ISTANBUL (AP) — Turkey’s central bank delivered another massive interest rate cut Thursday despite eye-popping inflation above 80%, moving the opposite way from world economies that are raising rates to control prices as the lira sunk to record lows. The Central Bank of the Republic of Turkey lowered the benchmark rate by 1 percentage point,…
By Leika Kihara TOKYO (Reuters) -Japan intervened in the currency market on Thursday for the first time since 1998 to shore up the battered yen, in the wake of the central bank’s decision to maintain ultra-low interest rates that have been driving down the currency. “We have taken decisive action (in the exchange market),” vice…
GENEVA (AP) — Switzerland’s central bank carried out the biggest hike ever to its key interest rate Thursday, following the U.S. Federal Reserve and other central banks around the world in aggressive moves to clamp down on inflation. The Swiss National Bank could not rule out that further increases beyond the rise of three-quarters of…
LONDON (AP) — The Bank of England raised its key interest rate Thursday by another half-percentage point to the highest level in 14 years, but despite facing inflation that outpaces other major economies, it avoided more aggressive hikes made by the U.S. Federal Reserve and other central banks. It is the Bank of England’s seventh…
TOKYO (Reuters) -Honda Motor Co said on Thursday it would reduce car output by up to 40% at two Japanese plants in early October because of ongoing supply chain and logistical problems. The cutback provides further evidence of problems automakers likely face in trying to increase production volumes in the second half of the financial…
By Ardee NAPOLITANO and Sybille de La Hamaide BOUVINES, France (Reuters) – Emmanuel Lefebvre produces thousands of tonnes of endives on his farm in northern France annually, but this year he may abandon his crop because of the crippling energy costs required to freeze the harvested bulbs. Across northern and western Europe, vegetable producers are…
BEIJING (AP) — Asian stocks fell for a third day Friday after more rate hikes by the Federal Reserve and other central banks to control persistent inflation spurred fears of a possible global recession. Shanghai, Hong Kong, Seoul and Sydney declined. Oil prices edged lower. Japanese markets were closed for a holiday. Wall Street’s benchmark…
ZURICH (Reuters) -Novartis unveiled a new strategy on Thursday based on eight big drug brands as the pharmaceuticals maker reshapes itself following the decision to spin off its underperforming generics business Sandoz. Ahead of an investor event, the Swiss company said the currently in-market brands – Cosentyx, Entresto, Zolgensma, Kisqali, Kesimpta, Leqvio, Pluvicto and Scemblix…
DETROIT (AP) — Some Hyundai and Kia cars and SUVs are missing a “key” anti-theft device, and thieves know. An insurance industry group says these cars are stolen at nearly twice the rate of the rest of the auto industry because their keys lack computer chips for theft “immobilizer” systems. The thefts apparently started in…
HONG KONG (Reuters) -The Hong Kong Monetary Authority (HKMA) on Thursday raised its base rate charged through the overnight discount window by 75 basis points (bps) to 3.5%, hours after the U.S. Federal Reserve delivered a rate hike of the same margin. HSBC said it would raise its best lending rate in Hong Kong by…
