(Reuters) -Amazon.com Inc has started reducing the number of items it sells under its own brands amid weak sales, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The company has also discussed the possibility of exiting the private-label business entirely to alleviate regulatory pressure, the report added. Amazon, however, said…
By Kevin Buckland TOKYO (Reuters) – The dollar hovered below a near two-decade high in Asian trading on Friday, having slipped overnight after two Federal Reserve policymakers said they favored a smaller rate rise than the 100 basis-points that investors were betting on. The dollar index, which measures the currency versus six counterparts, edged 0.07%…
BEIJING (AP) — China’s economy contracted in the three months ending in June compared with the previous quarter after Shanghai and other cities shut down to fight coronavirus outbreaks, but the government said a “stable recovery” is under way after businesses reopened. The world’s second-largest economy shrank by 2.6%, down from the January-March period’s already…
ISLAMABAD (AP) — The International Monetary Fund said Thursday it has reached a preliminary agreement with Pakistan to revive a $6 billion bailout package for this impoverished, majority Muslim nation struck by a serious economic crisis since last year. Pakistan and the IMF originally signed the accord in 2019. But the release of a slightly…
By Laura Sanicola (Reuters) – Oil prices rose in early Asian trading on Friday amid uncertainty around how aggressive the U.S. Federal Reserve will be in hiking interest rates to combat rampant inflation. Brent crude futures for September delivery rose 80 cents, or 0.8%, to $99.90 a barrel by 0007 GMT, while WTI crude rose…
By Johan Ahlander and Anna Ringstrom STOCKHOLM (Reuters) -SAS and pilot unions failed again on Thursday to agree on a deal to end a crippling strike that the airline said threatened its ability to access bridge financing without which it may be forced to radically downsize or could collapse. SAS and the unions were locked…
(Reuters) – Warner Bros. Discovery Inc has extended contracts of its finance and strategy chiefs, the media company revealed in a filing on Thursday. Chief Financial Officer Gunnar Wiedenfels will stay with the company until July 2026, whereas Chief Revenue and Strategy Officer Bruce Campbell’s contract was extended to July 2025. (https://bit.ly/3uOVhXe) Campbell, along with…
WASHINGTON (AP) — The Federal Reserve’s inspector general concluded Thursday that financial trades made several years ago by Chair Jerome Powell and Richard Clarida, then the vice chair, did not violate any laws or ethics rules. “We did not find evidence to substantiate the allegations that former Vice Chair Clarida or you violated laws, rules,…
(Reuters) – Celsius Network listed a $1.19 billion hole in its balance sheet in a Thursday filing in a Manhattan bankruptcy court, a day after the cryptocurrency lender filed for Chapter 11 bankruptcy. The company also said it had $40 million in claims against Singapore-based Three Arrows Capital, a crypto hedge fund that filed for…
By Katanga Johnson WASHINGTON (Reuters) – Global equity markets edged lower on Thursday and oil slipped while the safe-haven dollar rose after the latest red-hot U.S. inflation reading heightened investor fears about Federal Reserve interest rate hikes and a possible recession. Wednesday’s data showed U.S. consumer prices jumped 9.1% year-on-year in June, up from May’s…
