By David Shepardson WASHINGTON (Reuters) -The United States will allow Chinese airlines to increase U.S. passenger services to 12 weekly round-trips, the Transportation Department (USDOT) said on Wednesday, equal to the number of flights Beijing has permitted for American carriers. It is a boost from the eight weekly round-trip flights currently allowed by Chinese carriers and matches…
(Reuters) – A protracted default on U.S. payment obligations could result in the loss of 8.3 million jobs and a 6.1% reduction in economic output, according to an analysis by the White House Council of Economic Advisers released on Wednesday. Such an unprecedented default “would likely lead to severe damage to the economy, with job…
By Devayani Sathyan BENGALURU (Reuters) -Australia’s central bank will likely deliver one more 25-basis-point interest rate increase by end-September to 4.10% following a surprise hike on Tuesday, according to a slim majority of economists in a snap Reuters poll. The Reserve Bank of Australia, which apologized last year for providing unclear guidance, has sent mixed…
By Howard Schneider and Ann Saphir WASHINGTON (Reuters) – The Federal Reserve moved its management of the post-pandemic economic recovery into a new phase on Wednesday with what may be the last in a historic series of interest rate hikes and heightened attention to credit and other economic risks. The U.S. central bank raised its…
WASHINGTON (Reuters) -U.S. President Joe Biden is expected to nominate Federal Reserve Governor Philip Jefferson as the next vice chair, two sources familiar with the matter said on Wednesday In addition, economist Adrian Kugler is expected to be nominated to an open Fed board seat, with an announcement anticipated in coming days, the sources said….
By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks ended lower on Wednesday, reversing gains after comments by Federal Reserve Chair Jerome Powell left investors wondering what the U.S. central bank’s next move would be with interest rate hikes. Indexes initially held onto gains following the Fed’s statement. It increased interest rates by a quarter…
By Luc Cohen NEW YORK (Reuters) – A former product manager at non-fungible token (NFT) marketplace OpenSea was convicted on Wednesday of fraud and money laundering for using inside knowledge of which assets would be featured on its home page to trade NFTs. Nathaniel Chastain was accused of buying NFTs he had decided to…
By Niket Nishant and David French (Reuters) -Carl Icahn’s empire took another hit on Wednesday when his holding company’s shares plunged further in the aftermath of a critical report from short seller Hindenburg Research, bringing the valuation drop since the short seller attacked it to more than $6 billion. Hindenburg on Tuesday accused Icahn Enterprises…
By Stephen Nellis, Josh Ye and Jane Lanhee Lee (Reuters) -U.S. microchip export controls imposed last year to freeze China’s development of supercomputers used to develop nuclear weapons and artificial-intelligence systems like ChatGPT are having only minimal effects on China’s tech sector. The rules restricted shipments of Nvidia Corp and Advanced Micro Devices Inc chips…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. The Fed on Wednesday delivered what markets are convinced will be the last rate hike of the cycle, bond yields and the dollar fell, yet investors are rattled. Asian markets wake up on Thursday to the realization that…
