WASHINGTON (Reuters) – The number of Americans filing new claims for jobless benefits jumped last week to the highest level since late 2021, suggesting that higher interest rates were starting to weigh on the labor market. Initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 264,000 for the week ended May 6,…
STOCKHOLM (Reuters) – Swedish electric vehicle (EV) maker Polestar said on Thursday it had lowered its 2023 production guidance and would cut headcount by 10%, citing a delayed production start for its Polestar 3 and a challenging environment for the industry. The auto maker said it now expected volumes to be between 60,000-70,000 cars this…
ROME (Reuters) -Italy’s antitrust agency AGCM said on Thursday it had opened a probe into U.S. technology giant Apple for alleged abuse of its dominant position in the apps market. The watchdog said Apple penalised third-party app developers by imposing “a more restrictive privacy policy” than it applies to itself, from April 2021. Furthermore, external…
By Ludwig Burger FRANKFURT (Reuters) – Germany’s Merck KGaA on Thursday warned that adjusted operating earnings could decline by as much as 10% this year as the outlook for its specialty chemicals business darkened, offsetting an upswing in drug prescriptions. The company said it was expecting between 6.1 billion euros ($6.71 billion) and 6.7 billion…
DUBAI (Reuters) -Emirates airline said on Thursday it had committed $200 million to a research fund focusing on reducing the impact of fossil fuels in commercial aviation, because hitting net zero emissions targets would not be possible with currently available options. Emirates President Tim Clark said the biggest impediment for airlines in reducing their environmental…
A look at the day ahead in European and global markets from Kevin Buckland. U.S. Treasury Secretary Janet Yellen is highlighting three core priorities at the start of the G7 finance ministers’ three-day meeting in Niigata, Japan today: reining in global inflation, bolstering long-term economic resilience, and redoubling a commitment to Ukraine. But almost everyone…
By Chen Aizhu SINGAPORE (Reuters) – China has dramatically increased use of the yuan to buy Russian commodities over the past year, with nearly all of its purchases of oil, coal and some metals from its neighbour now settled in the Chinese currency instead of dollars, multiple trading executives with direct knowledge of the matter…
MANILA (Reuters) – The Philippine economy expanded 6.4% in the first quarter from a year earlier, the statistics agency said on Thursday, topping expectations. On a quarter-on-quarter basis, growth slowed to 1.1% from the earlier reported 2.4% expansion in the previous three-month period. Analysts polled by Reuters had expected first quarter gross domestic product (GDP)…
By Nandita Bose VALHALLA, N.Y. (Reuters) -U.S. President Joe Biden piled pressure on Republican lawmakers on Wednesday to move quickly to raise the country’s $31.4 trillion debt ceiling or risk throwing the U.S. economy into a recession that would kill thousands of jobs. “We’ve got to fight. We’re going to win this fight,” Biden said…
By Andres Gonzalez (Reuters) – Conglomerate Grupo Mexico is set to buy Citigroup Inc’s retail banking operations in Mexico for about $7 billion in a deal that could be announced as early as this week, according to a person familiar with the matter. As part of the deal, Citi will retain a roughly 10% stake…
