BEIJING (AP) — China’s leaders are struggling to reverse an economic slump without giving up anti-virus tactics that shut down Shanghai and other cities, adding to challenges for President Xi Jinping as he tries to extend his time in power. The ruling Communist Party has declared its “zero-COVID” goal of preventing all infections takes priority…
HONG KONG (Reuters) – Bitcoin resumed its slide on Thursday, continuing to fall alongside risk assets such as tech stocks, and also dragged down by the collapse of TerraUSD, the so-called stablecoin which lost its dollar peg this week. The world’s largest cryptocurrency dropped around 2% to as low as $28,379.26. (Corrects to remove incorrect…
By Satoshi Sugiyama and Maki Shiraki TOKYO (Reuters) – Toyota Motor Corp rolls out its first mass-produced battery electric car in Japan on Thursday for lease only, a strategy the automaker says will help ease driver concerns about battery life and resale value but has raised analysts’ eyebrows. Gasoline-electric hybrid models remain far more popular…
By Florence Tan (Reuters) -Oil prices dropped more than 1% on Thursday in a volatile week as economic concerns and recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe. Brent crude futures slipped $1.25, or 1.2%, to $106.26 a barrel by 0303 GMT. WTI crude futures fell $1.24, or 1.2%,…
By Tom Westbrook SINGAPORE (Reuters) – Stocks fell and the dollar held firm on Thursday as data showed U.S. inflation persistently high, and investors worried about the economic toll of aggressive interest rate hikes to tame it. U.S. markets whipsawed after the news, then closed sharply lower. S&P 500 futures rose 0.5% in a bumpy…
By Katie Paul (Reuters) -Facebook-owner Meta Platforms Inc is preparing cutbacks in its Reality Labs division, a unit at the center of the company’s strategy to refocus on hardware products and the “metaverse,” a spokesperson confirmed to Reuters on Wednesday. Chief Technology Officer Andrew Bosworth told Reality Labs staffers during a weekly Q&A session on…
By Aftab Ahmed and Nupur Anand NEW DELHI (Reuters) – India’s central bank is likely to raise its inflation projection for the current fiscal year at its June monetary policy meeting and will consider more interest rate hikes, a source aware of the development said on Wednesday. In its first rate move in two years…
HONG KONG (Reuters) – Sunac China did not make an interest payment on a $742 million offshore bond by the time a grace period expired and expects it will not make payments on other bonds coming due, the company said in a statement on Thursday. It had been due to pay $29.5 million in interest…
(Reuters) – The U.S. Senate on Wednesday voted overwhelmingly to confirm Philip Jefferson, an economist and Davidson College’s dean of faculty, to the Federal Reserve Board. Jefferson’s appointment was approved by a 91-7 vote with all of the no votes coming from Republicans. He is the fourth Black man to be a governor at the…
By Sinéad Carew NEW YORK (Reuters) – Wall Street stocks closed sharply lower and Treasury yields fell in Wednesday’s volatile session as oil prices rallied and investors worried about the potential for an economic slowdown. U.S. equity indexes had traded higher and lower during the volatile session as investors picked through U.S. inflation data for…
