Shares fell in Asia on Wednesday after Wall Street declined on fears the Federal Reserve will need to keep the brakes on the economy to get inflation under control, risking a sharp recession. Oil prices were mixed. Tokyo’s Nikkei 225 index slipped 0.6% to 27,727.53 and the Kospi in Seoul gave up 0.2% to 2,388.95….
BERLIN (Reuters) – Mercedes-Benz is to double production capacity for electric motors to 1 million units at its Untertuerkheim plant, which has traditionally focused on combustion engines, WirtschaftsWoche magazine reported on Tuesday. The German carmaker’s management and works council struck an agreement on restructuring the site in southwestern Germany, which also foresees a 20% reduction…
By Anshuman Daga SINGAPORE (Reuters) – Asian stocks logged their sharpest declines in two weeks but the dollar held on to gains following strong U.S. data that again suggested the Federal Reserve might stick longer with aggressive interest rate increases. While investors stayed hopeful of China’s economy improving with the easing of the country’s zero-COVID…
By Stephanie Kelly and Muyu Xu (Reuters) -Oil rebounded on Tuesday after plunging by more than 3% in the previous session, as the implementation of sanctions on Russian seaborne crude oil eased concerns about oversupply while the relaxing of China’s COVID curbs bolstered the demand outlook. Brent crude futures gained 38 cents to $83.06 a…
WELLINGTON, New Zealand (AP) — Australia’s central bank has raised its benchmark interest rate by a quarter-point to 3.1% as it continues trying to wrestle down inflation. The increase was the bank’s eighth in a row and took the rate to its highest level in 10 years. Still, Australia’s rate hikes have remained relatively modest…
By Stella Qiu SYDNEY (Reuters) – Australia’s central bank on Tuesday raised interest rates to a 10-year high and stuck with its projection that more hikes are needed, a stance taken as slightly hawkish by markets that were looking for signs of a pause in the near term. Wrapping up its last policy meeting this…
SYDNEY (Reuters) – Australia’s central bank raised its cash rate 25 basis points to a 10-year high of 3.10% on Tuesday and reiterated that further policy tightening will be needed ahead, although policy was not on a pre-set path. Wrapping up its December policy meeting, the Reserve Bank of Australia (RBA) said the size and…
By Neil Jerome Morales and Enrico Dela Cruz MANILA (Reuters) – Philippine annual inflation surged to a 14-year high in November driven mainly by higher food prices, the statistics agency said on Tuesday, with the pickup in prices seen supporting the case for a half-percentage point interest rate hike this month. The consumer price index…
By Rachael Levy (Reuters) – Elon Musk’s Neuralink, a medical device company, is under federal investigation for potential animal-welfare violations amid internal staff complaints that its animal testing is being rushed, causing needless suffering and deaths, according to documents reviewed by Reuters and sources familiar with the investigation and company operations. Neuralink Corp is developing…
SACRAMENTO, Calif. (AP) — California could become the first state to fine big oil companies for making too much money, a reaction to the industry’s supersized profits following a summer of record-high gas prices in the nation’s most populous state. Gov. Gavin Newsom and his Democratic allies in the state Legislature introduced the proposal Monday…
