ZURICH (Reuters) – Nestle will pay a former manager 2 million Swiss francs ($2.2 million) compensation after a Swiss court upheld her claim of bullying while working at the company, newspaper Tages-Anzeiger reported. Yasmine Motarjemi was awarded the compensation by a court in Vaud, southern Switzerland, the paper said on Saturday, after a 12-year legal…
ROME (Reuters) -The European Central Bank (ECB) must avoid pushing real interest rates too high, given the level of private and public debt in the euro area, a top Italian policymaker said on Saturday. ECB Governing Council member Ignazio Visco, who is also the Bank of Italy’s governor, added he did not believe a recession…
By Nikunj Ohri (Reuters) – The Group of 20 (G20) big economies is exploring whether the group could collectively regulate cryptocurrencies, Finance Minister Nirmala Sitharaman said on Saturday. Given the sophisticated technologies involved with these virtual assets, countries must discuss whether a given regulation is needed, said Sitharaman, whose country is this year’s G20 president….
SHANGHAI (Reuters) – China on Saturday tightened risk management requirements on banks, requiring them to classify financial-asset risks in a timely and prudent manner, in a bid to better assess lenders’ credit risks. From July 1, banks must classify assets beyond the currently required loans – including bond investment, interbank lending and off-balance-sheet assets –…
By Jane Lanhee Lee, Josh Horwitz and Stephen Nellis OAKLAND, Calif/SHANGHAI (Reuters) – SoftBank Group Corp’s chip technology firm Arm Ltd’s China joint venture laid off 90-95 employees last week to cope with a challenging business outlook this year, according to three sources familiar with the situation. The layoffs come as SoftBank tries to set…
By Brendan O’Boyle (Reuters) – Risks over El Salvador’s embrace of bitcoin “have not materialized,” but use of the cryptocurrency still requires transparency and attention, the International Monetary Fund (IMF) said Friday in a statement after a visit to the Central American country. “Given the legal risks, fiscal fragility and largely speculative nature of crypto…
By David Shepardson WASHINGTON (Reuters) -A group representing major U.S. airlines “strongly urged” the Federal Aviation Administration (FAA) to extend a proposed deadline to June 2024 to retrofit airplane altimeters to ensure they are not susceptible to 5G wireless interference. Airlines for America (A4A), which represents American Airlines, Delta Air Lines, United Airlines and others…
(Reuters) – Bed Bath & Beyond Inc will wind down its operations in Canada, a court filing posted on alvarezandmarsal.com showed on Friday. The Canadian business does not have the “capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and the support” from lenders, according to…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Chinese inflation on Friday grabs the data spotlight in Asia at the end of a week in which hawkish Fed commentary has taken some froth of risk assets, as investors also ponder the market implications of deepening Sino-U.S….
By Herbert Lash and Elizabeth Howcroft NEW YORK/LONDON (Reuters) -The dollar firmed and equity markets fell on Friday as the impact of rising interest rates on the economy unsettled investors amid a growing chorus of central bank officials insisting monetary policy needs to remain tight for some time. U.S. mega-cap growth companies came under pressure…
