By Trevor Hunnicutt WASHINGTON (Reuters) – The Biden administration is increasingly feeling it has little control over short-term inflation, officials say, and is looking for ways to offset the political risk from price hikes in the months leading up to November’s elections. Data last week showed inflation still at 40-year highs, but slightly off an…
BRUSSELS (AP) — The European Union’s efforts to impose a new round of sanctions against Russia over the war in Ukraine appeared to be bogged down on Monday, as a small group of countries opposed a ban on imports of Russian oil. Since Russia invaded on Feb. 24, the bloc has implemented five rounds of…
LONDON (Reuters) – More than 50 economists warned on Monday that Britain’s post-Brexit plans to boost the competitiveness of its huge finance industry risked creating the kind of problems that led to the global financial crisis. The government, seeking to use its “Brexit freedoms”, announced this month that it would require regulators to help the…
FRANKFURT (Reuters) – The European Central Bank may kick off the development of its digital euro, an electronic version of banknotes and coins, by the end of next year, ECB board member Fabio Panetta said on Monday. “Finally, at the end of 2023 we could decide to start a realisation phase to develop and test…
LONDON (Reuters) – European stock indexes opened lower on Monday, after oil prices slid and riskier currencies took a hit during the Asian session as unexpectedly weak economic data from China highlighted fears about a slowdown in growth. China’s April retail sales plunged 11.1% on the year, almost twice the fall forecast, as full of…
(Reuters) -Billionaire Gautam Adani’s conglomerate plans to buy Switzerland-based Holcim AG’s cement businesses in India for $10.5 billion, becoming the country’s No. 2 cement manufacturer in its largest-ever acquisition. Under the deal, the biggest in India since 2018, Adani Group will pay $6.4 billion in cash to acquire Holcim’s 63.1% stake in Ambuja Cements Ltd…
By Michael Shields DAVOS, Switzerland (Reuters) – Movers and shakers arriving for the annual meeting of the World Economic Forum (WEF) this month can pack sandals instead of ski boots for a rare springtime version of the event in Davos, the Swiss ski resort that is Europe’s highest city. In December, organisers postponed the meeting…
LONDON (Reuters) – British employers expect to raise staff pay by 3%, a big increase by normal standards but far below the current rate of inflation, and there are signs of weaker wage momentum ahead, a survey published on Monday showed. The Chartered Institute of Personnel and Development (CIPD) said recruitment intentions remained strong across…
By Kevin Yao and Ellen Zhang BEIJING (Reuters) -China’s retail and factory activity fell sharply in April as wide COVID-19 lockdowns confined workers and consumers to their homes and severely disrupted supply chains, casting a long shadow over the outlook for the world’s second-largest economy. Full or partial lockdowns were imposed in major centres across…
BEIJING (AP) — China’s factory and consumer activity fell even more than expected in April under anti-virus controls, official data showed Monday, but a Cabinet official said the economy is reviving as anti-virus curbs ease and its commercial capital of Shanghai reopens. The slump in the second-biggest economy fueled fears global manufacturing and trade might…
