TOKYO (Reuters) – Asia’s factories struggled for momentum in July as China’s strict COVID restrictions and flagging global demand slowed production, although early signs red-hot inflation may be peaking provided some optimism for firms squeezed by prices. A series of purchasing managers’ indexes (PMI) for July released on Monday showed new orders falling in the…
By Wayne Cole SYDNEY (Reuters) – Asian shares were sluggish on Monday as disappointing Chinese economic data fed doubts Wall Street’s rally could be sustained, while the dollar continued its retreat on the yen as speculators were forced out of suddenly unprofitable short positions. China’s official measure of factory activity contracted in July as fresh…
By David Kirton SHENZHEN, China (Reuters) – On a busy downtown street three delivery bikes suddenly dart over the pedestrian crossing ahead of the car. On the car’s dashboard they look like small 3D blue blocks from a 1990s video game. The steering wheel turns itself a notch and the vehicle slows to a gentle…
By Wayne Cole SYDNEY (Reuters) – Asian share markets got off to a slow start on Monday as disappointing Chinese economic data fed doubts last week’s rally on Wall Street could be sustained in the face of determined policy tightening by global central banks. China’s factory activity actually contracted in July as fresh virus flare-ups…
By Wayne Cole SYDNEY (Reuters) – Australian home prices slid for a third month in July and the pace quickened as Sydney suffered its worst decline in almost 40 years amid rising borrowing costs and a cost-of-living crisis. Figures from property consultant CoreLogic out on Monday showed prices nationally fell 1.3% in July from June…
(Reuters) – OPEC’s new secretary general said that Russia’s membership in OPEC+ is vital for the success of the agreement, Kuwait’s Alrai newspaper reported on Sunday, quoting an exclusive interview with Haitham al-Ghais. Al-Ghais added that OPEC is not in competition with Russia, which he called “a big main player in the world energy map”,…
HONG KONG (Reuters) – Struggling developer China Evergrande Group said on Sunday that one of its subsidiaries, Evergrande Group (Nanchang) Co, Ltd, had been ordered to pay a guarantor 7.3 billion yuan ($1.08 billion) for failing to honour its debt obligations. In July 2021, the guarantor, who was not named in the statement, provided a…
BERLIN (Reuters) – Pilots at German flagship carrier Lufthansa voted on Sunday by a margin of 97.6% in favour of industrial action, threatening further disruption during the busy summer travel season. Strikes and staff shortages have already forced airlines including Lufthansa to cancel thousands of flights and caused hours-long queues at major airports, frustrating holidaymakers…
By Gergely Szakacs BUDAPEST (Reuters) – The Hungarian forint’s slide following Russia’s invasion of Ukraine is leading some Hungarians to embrace the euro instead of the local currency, which has lost more than half of its value since Prime Minister Viktor Orban took power in 2010. Like fellow European Union members Poland, Czech Republic or…
JAKARTA (Reuters) – Indonesia temporarily opened access to online payment firm PayPal to allow users to access their money, a senior official said on Sunday, after the country’s blocking of some online services and games sparked an outcry. The Indonesian communication ministry on Saturday blocked PayPal, search engine website Yahoo, and several gaming services due…
