SHANGHAI/HONG KONG (Reuters) – Chinese investors are rushing offshore to make dollar deposits and buy Hong Kong insurance in a signal domestic confidence is languishing and that the ailing yuan faces more pressure. The outflows highlight deep-seated concern about the state of China’s economy as its much-awaited pandemic recovery stalls. Consumer spending is flagging, the…
BRUSSELS (Reuters) – Retail sales in the euro zone were unchanged in May, Eurostat said on Thursday, as increased spending on non-food items offset declines for food and automotive fuel. Retail sales volumes in the 20 nations sharing the euro currency were unchanged from April and were 2.9% lower year-on-year. That compared with average forecasts…
By Maiya Keidan TORONTO (Reuters) – Canadian mergers and acquisitions (M&A) volumes picked up in the second quarter driven primarily by some large proposed transactions, but dealmakers are cautious on the outlook for the rest of the year over global economic concerns and potential interest rate hikes. The total value of Canadian M&A rose to…
TORONTO (Reuters) – Greater Toronto Area (GTA) home prices fell in June, the first drop in five months, as the Bank of Canada’s move to restart its interest rate hiking campaign injected a measure of uncertainty into the market. The average price of a GTA home fell 1.2% in June from May to C$1,182,120 ($890,084),…
DUBAI (Reuters) -Iran said on Thursday it had a court order to seize a tanker in Gulf waters a day earlier after it collided with an Iranian vessel, one of two tankers the U.S. Navy said it prevented Iran from commandeering. The Richmond Voyager, a Bahamas-flagged oil tanker, had collided with an Iranian vessel and…
By Joyce Lee SEOUL (Reuters) -Samsung Electronics’ June-quarter profit is expected to plunge 96% on-year to the lowest for any quarter in more than 14 years, as a chip glut continues to drive large losses in the tech giant’s cash cow business despite a supply cut. Operating profit for the world’s biggest maker of memory…
By Victoria Klesty OSLO (Reuters) -Norwegian Air has agreed to buy domestic peer Wideroe for 1.13 billion crowns ($106 million) as the reborn airline looks to strengthen its position in its home region. The deal is the latest reshuffling in the Norwegian airline sector that saw newcomer Flyr file for bankruptcy in January having failed…
By David Shepardson WASHINGTON (Reuters) -TikTok Inc on Wednesday asked a U.S. judge to block enforcement of a Montana state ban on use of the Chinese-owned app before it takes effect on Jan. 1. TikTok, which is owned by China’s ByteDance and filed suit in May, asked U.S. District Judge Donald W. Molloy to issue…
By A. Ananthalakshmi and Rozanna Latiff KUALA LUMPUR (Reuters) -Malaysia’s central bank kept benchmark interest rates unchanged on Thursday, as expected, amid signs of moderating growth and easing inflation, with economists saying it will likely stay on hold for the rest of the year. Growth in the Southeast Asian economy hit a 22-year high of…
By Hadeel Al Sayegh DUBAI (Reuters) – U.S.-based Verition Fund Management is opening an office in Dubai, joining a raft of other hedge funds including BlueCrest which have expanded to the Gulf region’s financial hub. Verition, which oversees about $7.3 billion in assets, has been licensed to manage assets and conduct other financial services activities,…
