PRAGUE (AP) — The Czech Republic’s central bank once again raised its key interest rate significantly Wednesday as it tried to combat soaring inflation. The hike of a percentage point and a quarter brought the interest rate to 7%, the highest level since early 1999. It was the ninth straight increase since June 2021. The…
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Wednesday to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession. Testifying to the Senate Banking Committee, Powell faced skeptical questions from members of…
By Padraic Halpin, Conor Humphries and Richa Naidu DUBLIN/LONDON (Reuters) – Global retailers and consumer goods makers remain in crisis mode and expect consumer behavior to remain unpredictable for the foreseeable future, top industry executives told a conference in Dublin this week. Since the start of 2020, the STOXX Europe 600 Retail EUR Price Index…
By David Shepardson WASHINGTON (Reuters) – Major automakers and industry suppliers on Wednesday urged Congress to move quickly to pass $52 billion in subsidies for U.S. semiconductor production, according to a letter seen by Reuters. A persistent shortage of chips has disrupted the automotive and electronics industries, forcing some firms to scale back production. The…
By Makiko Yamazaki, Kane Wu and Scott Murdoch TOKYO/HONG KONG (Reuters) – Bidders for Toshiba Corp are considering offering up to 7,000 yen ($51.41) per share to take the troubled Japanese conglomerate private, three people familiar with the situation told Reuters, valuing the deal at about $22 billion. Toshiba, which is exploring strategic options, said…
ROME (AP) — Italy’s political landscape shifted Wednesday after Foreign Minister Luigi Di Maio formalized his departure from the 5-Star Movement, splitting with the party he helped found over its Ukraine policy. Di Maio announced his departure after Premier Mario Draghi briefed the Senate on Italy’s continued commitment to helping Ukraine defend itself against Russia….
STROE, Netherlands (AP) — Thousands of farmers gathered in the central Netherlands Wednesday to protest the Dutch government’s plans to rein in emissions of nitrogen oxide and ammonia, driving their tractors across the Netherlands and snarling traffic on major highways. The protest was organized earlier this month after the government published nationwide targets for reducing…
BERLIN (Reuters) – Lockheed Martin said on Wednesday it could deliver first F-35 fighter jets to Germany in 2026 and expects more orders for the aircraft in Europe as Greece and the Czech Republic have expressed significant interest. “You’ll hear more about it soon,” J.R. McDonald, the vice president of F-35 business development at Lockheed…
LONDON (Reuters) – The Bank of England will “act forcefully” to combat rising prices, British finance minister Rishi Sunak said on Wednesday, as data showed UK inflation had hit a new 40-year high of 9.1% in May. Sunak told reporters that Britain had “all the tools we need” to bring down inflation. “Firstly, the Bank…
LONDON (Reuters) -Mike Ashley’s Frasers Group said on Wednesday it has increased its maximum exposure to Hugo Boss to $937 million and reiterated its support for the German fashion brand’s strategy and management team. Frasers, which was formerly called Sports Direct and is on a drive to move upmarket, said it now holds 4.9% of…
