Asian markets skidded lower on Wednesday after Wall Street fell the most since June 2020 as a report showed inflation has kept a surprisingly strong grip on the U.S. economy. Tokyo’s benchmark Nikkei 225 lost 2.8% in early trading Wednesday, to 27,816.58, while Sydney’s S&P/ASX 200 declined 2.5% to 6,834.80. In Seoul, the Kospi lost…
By Fanny Potkin, Eduardo Baptista and Tony Munroe SINGAPORE/BEIJING (Reuters) – Even as China bars 1.4 billion citizens from Twitter, its local authorities are splurging on global advertising on the site, helping make the country the platform’s fastest-growing overseas ad market and one of its largest non-U.S. revenue sources. A Reuters review of publicly available…
By Stephanie Kelly and Isabel Kua SINGAPORE (Reuters) -Oil prices fell in volatile trade on Tuesday as investor concerns about lower demand in China, the world’s biggest crude importer, and further increases in U.S. and European interest rates offset worries about tight fuel supplies ahead of winter. Brent crude slid 34 cents, or 0.4%, to…
BEIJING (AP) — President Xi Jinping is using his first trip abroad since the start of the pandemic to promote China’s strategic ambitions at a summit with Russia’s Vladimir Putin and other leaders of a Central Asian security group. The Chinese leader is promoting a “Global Security Initiative” announced in April following the formation of…
WASHINGTON (AP) — Lower gas costs slowed U.S. inflation for a second straight month in August, but most other prices across the economy kept rising — evidence that inflation remains a heavy burden for American households. Consumer prices rose 8.3% from a year earlier and 0.1% from July. But the jump in “core” prices, which…
NEW YORK (Reuters) – Bank of America Corp expects a “big bump” in the income it earns from rising interest rates, its chief executive officer told investors at a conference on Monday. “We’re going to get a big bump in NII,” Brian Moynihan said, referring to net interest income, a closely watched measure of how…
By Tom Westbrook SINGAPORE (Reuters) – Asian stocks rose on Tuesday as traders in Korea returned from holidays in a mood to catch up on a global bounce, while other markets held steady ahead of U.S. inflation data that will offer a crucial guide to the interest rate outlook. Wall Street indexes posted a fourth…
BEIRUT (AP) — Lebanon’s central bank lifted its remaining subsidies on fuel on Monday, gas station owners said, ending a year-long process of scaling back on the expensive program. The Central Bank over a year ago announced it would gradually lift fuel subsidies, to slow down the draining of its foreign exchange reserves. Fuel subsidies…
DUBAI, United Arab Emirates (AP) — A Dubai court ruled on Monday that a British man suspected of masterminding a $1.7 billion tax scheme cannot be extradited to Denmark to face charges. The decision in the high-profile case grants the hedge fund trader, Sanjay Shah, a victory against Danish authorities who sought him for his…
MEXICO CITY (Reuters) – Workers at Volkswagen’s main Mexico plant voted Monday to approve a deal for 9% wage raises, after snubbing the proposal twice last month. Volkswagen de Mexico last week agreed to backdate the proposed wage increase by an extra month in a bid to secure workers’ approval. The agreement between the company…
