Column-'War economy' angle on debts risks 'creative' solutions: Mike Dolan
By Mike Dolan LONDON (Reuters) - Big public debts typically stem from big economic and political junctures that require government to spend big - but reining them back risks 'creative' solutions markets may struggle to price. The cumulative cost of...
1h ago
TUI hopeful for summer despite higher prices after strong Q2
BERLIN (Reuters) -Europe's largest tour operator TUI on Wednesday said it sees good demand for the upcoming summer season despite higher prices after reporting stronger-than-forecast results in the typically weak winter period. "Travelling is very popu...
1h ago
Allianz posts better-than-expected 22% increase in Q1 net profit
FRANKFURT (Reuters) - Germany's Allianz posted a better-than-expected 22% rise in first-quarter net profit, helped by strength in its property and casualty insurance business, the company said on Wednesday. Net profit attributable to shareholders o...
1h ago
E.ON posts stable Q1 profits, raises investments by a quarter
FRANKFURT (Reuters) - E.ON on Wednesday posted first-quarter profits that were roughly stable year-on-year, adding that investments were up by around a quarter as Europe's biggest operator of energy grids is massively ramping up spending on grids. ...
1h ago
Thyssenkrupp cuts sales, net profit as market remains 'gloomy'
FRANKFURT (Reuters) - German conglomerate Thyssenkrupp cut its 2023/24 forecast for sales and net profit for the second time in three months, blaming lower demand and prices at its steel unit as well as impairments at its materials trading division...
2h ago
Conflict, high borrowing costs clip growth in EBRD regions, report says
By Libby George LONDON (Reuters) - Two wars and high borrowing costs have trimmed expected growth in countries covered by the European Bank for Reconstruction and Development (EBRD), the bank said in a semi-annual report released on Wednesday. The ...
2h ago
Indonesia records $3.56 billion trade surplus in April, above forecast
JAKARTA (Reuters) - Indonesia booked a slightly bigger than expected trade surplus in April of $3.56 billion, as the country saw smaller-than-estimated imports, data from the statistics bureau showed on Wednesday. A Reuters poll of economists had e...
2h ago
Thai industrial sentiment falls in April on weak demand, wage hike plan
BANGKOK (Reuters) - The Thai industrial sentiment index dropped in April, dented by slowing domestic demand, a government wage hike plan and drought, the Federation of Thai Industries (FTI) said on Wednesday. The FTI said its industrial sentiment i...
4h ago
Xiaomi becomes 8th largest EV upstart in China after successful SU7 launch
BEIJING/SINGAPORE (Reuters) - Chinese smartphone maker Xiaomi has become the country's eighth-largest electric vehicle upstart after selling more than 7,000 units of its first model, the SU7 sedan, in April, according to industry data. Xiaomi's str...
5h ago
Stocks rise, dollar drifts ahead of US inflation report
By Ankur Banerjee SINGAPORE (Reuters) - Asian stocks rose on Wednesday while the dollar drifted lower as traders weighed mixed U.S. producer price data and braced for the crucial consumer price report later in the day that is likely to influence th...
5h ago
Brazil pushes out Petrobras CEO, names ex-regulator to top job
By Rodrigo Viga Gaier and Marta Nogueira RIO DE JANEIRO (Reuters) -The chief executive of Brazil's Petrobras offered to step down, the state-run oil company said on Tuesday, as the government lined up a former regulator for the role, sending shares sli...
6h ago
China central bank leaves key policy rate unchanged, matching forecast
SHANGHAI/SINGAPORE (Reuters) - China's central bank left a key policy rate unchanged when rolling over maturing medium-term loans on Wednesday, in line with market expectations. The People's Bank of China (PBOC) said it was keeping the rate on 125 ...
6h ago
Dollar droops ahead of crucial CPI test; yen under pressure
By Kevin Buckland TOKYO (Reuters) - The dollar traded near a one-month low versus the euro on Wednesday amid lower Treasury yields as traders braced for a key U.S. inflation report later in the day that could dictate the path of Federal Reserve pol...
6h ago
Fed's Schmid says he is prepared to be patient on policy
(Reuters) - Inflation is still too high, and the U.S. central bank has more work to do to bring it down, Kansas City Federal Reserve Bank President Jeffrey Schmid said on Tuesday, a signal that he supports keeping the Fed's policy rate steady for s...
7h ago
Oil prices up on wildfires in Canada, US inventories drawdown expectations
By Katya Golubkova TOKYO (Reuters) - Oil prices rose in early trade on Wednesday as large wildfires were threatening Canada's oil sands and as the market expected U.S. crude oil and gasoline inventories to show a drawdown later in the day. Brent cr...
7h ago
NYCB to sell nearly $5 billion of mortgage warehouse loans to JPMorgan
(Reuters) - Embattled regional lender New York Community Bancorp said on Tuesday it has agreed to sell about $5 billion in mortgage warehouse loans to JPMorgan Chase. The deal bolsters NYCB's liquidity and capital as it executes a crucial turnaroun...
8h ago
TikTok creators file suit to block US divestment or ban law
WASHINGTON (Reuters) - A group of TikTok creators said Tuesday they filed suit in U.S. federal court seeking to block a law signed by President Joe Biden that would force the divestiture of the short video app used by 170 million Americans or ban i...
8h ago
US says Boeing breached 2021 deferred prosecution 737 MAX agreement
(Reuters) - The U.S. Justice Department said late on Tuesday that Boeing Co had breached its obligations in a 2021 agreement that shielded the planemaker from criminal prosecution over fatal 737 MAX crashes in 2018 and 2019. The Justice Department ...
8h ago
EV startup Canoo posts larger-than-expected loss in first quarter
(Reuters) - Electric vehicle startup Canoo posted a larger-than-expected loss for the first quarter on Tuesday, but kept its outlook for the year unchanged. Slowing demand in the United States and stiff competition from Chinese EV makers in the wor...
9h ago
Morning Bid: Markets buoyant, but wary of CPI, tariffs
By Jamie McGeever (Reuters) - A look at the day ahead in Asian markets. Asian markets should open in upbeat mood on Wednesday as lower U.S. bond yields and a weaker dollar reflect expectations that the Fed will cut interest rates as early as Septem...
9h ago
US makers of masks and gloves get lifeline: higher tariffs on Chinese-made products
By Timothy Aeppel (Reuters) - President Joe Biden's move to hike tariffs on Chinese goods should help U.S.-based medical mask and glove makers, a sector that has largely flamed out after surging during the COVID-19 pandemic. Industry executives on ...
10h ago
Honda moves to cut China workforce with 1,700 voluntary layoffs, Nikkei reports
(Reuters) -Honda Motor is scaling down its full-time production workforce in China, with roughly 1,700 employees having agreed to leave thus far, as sales in the world's second-largest economy decline, the Nikkei reported on Wednesday. GAC Honda Automo...
10h ago
3M shareholders vote down executives' pay packages in annual meeting
(Reuters) - 3M said on Tuesday that the annual compensation packages of certain executives, including that of former CEO Mike Roman, did not receive the requisite number of favorable shareholder votes, on an advisory basis. Roman's 2023 total compe...
10h ago
Brazil's JBS earns nearly $320 million in Q1, beating analysts expectations
SAO PAULO (Reuters) - Brazil's JBS SA, the world's largest meat-packer, on Tuesday reported a net profit of 1.64 billion reais ($319.74 million) for the first quarter, which beat analysts' expectations by a wide margin, according to an earnings sta...
10h ago
MSCI publishes quarterly index review results
(Reuters) - Index provider MSCI said on Tuesday that 42 securities will be added and 121 securities removed from its widely followed MSCI ACWI index following its quarterly review. The changes will be implemented as of market close on May 31. The t...
10h ago