By Alex Lawler LONDON (Reuters) -Oil steadied on Friday as investors weighed the impact of sharp interest rate rises on energy consumption, offsetting hopes of higher Chinese demand and output cuts by OPEC and its allies. To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep raising its short-term…
TikTok’s algorithms are very good at finding videos to keep people glued to their phone screens for hours on end. What they are not so good at, a new report has found, is detecting ads that contain blatant misinformation about U.S. elections. That’s despite TikTok having banned all political advertisements from its platform in 2019….
SHANGHAI (Reuters) – China’s yuan fell on Friday to its weakest level against the dollar since the global financial crisis of 2008, despite attempts by major state-owned banks to stabilise the market. Sources told Reuters that state banks sold dollars in the onshore foreign exchange market to prevent the spot price from weakening past the…
By Alex Lawler LONDON (Reuters) -Oil slipped on Friday and was heading for a second weekly decline as investors weighed the impact of sharp interest rate rises on energy consumption, offsetting hopes of higher Chinese demand and output cuts by OPEC and its allies. To fight inflation, the U.S. Federal Reserve is trying to slow…
FRANKFURT (Reuters) – The dozens of staff to be cut at Deutsche Bank’s investment bank include staff based in Britain, a person with knowledge of the matter said on Friday. Reuters reported on Thursday that Deutsche Bank has cut staff in origination and advisory segments of its investment banking unit, as a pullback in financing…
Wall Street capped a volatile run for stocks with a broad rally Friday, contributing to sizable weekly gains for major indexes. The S&P 500 rose 2.4% and notched its biggest weekly gain since June. The Dow Jones Industrial Average rose 2.5% and the Nasdaq composite ended 2.3% higher. More than 90% of the stocks in…
By Akash Sriram and Hyunjoo Jin (Reuters) – Tesla Chief Executive Elon Musk said on Friday he thinks a recession will last until the spring of 2024, after earlier saying “a recession of sorts” in China and Europe was weighing on demand for its electric cars. “Just guessing, but probably until spring of ’24,” Musk…
By Gilles Guillaume PARIS (Reuters) -Renault on Friday said its sales rose to 9.8 billion euros ($9.57 billion) in the third quarter, in line with analyst expectations, as price increases allowed the firm to generate revenue growth despite a fall in car sales from the previous year. Overall group revenues grew by 20.5% when adjusted…
By Paul Lienert (Reuters) – The world’s top automakers are planning to spend nearly $1.2 trillion through 2030 to develop and produce millions of electric vehicles, along with the batteries and raw materials to support that production, according to a Reuters analysis of public data and projections released by those companies. The EV investment figure,…
By Leika Kihara TOKYO (Reuters) – The yen tumbled past the key psychological level of 150 to the dollar for the first time since 1990, defying Japanese policymakers’ repeated threats of intervention to address excessive currency market volatility. Below are details on how Japanese policymakers could respond: WHAT HAPPENED SINCE JAPAN’S LAST YEN-BUYING INTERVENTION? Japan…
