By Emily Chow SINGAPORE (Reuters) -Oil prices rose on Monday amid optimism over China’s demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place. Brent crude rose 70 cents, or 0.8%, to $83.70 a barrel by 0720 GMT. U.S. West Texas Intermediate (WTI) crude for March,…
ZURICH (Reuters) – Novartis on Monday announced the appointment of Gilbert Ghostine as chairman-designate of Sandoz, the generics unit Novartis wants to spin off later this year. Ghostine has been CEO of Geneva-based Firmenich, the world’s largest privately owned perfume and taste company, since 2014. He will become the chairman of the new board at…
By Rae Wee SINGAPORE (Reuters) – The dollar was on the front foot on Monday, supported by a strong run of economic data out of the United States that traders bet will keep the Federal Reserve on its monetary policy tightening path for longer than initially expected. The greenback firmed slightly against most major currencies…
By Harshita Swaminathan (Reuters) – Australian supermarkets will reap bigger profits in fiscal 2023 half-year due to decades-high inflation and increased savings, but analysts warned of a rough second-half as households reel from mounting expenses due to higher cost of living. Top supermarket chains Woolworths Group and Coles Group will likely see growth in their…
By Wayne Cole SYDNEY (Reuters) – Asian shares were hesitant on Monday as a U.S. holiday made for slow trading ahead of minutes of the last Federal Reserve meeting and a reading on core inflation that could add to the risk of interest rates heading higher for longer. Geopolitical tensions were ever present with North…
By Florence Tan SINGAPORE (Reuters) – Oil prices were little changed in early Asian trade on Monday, after settling down $2 a barrel on Friday, as rising supplies in the United States and forecasts of more interest rate hikes cooled optimism over China’s demand recovery. Brent crude slid 9 cents, or 0.1%, to $82.91 a…
By Ziyi Tang, Liangping Gao and Ryan Woo BEIJING (Reuters) -China has been cutting mortgage rates since last year to boost sales in its moribund property market, but the main result so far has simply been a rush by households to pay off existing mortgages early, potentially squeezing banks’ profits. Analysts estimate that nearly $700…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Three central bank policy decisions dominate the economic calendar in Asia this week, as investors continue to grapple with the profound market implications of the most dramatic repricing of U.S. interest rate expectations in decades. This comes against…
(Reuters) -Meta Platforms on Sunday announced that it is testing a monthly subscription service, called Meta Verified, which will let users verify their accounts using a government ID and get a blue badge, as it looks to help content creators grow and build communities. The subscription bundle for Instagram and Facebook, to be launched later…
By Sabine Siebold MUNICH (Reuters) – Slow German government export approvals are holding up Airbus Defence & Space defence exports worth several billions of euros, the company’s chief executive said on Sunday, urging Berlin to speed up the process. “Several countries are interested in the (military transport plane) A400M. Unfortunately we are having difficulties to…
