By Tetsushi Kajimoto and Daniel Leussink TOKYO (Reuters) -Japanese policymakers held fast to their usual line on yen weakness on Wednesday, stating that rapid moves were undesirable, but confounded expectations they may escalate warnings about the sliding currency as it fell to fresh 20-year lows. “Various macro models suggest (the weak yen) is a plus…
By Leigh Thomas PARIS (Reuters) – The war in Ukraine has made the growth outlook far bleaker even though the global economy should avoid a bout of 1970s-style stagflation, the OECD said on Wednesday, slashing its growth forecasts and jacking up its inflation estimates. The world economy is set to grow 3% this year, much…
By Ahmad Ghaddar LONDON (Reuters) -Oil prices rose on Wednesday, despite a likely rise in U.S. oil stocks, on the easing of Chinese COVID-19 related lockdowns and a possible strike by Norwegian oil workers. Brent crude futures were up $1.01, or 0.8%, at $121.58 a barrel at 0927 GMT. U.S. West Texas Intermediate crude was…
By Emma Farge GENEVA (Reuters) -An international agreement on waiving intellectual property rights for COVID-19 vaccines is within reach ahead of a global trade meeting next week, the head of the World Trade Organization said on Wednesday. In a telephone interview, Director-General Ngozi Okonjo-Iweala also said an agreement could be reached on fishing subsidies in…
By Brenna Hughes Neghaiwi ZURICH (Reuters) – Credit Suisse warned on Wednesday of a likely second-quarter loss as volatility hit its investment bank, the third quarter in a row for which Switzerland’s second-largest bank has issued a profit warning. The bank has described 2022 as a “transition” year in which it is trying to turn…
NEW DELHI (AP) — India’s central bank on Wednesday raised its key interest rate to 4.9% from 4.4%, the second such hike in the last three weeks to contain inflation. Reserve Bank of India Governor Shaktikanta Das said the decision was aimed at curbing price increases and mitigating the impact of geopolitical tensions, like the…
By Dominique Vidalon PARIS (Reuters) -French spirits group Pernod Ricard said on Wednesday it was banking on its portfolio of high-end brands and a growing use of data to better predict customers’ habits and fine-tune pricing to accelerate sales growth over the mid-term. The world’s second-biggest spirits group behind Diageo, said it would aim to…
SHANGHAI (Reuters) – Beijing’s mandate to aid virus-hit sectors has left China’s banking sector lagging behind a broader market rally as the economy reopens, with investors fearful a cash splash by lenders will increase bad loans and squeeze already wafer-thin margins. China’s easing of monetary conditions – at odds with the policy direction in most…
ANKARA, Turkey (AP) — Russia and Turkey voiced support Wednesday for a safe corridor in the Black Sea to allow Ukrainian grain exports, but Kyiv rejected the proposal, saying it was not credible. The European Union accused Moscow of “weaponizing” food supplies to gain an advantage in the war. Russia also demanded Ukraine remove mines…
SHANGHAI (Reuters) – Shanghai officials are seeking to revive confidence among multinational firms bruised and frustrated by the city’s COVID-19 lockdown, by holding multiple meetings with foreign firms and easing a key border requirement for overseas workers. The image of China’s most cosmopolitan city and its biggest business hub was badly damaged by the two-month…
