By Michael S. Derby NEW YORK (Reuters) – Supply chain pressures cooled again in May, New York Fed data showed, in a development that further eased what had been one of the key factors that had helped drive surging inflation pressures around the work. The New York Fed said on Tuesday that its latest Global…
By David Lawder WASHINGTON (Reuters) -The World Bank on Tuesday raised its 2023 global growth outlook as the U.S., China and other major economies have proven more resilient than forecast, but said higher interest rates and tighter credit will take a bigger toll on next year’s results. Real global GDP is set to climb 2.1%…
ZURICH (Reuters) -UBS expects to finalize its agreement with the Swiss government to cover up to 9 billion Swiss francs ($9.92 billion) in losses from its emergency takeover of Credit Suisse by June 7, the Swiss bank said in a regulatory filing published on Tuesday. Under the terms of the takeover orchestrated by Swiss authorities…
By Asif Shahzad and Ariba Shahid ISLAMABAD (Reuters) -Pakistan on Tuesday approved an estimated 3.5% GDP growth target for its 2023-24 financial year budget, the country’s Planning Minister Ahsan Iqbal said. Prime Minister Shehbaz Sharif’s government is set to present the annual budget on Friday, at a time when the South Asian country faces its…
FRANKFURT (Reuters) -Global container shipping freight rates have reached unsustainable levels and must rebound, the chief executive of Germany’s Hapag Lloyd, the world’s number five operator by volume, said on Tuesday. “There are spot rates that are clearly below cost,” said CEO Rolf Habben Jansen in a call with journalists. “In the long run, that…
By Harry Robertson LONDON (Reuters) – New trades in the enormous U.S. dollar interest rate swap market have almost entirely stopped using the London Interbank Offered Rate (LIBOR) as the deadline for its demise approaches. A record 91% of new dollar swaps executed in May used the Secured Overnight Financing Rate (SOFR), the newly accepted…
By Gabriel Burin (Reuters) – Brazilian inflation probably declined to an eight-month low in May versus April, opening a much anticipated window for interest rate cuts in the second-half of the year, a Reuters poll of economists predicted. On a 12-month basis, consumer price data due Wednesday are expected to show the smallest rise in…
By Stella Qiu SYDNEY (Reuters) -Australia’s central bank on Tuesday raised interest rates by a quarter-point to an 11-year high, and warned that further tightening may be required to ensure that inflation returns to target. The hawkish message sent the local dollar surging and bond yields spiking, as markets quickly moved to price in an…
SHANGHAI/BEIJING (Reuters) – In a rare attempt to bolster China’s yuan, a self-regulatory body overseen by the country’s central bank has told major state-owned banks to lower dollar deposit interest rates, four people with direct knowledge of the matter said. This could encourage Chinese firms, especially exporters, to settle foreign exchange receipts in yuan, which…
By Hilary Russ NEW YORK (Reuters) – Subway reached an agreement with a master franchisee to open nearly 4,000 new sandwich shops across mainland China over the next 20 years, it said on Tuesday. International expansion is a key growth strategy for the privately owned U.S.-based chain, which is in the midst of a turnaround…
