RICHMOND, Virginia (Reuters) – U.S. banks should be prepared to borrow regularly from the Federal Reserve’s discount window, while the Fed should make sure loans can be accessed at any time given changes in the speed of banking and transactions, Dallas Fed President Lorie Logan said on Tuesday. The rapid run on and sudden failure…
BEIJING (Reuters) – China plans to build world-class advanced factory clusters in the Beijing-Tianjin-Hebei region focused on products such as electric vehicles and robots, it said on Tuesday, as the country seeks to confirm its global competitiveness. As tensions have mounted with the United States, Chinese leaders have pledged to build a modern industrial system…
By Deborah Mary Sophia (Reuters) -Lowe’s Cos Inc cut its annual sales and profit forecasts on Tuesday, joining larger rival Home Depot in highlighting waning demand for home improvement goods with sticky inflation forcing consumers to cut back on discretionary spending. Americans are also prioritizing on travel and leisure activities instead of investing further in…
(Reuters) – Alibaba Group Holding Ltd’s cloud unit has started a round of job cuts that could slash its staff by about 7% as it prepares for an IPO, Bloomberg News reported. China’s largest cloud service has started to offer severance to employees or transfers to other units, the report said citing a person familiar…
SHANGHAI (Reuters) – Chinese money is pouring into Japan-focused stock funds as the Nikkei hits 33-year highs, triggering repeated warnings from fund managers about market risks. Two Shanghai-listed exchange-traded funds (ETFs) that track the Nikkei 225 Index have drawn such feverish interest, that their prices far exceed their net asset value. The ETFs’ managers, E…
By Jonathan Stempel (Reuters) – A judge dismissed a proposed class-action lawsuit against Elon Musk that claimed he cheated Twitter shareholders several times last year in the course of buying the social media company for $44 billion. In a decision on Monday, U.S. District Judge Charles Breyer in San Francisco said plaintiff William Heresniak lacked…
By Alexandra Schwarz-Goerlich and John O’Donnell VIENNA/FRANKFURT (Reuters) – Raiffeisen Bank International (RBI) is stepping up moves to hand its money-spinning Russian arm to shareholders, three people familiar with the matter said, amid mounting pressure to cut its ties to Moscow. Austria’s second-largest bank is making preparations for a spin-off after months of unsuccessfully trying…
By Rae Wee SINGAPORE (Reuters) – The dollar touched a six-month high against the yen on Tuesday as expectations grew that U.S. rates will remain higher for longer and as the debt ceiling impasse kept risk sentiment fragile. Among a slew of Federal Reserve heavyweights who spoke on Monday, some hinted that the central bank…
By Huw Jones LONDON (Reuters) -International securities watchdog IOSCO unveiled on Tuesday the first global approach to regulating cryptoasset and digital markets, drawing on lessons from last year’s collapse of the FTX exchange that fuelled concerns over consumer protection. The industry, which typically only has to comply with anti-money laundering checks, has been calling for…
SINGAPORE (Reuters) – Asian stocks crept to two-week highs in cautious trade Tuesday, helped by hints of progress toward avoiding a U.S. default and by resilience in Japan’s economy, with industrial sector surveys in Europe and the United States in focus later in the day. MSCI’s broadest index of Asia-Pacific shares outside Japan touched its…
