NEW YORK (AP) — To understand the impact of surging inflation on this year’s back-to-school spending, look no further than children’s rain boots with motifs like frogs and ladybugs made by Washington Shoe Co. Spending held steady for these evergreen items even after the Kent, Washington-based business was forced to pass along 15% price increases…
BERLIN (Reuters) – Siemens’ new supervisory board is committed to doing away with the portfolio policy of the past, said influential employee representatives on the board, who added that they were opposed to further splitting up the German industrial group. Siemens AG, Siemens Mobility, and the majority stake in Siemens Healthineers are “the core of…
TOKYO (AP) — Nintendo’s profit in the April-June quarter rose 28% from a year earlier on healthy demand for its games, although its console sales were dented by a shortage of semiconductors. The Japanese video game maker behind the Super Mario and Pokemon franchises said Wednesday its profit in the last quarter totaled 118.9 billion…
BERLIN (AP) — German Chancellor Olaf Scholz inspected a mechanical turbine at the center of a natural gas dispute and declared Wednesday “there are no problems” with the part besides information from Russia’s state-controlled gas company. Russian energy giant Gazprom last week halved the amount of natural gas flowing through the Nord Stream 1 pipeline…
The OPEC oil cartel and its allies decided Wednesday to boost production in September by a much slower pace than in previous months at a time of high gasoline prices and unstable energy supplies exacerbated by Russia’s war in Ukraine. OPEC, led by Saudi Arabia, and its allies, led by Russia, said they will increase…
By Markus Wacket BERLIN (Reuters) – The German government will have to amend its energy security law again in September as its gas levy cannot yet be imposed on all consumers, including those with fixed prices contracts, government and parliamentary sources told Reuters on Wednesday. A gas levy, which had been set to come into…
By Danilo Masoni and Kevin Buckland MILAN/TOKYO (Reuters) – World stocks eased slightly on Wednesday as markets weighed risks from U.S. House Speaker Nancy Pelosi’s visit to Taiwan and comments from Federal Reserve officials talking up the chance of aggressive interest rate hikes. MSCI’s benchmark for global stocks < .MIWD00000PUS> dipped by 0.1% by 0823…
COLOMBO, Sri Lanka (AP) — Sri Lanka’s new president said Wednesday that his government is preparing a national policy roadmap for the next 25 years that aims to cut public debt and turn the country into a competitive export economy as it seeks a way out of its worst economic disaster. President Ranil Wickremesinghe in…
By Tom Sims and Marta Orosz FRANKFURT (Reuters) – Germany’s Commerzbank swung on Wednesday to a bigger-than-expected second-quarter net profit, helped by higher interest rates and commission income, and confirmed it was on track to meet its profit target despite “clouds” on the horizon. The return to profit at Germany’s No. 2 bank is a…
BEIJING (AP) — China blocked imports of citrus, fish and other foods from Taiwan in retaliation for a visit by a top American lawmaker, Nancy Pelosi, but has avoided disrupting one of the world’s most important technology and manufacturing relationships. The two sides, which split in 1949 after a civil war, have no official relations…
