BEIJING (AP) — China’s ruling Communist Party is temporarily turning away from its longer-term ambitions to focus on pulling the economy out of a slump as the country heads into the annual meeting of its ceremonial legislature. The National People’s Congress, usually used to showcase big initiatives, is overshadowed this year by a “policy pivot”…
TOKYO (Reuters) -A Tokyo court on Thursday convicted former Nissan Motor executive Greg Kelly of helping Carlos Ghosn hide pay from financial regulators, but said he had not been responsible for the total $80 million the ex-Nissan chief allegedly failed to disclose. “The court finds the existence of unpaid remuneration” and the failure to disclose…
By Wayne Cole SYDNEY (Reuters) – Asian shares crept higher on Thursday after reassuring comments from the Federal Reserve helped Wall Street rally, though the war in Ukraine sent oil and resource prices spiralling ever higher in a grim omen for global inflation. Western nations tightened sanctions on Russia as Ukraine’s second biggest city, Kharkiv,…
By Florence Tan and Sonali Paul SINGAPORE (Reuters) – Oil prices extended their rally on Thursday, with Brent rising above $116 a barrel, as trade disruption and shipping issues from Russian sanctions over the Ukraine crisis sparked supply worries while U.S. crude stocks fell to multi-year lows. The Organization of the Petroleum Exporting Countries and…
TOKYO (AP) — A Tokyo court gave a suspended sentence to Greg Kelly, a former American executive at Nissan Motor charged with underreporting his boss Carlos Ghosn’s pay. The verdict announced Thursday of a 6-month sentence suspended for three years will allow Kelly to return to the U.S. even if prosecutors appeal. Kelly was arrested…
(Reuters) -Fitch on Wednesday downgraded Russia’s sovereign credit rating by six notches to “junk” status, saying Western sanctions over the invasion of Ukraine made it uncertain Russia could service its debt and would weaken its economy in “a huge shock” to its creditworthiness. Russia’s financial markets have been thrown into turmoil by its assault on…
By Saqib Iqbal Ahmed NEW YORK (Reuters) -The battered shares of Van Eck’s Russia ETF have attracted a surge of trader interest and drawn comparisons to last year’s so-called meme stock frenzy, as investors seek ways to capitalize on market gyrations caused by the Ukraine crisis. Designed to track the performance of the MVIS Russia…
WASHINGTON (AP) — State attorneys general have launched a nationwide investigation into TikTok and its possible harmful effects on young users’ mental health, widening government scrutiny of the wildly popular video platform. The investigation was announced Wednesday by a number of states led by California, Florida, Kentucky, Massachusetts, Nebraska, New Jersey, Tennessee and Vermont. U.S….
NEW YORK (AP) — Amazon is closing all of its brick-and-mortar bookstores, as well as its 4-star shops and pop up locations, as the online retail behemoth reworks its physical footprint. The Seattle-based company said Wednesday that the move, which affects 66 stores in the U.S. and two in the United Kingdom, will enable it…
By Jonnelle Marte (Reuters) – The Federal Reserve’s nearly $9 trillion balance sheet has more room to decline than it did the last time the central bank shrank its holdings and policymakers will still watch money markets closely, a senior bank official said on Wednesday. The Fed’s standing repo facilities should also serve as a…
