By Selena Li HONG KONG – China’s well-heeled financial dealmakers are getting a crash course in austerity with pay cuts and perks reined in, as their state-owned employers respond to Beijing’s “common prosperity” drive, eight people with knowledge of the matter said. State-owned investment banks including China International Capital Corp (CICC) and Citic Securities have…
By Cynthia Kim SEOUL (Reuters) – South Korea’s property market has abruptly gone from sizzling hot to floundering, piling pressure on some of the world’s most debt-saddled consumers as the sector experiences the fastest interest rate hikes on record. Prices of Seoul apartments last week reported their sharpest decline in 26 months, while transaction volumes…
By Daniel Leussink TOKYO (Reuters) – Japan’s factories ramped up output at the fastest pace in more than nine years in June as disruptions due to China’s COVID-19 curbs eased, a welcome sign for policymakers hoping the economic outlook will improve. Separate data showed retail sales rose for the fourth straight month in June, supporting…
Members of the United Auto Workers union on Thursday rescinded an increase in strike pay that had been approved earlier in their annual convention. The Detroit Free Press reported that after some delegates raised concerns about the potential cost of the $500 a week strike pay, it was dropped. But a previous increase in strike…
SINGAPORE (Reuters) – Singapore’s smallest listed lender, United Overseas Bank (UOB), reported a rise of 11% in second-quarter profit, supported by a strong improvement in net interest income amid increasing interest rates. “This rising interest rate environment is set to further boost our margins for the year,” Chief Executive Wee Ee Cheong said in a…
MEXICO CITY (Reuters) -Mexican distiller Becle, better known as the parent company of the popular Jose Cuervo tequila brand, posted a 58.6% jump in second-quarter net profit on increased demand for the spirit across all regions except the United States and Canada, the company said on Thursday. Becle’s net profit rose to 1.40 billion Mexican…
NEW YORK (AP) — Amazon on Thursday reported its second-consecutive quarterly loss but its revenue topped Wall Street expectations, sending its stock sharply higher. The Seattle-based e-commerce giant also said it is making progress in controlling some of the excess costs from its massive expansion during the COVID-19 pandemic. Amazon lost $2.03 billion, or 20…
By Jane Lanhee Lee (Reuters) – Major semiconductor makers on Thursday hailed passage in the U.S. Congress of a pot of federal government money for new chip factories in the United States, and said they were moving ahead on various projects that had been stalled awaiting funding. The “Chips and Science Act” authorizes about $52…
By Stephen Nellis, Nivedita Balu and Paresh Dave (Reuters) -Apple Inc on Thursday reported profit and sales that beat Wall Street expectations, navigating parts shortages better than predicted and benefiting from unceasing demand for iPhones even as inflation has consumers tightening other spending. Shares rose 3.2% after hours following the release of the results. Apple…
By Karen Brettell and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar dropped to a six-week low against the yen on Thursday, tracking the decline in Treasury yields, after data showed the U.S. economy contracted again in the second quarter, fueling speculation that the Federal Reserve will not raise rates as aggressively as previously expected. The…
