By David Lawder WASHINGTON (Reuters) – The International Monetary Fund said on Tuesday it is now projecting Argentina’s economy will contract 2.5% in 2023, with a year-end inflation rate of about 120%, largely due to a crippling drought that has curtailed agricultural production. “Argentina is facing a very difficult situation particularly that’s made worse by…
By Karl Plume CHICAGO (Reuters) -Archer-Daniels-Midland beat Wall Street expectations for second-quarter profit on Tuesday and raised its 2023 earnings outlook, as the grains merchant benefited from a record Brazilian harvest and robust global demand. Results, however, were below ADM’s record second quarter a year ago due to headwinds from lower oilseed processing margins and…
By Fergal Smith TORONTO (Reuters) – The Bank of Canada’s most favored measures of core inflation are likely to slow in July for the first time in 10 months as base effects work in their favor, a milestone that could sway the bank to leave rates on hold at its next policy decision. In tracking…
(Edits syntax in paragraph 2) By Valentina Za and Giuseppe Fonte MILAN (Reuters) -Italian bank UniCredit is set to report sharply higher revenue on Wednesday from a year ago as it continues to benefit from higher interest rates – but its exposure to Russia is drawing increased regulatory scrutiny. The European Central Bank (ECB), which…
PARIS (Reuters) – KLM, Delta, United and scores of carriers have filed an appeal at the Dutch Supreme Court to overturn a move by the Dutch government to curb traffic at Amsterdam’s Schiphol Airport, the Dutch airline said on Tuesday. The legal action announced by the airlines is an attempt to overturn a July 7…
By Jonathan Stempel NEW YORK (Reuters) – Elon Musk plans to ask the U.S. Supreme Court to consider whether the Securities and Exchange Commission overstepped its authority in enforcing a consent decree that he has called a “muzzle” on his free speech. Musk would be appealing a decision by the 2nd U.S. Circuit of Appeals…
WASHINGTON (Reuters) – India’s move to restrict exports of certain types of rice could help exacerbate food price inflation and should be reversed, International Monetary Fund chief economist Pierre-Olivier Gourinchas said on Tuesday. Gourinchas told a news conference that India’s restriction would have a similar effect of the suspension of the Ukraine Black Sea grain…
By John Revill (Reuters) -Logitech International raised its sales and profit outlook for the first half of the financial year 2024 on Tuesday, sending its stock sharply higher. The maker of computer keyboards, mice and webcams saw its stock trading nearly 8% higher in Switzerland after its first quarter results beat forecasts. Sales in the…
By Clare Jim and Karin Strohecker HONG KONG (Reuters) -Investors piled into Chinese property developers’ shares and bonds on Tuesday following a sharp sell-off in the previous session, after policymakers said they would step up support for the embattled sector. Hong Kong’s Hang Seng Mainland Properties Index jumped 14%, while the CSI 300 Real Estate…
SAO PAULO (Reuters) -Consumer prices in Brazil fell by more than expected in the month to mid-July, data from statistics agency IBGE showed on Tuesday, potentially opening the way for a more aggressive interest rate cut when central bank policymakers meet next week. The soft data, with 12-month inflation below this year’s official target, may…
