By David Milliken LONDON (Reuters) – The Bank of England looks set to raise interest rates by a quarter point to a 15-year high of 4.75% on June 22, its 13th straight rate rise as it fights unexpectedly sticky inflation that risks making it a global outlier. Investors this week bet the Bank of England…
(Reuters) -GSK Plc said on Friday the U.S. Food and Drug Administration (FDA) has extended the review period by three months for a drug the British drugmaker gained through its $1.9 billion buyout of Sierra Oncology last year. The regulator delayed its decision to review additional data and is now expected to decide on the…
By James Davey and Sarah Young LONDON (Reuters) -Tesco, Britain’s biggest retailer, said the country’s food inflation was starting to ease, signalling some relief for squeezed shoppers and the wider economy as the group reported a 9% rise in underlying quarterly UK sales. “We do believe that we’re past the peak inflation,” CEO Ken Murphy…
BEIJING (Reuters) -Several major banks have cut their 2023 gross domestic product (GDP) growth forecasts for China after May data showed a post-COVID recovery was faltering in the world’s second-largest economy. Nomura has cut its forecast for China’s 2023 GDP growth to 5.1% from 5.5%, the Japanese bank said in a note on Friday, following…
SHANGHAI (Reuters) -Tesla’s ambitious plan to boost auto production in Shanghai, its most valuable plant globally, hinges on China’s approvals to develop 70 hectares (172 acres) of former farmland that is currently overgrown with wildflowers. Once courted by Beijing to help spur the development of a domestic electric vehicle (EV) industry, Tesla may now be…
By Tim Hepher, Valerie Insinna, Joanna Plucinska and Allison Lampert PARIS (Reuters) – Global aerospace and defence companies will tout the cleaner transport and robotic weapons of the future as they also tackle urgent supply bottlenecks at next week’s Paris Airshow, taking place under the shadow of climate fears and a war economy. The world’s…
By Gergely Szakacs BUDAPEST (Reuters) – Hungary’s central bank is expected to cut its key one-day deposit rate again next week, a Reuters poll showed, as inflation cooled more than expected and the forint currency stabilised after the bank lowered rates last month. The National Bank of Hungary cut its one-day deposit rate by 100…
HONG KONG (Reuters) – Chinese President Xi Jinping discussed the global rise of artificial intelligence (AI) with Bill Gates and said he welcomed U.S. firms including Microsoft to bring their AI tech to China, two sources familiar with the talks said. Xi also discussed Microsoft’s business development in China during their Friday meeting, said one…
By Priyamvada C (Reuters) – FedEx may see a profit boost from cost cuts undertaken last year, although its investors will be keen on knowing whether those actions have helped it catch up with rival United Parcel Service on the margin front. The global shipping downturn has been a drag on margins for most operators…
By Samuel Indyk LONDON (Reuters) – Investors bought stocks and took money out of cash funds in the week to Wednesday, as individual investor sentiment hit a 19-month high, BofA Global Research found. Investors put $22.3 billion into stocks and took $37.9 billion from cash, the first outflow in eight weeks, BofA said citing EPFR…
