By Hannah Lang (Reuters) -The U.S. House Financial Services committee on Thursday advanced a bill to establish a federal regulatory framework for stablecoins, a type of cryptocurrency typically pegged to a traditional asset, often the U.S. dollar. The bill would have the U.S. Federal Reserve write requirements for issuing stablecoins while preserving the authority of…
By Jihoon Lee SEOUL (Reuters) – North Korea’s economy shrank for a third consecutive year in 2022, as COVID-19 restrictions and U.N. sanctions continued to weigh on economic activity in the isolated authoritarian state, according to estimates by the South’s central bank. Foreign trade posted a record rebound, however, after drying up during the pandemic…
By Andrea Shalal and Angelo Amante WASHINGTON/ROME (Reuters) -U.S. President Joe Biden and Italian Prime Minister Giorgia Meloni met at the White House on Thursday, vowing to deepen economic ties and strengthen cooperation on challenges posed by China, while skirting differences over LGBTQ rights. Italy’s first woman prime minister came to power last October and…
By Clare Jim HONG KONG (Reuters) -Shares of China Evergrande New Energy Vehicle Group (NEV) plunged on Friday as trading resumed nearly 16 months after the stock was suspended pending the release of financial results. Resumption of trading in the shares is one step forward for its embattled parent China Evergrande Group, whose offshore debt…
By Kylie Madry MEXICO CITY (Reuters) -Mexican distiller Becle, the world’s largest tequila producer, on Thursday posted a 5% drop in second-quarter net profit off the back of decreased volumes and sales in its largest market, the United States and Canada. Net profit fell to 1.33 billion pesos ($77.5 million) from the 1.40 billion pesos…
By Mohi Narayan (Reuters) – China’s demand for petrol is likely to peak as early as next year as electric vehicle sales soar, several analysts say, bringing forward an energy transition milestone for the world’s biggest polluter and a headache for global refiners. The International Energy Agency (IEA) and consultancy Rystad Energy have brought forward…
By Carolina Pulice MEXICO CITY (Reuters) -Walmart’s Mexico and Central America unit on Thursday posted a 5% year-on-year rise in its second-quarter net profit, boosted by slightly higher sales especially in June, though earnings were slightly behind forecasts. Walmart de Mexico, the largest retailer in Mexico, posted a net profit of 11.44 billion pesos ($668…
By Katie Paul and Sheila Dang NEW YORK (Reuters) – Meta Platforms executives are heavily focused on boosting retention on their new Twitter rival Threads, after the app lost more than half of its users in the weeks following its buzzy launch, CEO Mark Zuckerberg told employees on Thursday. Retention of users on the text-based…
By Leika Kihara TOKYO (Reuters) – One of Bank of Japan Governor Kazuo Ueda’s main challenges will be to phase out yield curve control (YCC), which has come under criticism for distorting markets by keeping long-term interest rates from rising. Under YCC, the BOJ targets short-term interest rates at -0.1% and the 10-year government bond…
By Andrea Shalal WASHINGTON (Reuters) -President Joe Biden on Thursday accused the Republican party of “undermining the U.S. military” by allowing Republican U.S. Senator Tommy Tuberville to block more than 300 U.S. military appointments over the Pentagon’s abortion policy. Tuberville, a social conservative from Alabama, began blocking confirmations to senior Pentagon posts in March to…
