By Shashwat Awasthi and Savyata Mishra (Reuters) – Bearish bets on several Asian currencies hit a record high in the face of rising U.S. interest rates that supported the dollar, while repeated COVID-19 lockdowns threatened to disrupt economic recovery in China, a Reuters poll found on Thursday. Short positions in the South Korean won, the…
By David Shepardson WASHINGTON (Reuters) – The Federal Communications Commission (FCC) told Congress on Wednesday it had found deficiencies in two-thirds of applications to reimburse U.S. carriers for removing equipment from Chinese companies deemed national security threats. FCC Chair Jessica Rosenworcel said of 181 applications filed by mostly rural carriers under a $1.9 billion program,…
By Jeslyn Lerh SINGAPORE (Reuters) – Global port congestion is set to continue until at least early 2023 and keep spot freight rates elevated, logistics executives said on Wednesday, urging charterers to switch to long-term contracts to manage shipping costs. The COVID-19 outbreak has lengthened ship delivery times since 2020, pushing up freight costs, while…
By Neil Jerome Morales MANILA (Reuters) – The CEO of 26 Capital Acquisition Corp said on Wednesday the blank-check firm was committed to its $2.5 billion purchase of the Philippines’ biggest integrated casino-resort, despite a wrangle for control involving current owners. The 44-hectare (108-acre) Okada Manila, owned by subsidiaries of Japan’s Universal Entertainment Corp, agreed…
CANBERRA, Australia (AP) — Australia’s new government on Thursday formally committed to a more ambitious greenhouse gas reduction target of 43% by the end of the decade in fulfillment of a key election pledge. The previous conservative government was dumped by voters at the May 21 election after it stuck to a seven-year-old pledge to…
(Reuters) -Elon Musk is expected to reiterate his desire to own Twitter Inc when he speaks to the social-media company’s employees on Thursday, the Wall Street Journal reported, citing a person familiar with the matter. The head of electric car maker Tesla Inc is likely to clarify recent comments about remote work and talk about…
By Huw Jones and Simon Jessop LONDON (Reuters) – Three competing plans to curb companies from exaggerating their green credentials could lead to more frustration and costs for businesses, especially starting next year. Over $3 trillion has flowed into investments specifically touting their environmental, social and governance (ESG) credentials reported under scores of voluntary disclosures,…
NEW YORK (Reuters) – The Federal Reserve on Wednesday raised its target interest rate by three-quarters of a percentage point on Wednesday to stem a disruptive surge in inflation, and projected a slowing economy and rising unemployment in the months to come. The action raised the short-term federal funds rate to a range of 1.50%…
By Lucy Craymer WELLINGTON (Reuters) -New Zealand’s economy unexpectedly contracted in the first quarter as a slump in exports swamped strong domestic spending, though many analysts believe it will dodge a recession as activity rebounds from coronavirus lockdowns. Production-based output fell by 0.2% in the quarter, Statistics NZ said on Thursday. That was below economists’…
By Howard Schneider and Ann Saphir WASHINGTON (Reuters) -The Federal Reserve on Wednesday approved its largest interest rate increase in more than a quarter of a century to stem a surge in inflation that U.S. central bank officials acknowledged may be eroding public trust in their power, and being driven by events seen increasingly out…
