FRANKFURT (Reuters) – Germany’s top union IG Metall on Monday called for Tesla to improve staffing conditions at its German gigafactory as it prepares to expand, with the carmaker due to publish its expansion plans for feedback from the community later this week. Tesla’s application to double the capacity of its Gruenheide site to 1…
By Nell Mackenzie LONDON (Reuters) – Speculators have amassed their biggest long position in sterling in dollar terms since Brexit, but untamed inflation and weak growth mean the party in the pound will not last, say hedge funds and their investors. Net long speculative positions reached $4.7 billion as of July 11, the most valuable…
By Elena Fabrichnaya and Alexander Marrow MOSCOW (Reuters) – Russia’s central bank is expected to hike rates to 8% on Friday, increasing the cost of borrowing for the first time in over a year as the rouble’s sharp slide adds to inflation pressure, a Reuters poll showed. The bank has held rates at 7.5% since…
(Reuters) – Russia refused on Monday to extend the agreement that has enabled Ukraine to export grain from its Black Sea ports for the past year, complaining that promises to free up its own shipments of food and fertilisers had not been kept. Russia’s Foreign Ministry said it had notified Ukraine, Turkey and the United…
BERLIN (Reuters) – Germany’s economic output may shrink slightly this year due to the energy price shock and tightening financial conditions, the International Monetary Fund (IMF) said on Monday. Gross domestic product is expected to regain momentum gradually in 2024 and 2025, as the lagged effects of monetary tightening gradually dissipate and the economy adjusts…
By Sam Tobin LONDON (Reuters) – Singer Elton John appeared by videolink in a London court on Monday to give evidence at Oscar-winning actor Kevin Spacey’s sexual assault trial. Spacey, 63, has pleaded not guilty at London’s Southwark Crown Court to 12 charges of sexual offences allegedly committed against four men in Britain between 2001…
By Sarita Chaganti Singh and Shivangi Acharya GANDHINAGAR, India (Reuters) – Debt restructuring talks made little progress during the third finance meeting of the G20 countries in India as the bloc was unable to overcome key differences and low attendance due to domestic issues adding to the roadblocks. The finance ministers of the G20 countries…
By Elisha Bala-Gbogbo and Chijioke Ohuocha ABUJA (Reuters) – Nigeria’s inflation rose for the sixth month in a row in June, to 22.79% year-on-year from 22.41% in May, putting pressure on the central bank to tighten policy further when it meets to set interest rates next week. Next week’s meeting will be the first since…
FRANKFURT (Reuters) – The German economy may shrink by more this year than expected only a few weeks ago despite a small bounce in the second quarter, the Bundesbank said on Monday. Industry-heavy Germany is bearing the brunt of a drop in global demand for goods – the result of higher borrowing costs dampening investment…
By Akash Sriram (Reuters) – Tesla’s strategy to boost sales through price cuts is likely to have powered its strongest revenue growth in five quarters while dragging down margins to a three-year low in the April-June period. The Elon Musk-led electric-vehicle maker has since late last year launched a price war to stoke demand and…