By Clare Jim HONG KONG (Reuters) -China Evergrande Group, the world’s most indebted property developer, posted a combined loss of $81 billion in 2021 and 2022 and a rise in total liabilities in its long overdue results on Monday. The developer defaulted in late 2021 and has been struggling to complete projects and repay its…
By Amruta Khandekar, Shreyashi Sanyal and Shristi Achar A (Reuters) -European shares fell on Monday as Richemont led a slide among luxury firms on weaker-than-expected organic sales growth and as lacklustre economic growth in China raised concerns about demand from the world’s second-biggest economy. The pan-European STOXX 600 index closed 0.6% lower, with luxury giants…
By Akash Sriram (Reuters) – Investments in space startups stayed flat in the second quarter, a positive sign for a sector that faced a funding slump over the past few quarters due to the grim economic outlook, a report by venture capital firm Space Capital showed. The April-June period saw $6 billion in investments in…
By Andrea Shalal WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen said on Monday the United States was making good progress in bringing inflation down and she did not expect the U.S. economy to enter into a recession. Yellen, speaking to Bloomberg TV from India during a meeting of Group of 20 finance officials, said slower…
MOSCOW (Reuters) – Inflationary expectations for the year ahead among Russian households climbed to 11.1% in July from 10.2% in June, the central bank said on Monday, just days before it is widely expected to raise its key interest rate from 7.5%. A Reuters poll on Monday suggested the Bank of Russia would hike rates…
ZURICH (Reuters) – A Swiss investors’ association is planning to file a lawsuit seeking compensation for former Credit Suisse shareholders, the latest legal action triggered by the bank’s emergency takeover by its cross-town rival UBS. “Due to the large number of inquiries, the Swiss Association for the Protection of Investors (SASV) has decided to coordinate…
HONG KONG (Reuters) – Embattled property developer China Evergrande Group on Monday published its long delayed results for fiscal 2021 and 2022, posting significant losses and big drops in revenue. The world’s most indebted property developer reported a net loss of 476 billion yuan ($66.36 billion) and 105.9 billion yuan ($14.76 billion) for 2021 and…
By Ali Kucukgocmen ISTANBUL (Reuters) – Turkey’s central bank is expected to raise its policy rate by 500 basis points to 20% this week, a Reuters poll showed on Monday, making good on its pledge of further tightening with another sharp hike to curb inflation which is set to rise again. The central bank raised…
MUMBAI (Reuters) – India will need to grow at a rate of 7.6% annually for the next 25 years to become a developed nation, according to a research paper published by the central bank in its monthly bulletin on Monday. India’s per capita income is currently estimated at $2,500, while it must be more than…
By Swati Bhat and Siddhi Nayak MUMBAI (Reuters) – Food price spikes in India, typical at the onset of the monsoon, drove up headline inflation in June, corroborating the monetary policy committee’s (MPC) view that the fight against inflation is far from over, the Reserve Bank of India said on Monday. “Monetary policy has to…
