AMSTERDAM (Reuters) – The European Central Bank (ECB) will look closely for signs of inflation cooling down in the coming months to avoid taking rate hikes too far, governing council member Klaas Knot said in an interview on Tuesday. Referring to the possibility of further rate hikes, Knot said: “For July it is a necessity,…
By Daniel Wiessner (Reuters) – Uber Technologies Inc must face a California lawsuit claiming it should have covered UberEats drivers’ work-related expenses, the state’s top court said on Monday, in what could be a major blow to companies in the largest U.S. state and a win for labor advocates. The California Supreme Court in a…
(Reuters) – Bank of New York Mellon Corp beat Wall Street targets for second-quarter profit on Tuesday as the U.S. Federal Reserve’s aggressive policy tightening boosted income earned from interest payments on loans. Higher rates have helped several big U.S. banks post strong profit for the quarter and signal a resilient economy, but a pullback…
By Aziz El Yaakoubi RIYADH (Reuters) -Saudi Arabia agreed on Tuesday to buy Turkish drones in the biggest defence contract in Turkey’s history as President Tayyip Erdogan reaped the benefits of his diplomatic push to repair ties with Gulf powers and help Ankara’s struggling economy. Erdogan and Saudi Crown Prince Mohammed bin Salman attended the…
By Aftab Ahmed and Shivangi Acharya GANDHINAGAR, India (Reuters) – Multilateral development banks must create a new funding mechanism and triple sustainable lending by 2030 to eliminate poverty and achieve climate goals, a G20 panel said in a report on Tuesday that called for big changes in the way MDBs operate. The independent panel, headed…
LONDON (Reuters) – England and Wales are on track for the highest quarterly number of company insolvencies since early 2009, as businesses struggle to repay COVID-19 loans against a tough economic backdrop, government figures showed on Tuesday. The Insolvency Service, a government agency, said 2,163 companies were declared insolvent in June, up 27% on a…
A look at the day ahead in U.S. and global markets from Mike Dolan The benign July investment environment gets tested on Tuesday by updates on U.S. retail sales and housing while the corporate earnings season kicks back into gear with another sweep of bank reports. Wall St ended in positive territory on Monday after…
BERLIN (Reuters) -German media group ProSiebenSat.1 will cut 400 full-time positions, the company said on Tuesday, as part of restructuring measures focusing on its entertainment activities. “The aim is to achieve a more efficient structure, a competitive cost base, and processes clearly geared to digital transformation,” the company said in a statement. ProSiebenSat.1 said the…
By James Davey LONDON (Reuters) -Ocado, the British online supermarket and technology group, returned to underlying profit in its first half and stuck to its guidance, saying its retail operation won more customers and its robotics business progressed, sending its shares soaring. The group swung to a profit for the six months to May 28,…
(This July 16 story has been corrected to state that China is CELAC’s second-largest trading partner, not its largest, in paragraph 5) By Philip Blenkinsop and Andrew Gray BRUSSELS (Reuters) – The European Union pledged more investment for Latin America and the Caribbean at a summit on Monday as part of a revamp of its…
