SHANGHAI/BEIJING (Reuters) – In a rare attempt to bolster China’s yuan, a self-regulatory body overseen by the country’s central bank has told major state-owned banks to lower dollar deposit interest rates, four people with direct knowledge of the matter said. This could encourage Chinese firms, especially exporters, to settle foreign exchange receipts in yuan, which…
By Hilary Russ NEW YORK (Reuters) – Subway reached an agreement with a master franchisee to open nearly 4,000 new sandwich shops across mainland China over the next 20 years, it said on Tuesday. International expansion is a key growth strategy for the privately owned U.S.-based chain, which is in the midst of a turnaround…
By Maytaal Angel LONDON (Reuters) – Nestle is piloting a scheme to give cash to coffee farmers who grow beans sustainably as part of its plan to halve greenhouse gas emissions in its coffee business by 2030, the food company said on Tuesday. The move comes as major consumer goods companies face increased reputational and…
(Reuters) – Flooding from torrential rains in Haiti has left at least 42 people dead over the past couple days and dozens more missing and injured, officials said on Monday. Over 13,600 homes are also listed as flooded. The civil protection agency said on Twitter on Monday the death toll had risen since Sunday night…
By William Schomberg LONDON (Reuters) – The Bank of England is trying to curb an inflation rate that is running higher in Britain than in the United States and the euro zone, without pushing the economy into a recession after having already increased borrowing costs 12 times since late 2021. The BoE is expected to…
By David Shepardson WASHINGTON (Reuters) -Ford Motor Co said on Tuesday it is expanding and issuing a new recall for 125,000 sport utility vehicles and trucks because engine failures may cause a fire. The recall covers various Escape and Lincoln Corsair SUVs and Maverick compact pickup trucks from the 2020-2023 model years with 2.5L hybrid…
By Olga Popova MOSCOW (Reuters) – The successor to McDonald’s restaurants in Russia is growing faster than forecast, its owner said at an event to mark the new chain’s first anniversary on Monday, though customers gave mixed reviews to the new and “improved” taste. McDonald’s Corp closed its Russian restaurants soon after Moscow sent tens…
SHANGHAI (Reuters) – Volkswagen’s Chinese joint venture with SAIC Motor has transformed one of its plants in Shanghai for production, research and development of electric vehicles (EV), the German automaker said on Tuesday. Production of internal combustion engine models at the main plant of SAIC Volkswagen in Anting of Shanghai will be relocated to other…
(Reuters) – Wall Street futures slipped on Tuesday as investors assessed chances of the Federal Reserve holding interest rate at its meeting next week, with mixed data adding to uncertainty around the policy outlook. The U.S. services sector barely grew in May as new orders slowed, data on Monday showed, pushing a measure of prices…
By Jason Lange WASHINGTON (Reuters) – Neither President Joe Biden’s Democrats nor Republicans in Congress emerged as a clear winner in the battle to raise the $31.4 trillion debt ceiling, according to a new Reuters/Ipsos poll. The survey, conducted after Congress passed a bipartisan deal to raise the borrowing limit, found that 50% of Americans…
