By Samuel Indyk LONDON (Reuters) -The Swiss franc hasn’t lived up to its safe-haven reputation during the Credit Suisse collapse, as investors have sought shelter elsewhere, bringing more of a boost to the value of the gold in Switzerland’s bullion vaults than to its currency. Money managers ditched the Swiss franc at the fastest rate…
By Gleb Stolyarov and Roman Churikov MOSCOW (Reuters) – As the exodus of Western carmakers narrows options for Russian consumers, Chinese automakers are filling the gap, forcing Russians to overcome their reluctance to embrace Chinese brands and stomach higher prices. Chinese brands such as Haval, Chery and Geely now account for almost 40% of Russia’s…
By Evan Garcia and Dan Fastenberg MCCAMEY, Texas (Reuters) – Cryptocurrency bankruptcies and worries over electric power consumption have failed to dent the industry’s growth in Texas, according to a top trade group, citing the rise in the miners’ power demands. Bitcoin miners consume about 2,100 megawatts of the state’s power supplies, said Lee Bratcher,…
By Michael Martina and Yew Lun Tian WASHINGTON/BEIJING (Reuters) – Chinese authorities raided the office of U.S. corporate due diligence firm Mintz Group in Beijing and detained five local staff, the company said, putting foreign companies in China on alert just as the country hosts an international economic forum. News of the raid and detentions…
By Ahmad Ghaddar LONDON (Reuters) -Oil prices fell sharply on Friday amid declining European banking shares and after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects. Brent crude fell $2.50, or 3.3%, to $73.41 a barrel by 1031 GMT, while West Texas Intermediate…
(Reuters) – U.S. stock index futures struggled for direction on Friday as investors remained jittery over the health of the banking sector while they weighed the odds of the Federal Reserve pausing its interest rate hikes soon. Wall Street’s main indexes ended higher in the previous session following Treasury Secretary Janet Yellen’s reassurances that measures…
BENGALURU (Reuters) – The Indian stock market may outperform its Asian and emerging market peers in the long term as lofty valuations ease and investors look to bet on the economy’s growth prospects, brokerage group Jefferies said in a note. The benchmark Nifty 50 Index’s price-to-earnings premium to China’s Hang Seng Index declined to 115%…
LONDON/FRANKFURT (Reuters) – Deutsche Bank shares dropped as much as 3.4% in Friday’s premarket trade, after a sharp jump in the cost of insuring against the risk of default late the day before fuelled concerns about the overall stability of Europe’s banks. Deutsche shares, which have lost a fifth of their value so far this…
HONG KONG (Reuters) – Hong Kong’s government announced a series of measures on Friday to attract wealthy family offices to set up in the financial hub as authorities try to restore business confidence and investor allure after three years of severe COVID-19 rules. A revamped investment migration scheme, new tax concessions and incentives such as…
By Ankur Banerjee SINGAPORE (Reuters) – The dollar was pinned near seven-week lows on Friday as nervousness over banks kept investors skittish and traders assessed the Federal Reserve’s chances of a pause to interest rate hikes. The dollar index, which measures the currency against six major rivals, fell 0.097% at 102.48, just above the seven-week…
