FRANKFURT (Reuters) -Euro zone inflation is stubborn and may require a protracted period of high interest rates to contain, partly due to an exceptionally tight labour market, the European Central Banks’ (ECB) two German policymakers said on Wednesday. The ECB has lifted rates by a combined 4 percentage points in the past year and promised…
PARIS (Reuters) – The headquarters of the Keneo sports consulting agency have been searched by French police in the course of investigations into alleged corruption surrounding the Paris 2024 Olympics, a judicial source said on Wednesday. Officials at Paris 2024 and Keneo did not immediately respond to Reuters’ requests for comment on Wednesday. The judicial…
OTTAWA (Reuters) -Canadian retail sales grew much more than expected in April and will likely post another gain in May, data showed on Wednesday, bolstering the chances that the Bank of Canada will raise rates again in next month. Retail sales climbed 1.1% in April, higher than a median forecast for a 0.2% increase, Statistics…
BRASILIA (Reuters) -Brazil’s Senate economic affairs committee gave its approval on Wednesday to new fiscal rules proposed by President Luiz Inacio Lula da Silva’s government, marking another step forward for the measure deemed crucial in curbing uncontrolled growth of the public debt. The committee voted 19-6 to approve the bill, which now awaits a vote…
By Jody Godoy (Reuters) – Months before cryptocurrency exchange Coinbase became the biggest target of the U.S. crackdown on digital assets, the company launched an unusual legal offensive, recruiting top lawyers to try to shape court rulings in other cases. Before the U.S. Securities and Exchange Commission sued Coinbase on June 6, the company had…
By Jan Strupczewski BRUSSELS (Reuters) -European Union governments agreed on Wednesday to an 11th package of sanctions against Russia over its invasion of Ukraine, aimed at stopping other countries and companies from circumventing existing measures. The new package, tweeted by Sweden as EU president, forbids transit via Russia of an expanded list of goods and…
By Howard Schneider WASHINGTON (Reuters) – U.S. Federal Reserve Chair Jerome Powell on Wednesday told lawmakers that the fight against inflation still “has a long way to go” and despite a recent pause in rate hikes officials were in agreement borrowing costs would likely still need to move higher. “Inflation has moderated somewhat since the…
By Vidya Ranganathan and Stefania Spezzati SINGAPORE/LONDON (Reuters) – Credit Suisse, driven into a rescue by UBS after heavy cash outflows, is seeking to claw back business by offering rich clients some of the highest deposit rates in the industry, according to a person familiar with the bank’s activities in Asia. On three-month deposits above…
By Victoria Waldersee and Jan Schwartz BERLIN (Reuters) -Germany’s top carmakers were challenged by a Berlin-based rights group on Wednesday over the extent of their due diligence to prevent forced labour in their supply chain, as Volkswagen said it would conduct an audit at its plant in Xinjiang. Volkswagen, BMW and Mercedes-Benz were accused of…
By Joanna Plucinska PARIS (Reuters) – Big deals at this week’s Paris Airshow have highlighted a sharp recovery in air travel demand. The sector promises to reduce net emissions to zero by 2050. Green groups say more planes in the sky could hamper those efforts. Aviation generates roughly 3% of global emissions. It is also…
