By Angus Berwick and Tom Wilson (Reuters) -On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message. “I’m sorry,” he told them. “I fucked up.” The reason for the mea culpa: His announcement half an hour earlier that FTX’s arch-rival, Binance, planned to mount a shock takeover…
By Ben Blanchard and Sarah Wu TAIPEI (Reuters) -Apple Inc supplier Foxconn said on Thursday it expected smartphone revenue to fall this quarter and is adjusting production to prevent recent COVID-19 curbs at a massive iPhone factory in China from impacting holiday orders. Foxconn has grabbed headlines in recent weeks, with tight virus restrictions at…
By Prerna Bedi (Reuters) -Domino’s Pizza Group Plc said on Thursday sales in the key holiday quarter were off to a positive start and the fast-food chain is pinning hopes on the FIFA World Cup to drive revenues further despite a squeeze on consumer finances. The company, a franchisee of U.S.-based Domino’s Pizza Inc, also…
TOKYO (Reuters) – Vehicle demand in the United States is strong for the rest of the year but its economy is expected to slow after the spring as interest rates rise, Japan’s Mazda Motor Corp executives on Thursday. “As for the U.S. market from next spring onward, we believe that the economy will gradually slow…
By Uditha Jayasinghe COLOMBO (Reuters) – Sri Lanka’s new government will release the 2023 budget on Monday focused on boosting revenue, implementing tax reforms and fiscal consolidation to secure an IMF bailout package to help the country recover from its worst financial crisis in decades. Soaring inflation, a weakening currency and low foreign exchange reserves…
BEIJING (AP) — Asian stock markets surged Friday after U.S. inflation eased by more than expected, spurring hopes the Federal Reserve might scale down plans for more interest rate hikes. Hong Kong’s market benchmark jumped 5.4%. Seoul and Sydney rose almost 3%. Shanghai and Tokyo also advanced. Oil prices edged higher. Wall Street’s benchmark S&P…
FRANKFURT (Reuters) – The insurer Allianz said on Thursday that a deal to sell a majority stake in its Russian operations was delayed as it awaits regulatory approval. Allianz said that the financial hit of around 400 million euros ($401.36 million) to profit from the deal would now occur in the fourth quarter of this…
WASHINGTON (AP) — Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the government said Thursday. The year-over-year increase, down from…
By Stella Qiu SYDNEY (Reuters) – Asian share markets pulled back on Thursday and the dollar held its overnight gains before the big test of a U.S. consumer inflation report, while market sentiment took a dive as the likely collapse of a major crypto exchange spooked investors. With no final results available from the U.S….
(This story contains language some readers may find offensive in paragraph 2) By Angus Berwick and Tom Wilson (Reuters) – On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message. “I’m sorry,” he told them. “I fucked up.” The reason for the mea culpa: His announcement half…
