By Daniel Leussink TOKYO (Reuters) – Japan’s government slashed its economic growth forecast for this fiscal year largely due to slowing overseas demand, highlighting the impact of Russia’s war in Ukraine, China’s strict COVID-19 lockdowns and a weakening global economy. The forecast, which serves as a basis for compiling the state budget and the government’s…
By Paul Sandle LONDON (Reuters) – Vodafone reported a drop in service revenue in its largest market Germany in the first quarter, reflecting broadband and TV losses after a new law ended automatic renewals and a new IT system underperformed. The mobile and broadband group said its German TV customer base fell by 79,000, resulting…
By Kevin Buckland TOKYO (Reuters) – Asian stocks lost ground on Monday, retreating from over three-week highs as worries about a global economic downturn sapped investors’ risk appetite. Bond yields eased amid bets that an expected U.S. recession would slow the Federal Reserve’s aggressive tightening campaign, with markets looking for policy clues from its two-day…
By Clare Jim BEIJING/HONG KONG (Reuters) -China will set up a real estate fund to help developers resolve a crippling debt crisis, aiming for a warchest of up to 300 billion yuan ($44.4 billion), according to a state bank official with direct knowledge of the matter. The size of the fund would initially be set…
BEIJING (AP) — Asian stock markets were mostly higher Tuesday as investors braced for another sharp interest rate hike by the Federal Reserve to cool inflation. Shanghai, Hong Kong and Seoul advanced. Tokyo edged lower. Oil rose more than $1 per barrel. Wall Street ended up 0.1% on Monday ahead of this week’s Fed meeting…
By Leika Kihara TOKYO (Reuters) – The Bank of Japan has reshuffled its board and brought in a new member seen as more keen to end ultra-low interest rates than his dovish predecessor, potentially tilting the board away from Governor Haruhiko Kuroda’s aggressive monetary easing policy. Former private economist Hajime Takata, and another newcomer Naoki…
HONG KONG (Reuters) – China is planning to set up a real estate fund that could be worth up to 300 billion yuan ($44.39 billion) to support more than a dozen property developers, including embattled China Evergrande Group, financial information provider REDD reported on Monday, citing sources. The fund has secured 50 billion yuan from…
By Tom Westbrook SINGAPORE (Reuters) – The dollar was on a firm footing on Monday, as traders brace for a sharp U.S. interest rate hike this week and look for safety as data points to a weakening global economy. The greenback was up slightly against most majors early in the Asia session, trading at $1.0195…
By Makiko Yamazaki TOKYO (Reuters) – Japan’s asset managers nudged the volume up another notch at shareholder meetings this year, increasingly opposing management proposals and adding momentum to a policy of attracting foreign investors initiated by slain former Prime Minister Shinzo Abe. Nikko Asset Management, Asset Management One and others have become distinct voices in…
WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen said on Sunday that U.S. economic growth is slowing and she acknowledged the risk of a recession, but she said a downturn was not inevitable. Yellen, speaking on NBC’s “Meet the Press,” said strong hiring numbers and consumer spending showed the U.S. economy is not currently in recession….
