The euro has fallen below parity with the dollar, diving to its lowest level in 20 years and ending a one-to-one exchange rate with the U.S. currency. It’s a psychological barrier in the markets. But psychology is important, and the euro’s slide underlines the foreboding in the 19 European countries using the currency as they…
WASHINGTON (Reuters) – The United States has added seven China-related entities, mostly related to aerospace, to its export control list, citing national security and foreign policy concerns, according to a U.S. Commerce Department notice published online on Tuesday. According to a notification posted to the Federal Register, China Aerospace Science and Technology Corporation 9th Academy…
(Reuters) – Intel Corp and Canada’s Brookfield Asset Management on Tuesday agreed to jointly fund up to $30 billion for the U.S. chipmaker’s leading-edge chip factories in Arizona. The move comes after U.S. President Joe Biden earlier this month signed the CHIPS and Science Act into law, which included provision of $52.7 billion in subsidies…
BEIJING (AP) — One of the world’s few rare earths processors outside China has bought exploration rights to mine in Greenland, opening an avenue for diversifying supplies of the minerals critical for advanced and green technologies. Rare earths are a group of minerals used in the manufacture of electric vehicles, wind turbines, electronics, robots and…
By Dhara Ranasinghe LONDON (Reuters) – The euro fell to a fresh two-decade low on Tuesday, dealt a fresh blow by renewed concern that an energy shock will keep inflation elevated and makes a recession in Europe all but certain. China’s yuan meanwhile weakened to a two-year low and sterling briefly touched its weakest since…
BERLIN (AP) — Germany’s natural gas storage facilities are now more than 80% full, showing steady progress despite a drastic reduction in deliveries from Russia amid the war in Ukraine. Gas storage in Europe’s biggest economy has reached 80.14% of capacity, according to industry figures released Tuesday. The head of Germany’s network regulator, Klaus Mueller,…
NEW YORK (AP) — Nordstrom joined Macy’s Tuesday in cutting its annual outlook for profit and sales despite second-quarter results that topped Wall Street forecasts. Both retailers are suffering from an affliction plaguing most of their competitors: A glut of unsold inventory that they’re resorting to pricing at deep discounts to move. They are also…
(Reuters) – JD.com Inc, beat Wall Street estimates for quarterly revenue on Tuesday as lockdowns in China to control the spread of the coronavirus boosted online shopping and the company’s “618” shopping event. The company reported second-quarter revenue of 267.6 billion yuan ($39.07 billion), topping analysts’ average estimate of 262.31 billion yuan, according to IBES…
(Reuters) – AMC Entertainment Holdings Inc, the movie theater operator that investors have turned into a meme stock, completed the listing of its new preferred shares on Monday, setting the stage for a potential capital raise. The novel move allows AMC to sell potentially billions of dollars worth of shares without requiring approval from its…
By Rozanna Latiff KUALA LUMPUR (Reuters) – Malaysia’s Federal Court on Tuesday upheld former prime minister Najib Razak’s guilty conviction and a 12-year jail sentence on charges related to a multi-billion dollar corruption scandal at state fund 1Malaysia Development Berhad (1MDB). Knocking back Najib’s final appeal, the country’s top court also denied his request for…
