By Andy Bruce LONDON (Reuters) – Rock-bottom investor confidence in Britain will only recover with a U-turn of the economic plan announced last week by finance minister Kwasi Kwarteng, U.S. economist Larry Summers and J.P. Morgan said. The pound touched an all-time low of $1.0327 on Monday, British government bonds sold off at a ferocious…
BENGALURU (Reuters) – India’s Tata Group-backed BigBasket has initiated a fresh round of funding that could value the online grocery startup at around $3.5 bln, The Economic Times newspaper reported on Tuesday, citing sources. Tata Digital Ltd, a unit of Tata Sons, and its investors are likely to lead the new round of funding, which…
By Saqib Iqbal Ahmed, Carolina Mandl and Dhara Ranasinghe NEW YORK/LONDON (Reuters) – Trading in tumultuous foreign exchange markets is akin to being in a casino right now, according to some traders navigating markets that have been whipsawed as central banks and governments try to right their economies. In the last week, sleep-deprived traders have…
By Amanda Cooper, David Milliken and Andy Bruce LONDON (Reuters) -The Bank of England said on Monday it would not hesitate to change interest rates and was monitoring markets “very closely”, after the pound plunged to a record low and British bond prices collapsed in response to the new government’s financial plans. Finance minister Kwasi…
SINGAPORE (Reuters) -Grab Holdings Ltd, Southeast Asia’s biggest ride-hailing and food delivery firm, expects to break even on its adjusted EBIDTA by the second half of 2024 as it accelerates toward profitability, company officials said on Tuesday. Its group adjusted EBIDTA loss is expected to be $380 million for the second half of 2022, a…
CANBERRA, Australia (AP) — Australian police were investigating a purported hacker’s release of the stolen personal data of 10,000 Optus customers and demand for a $1 million ransom in cryptocurrency, the telecommunications company’s chief executive said Tuesday. The Australian government has blamed lax cybersecurity at the nation’s second-largest wireless carrier for the unprecedented breach last…
BEIJING (Reuters) – Profits at China’s industrial firms shrank at a faster pace in January-August, as strict COVID restrictions and a deepening property slump weighed on domestic demand and heatwaves curbed factory activity. Profits fell 2.1% in the first eight months of 2022 from a year earlier, after a 1.1% drop logged in January-July, according…
MIAMI (AP) — Governors of the Inter-American Development Bank have voted to fire its president, Mauricio Claver-Carone, after an ethics probe found he likely carried on an intimate relationship with a subordinate. The governors from the IADB’s 48 members had until Tuesday to vote electronically on whether to sack Claver-Carone following a unanimous recommendation last…
(Reuters) – Star Entertainment Group on Tuesday accepted the findings of an inquiry that stated the casino operator unfit to hold a licence in Sydney, but said it should be permitted to continue operating under “strict supervision”. The country’s second-biggest casino operator said in a statement that it has developed a remediation plan, outlining actions…
BUENOS AIRES (Reuters) – Units of Argentina’s state oil firm YPF will next month begin lithium exploration in a first-ever entry into the sector by state-run miners as the government aims to benefit from surging demand for the battery metal, according to a statement on Monday. Lithium prices have soared past $70,000 per tonne this…
