By Suban Abdulla LONDON (Reuters) -A key British mortgage rate hit a 15-year high on Tuesday when it rose above the levels reached in the aftermath of September’s “mini-budget” crisis, adding to strains on the country’s slowing housing market as the Bank of England battles stubborn inflation. The average two-year fixed residential mortgage rate climbed…
By Yantoultra Ngui and Xinghui Kok SINGAPORE (Reuters) – Singapore investment firm Temasek Holdings on Tuesday posted a 5.2% drop in its net portfolio value to S$382 billion ($284.65 billion) in the financial year that ended in March. The drop in net portfolio value is its first since the 2020 financial year and came amid…
By Sinead Cruise and Carolyn Cohn LONDON (Reuters) – Britain’s financial services industry has broadly cheered fresh government proposals to jumpstart the economy by channelling 50 billion pounds ($64.5 billion) of pension fund cash into fledgling firms, but the plans could backfire on savers, experts said. Finance minister Jeremy Hunt on Monday unveiled a raft…
By Selena Li and Samuel Shen HONG KONG (Reuters) – UBS has halted plans to set up a new fund unit in China and decided to maintain ownership in a mega fund joint venture from its Credit Suisse takeover, two people with direct knowledge of the matter said. UBS has decided to indefinitely suspend works…
By Kate Lamb and Stanley Widianto JAKARTA (Reuters) – ASEAN chair Indonesia on Tuesday stressed the importance of the regional bloc’s unity in remaining credible, as its foreign ministers started talks expected to touch on the thorny issue of engaging Myanmar’s ostracised ruling generals. The meeting of the Association of Southeast Asian Nations in Jakarta…
By Jihoon Lee SEOUL (Reuters) -South Korean state-run banks are providing at least two trillion won ($1.54 billion) of liquidity support to a credit union hit by customer withdrawals, joining commercial banks also offering financing to reduce risks of a crunch in the local money market. The Industrial Bank of Korea and the Korea Development…
BERLIN (Reuters) – Mercedes-Benz Group sales in the second quarter rose 6% year-on-year – a total of 515,700 vehicles – on the back of demand for all-electric and top-end vehicles, the German carmaker said on Tuesday. Sales grew in all the carmaker’s main regions – Europe, Asia and North America – with deliveries in Germany…
PARIS (Reuters) – French automaker Renault said on Tuesday worldwide sales of its flagship brand rose 11% in the first half of the year to 770,807 units, extending a rebound after four years of declines. The increase marks an acceleration from the 9% growth in sales reported in the first quarter of 2023. In 2022…
By Jamie McGeever ORLANDO, Florida (Reuters) -The longer the heavily touted U.S. recession fails to materialize, the more doubt is cast over the relevance and usefulness of leading economic indicators that have accurately predicted every downturn for decades. The economy grew much faster than expected in the first quarter of the year, unemployment is ultra-low,…
BERLIN (Reuters) – German inflation rose in June, interrupting a steady decline since the start of the year. German consumer prices, harmonised to compare with other European Union countries, increased by 6.8% on the year in June, the federal statistics office said on Tuesday, confirming preliminary data. The year-on-year rebound in German inflation midway through…
