BRUSSELS (AP) — European Union nations struggled to find full consensus Friday on ways to shield the population from dramatically increasing energy prices that threaten to plunge millions into cold and poverty over the winter as Russia chokes off natural gas supplies. As tensions with Moscow mount over the war in Ukraine, the energy ministers…
(Reuters) -The European Central Bank must keep raising interest rates, prioritising its fight over painfully high inflation, even if that comes at a cost to growth, European Central Bank policymakers said on Friday. The ECB raised rates by an unprecedented 75 basis points on Thursday just weeks after a 50 basis point move and promised…
BERLIN (Reuters) -Porsche said on Friday it and Red Bull were terminating talks about the possibility of Porsche’s entry into Formula One. “The two companies have now jointly come to the conclusion that these talks will no longer be continued,” Porsche AG said in a statement. Volkswagen’s former chief Herbert Diess said in May that…
SINGAPORE (Reuters) – Bitcoin surged past the $20,000 barrier and was eyeing its best day in six weeks on Friday as the U.S. dollar fell broadly and markets found reasons to be cheerful at the end of a dour week. Bitcoin, the biggest cryptocurrency by market value, rose more than 7% to $20,796, a two-week…
By Kantaro Komiya and Tetsushi Kajimoto TOKYO (Reuters) -Bank of Japan Governor Haruhiko Kuroda said rapid yen moves were undesirable after a meeting with Prime Minister Fumio Kishida on Friday, joining a chorus of policymakers lobbing verbal warnings over the currency’s recent sharp drop to 24-year lows. “Sharp currency moves are undesirable as they destabilise…
Wall Street added to its recent gains Friday with a broad rally that broke the market’s three-week losing streak. The S&P 500 closed 1.5% higher, its third straight increase, and ended with a 3.7% gain for the week. That makes it the benchmark index’s best week going back to July. Big gains for technology companies…
By Rae Wee SINGAPORE (Reuters) – The dollar recoiled from recent peaks in Asia on Friday as a hawkish rate hike from the European Central Bank lifted the euro and investors looked to U.S. inflation data early next week. Profit-taking after a sharp extension of the dollar’s long rally also took hold and the pullback…
By Kantaro Komiya TOKYO (Reuters) – Japan likely recorded its biggest trade deficit in more than nine years in August as the yen’s plunge to 24-year-lows swelled import costs, a Reuters poll showed on Friday. The sharp slump in the yen has triggered fresh verbal warnings from Japanese policymakers this week, while economists have said…
By Sonali Paul and Jeslyn Lerh SINGAPORE (Reuters) -Oil prices rose on Friday as investors considered Russia’s threat to halt oil and gas exports to some buyers, but crude was set for a second straight weekly decline as central banks’ aggressive rate hikes and China’s COVID-19 curbs weighed on demand. Brent crude futures rose 27…
MEXICO CITY (Reuters) – Candy maker Hershey Co will spend $90 million to open two new production lines in a Mexican plant in the northern border state of Nuevo Leon, the state said in a statement Thursday. The expansion of the plant will increase output by 25%, according to the release issued after an event…
