BEIJING (Reuters) – China’s economy showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly, but consumption was still weak and underlined the challenge for policymakers amid the persistent drag from strict COVID curbs. The data, however, provides a path to revitalise growth in the world’s second-biggest economy…
By Wayne Cole SYDNEY (Reuters) – Asian markets were in a pensive mood on Wednesday as shell-shocked investors waited to see just how aggressive the Federal Reserve would be on rates, with many fearing drastic action would risk tipping the world into recession. Treasury yields hit decade highs and the dollar a 20-year peak as…
BEIJING (Reuters) – China’s economy stabilised somewhat in May after a sharp slump the previous month as industrial production rose unexpectedly, but consumption was still weak and underlined the challenge for policymakers amid the persistent drag from strict COVID curbs. The data, however, points to a partial recovery in the world’s second-biggest economy after businesses…
TOYOTA, Japan (Reuters) – Toyota Motor Corp, under scrutiny from investors over its commitment to embrace battery electric vehicles (BEV), said on Wednesday it needed to offer a variety of choices to meet different environments and needs from customers. The world’s largest automaker by sales kicked off its annual general meeting on Wednesday under fire…
(Reuters) – Crypto lender Celsius Network LLC has hired restructuring attorneys from law firm Akin Gump Strauss Hauer & Feld LLP to advise on possible solutions for its mounting financial problems, the Wall Street Journal reported https://on.wsj.com/3zDL82U on Tuesday. Celsius is first looking for possible financing options from investors, but is also exploring other strategic…
By David Shepardson WASHINGTON (Reuters) -Europe’s top aviation safety regulator said on Tuesday he had seen no evidence that paint or surface erosion on A350 jets, which are at the centre of a legal dispute between Airbus and Qatar Airways, represented a safety issue. The two companies are at loggerheads over the airworthiness of Europe’s…
(Reuters) -Russia for years hosted world leaders and business titans at its annual economic forum in St Petersburg, but the “Russian Davos” will see little of the global financial elite this year with Moscow isolated by sanctions over its actions in Ukraine. This week, to make up for the lack of major Western attendees, Russia…
(Reuters) – Pfizer Inc said on Tuesday it would halt enrollment in a trial for its COVID-19 antiviral drug, Paxlovid, in standard-risk patients after a study revealed the treatment was not effective in reducing symptoms in that group. The drug has emergency use authorization for high-risk groups in which it has been effective in reducing…
OMAHA, Neb. (AP) — Railroad contract talks remain deadlocked after more than two years of negotiations, so President Joe Biden will likely soon have to appoint a board to help settle the dispute. The National Mediation Board determined Tuesday that mediation isn’t working in the joint talks that cover roughly 140,000 workers in 13 unions…
By David Lawder and Tyler Clifford WASHINGTON (Reuters) -Russia’s oil profits have likely risen despite lower crude exports and the United States and its allies must find ways to reduce Moscow’s oil revenue, possibly by capping prices, U.S. Deputy Treasury Secretary Wally Adeyemo said on Tuesday. Adeyemo told a U.S. Senate Appropriations subcommittee hearing that…
