By Florence Tan SINGAPORE (Reuters) -Oil prices recovered on Thursday from a steep drop in the previous session, supported by tight oil supply and peak summer consumption, after a hefty U.S. rate hike sparked fears of slower economic growth and less fuel demand. Brent crude futures rose 86 cents, or 0.7%, to $119.37 a barrel…
BEIJING (AP) — Asian stock markets were mostly lower Friday after Wall Street fell on fears interest rate hikes will depress global economic activity. Tokyo, Seoul and Sydney fell. Shanghai and Hong Kong advanced. Oil prices edged lower but stayed above $115 per barrel. Wall Street’s benchmark S&P 500 index tumbled 3.3% after Britain’s central…
OSLO (Reuters) -Norway’s $1.2 trillion wealth fund put Malaysia’s Supermax Corp under observation for two years on Wednesday, citing unacceptable risk that the company contributes to serious violations of human rights. “The Executive Board has made the assessment that the company’s announced measures to improve living and working conditions for migrant workers leave uncertainty about…
By Caroline Valetkevitch NEW YORK (Reuters) – Concerns are growing that U.S. corporate earnings are increasingly at risk from dizzying inflation, a strong dollar and rising interest rates, complicating the outlook for investors already reeling from the S&P 500’s bear market confirmation earlier this week. While second-quarter profit growth forecasts have fallen in recent weeks,…
HONG KONG (Reuters) – HSBC Holdings said on Thursday it will leave its best lending rate unchanged in Hong Kong at 5% despite the city’s central bank raising the base rate. The Hong Kong Monetary Authority (HKMA) on Thursday raised its base rate charged through the overnight discount window by 75 basis points to 2%,…
(Reuters) -Abbott Laboratories said on Wednesday it has stopped production of its EleCare specialty formula after severe storms in southwestern Michigan flooded areas of its plant in Sturgis, Michigan. The company, which has notified the U.S. Food and Drug Administration, said the incident will likely delay production and distribution of the infant formula for a…
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…
