AMSTERDAM (AP) — The European Central Bank will raise interest rates next month for the first time in 11 years and add another hike in September, catching up with other central banks worldwide as they pivot from supporting the economy during the COVID-19 pandemic to squelching soaring inflation. The surprise move Thursday marks a turning…
LISBON, Portugal (AP) — Almost the whole of Portugal was in severe drought at the end of May, the country’s weather service said Thursday. The month of May was the hottest in the southern European country for the last 92 years, weather service IPMA said in its monthly climate report. The average temperature of just…
ATHENS (Reuters) – Greece on Thursday urged state entities to reduce use of air conditioning, install window shields and shut computers after working hours, to help cut electricity consumption and set an example for the rest of the country. Greece has been subsidising households since September to help consumers cope with ballooning power bills amid…
DUBAI, United Arab Emirates (AP) — A major free zone operator in Dubai owned by the sheikhdom’s ruler said Thursday it would make an initial public offering on the local stock market, the latest state asset to list in an effort to boost the city-state’s bourse. The TECOM Group, whose 10 holdings include Dubai Internet…
SHANGHAI (Reuters) – Production at Tesla Inc’s Shanghai factory is on track to fall by over a third this quarter from the first three months of the year as China’s zero-COVID lockdowns caused deeper disruptions to output than Elon Musk had predicted. The U.S. automaker is aiming to make more than 71,000 vehicles at its…
MILAN (Reuters) – Credit Suisse shares fell on Thursday on growing skepticism of a takeover offer from U.S. financial giant State Street after a media report on Wednesday boosted the heavily-shorted stock from a near 20-year low. Responding to an Inside Paradeplatz report that U.S.-based group was planning a takeover bid, State Street said overnight…
SHANGHAI (Reuters) – U.S. electric vehicle maker Tesla sold 32,165 China-made vehicles in May, including 22,340 for export, the China Passenger Car Association (CPCA) said on Thursday. Tesla’s Shanghai factory produced 33,544 vehicles in May, up 212% from April, the association added. CPCA also passenger car sales in May in China totalled 1.37 million, down…
BEIJING (Reuters) – Removing all additional tariffs on Chinese goods would benefit China, the United States and the world, China’s commerce ministry said on Thursday, after U.S. Treasury Secretary Janet Yellen said the Biden administration was looking to “reconfigure” tariffs. “We have noticed the recent U.S. remarks on considering cutting additional tariffs on Chinese imports….
By Balazs Koranyi and Francesco Canepa FRANKFURT (Reuters) -The European Central Bank will pull the plug on years of stimulus on Thursday and signal a string of rate hikes to fight surging inflation, leaving markets only to guess the size and speed of policy tightening. With inflation at a record-high 8.1% and broadening quickly, the…
BANGKOK (AP) — Shares were mostly lower in Asia on Friday, with only Shanghai rising, after stocks tumbled on Wall Street on expectations central banks will double down on battling inflation with interest rate hikes. Tokyo’s Nikkei 225 index lost 1.3% to 27,881.78 while the Kospi in Seoul shed 1.2% to 2,593.60. In Australia, the…
