By Noele Illien and Stefania Spezzati ZURICH (Reuters) – Hundreds of Credit Suisse’s employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by rival UBS, two people familiar with the matter said on Wednesday. Credit Suisse bankers, worried about their future are seeking safer employment…
BERLIN (Reuters) -Volkswagen will not participate in a discount battle in China “at any price”, Chief Operating Officer Ralf Brandstaetter said in an interview released on Wednesday. The German carmaker is under growing pressure in its most important market from up-and-coming Chinese manufacturers who are more successful with electric cars than their Western rivals. “Volkswagen…
FRANKFURT (Reuters) – Policy normalisation by the Bank of Japan could test the resilience of global bond markets, the European Central Bank warned on Wednesday in an unusually strong message about policy prospects in another jurisdiction. Bank of Japan (BOJ) Governor Kazuo Ueda has said the central bank is unwavering in its stance of patiently…
TAIPEI (Reuters) – Taiwan’s economic growth is likely to be low in the first half of the year under continuing global inflationary pressure, but export momentum may pick up in the second half, the island’s central bank said on Wednesday. Taiwan, home to major tech firms including the world’s largest contract chip maker TSMC, has…
ROME (Reuters) – Italy’s economy rose 0.6% in the first quarter, boosted by strong domestic demand, national statistics bureau ISTAT said on Wednesday, lifting a preliminary estimate of a 0.5% rise in gross domestic product. On a year-on-year basis, GDP in the January-March period was revised up to 1.9% compared with the 1.8% printout in ISTAT’s flash…
PARIS (Reuters) – French Finance Minister Bruno Le Maire said on Wednesday he was sticking to a forecast of 1% economic growth this year despite numerous risks to the outlook while a fall in inflation this month offered consumers some relief. The European Commission and the International Monetary Fund are more cautious about the outlook,…
By Leika Kihara TOKYO (Reuters) – Central banks risk being late in arresting inflation if they rely too much on forward guidance – a tool used to communicate the future path of monetary policy, a widely respected economist told policymakers at a Bank of Japan-hosted event on Wednesday. Forward guidance is an effective tool when…
By Moira Warburton and David Morgan WASHINGTON (Reuters) – Legislation brokered by President Joe Biden and House Speaker Kevin McCarthy to lift the $31.4 trillion U.S. debt ceiling and achieve new federal spending cuts passed an important hurdle late on Tuesday, advancing to the full House of Representatives for debate and an expected vote on…
By Engen Tham, Summer Zhen and Selena Li HONG KONG/SHANGHAI (Reuters) -Credit Suisse has scrapped plans to set up a locally incorporated bank in China to sidestep a potential regulatory conflict arising from its merger with UBS, said two sources with direct knowledge of the matter. Embattled Credit Suisse had been preparing for years to…
PARIS (Reuters) – French inflation cooled more than expected in May to its lowest level in a year as energy and food price increases moderated, according to preliminary official data on Wednesday. Consumer prices dipped 0.1% over one month, giving an annual inflation rate of 6.0% after 6.9% in April, EU-harmonised data from the INSEE…
