By Howard Schneider, Ann Saphir and Cynthia Kim JACKSON HOLE, Wyo./SEOUL (Reuters) – Bank of Korea Gov. Rhee Chang-yong said Saturday interest rates would need to continue increasing until inflation is in decline, but the country likely could not call a halt to its tightening cycle before the U.S. Federal Reserve. Dollar appreciation driven by…
By Marek Strzelecki and Kuba Stezycki WARSAW/BOGDANKA (Reuters) – In Poland’s late summer heat, dozens of cars and trucks line up at the Lubelski Wegiel Bogdanka coal mine, as householders fearful of winter shortages wait for days and nights to stock up on heating fuel in queues reminiscent of communist times. Artur, 57, a pensioner,…
MOSCOW (Reuters) -Dell Technologies Inc. said on Saturday it had ceased all Russian operations after closing its offices in mid-August, the latest in a growing list of Western firms to exit Russia. The U.S. computer firm, a vital supplier of servers in Russia, has joined others in curtailing operations since Moscow sent tens of thousands…
By Balazs Koranyi JACKSON HOLE, Wyo. (Reuters) -Central banks around the world risk losing public trust and must now act forcefully to combat inflation, even if that drags their economies into a recession, European Central Bank board member Isabel Schnabel said on Saturday. Inflation is close to double-digit territory in many of the world’s top…
JACKSON HOLE, Wyo. (Reuters) – The European Central Bank needs to act forcefully to combat inflation and preserve the public’s trust, which now appears to be waning, ECB board member Isabel Schnabel said on Saturday. “Both the likelihood and the cost of current high inflation becoming entrenched in expectations are uncomfortably high,” she told the…
JACKSON HOLE, Wyo. (Reuters) – The European Central Bank (ECB) needs another significant interest rate hike in September and should hit the “neutral” level before the end of the year, French central bank chief Francois Villeroy de Galhau said on Saturday. The ECB raised rates by 50 basis points to zero in July to fight…
SACRAMENTO, Calif. (AP) — Since she came to California from Mexico 24 years ago, Maria Bernal has been supporting her family by often working two jobs at fast food restaurants. But she says she wound up living in a small Kia with her two youngest children, then ages 3 and 15, for six months after…
JACKSON HOLE, Wyo. (Reuters) – Central banks will fail to control inflation and could even push price growth higher unless governments start playing their part with more prudent budget policies, according to a study presented to policymakers at the Jackson Hole conference in the United States. Governments around the world opened their coffers during the…
JACKSON HOLE, Wyoming (AP) — When Diane Swonk first attended the Federal Reserve’s annual economic conference in Jackson Hole in the late 1990s, there was a happy hour for women who attended the event. It barely filled a single table. Now, the “Women at Jackson Hole” happy hour draws dozens of female economists and high-level…
(Reuters) – Abbott Laboratories has restarted production of its Similac infant formula at the plant in Sturgis, Michigan at the center of the U.S. baby formula shortage. Abbott, the biggest U.S. supplier of baby formula, in February recalled Similac and other infant formula products produced at the Michigan facility after reports of bacterial infections in…
