BANGKOK (AP) — Disruptions to supplies of commodities, financial strains and higher prices are among the impacts of the war in Ukraine that will slow economies in Asia in coming months, the World Bank says in a report released Tuesday. The report forecasts slower growth and rising poverty in the Asia-Pacific region this year as…
By Stephanie Kelly and Jarrett Renshaw NEW YORK (Reuters) -The U.S. government could delay a decision on giving electric vehicle (EV) manufacturers tradable credits under a renewable fuel scheme, due to concern about legal challenges to the plan, two sources familiar with the matter said. The plan would have given EV automakers such as Tesla…
By Manas Mishra and Mariam Sunny (Reuters) -Biogen Inc said on Tuesday it expects to slash about 1,000 jobs, or 11% of its workforce, in a fresh round of cost-cutting as it looks to the launch of a new Alzheimer’s drug to help it return to growth. The company said its costs are elevated compared…
ISTANBUL (Reuters) – Turkey’s annual inflation jumped to 69.97% in April, above forecast and at a two-decade high, according to data on Thursday, fuelled by the Russia-Ukraine conflict and rising energy and commodity prices after last year’s lira crash. The currency slide was triggered by a 500 basis point-easing cycle which began last September under…
By Andrea Shalal WASHINGTON (Reuters) – The International Monetary Fund on Tuesday called for better coordinated efforts to address the causes of climate change, warning extreme weather is posing material risks to countries globally, especially developing economies already saddled with high debts. IMF Chief Economist Pierre-Olivier Gourinchas said the case of Argentina, which has seen…
By Muyu Xu and Laura Sanicola (Reuters) – Oil prices fell on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand and concerns over the faltering global economic outlook clouding market sentiment. Brent crude futures fell 91 cents, or 1%, to $88.41 per barrel by 0629 GMT,…
By Joseph White and David Shepardson (Reuters) – United Auto Workers (UAW) President Ray Curry said on Tuesday he has had no discussions with Tesla or its Chief Executive Elon Musk about a potential union vote by workers at the electric-car maker’s California factory. On March 3, Musk tweeted that he was inviting the “UAW…
(Reuters) -American Eagle Outfitters Inc on Wednesday missed second-quarter profit estimates and said it would pause quarterly dividend as it fortifies its finances against a hit from inflation, sending its shares down over 14% after market. The apparel maker would also freeze hiring, cut non-critical expenses and lower capital spending, Chief Executive Officer Jay Schottenstein…
By Ismail Shakil and Steve Scherer OTTAWA (Reuters) -Canada’s economy added far more jobs than expected in June, data showed on Friday, a result analysts said probably seals the deal for another Bank of Canada (BoC) interest rate hike next week. Jobs increased by a net 59,900 in June, the most since January and higher…
By Valerie Volcovici and Nichola Groom WASHINGTON/LOS ANGELES (Reuters) – U.S. regulators on Thursday approved proposals to speed up the connection of new power projects to the electric grid, reforms that could ease a growing backlog of requests from wind and solar energy developers. Long waits for transmission interconnection have hobbled the deployment of big…
