WASHINGTON (Reuters) – U.S. producer prices increased solidly in May amid a surge in the cost of energy products, suggesting inflation could remain elevated for a while. The producer price index for final demand rose 0.8% last month after advancing 0.4% in April, the Labor Department said on Tuesday. In the 12 months through May,…
(Reuters) – Coinbase Global Inc said on Tuesday it would slash 18% of its workforce, or about 1,100 jobs, as a part of its efforts to cut costs amid volatile market conditions. (Reporting by Nivedita Balu in Bengaluru; Editing by Amy Caren Daniel)
By Saikat Chatterjee LONDON (Reuters) – The U.S. dollar trimmed early losses and held near a 20-year peak on Tuesday while its rivals from the Aussie to the euro struggled as traders braced for aggressive interest rate hikes from the Federal Reserve this week. Expectations for a 75 basis-point increase at the conclusion of a…
(Reuters) – The Russian rouble firmed towards a three-week high against the euro in volatile trade on Tuesday but was steady against the U.S. dollar, while stock indexes inched lower in the absence of new drivers and momentum. At 1050 GMT, the rouble gained 1.9% to 58.97 against the euro, its strongest level since May…
(Reuters) – Elon Musk will speak to Twitter Inc employees this week for the first time at a company-wide meeting since launching his $44 billion bid in April, a source said on Monday, citing an email from Twitter Chief Executive Parag Agrawal to staff. The meeting is scheduled for Thursday, and Musk will take questions…
By Alex Lawler and Dmitry Zhdannikov LONDON (Reuters) – World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy. Fuel use has rebounded from the 2020 pandemic-induced slump and is set to…
BERLIN (Reuters) -Germany’s cartel office is looking into Apple’s rules on tracking for third-party apps to see whether they give the U.S. tech giant preferential treatment or hinder other companies, it said on Tuesday. “We welcome data-friendly business models that give users choices about how their data is used,” said cartel office president Andreas Mundt….
SHANGHAI/HONG KONG (Reuters) – China’s securities regulator on Tuesday denied that it and its securities association had asked foreign investment banks for senior executives’ pay details or suggested they implement pay curbs, rejecting media reports. Bloomberg reported on Friday that Chinese regulators had warned top global banks, during meetings in Shanghai and Beijing this year,…
By Mathieu Rosemain PARIS (Reuters) -French IT company Atos spooked investors on Tuesday with a plan to split its operations and sell assets as well as the departure of CEO Rodolphe Belmer, sending its shares plunging by more than 25%. The departure of Belmer, who took over in January, follows weeks of reports of board…
By Sophie Yu and Brenda Goh BEIJING (Reuters) – China is set to get a picture of how the country’s zero-COVID-19 policy and slowing economy have impacted shoppers’ urge to splurge, as e-commerce platforms gear up to report takings from the mid-year “618” shopping festival this weekend. Held in the run-up to June 18, 618…
