BEIJING (Reuters) -China’s industrial profits extended this year’s double-digit pace of declines into a sixth month as waning demand took a toll on companies’ profit margins, bolstering the case for more supportive policy to help the economy. The year-to-date 16.8% fall followed an 18.8% profit decline in January-May, and reinforced a frail economic recovery that…
By Harish Sridharan (Reuters) – Australian investment bank Macquarie Group on Thursday flagged a “substantial” fall in April-June profit, as weaker trading conditions hurt its crucial commodities business. Its shares fell after the announcement by 5.2% to A$173.55 – its biggest intraday percentage drop since mid-June last year. “Weaker trading conditions saw Macquarie’s Operating Groups…
(Reuters) – Anheuser-Busch InBev, whose Bud Light sales have recently slumped in the United States, will lay off hundreds of corporate staff in the country, CNN reported on Wednesday citing a company statement. The job cuts would represent less than 2% of total employees at the world’s largest brewer, but would not include frontline staff…
MUMBAI (Reuters) -India’s Jio Financial Services, part of billionaire Mukesh Ambani led Reliance Group, and U.S.-based BlackRock Inc will form a 50:50 joint venture to launch asset management services in India. The two companies are targeting an initial investment of $150 million each in the joint venture, Jio Financial said in a statement on Wednesday….
SEOUL (Reuters) – South Korea’s central bank said on Thursday its monetary policy board decided to reform its standing lending facility, a monetary policy tool for supplying liquidity to banks, strengthening its role as a liquidity backstop. The board decided to lower lending rates for the loans taken out from the facility to 50 basis…
By Leika Kihara TOKYO (Reuters) – As aggressive U.S. interest rate hikes look like they might be nearing an end, Japan’s central bank faces its own tricky decision this week over whether it should take another step towards phasing out its controversial yield control programme. While inflation has held above the Bank of Japan’s 2%…
By Nate Raymond and David Shepardson BOSTON/WASHINGTON (Reuters) -A federal judge on Wednesday rejected the Justice Department’s bid to restrict JetBlue Airways and American Airlines from entering into any partnerships with other carriers akin to their now-scrapped Northeast Alliance. JetBlue and American Airlines are winding down their arrangement announced in 2020, in which they joined…
By Laura Matthews NEW YORK (Reuters) – The dollar fell against a basket of its peers on Wednesday after the Federal Reserve raised interest rates by a quarter of a percentage point, citing still-elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years. The increase brings…
By David Carnevali and Mike Stone NEW YORK (Reuters) -Evercore has hired veteran Morgan Stanley banker Seth Bergstein as a senior managing director to drive dealmaking in the global services sector, people familiar with the matter said on Wednesday. Bergstein, who served as head of Morgan Stanley’s global services group for about two decades, held…
By Anant Chandak BENGALURU (Reuters) – The Bank of Thailand (BOT) will deliver a final 25-basis-point interest rate increase on August 2 and then hold rates steady until 2025 as the inflation outlook remains high and uncertain, a Reuters poll found. While annual headline inflation eased to 0.23% in June, below the central bank’s target…
