DUBAI (Reuters) – Electric carmaker Tesla will reduce its salaried workforce by roughly 10% over the next three months, Chief Executive Elon Musk said on Tuesday. The cuts would amount to about a 3.5% reduction in total headcount at the company, Musk said at the Qatar Economic Forum organised by Bloomberg. (Reporting by Andrew Mills,…
A look at the day ahead in markets from Dhara Ranasinghe. Last week’s market turmoil that sparked the biggest weekly drop in world stocks since March 2020, has given way to a degree of calm. But don’t bet on it lasting. In short, until there are clear signs that inflation in major economies is coming…
By Alun John HONG KONG (Reuters) – The Australian dollar edged up a fraction after remarks from the central bank governor pointing to more rate hikes down under, but fears of slowing global growth capped gains, while the Japanese yen retested a 24-year low. More broadly, investors in currency markets remain heavily focused on central…
By Md Manzer Hussain BENGALURU (Reuters) -The Philippine central bank will raise rates by a modest 25 basis points for a second straight meeting in June, opting to move more slowly than its global peers in an attempt to cool soaring inflation, a Reuters poll forecast. With the economy in the Southeast Asian nation recovering…
By Lisa Pauline Mattackal and Medha Singh (Reuters) – Crypto lending may not be down and out, but it’s certainly on the ropes. Crypto lenders have boomed over the past two years, attracting tens of billions of dollars in bitcoin, ether and other coins which they in turn lent out or invested, often in decentralized…
(Reuters) – Babel Finance, the Hong Kong-based crypto lender which suspended withdrawals and redemption of crypto assets on Friday, said it has reached an agreement with counterparties on the repayment of some debts to ease short-term liquidity. Cryptocurrency valuations have plunged in recent weeks as investors dump risky assets in a rising interest rate environment….
(Reuters) – A record 42 million people around the United States are expected to hit the road for trips over the July 4 Independence Day weekend, AAA said Tuesday, absorbing historically high fuel costs to crowd the highways. The average U.S. retail price of gasoline recently broke through $5 per gallon for the first time…
TOKYO (AP) — Asian shares were mostly lower Wednesday as markets shrugged off a Wall Street rally and awaited congressional testimony by Federal Reserve Chair Jerome Powell. Japan’s benchmark Nikkei 225 shed 0.2% to 26,206.68. Australia’s S&P/ASX 200 lost 0.2% to 6,508.40. South Korea’s Kospi lost 1.7% to 2,367.78. Hong Kong’s Hang Seng dipped 1.1%…
HONG KONG (Reuters) -China Evergrande Group said it expects to announce its preliminary restructuring plan before the end of July, sticking to its original deadline as the world’s most indebted property developer struggles to emerge from its financial crisis. Reeling under more than $300 billion in liabilities, the firm’s offshore debt is deemed to be…
By Selena Li HONG KONG (Reuters) – Asian stocks and U.S. share futures turned higher on Tuesday as the market took stock after a recent steep selloff, but concerns remain that aggressive central bank rate hikes to curtail inflation could spark a global recession. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.85% in…
