NAIROBI (Reuters) – Kenya will delay re-opening its border with Somalia because of a “wave of attacks” it blames on al Qaeda-linked al Shabaab militants, interior minister Kithure Kindiki said on Wednesday. In May the two governments agreed to reopen within 90 days several border posts including Mandera, Liboi, and Kiunga, which have been closed…
By Bianca Flowers BELVIDERE, Illinois (Reuters) – A shuttered Illinois Jeep assembly plant will be at the center of a power struggle between the United Auto Workers union and Detroit’s automakers as the manufacturers double down on cutting costs to fund an accelerated transition to electric vehicles. When the Stellantis factory in the northern Illinois…
(Reuters) – Chinese auto brands are on track to account for just over 50% of the cars sold in their home market this year thanks to a growing dominance in electric vehicles, consultancy AlixPartners said on Wednesday. It would represent the first time Chinese automakers have controlled a majority share of China’s car market –…
By Ahmad Ghaddar, Alex Lawler and Shadia Nasralla VIENNA (Reuters) – Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday. OPEC+, a group comprising the Organization of the Petroleum Exporting…
WASHINGTON(Reuters) – New orders for U.S.-made goods increased less than expected in May as a surge in civilian aircraft orders was partially offset by sluggishness elsewhere amid higher interest rates that are eroding demand. Factory orders rose 0.3% after advancing by the same margin in April, the Commerce Department said on Wednesday. Economists polled by…
(Reuters) – Morgan Stanley on Wednesday lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year. The Wall Street bank cut its Brent price outlook for the third quarter this year to $75 from $77.50 per barrel and lowered its fourth…
SHANGHAI/SINGAPORE (Reuters) – Foreign investors were net purchasers of onshore yuan bonds in June, while expectations in China’s foreign exchange market remain stable and cross-border capital flows are basically balanced, a state media commentary said late Wednesday. The remarks by Financial News, a publication backed by the People’s Bank of China (PBOC), come as the…
By Karen Lema and Enrico Dela Cruz MANILA (Reuters) -Philippine annual inflation eased for a fifth straight month in June, supporting expectations the central bank will keep rates unchanged for longer as food and transport cost pressures ease. The consumer price index rose 5.4% in June, the statistics agency said on Wednesday, its slowest pace…
BERLIN (Reuters) – German Chancellor Olaf Scholz said on Wednesday that he knew of further plans for large investments in chip production in Germany, a welcome trend as Europe looks to reduce its reliance on China when it comes to strategically important industries. “I know of other plans by German companies and many others,” Scholz…
(Reuters) – Parcel delivery firm United Parcel Service Inc and the Teamsters Union on Wednesday accused each other of walking away from the negotiations, delaying contract talks that covers roughly 340,000 U.S. drivers, package handlers and loaders at the company. Here is a timeline of key events leading up to the impasse in negotiations: Date…
