By Susan Mathew (Reuters) -European shares slumped 2.3% to hit three-week lows on Friday after U.S. inflation came in hotter than expected, raising the prospect of a recession as central banks try to put a lid on prices. Losses on the pan-European STOXX 600 index were broad-based, led by a 4% slide in banks. The…
NEW YORK (Reuters) – U.S. consumer prices accelerated in May as gasoline prices hit a record high and the cost of services rose further, suggesting that the Federal Reserve could continue with its 50 basis points interest rate hikes through September to combat inflation. The consumer price index increased 1.0% last month after gaining 0.3%…
SEOUL, South Korea (AP) — South Korean police have detained several dozen truckers for blocking traffic and disrupting the movement of goods near factories as a nationwide strike extended into a fourth day. The truckers are urging the government to provide a minimum wage in the face of soaring fuel prices that are squeezing their…
WASHINGTON (Reuters) – U.S. consumer prices accelerated in May as gasoline prices hit a record high and the cost of services rose further, suggesting that the Federal Reserve could continue with its 50 basis points interest rate hikes through September to combat inflation. The consumer price index increased 1.0% last month after gaining 0.3% in…
REDDING, Calif. (AP) — Pacific Gas & Electric on Thursday pleaded not guilty to involuntary manslaughter and other charges it faces after its equipment sparked a wildfire that killed four people and destroyed hundreds of homes in Northern California two years ago, prosecutors announced. PG&E was arraigned at a court in Redding on 31 criminal…
IRWINDALE, Calif. (AP) — Bottles of the popular Sriracha hot sauce could be hard to find on store shelves this summer. Southern California-based Huy Fong Inc., told customers in an email earlier this year that it would suspend sales of its famous spicy sauce over the summer due to a shortage of chili peppers. The…
By Bozorgmehr Sharafedin LONDON (Reuters) -Oil rose on Friday and was on track for another weekly gain supported by solid fuel demand in the United States, although fresh COVID-19 alerts in Shanghai and Beijing curbed gains. Brent crude was up 98 cents, or 0.8%, at $124.05 a barrel at 1153 GMT and U.S. West Texas…
By Aditya Kalra and Abhirup Roy NEW DELHI (Reuters) – A former top seller for Amazon in India, Cloudtail, has accused India’s antitrust agency of illegally detaining its employees during a raid over suspected competition law violations, court documents seen by Reuters show. Cloudtail, among a handful of online sellers raided in an investigation of…
TOKYO (AP) — Japan on Friday eased its borders for foreign tourists and began accepting visa applications, but only for those on guided package tours who are willing to follow mask-wearing and other antivirus measures as the country cautiously tries to balance business and infection worries. Friday is the first day to start procedures needed…
WASHINGTON (AP) — The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6% last month from a year earlier, faster than April’s year-over-year increase of 8.3%, the Labor Department said Friday….
