SEOUL (Reuters) – South Korea’s factory activity growth slowed in May, as output and export orders contracted amid supply-chain disruptions due to China’s COVID-19 lockdown measures, a private-sector survey showed on Thursday. The S&P Global purchasing managers’ index (PMI) fell to 51.8 in May from 52.1 in April but remained above the 50-mark that indicates…
By Rajendra Jadhav, Ruma Paul and Ashitha Shivaprasad MUMBAI/DHAKA (Reuters) – A near doubling in benchmark cotton futures to 11-year highs, hard on the heels of a spike in freight and fuel prices, is clobbering Asian apparel makers while their global retail customers are reluctant to soak up the extra costs. Losses have mounted for…
By Rodrigo Campos and Jorgelina do Rosario NEW YORK/LONDON (Reuters) -Russia’s failure to pay $1.9 million in accrued interest on a dollar bond will trigger payouts potentially worth billions of dollars, a panel of investors determined on Wednesday, as the country teeters on its first major external debt default in over a century. Sanctions imposed…
By Elizabeth Dilts Marshall and Niket Nishant (Reuters) – Jamie Dimon, Chairman and Chief Executive of JPMorgan Chase & Co described the challenges facing the U.S. economy akin to an “hurricane” down the road and urged the Federal Reserve to take forceful measures to avoid tipping the world’s biggest economy into a recession. Dimon’s comments…
By Rajesh Kumar Singh and Aishwarya Nair (Reuters) -Delta Air Lines Inc and United Airlines on Wednesday played down the risk of a U.S. economic recession and said a switch in consumer spending to services from goods would keep their businesses humming. Delta also lifted its revenue forecast for the quarter through June despite trimming…
By David Shepardson (Reuters) -The U.S. Postal Service (USPS) said on Wednesday it is seeking to boost the number of electric delivery vehicles it plans to buy as it modernizes its network for a new delivery plan. The USPS currently plans to buy at least 10% EVs including 10,019 of an initial $2.98 billion order…
By Jarrett Renshaw and Stephanie Kelly (Reuters) -The Biden administration is likely to raise ethanol blending mandates for 2021 above the figure it proposed in December to align with actual U.S. consumption levels, according to two sources briefed on the decision. In December, the U.S. Environmental Protection Agency proposed that refiners blend 13.32 billion gallons…
By David Lawder and Michael Martina WASHINGTON (Reuters) -The United States will launch new trade talks with Taiwan, U.S. officials said on Wednesday, just days after the Biden administration excluded the Chinese-claimed island from its Asia-focused economic plan designed to counter China’s growing influence. Washington and Taipei will “move quickly to develop a roadmap” for…
(Reuters) -Warner Bros Pictures Group Chairman Toby Emmerich is stepping down, the company announced Wednesday, as Warner Bros Discovery CEO David Zaslav puts his imprimatur on the newly formed media company. Emmerich has served as chairman of the studio since 2018, the year the studio had its greatest box office success, fueled by such hits…
(Reuters) – Meta Platforms Inc Chief Operating Officer Sheryl Sandberg will leave the social media company after 14 years, according to her Facebook post. Shares of the company fell about 4% following the news. Sandberg said she was not sure of what the future holds for her, but she plans to focus on her foundation…
