By Laura Matthews NEW YORK (Reuters) – The dollar fell against a basket of its peers on Wednesday after the Federal Reserve raised interest rates by a quarter of a percentage point, citing still-elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years. The increase brings…
By David Carnevali and Mike Stone NEW YORK (Reuters) -Evercore has hired veteran Morgan Stanley banker Seth Bergstein as a senior managing director to drive dealmaking in the global services sector, people familiar with the matter said on Wednesday. Bergstein, who served as head of Morgan Stanley’s global services group for about two decades, held…
By Anant Chandak BENGALURU (Reuters) – The Bank of Thailand (BOT) will deliver a final 25-basis-point interest rate increase on August 2 and then hold rates steady until 2025 as the inflation outlook remains high and uncertain, a Reuters poll found. While annual headline inflation eased to 0.23% in June, below the central bank’s target…
By David Shepardson WASHINGTON (Reuters) – Commerce Secretary Gina Raimondo said on Wednesday the Biden administration is seeking to carefully target U.S. controls on exports to China, but rules will cost firms some revenue. Restrictions should not be so broad “that you deny American companies revenue and China can get the product elsewhere, or China…
By Hannah Lang WASHINGTON (Reuters) -A key congressional committee on Wednesday advanced a bipartisan bill that aims to develop a regulatory framework for cryptocurrencies, a milestone for Capitol Hill in its efforts to codify federal oversight for the digital asset industry. The crypto industry has been in the regulatory crosshairs since investors were burned last…
By Howard Schneider and Michael S. Derby WASHINGTON (Reuters) -The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday and Fed Chair Jerome Powell said the economy still needed to slow and the labor market to weaken for inflation to “credibly” return to the U.S. central bank’s 2% target. The…
By Summer Zhen and Patturaja Murugaboopathy HONG KONG (Reuters) – Global investors are increasingly choosing to bypass China’s markets in favour of other emerging countries that are either gaining from the geopolitical and growth risks stalking the world’s second-biggest economy or are far removed from them. Reuters analysis shows a massive jump in the assets…
By Clark Mindock (Reuters) -A group of 22 states and U.S. territories on Wednesday moved to block a proposed $10.3 billion settlement that would resolve claims against 3M Co over water pollution tied to “forever chemicals,” claiming the deal fails to adequately hold the company accountable. The group, led by California and including Texas, New…
By David Milliken LONDON (Reuters) – Two thirds of property surveyors think Britain’s commercial real estate market is in a downturn, as higher Bank of England interest rates have brought the toughest credit conditions since at least 2014, a survey showed on Thursday. The Royal Institution of Chartered Surveyors (RICS) said 68% of members judged…
By Abhirup Roy and Jarrett Renshaw (Reuters) -Seven major automakers on Wednesday said they were forming a new company to provide electric vehicle charging in the U.S., in a challenge to Tesla and a bid to take advantage of Biden administration subsidies. The group includes General Motors, Stellantis, Hyundai Motor and its Kia affiliate, Honda,…
