SINGAPORE (Reuters) -Demand from Europe and the United States has become a key driver of global metal prices, along with that from China, as a rise in electrification in those regions boosts appetite for metals, Trafigura’s executive chairman said at a summit in Singapore. Jeremy Weir told the FT Commodities Asia Summit on Wednesday that…
WELLINGTON, New Zealand (AP) — New Zealand’s central bank hiked interest rates Wednesday by a record amount as it tries to get inflation under control. The Reserve Bank of New Zealand increased its benchmark rate by three-quarters of a point to 4.25%. It’s the first time the bank has raised rates by more than a…
BEIJING (Reuters) – China’s market regulator on Wednesday approved 20 merger and acquisition transactions without conditions, including INEOS Co.’s acquisition of Shanghai SECCO Petrochemical’s stake, according to a statement on its website. In July, China’s Sinopec Corp announced a string of deals with UK-based chemicals and energy group INEOS, including the sale of a 50% stake…
By Chen Lin SINGAPORE (Reuters) -Singapore on Wednesday forecast its economic growth would slow in 2023 amid persistent inflation and global pressures that would hit demand for the city-state’s outward-oriented industries like trade and finance. Gross domestic product (GDP) is expected to rise by 0.5% to 2.5% next year, the Ministry of Trade and Industry…
NEW YORK (AP) — Donald Trump reported losses on his tax returns every year for a decade, including nearly $700 million in 2009 and $200 million in 2010, his longtime accountant testified Tuesday, confirming long-held suspicions about the former president’s tax practices. Donald Bender, a partner at Mazars USA LLP who spent years preparing Trump’s…
By Uday Sampath Kumar and Hilary Russ (Reuters) -High-end iPhones will be in short supply at stores this holiday season, Best Buy Co Inc said on Tuesday, following a warning from Apple Inc this month that China’s zero-COVID policy was squeezing production at a key factory. The supply issues are expected to significantly hurt the…
By Dietrich Knauth, Tom Hals and Tom Wilson NEW YORK/LONDON (Reuters) – FTX was run as a “personal fiefdom” of former CEO Sam Bankman-Fried, attorneys for the collapsed crypto exchange said in its first bankruptcy hearing as they detailed ongoing challenges such as hacks and substantial missing assets. In the highest-profile crypto blowup to date,…
By Timothy Gardner, Daphne Psaledakis and David Lawder WASHINGTON (Reuters) -The Group of Seven nations should soon announce the price cap on Russian oil exports and the coalition will probably adjust the level a few times a year rather than monthly, a senior U.S. Treasury official said on Tuesday. The G7, including the United States,…
(Reuters) -HP Inc said on Tuesday it expects to reduce its global headcount by about 4,000 to 6,000 by the end of fiscal 2025. The PC maker estimates it will incur about $1.0 billion in labor and non-labor costs related to restructuring and other charges, with nearly $0.6 billion in fiscal 2023 and the rest…
(Reuters) – The Federal Reserve may need to raise interest rates to a higher level and hold them there for longer in order to successfully moderate consumer demand and bring down high inflation given the amount of spare savings households still hold since the pandemic, Kansas City Fed President Esther George said on Tuesday. “The…
