By Jarrett Renshaw WASHINGTON (Reuters) -U.S. President Joe Biden on Friday said he was working with U.S. oil companies to boost output to record levels next year, while accusing the industry of capitalizing on a supply shortage to fatten profits. U.S. consumer inflation accelerated in May as gasoline prices hit a record high and the…
(Reuters) – Messaging app Telegram will launch a paid subscription plan for its users this month, founder Pavel Durov said on Friday. Users who will opt for Telegram Premium will get a higher limit for chats, media and file uploads, Durov said in a blogpost. “The only way to let our most demanding fans get…
By Valentina Consiglio and Gavin Jones ROME (Reuters) -Italian industrial output was much stronger than expected in April, rising 1.6% from the month before after a 0.2% gain in March, data showed on Friday, boosting growth prospects for the second quarter. While the euro zone’s third largest economy still faces many headwinds, it seems to…
By Ann Saphir and Lindsay Dunsmuir (Reuters) -Stubbornly hot U.S. inflation is fueling bets that the Federal Reserve will need to get more aggressive on interest rate hikes to cool price pressures, with chances of a 75-basis-point rate hike seen rising and the policy rate expected to top 3% by year end. Rising food and…
By Herbert Lash NEW YORK (Reuters) -U.S. and European stocks slid while the dollar strengthened on Friday after hot U.S. consumer price data for May raised the likelihood that the Federal Reserve will prolong an aggressive campaign of hiking interest rates to tame inflation. The consumer price index accelerated 1.0% last month after gaining 0.3%…
(Reuters) -The rouble soared on Friday to its strongest level against the dollar since late May, close to multi-year peaks, after Russia’s central bank cut its key interest rate by 150 basis points to its pre-crisis level of 9.5% and Moscow eased some capital controls. The central bank, exceeding average expectations of a 100-basis-point move…
(Reuters) – Netflix Inc shares fell 5% on Friday after Goldman Sachs downgraded the streaming giant, which is facing a slowdown in consumer spending and tough competition from Amazon.com and Walt Disney Co. The streaming pioneer in April lost subscribers for the first time in more than a decade in a sign of troubled times…
By Susan Mathew (Reuters) -European shares slumped 2.3% to hit three-week lows on Friday after U.S. inflation came in hotter than expected, raising the prospect of a recession as central banks try to put a lid on prices. Losses on the pan-European STOXX 600 index were broad-based, led by a 4% slide in banks. The…
NEW YORK (Reuters) – U.S. consumer prices accelerated in May as gasoline prices hit a record high and the cost of services rose further, suggesting that the Federal Reserve could continue with its 50 basis points interest rate hikes through September to combat inflation. The consumer price index increased 1.0% last month after gaining 0.3%…
WASHINGTON (Reuters) – U.S. consumer prices accelerated in May as gasoline prices hit a record high and the cost of services rose further, suggesting that the Federal Reserve could continue with its 50 basis points interest rate hikes through September to combat inflation. The consumer price index increased 1.0% last month after gaining 0.3% in…
