SHANGHAI (Reuters) -China’s onshore yuan extended losses on Wednesday to end the domestic session at its lowest level against the dollar since the global financial crisis of 2008, while the offshore yuan hit a record low, pressured by expectations of more U.S. rate hikes. Currency traders said the yuan was reacting to broad greenback strength…
BERLIN (Reuters) -Consumer morale was down across the euro zone’s three largest economies as high inflation shows no sign of relenting heading into winter, according to surveys on Wednesday. German consumer morale is projected to hit a new record low for the fourth consecutive month heading into October, according to the GfK institute, which said…
YOKOSUKA, Japan (AP) — Standing on the deck of an American destroyer at a naval base here on Wednesday, Vice President Kamala Harris directly challenged China by accusing it of “disturbing behavior” and “provocations” around Taiwan. Harris said the United States would in response “deepen our unofficial ties” to the disputed island that China views…
LONDON (AP) — The Bank of England took emergency action Wednesday to stabilize U.K. financial markets and head off a crisis in the broader economy after the government spooked investors with a program of unfunded tax cuts, sending the pound tumbling and the cost of government debt soaring. The central bank warned that crumbling confidence…
BEIJING (AP) — China’s yuan fell to a 14-year low against the dollar Wednesday despite central bank efforts to stem the slide after U.S. interest rate hikes prompted traders to convert money into dollars in search of higher returns. A weaker yuan helps Chinese exporters by making their goods cheaper abroad, but it encourages capital…
BERLIN (Reuters) – Mercedes-Benz Trucks and Hegelmann Group have signed a letter of intent for the order of 50 battery-electric long-haul trucks, which are to be delivered to Hegelmann with the start of series production in 2024, a company statement said on Wednesday. The eActros LongHaul model, which will have a range of around 500…
LONDON (Reuters) -Burberry Group has appointed Daniel Lee as its new chief creative officer, replacing Riccardo Tisci, who is stepping down after presenting his final runway show for the British luxury brand on Monday. Lee was creative director at Italy’s Bottega Veneta from 2018 to 2021, and has previously worked at Celine, Maison Margiela, Balenciaga…
BEIJING (AP) — Asian stock markets followed Wall Street higher Thursday after Britain’s central bank moved forcefully to stop a budding financial crisis. Market benchmarks in Hong Kong, Seoul and Sydney added more than 1%. Shanghai and Tokyo also rose. Oil prices edged lower after jumping by more than $3 per barrel the previous day….
DETROIT (AP) — U.S. Securities regulators are unlawfully muzzling Tesla CEO Elon Musk, violating his free speech rights by continually trying to enforce a 2018 securities fraud settlement, Musk’s lawyer contends in a court brief. The document, filed late Tuesday with the federal appeals court in Manhattan, was written to support Musk’s appeal of a…
By Rae Wee SINGAPORE (Reuters) – Nervous financial markets propelled the safe-haven dollar to a fresh two-decade peak on Wednesday as rising global interest rates fed recession worries, while sterling languished near all-time lows on fears over Britain’s radical tax cut plans. The U.S. dollar index against a basket of major currencies rose about 0.5%…
