TOKYO (AP) — Asian shares were mostly lower Wednesday ahead of a closely watched speech by the Federal Reserve chief that may give clues about future interest rate hikes. Investors were also eyeing developments in China, where protests have erupted over the “zero-COVID” strategy that has confined millions of people to their homes, sometimes for…
(Reuters) – S&P Global Ratings lowered its 2023 growth forecast for emerging economies on Tuesday, citing persistent pressures from the Russia-Ukraine conflict, a lingering COVID-19 pandemic and tight monetary policy conditions. The ratings agency now projects real gross domestic product growth of 3.8% next year, down from its previous forecast of a 4.1% expansion. “The…
NAIROBI (Reuters) -Kenya’s Centum Investment Company Plc said on Tuesday its pretax profit rose to 224 million shillings ($1.83 million) in the first half to end-September from 12.5 million shillings a year ago. Group investment and other income fell to 713.4 million shillings from 987 million shillings, while operating and administrative costs dropped to 254.7…
SEOUL, South Korea (AP) — South Korea’s government issued an order Tuesday for some of the thousands of truck drivers who have been on strike to return to work, insisting that their nationwide walkout over freight fare issues is hurting an already weak economy. Despite facing the threat of delicensing or even prison terms, the…
By Yew Lun Tian, Yimou Lee and Brenda Goh SHANGHAI/TAIPEI (Reuters) – When officials from his Chinese village approached Hou last month, urging him to work at the world’s largest iPhone factory for at least twice the usual pay, he knew it was risky. Tens of thousands of workers had fled the plant in central…
HONG KONG (Reuters) – Shares of Chinese property companies soared on Tuesday after the country’s securities regulator lifted a ban on equity refinancing for listed property firms, in the latest support measure for the embattled real estate sector. Hong Kong’s Hang Seng Mainland Properties Index rose 6.3%. Shares of Country Garden jumped 13.4%, while Longfor,…
By Yuka Obayashi TOKYO (Reuters) – Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict COVID-19 curbs. Brent crude futures fell 45 cents, or 0.5%, to trade at $82.74 a barrel at 0113 GMT. U.S. West Texas Intermediate (WTI) crude futures…
(Reuters) – Electric-vehicle startup Faraday Future Intelligent Electric said on Monday it has appointed Xuefeng Chen as global chief executive officer, sending shares up 1.4% in extended trading. Chen, who was most recently the CEO of the company’s China division and has spent nearly two decades in the automotive industry, succeeds Carsten Breitfeld, who was…
DOVER, Del. (AP) — A Delaware judge on Monday halted a lawsuit filed by basketball legend Julius Erving against a brand-development and marketing company, ruling that the dispute must go to arbitration. The lawsuit by the Hall of Fame player known as “Dr. J” stems from a 2016 agreement to sell a majority interest in…
WASHINGTON (AP) — Two Federal Reserve officials said Monday that they favor raising the Fed’s key rate to roughly 5% or more and keeping it at its peak through next year — longer than many on Wall Street have expected. John Williams, president of the Federal Reserve Bank of New York, who is among a…
