By Alaa Swilam and Yomna Ehab CAIRO/DUBAI (Reuters) – Most Gulf central banks increased their key interest rates on Wednesday after the Federal Reserve raised rates by an expected quarter of a percentage point, citing still-elevated inflation as a rationale for the latest hike. The Fed raised its rate by 25 basis points (bps) on…
By Matt Tracy (Reuters) – Nearly $12 billon of loans in U.S. commercial mortgage-backed securities (CMBS) became newly delinquent, pushing the late payment rate up by 34 basis points from June to 3.93%, a report by credit rating agency KBRA said on Wednesday. The rise in the rate reflects continued stress in the U.S. commercial…
(Reuters) – Police in Circleville, Ohio, on Wednesday fired an officer who unleashed his dog on a Black man during a highway traffic stop and ordered the animal to attack even though the man had his hands raised, according to video of the incident. “Officer (Ryan) Speakman did not meet the standards and expectations we…
By Joyce Lee SEOUL (Reuters) – Samsung Electronics’ mobile chief said Samsung is “going in the right direction” in China, the world’s largest mobile market, as it seeks to raise its lagging market share by boosting premium offerings and ties with local content firms. Third-party data shows the world’s largest smartphone maker is making small…
By Carolina Mandl and Bansari Mayur Kamdar (Reuters) – U.S. stocks ended Wednesday little changed following a Federal Reserve rate hike that left the door open for future hikes, but the Dow scored a 13-day winning streak. The Fed lifted its benchmark overnight interest rate by a widely expected 25 basis points, marking the 11th…
By Savyata Mishra (Reuters) -Mattel is banking on the box office success of the “Barbie” movie to help drive doll sales in the second half of the year, CEO Ynon Kreiz said on Wednesday, as the toymaker recorded a strong performance in July following the buzz around the film. The California-based company also posted a…
(Reuters) – U.S. trucking firm Yellow is preparing to file for bankruptcy, the Wall Street Journal reported on Wednesday, as customers abandon the company amid a cash crunch and union negotiations. The company could seek bankruptcy court protection as soon as this week, though no decision has been made, the report said, citing people familiar…
(Reuters) – Brazil’s postal service Correios said on Wednesday it has signed an agreement with Singaporean shopping app Shopee to boost exports of Brazilian products to Southeast Asian markets. Shopee, owned by Southeast Asian tech giant Sea, signed a memorandum of understanding with Correios, along with the Brazilian Agency for the Promotion of Exports and…
By Akash Sriram and Max A. Cherney (Reuters) -Chip-making tools supplier Lam Research forecast quarterly revenue above Wall Street estimates, as semiconductor makers scramble to meet a surge in demand fueled by rising adoption of artificial intelligence (AI) technology. Lam shares rose about 2% in extended trading. Businesses across sectors have been racing to incorporate AI…
By Karolina Tagaris and Alexandros Avramidis VOLOS, Greece (Reuters) -Wildfires that have been supercharged by strong winds and temperatures exceeding 40 Celsius (104 Fahrenheit) killed two people in central Greece on Wednesday and forced a new wave of evacuations. In the last 24 hours alone, 61 wildfires erupted across Greece, the fire brigade said. Officials…
