By Lucia Mutikani WASHINGTON (Reuters) – The U.S. trade deficit in goods narrowed in May as imports fell, but the improvement was probably insufficient to prevent trade from being a drag on economic growth in the second quarter. The hit from trade on gross domestic product was, however, likely to be offset by a rise…
ZURICH (Reuters) – Switzerland expects its budget deficit to widen to 6.7 billion Swiss francs ($7.46 billion) next year due to extraordinary spending on Ukrainian refugees and the electricity sector, the government said on Wednesday. An anticipated 2.1% rise in receipts in 2024 is unlikely to keep pace with spending growth, the government said. The…
By David Gauthier-Villars and Aram Roston (Reuters) – U.S. technology company Extreme Networks Inc said last year it had suspended all business activities in Russia to show solidarity with the people of Ukraine “living under attack.” But Reuters has found that, as the publicly-traded U.S. firm was unwinding its Russia operations, its most senior manager…
SINTRA, Portugal (Reuters) – Bank of England Governor Andrew Bailey said last week’s rise in interest rates reflected a resilient economy and unexpectedly persistent inflation, sticking closely to his message after the BoE raised rates to 5% from 4.5%. “The cumulative data – both particularly on the labour market and on the inflation release we…
(Reuters) – Xponential Fitness on Wednesday denied allegations made by Fuzzy Panda Research that the fitness chain was hiding losses at its brands and stores, saying the short-seller’s report was “misleading” and contained “inaccurate information”. In a report made public on Tuesday, Fuzzy Panda said Xponential had misled investors and that more than 50% of…
By Huw Jones LONDON (Reuters) -The European Union on Wednesday proposed making the payments sector more competitive, giving legal backing to a digital euro, and preserving the role of cash as fewer people use coins and notes. The package of European Commission reforms seeks to further prise open a payments market long dominated by banks…
(Reuters) – Asset manager Oaktree Capital Management L.P. on Wednesday named insiders Robert O’Leary and Armen Panossian as co-CEOs to replace Jay Wintrob, who is resigning in the first quarter of 2024. O’Leary currently serves as the firm’s portfolio manager for global opportunities strategy, while Panossian is the head of performing credit. As part of…
(Reuters) – Shares in Volkswagen inched higher on Wednesday, recovering slightly from a selloff the day before when the automaker played down reports it will cut EV output in Germany over the next two weeks because of lower than expected demand. Volkswagen “expects the trend in BEV (battery electric vehicle) orders, which already improved in…
BEIJING (Reuters) -Annual profits at China’s industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery. The 18.8% year-on-year slump in profits came on top of the 20.6% contraction in January-April, and added to evidence of…
By Jan Strupczewski BRUSSELS (Reuters) – Euro zone governments should tighten fiscal policy next year more than currently planned to help the European Central Bank fight inflation and prevent interest rates rising too high, the European Fiscal Board (EFB) said in a report on Wednesday. The EFB is an independent advisory body set up to…
