By William Schomberg LONDON (Reuters) – British inflation defied forecasts of a fall in May and stayed far above price growth in the United States and elsewhere in Europe, pressuring the Bank of England to keep on raising interest rates despite the growing hit to mortgage-holders. Britain has struggled more than other countries with the…
(Reuters) – BMW’s strong ties with China are a “win-win” as the car industry shifts towards greener, more connected vehicles, said CEO Oliver Zipse after Chinese Premier Li Qiang visited the German carmaker’s headquarters in Munich on Wednesday. Accompanied by a high-ranking delegation, Li met with Zipse and other company executives as part of a…
By Yoruk Bahceli and Dhara Ranasinghe LONDON (Reuters) – Investors on Wednesday ramped up bets on the Bank of England raising interest rates by a hefty half a percentage point on Thursday as inflation failed to fall in May, sending Britain’s two-year borrowing costs to a fresh 15-year. Inflation defied expectations that it would slow…
A look at the day ahead in U.S. and global markets from Mike Dolan The Fed chair has a tricky message to communicate. Jerome Powell’s testimony to Congress later on Wednesday will flesh out how the Federal Reserve chief rationalises last week’s pause in its 15-month rate hike campaign – even though the central bank…
By Davide Barbuscia NEW YORK (Reuters) – An expected surge in Treasury bill issuance could throw a wrench into the gears of hedge fund trades that have resulted in record short positions, potentially disrupting bond markets if speculators quickly unwind their holdings. In recent weeks, hedge funds have taken significant short leveraged positions in some…
BERLIN (Reuters) -The German economy will contract more than previously expected this year as sticky inflation takes its toll on private consumption, the Ifo Institute said on Wednesday while presenting its forecasts. “The German economy is only very slowly working its way out of the recession,” Ifo’s head of economic forecasts, Timo Wollmershaeuser, said. German…
By Tom Käckenhoff DUESSELDORF (Reuters) – Thyssenkrupp should explore a sale of its warship division to peers, in addition to private equity players and a potential stock market listing, according to influential German labour union IG Metall. Leaders should “keep an eye on industrial investors”, IG Metall said in a union handout seen by Reuters,…
PARIS (Reuters) – Air France-KLM’s engineering and maintenance business is targeting a return to 2019 levels of operating profit in 2024, despite higher working capital, Anne Brachet, EVP of the division, said at the Paris Airshow on Wednesday. The division, which repairs and maintains aircraft, needs to stock certain parts to avoid shortages as the…
By Lewis Jackson SYDNEY (Reuters) -The chair of an Australian senate committee looking into PricewaterhouseCoopers’ leak of a confidential government tax plan has called for an international investigation into the matter. Committee chair Senator Richard Colbeck presented a 33-page report on the leak to parliament on Wednesday and said information released to date showed the…
By Selena Li HONG KONG (Reuters) – JPMorgan Chase & Co has in a new round of downsizing cut around 20 investment banking jobs in Asia, a source with direct knowledge of the matter said, joining global peers in trimming headcount as dealmaking slows. JPMorgan on Tuesday notified the impacted bankers, the majority of whom…
