By Jorgelina do Rosario and Libby George LONDON (Reuters) – Countries around the world are battling heatwaves and floods fuelled by El Nino, a naturally occurring climate phenomenon that has a 90% probability of persisting in the second half of 2023, according to the World Meteorological Organization. The worldwide impact can be enormous, but the…
(Reuters) – Global money market funds attracted massive inflows in the week to Aug. 2 as investors sought safer assets amid a U.S. credit downgrade and weak economic data from the euro zone and China. Investors poured in a net $67.52 billion into global money market funds during the week, marking the biggest weekly net…
LONDON (Reuters) – British fintech Revolut will stop allowing U.S. customers to access cryptocurrencies, the company said in a statement on Friday, citing the regulatory environment and crypto market uncertainty there. “As a result of the evolving regulatory environment and the uncertainties around the crypto market in the U.S., we’ve taken the difficult decision, together…
By Samuel Indyk LONDON (Reuters) -Investors continued to buy stock and bond funds in the week to Wednesday, Bank of America global research said in a report on Friday citing EPFR data, after the previous week’s Federal Reserve and European Central Bank policy decisions. Stock funds saw $4.8 billion of inflows, BofA said, while inflows…
By Boureima Balima and Felix Onuah NIAMEY/ABUJA (Reuters) -West Africa’s regional bloc was to determine on Friday a potential intervention to overturn Niger’s coup after a mediation mission apparently failed ahead of a weekend deadline in a crisis closely watched by global superpowers. The Economic Community of West African States (ECOWAS) has taken a hard…
By Katherine Masters NEW YORK (Reuters) – The meteoric rise of shopping platforms selling Chinese-made goods, including Shein and Temu, has been fueled by a decades-old loophole that allows cheap products like $10 dresses to land in U.S. mailboxes tariff-free. This happens thanks to a “de minimis” rule exempting packages valued at $800 or less…
By Davide Barbuscia NEW YORK (Reuters) – Moody’s remains the last of the three major credit rating agencies to maintain a top rating for the United States, after Fitch cut the sovereign rating earlier this week and Standard & Poor’s lowered it in 2011. Fitch’s downgrade of the United States to AA+ from AAA caused…
By Jason Lange and Andrea Shalal WASHINGTON (Reuters) – Many Americans who voted for U.S. President Joe Biden in 2020 say they believe the economy has faired poorly under his stewardship and that they might not vote for him in the 2024 election, according to a new Reuters/Ipsos poll. Biden, a Democrat who in 2020…
BEIJING (Reuters) – Toyota and partner Pony.ai are planning to mass produce robotaxis in China, setting up a venture this year which will build cars that employ the startup’s autonomous driving technology and ride-hailing services. The two companies and GAC-Toyota, a venture between the Japanese automaker and Chinese state-owned Guangzhou Automobile Group, will invest more…
A look at the day ahead in U.S. and global markets by Yoruk Bahceli. U.S. markets are reeling this week from surging funding needs, the loss of the government’s prized triple-A credit rating and a still-hot labour market. Friday’s crucial jobs data will provide another hurdle. Longer-dated U.S. Treasuries have taken a beating this week,…
