By Jeslyn Lerh and Laura Sanicola (Reuters) -Oil prices struggled to find their footing in Asian trade on Thursday after easing in the previous session on the back of a weakening global demand outlook. Brent crude futures dropped 7 cents, or 0.1%, to $92.38 a barrel by 0310 GMT. U.S. West Texas Intermediate crude was…
By Jane Lanhee Lee, Karen Freifeld and Alexandra Alper OAKLAND, Calif./NEW YORK (Reuters) -The U.S. is scrambling to tackle unintended consequences of its new export curbs on China’s chip industry that could inadvertently harm the semiconductor supply chain, people familiar with the matter said. Hours before a new restriction took effect, South Korean memory chipmaker…
TOKYO (Reuters) – Shares in Toshiba Corp jumped about 9% in early trading on Thursday following a report that a domestic-led consortium is looking to buy the Japanese conglomerate for 2.8 trillion yen ($19.1 billion). News agency Kyodo reported on Wednesday that a group of firms led by Japan Industrial Partners, a domestic private equity…
By Davide Barbuscia and Lewis Krauskopf (Reuters) – Signs of stress are growing in the global financial system, sparking worries over everything from contagion between markets to ruptures in financial products. The concerns come as central banks around the world furiously tighten monetary policy in their fight to tame inflation, creating an environment investors and…
By Sinéad Carew (Reuters) – Think about something novel you started doing two-and-a-half years ago to make life easier during the COVID lockdown and chances today are that there is a related story about a stock market casualty. Add investor worries about soaring inflation and an economic slowdown that tipped Wall Street into a bear…
By Leika Kihara WASHINGTON (Reuters) -Finance leaders of the Group of Seven advanced economies said on Wednesday they will closely monitor “recent volatility” in markets, and reaffirmed their commitment that excessive exchange-rate moves were undesirable. “Recognising that many currencies have moved significantly this year with increased volatility, we reaffirm our exchange rate commitments as elaborated…
NEW YORK (AP) — The federal labor board has scheduled a November vote on a petition from Home Depot workers in Philadelphia to form what could be the first storewide union at the world’s largest home improvement retailer. The National Labor Relations Board said Wednesday the vote will take place Nov. 2 at the Philadelphia…
NEW YORK (Reuters) – Bank of America Corp Chief Executive Officer Brian Moynihan said U.S. consumers are still in good financial health. “Right now, they’re in very good shape,” Moynihan told attendees at an Institute of International Finance conference in Washington. He cited high savings rates, strong credit quality, and a 10% increase in consumer…
(Reuters) – The average interest rate on the most popular U.S. home loan rose to its highest level since 2006 as the housing sector continued to bear the brunt of tightening financial conditions, data from the Mortgage Bankers Association (MBA) showed on Wednesday. Mortgage rates have more than doubled since the beginning of the year…
WASHINGTON (AP) — U.S. Treasury Secretary Janet Yellen sought Wednesday to project confidence in the U.S. financial outlook while pledging vigilance in responding to “risks on the horizon.” She is offering that message as global finance leaders gather in Washington to discuss the increasingly dismal view of the global economy. “Our economy remains resilient in…
