital currencies developed by other countries become increasingly popular, Federal Reserve Vice Chair Lael Brainard said on Wednesday. “The rapid ongoing evolution of the digital financial system at the national and international levels should lead…
BOSTON (Reuters) – Index fund BlackRock and other major McDonald’s shareholders are backing the company in a boardroom vote that puts the fast-food chain on course to defeat investor Carl Icahn who sought to replace two directors and raise awareness about animal welfare, sources said on Wednesday. BlackRock, whose 4.6% stake ranks it as McDonald’s…
(Reuters) – Elon Musk has committed to provide an additional $6.25 billion in equity financing to fund a portion of the $44-billion deal to buy Twitter Inc, a regulatory filing showed on Wednesday. Twitter shares jumped 10% in extended trading. (Reporting by Eva Mathews in Bengaluru)
WASHINGTON (Reuters) -World Bank President David Malpass on Wednesday suggested that Russia’s war in Ukraine and its impact on food and energy prices, as well as the availability of fertilizer, could trigger a global recession. Malpass told an event hosted by the U.S. Chamber of Commerce that Germany’s economy, the world’s fourth largest, has already…
By David Gaffen New York (Reuters) – Oil prices rose on Wednesday, buoyed by tight supplies and as U.S. refiners drove processing activity to their highest level since before the coronavirus pandemic started. Brent crude futures for July settled up 47 cents to $114.03 a barrel, while U.S. West Texas Intermediate (WTI) crude for July…
WASHINGTON (AP) — Federal Reserve officials agreed when they met earlier this month that they may have to raise interest rates to levels that would weaken the economy as part of their drive to curb inflation, which is near a four-decade high. At the same time, many of the policymakers also agreed that after a…
