By Iain Withers and Lawrence White LONDON (Reuters) -British bank NatWest reported a 20 billion pound fall in deposits in the first quarter as consumers faced with a cost of living crisis forked out on steeper bills and shopped around for the best deals on their savings. The bank’s CEO Alison Rose said competition for…
BRUSSELS (Reuters) – Chipmakers STMicroelectronics and GlobalFoundries on Friday secured EU approval to build a new chip factory with French state aid in France. The companies announced their plan in July last year, with the new facility to be situated next to STM’s existing plant in Crolles and targeted to reach full capacity by 2026,…
By Jan Strupczewski STOCKHOLM (Reuters) -The International Monetary Fund called on the European Central Bank on Friday to keep raising interest rates until the middle of 2024 and on European Union finance ministers to tighten fiscal policy in concerted action to bring down high inflation. The head of the IMF’s European Department Alfred Kammer said…
BEIJING (Reuters) – China will maintain support for the economy, focusing on domestic demand which remains inadequate, the Politburo, a top decision-making body of the ruling Communist Party, said on Friday, the state-run Xinhua news agency reported. The triple pressures facing the economy – shrinking demand, supply shocks and weakening expectations – have eased amid…
By Maria Martinez BERLIN (Reuters) -German unemployment rose more than expected in April, Labour Office figures showed on Friday, as a sluggish economy took its toll on the labour market. The Federal Labour Office said the number of people out of work increased by 24,000 in seasonally adjusted terms to 2.567 million. Analysts polled by…
By Sophie Yu and Brenda Goh BEIJING (Reuters) – China is bracing for a record-high travel rush over the Labour Day holiday, with popular sightseeing spots selling out of tickets and some cities warning would-be visitors away as domestic tourism rebounds after Beijing ended COVID curbs. Authorities are expecting 19 million trips to be made…
By Leika Kihara TOKYO (Reuters) -The Bank of Japan (BOJ) kept ultra-low interest rates on Friday but announced a plan to review its past monetary policy moves, laying the groundwork for new Governor Kazuo Ueda to gradually phase out his predecessor’s massive stimulus programme. While maintaining its commitment to “patiently” keep policy accommodative, the central…
By John Revill ZURICH (Reuters) – The Swiss National Bank is facing calls for an overhaul in its governance, with critics saying too much power lies in the hands of its chairman Thomas Jordan and that more transparency is needed. The SNB played a major role in the state-sponsored rescue of Credit Suisse making 250…
BRUSSELS (Reuters) – The euro zone grew only marginally in the first three months of 2023 and at a rate lower than market expectations after stagnation at the end of last year, preliminary data showed on Friday. Gross domestic product in the euro zone expanded by 0.1% in the first quarter, below expectations in a…
BERN (Reuters) – Swiss banking regulation and supervision must be reviewed following the collapse of Credit Suisse, Swiss National Bank Chairman Thomas Jordan said on Friday, although he warned against “quick fixes.” The central bank played a key role in the state-engineered rescue of Credit Suisse, making 250 billion francs of emergency liquidity available to…
