By Marc Jones and Nevzat Devranoglu LONDON/ANKARA (Reuters) – As Turkey’s lira hit a record low ahead of the country’s election decider on Sunday, the currency is looking increasingly dysfunctional with investors concerned about what may be in store if Tayyip Erdogan secures another decade in power. ‘Erdonomics’, as the 69-year old president’s unorthodox, growth-chasing…
By Pete Schroeder WASHINGTON (Reuters) -As the United States stares at the risk of a credit downgrade, former Standard & Poor’s officials stood firm behind their seminal 2011 call to slash the country’s rating as the right decision. That downgrade came days after Washington narrowly averted a default, but S&P went ahead, cutting the U.S….
(Reuters) – Mexico’s economy grew for the sixth quarter in a row in the first quarter, data from Latin America’s second-largest economy showed on Friday, with growth in line with market expectations. Gross domestic product (GDP) increased 1.0% in the period from the previous three months, statistics agency INEGI said, matching forecasts from economists in…
WASHINGTON (Reuters) – New orders for key U.S.-manufactured capital goods unexpectedly rebounded in April, raising cautious optimism that business spending on equipment could recover in the second quarter after recent back-to-back declines. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, surged 1.4% last month, the Commerce Department said…
By Chavi Mehta and Casey Hall (Reuters) – PDD Holdings Inc beat analysts’ estimates for first-quarter revenue on Friday as more price conscious customers turned to its discount e-commerce platforms including Pinduoduo. The company’s U.S.-listed shares rose 14% in trading before the bell. Chinese consumer spending has gained some momentum since the country abandoned strict…
WASHINGTON (Reuters – U.S. consumer spending increased more than expected in April, boosting the economy’s growth prospects for the second quarter, and inflation picked up, which could see the Federal Reserve keeping interest rates higher for some time. Consumer spending jumped 0.8% last month, the Commerce Department said on Friday. Data for March was revised…
(Reuters) -The record $279 million whistleblower award issued by the U.S. Securities and Exchange Commission earlier this month stemmed from a bribery case against Swedish telecommunications company Ericsson, the Wall Street Journal reported on Friday. The award from the regulator’s cash-for-tip program was related to the $1.1 billion settlement the company reached with U.S. authorities…
(Reuters) – New York-based investment management company Brahman Capital Corp is closing one of its equity hedge fund and returning cash to its clients, Bloomberg News reported on Thursday, citing people familiar with the matter. The fund has lost money in the last two years, including an 18% decline in 2022, and has been flat…
By Tetsushi Kajimoto and Yoshifumi Takemoto TOKYO (Reuters) -Japan on Friday announced its mid-term economic policy framework, featuring Prime Minister Fumio Kishida’s “new capitalism” priorities, such as efforts to stem a declining birthrate with increases in childcare spending. The outline, which will serve as a backbone for the government’s economic policy set to be finalised…
(Reuters) – Russia’s Foreign Ministry summoned senior U.S. diplomats on Friday to protest against remarks by White House national security adviser Jake Sullivan, whom it accused of “effectively endorsing strikes” on Crimea. The peninsula on the Black Sea was seized by Russia and unilaterally annexed from Ukraine in 2014, but is internationally recognised as Ukrainian…
