By Neil Jerome Morales and Enrico Dela Cruz MANILA (Reuters) -The Philippine economy grew at a faster-than-expected clip in the third quarter, but the government said the recovery is not without risks given rising interest rates and soaring inflation that could crimp consumer spending. Underpinned by pent-up domestic demand, the economy expanded 7.6% in the…
By Leika Kihara TOKYO (Reuters) -Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Thursday any future debate on an exit from ultra-loose monetary policy will centre on the pace of increase in short-term interest rates and adjustments in the bank’s massive balance sheet. Kuroda brushed aside the chance of a near-term interest rate hike,…
SAO PAULO (Reuters) – Brazilian electric utility Eletrobras posted on Wednesday a third-quarter loss of 88,000 reais ($16,967.45), down from the 965 million reais profit it saw one year ago. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) slipped 36% to 3.197 billion reais. Net operating revenue reached 8.033 billion reais, down 13%. The…
By Hannah Lang and Angus Berwick NEW YORK (Reuters) -FTX Chief Executive Officer Sam Bankman-Fried told employees he was exploring all options for his firm after a deal with cryptocurrency exchange Binance collapsed on Wednesday. The proposed deal between Bankman-Fried and rival Binance Chief Executive Officer Changpeng Zhao of Binance had been the latest emergency…
By Sabrina Valle and Ruhi Soni HOUSTON (Reuters) – U.S. oil producer Occidental Petroleum Corp on Wednesday increased by about 22% its estimated investment for the world’s first large-scale direct air capture (DAC) project and disclosed plans to build others. The Houston-based company now expects to spend $1.1 billion on the project under construction in…
WASHINGTON (Reuters) -U.S. President Joe Biden said on Wednesday he thinks Twitter’s top boss Elon Musk’s relationships with other countries was worthy of being looked at. Biden was asked at a news conference whether he thought Musk was a threat to national security and if his acquisition of Twitter with help from a Saudi Arabian…
By Aditya Soni and Nivedita Balu (Reuters) – Meta Platforms Inc said on Wednesday it would cut more than 11,000 jobs, or 13% of its workforce, as the Facebook parent doubled down on its risky metaverse bet amid a crumbling advertising market and decades-high inflation. The mass layoffs, among the biggest this year and the…
By Lewis Krauskopf and Laura Matthews NEW YORK (Reuters) – Investors on Wednesday were weighing a surprising outcome in the U.S. midterm elections, as a better-than-expected showing by Democrats muddies the outlook for issues such as fiscal spending and regulation. Control of Congress, which is currently held by President Joe Biden’s Democratic party, remained up…
(Reuters) – Nissan Motor Co’s U.S. arm said Wednesday that supply chain issues will force it to trim production this month at its Canton, Mississippi assembly plant. The Japanese automaker said it will cut some production days in November for its Titan and Frontier pickup trucks as well as its Altima sedan. The cuts, which…
When the financier Jeff Yabuki and his wife, Gail, announced last year they would give $20 million to the Children’s Wisconsin health system, they become one of a growing number of wealthy donors awarding large contributions to programs that focus on mental health. They also became one of many philanthropists who are growing increasingly comfortable…
