GM Cutting Hundreds of jobs to Reduce Costs
General Motors Co is cutting hundreds of executive-level and salaried jobs as it looks to cut costs and streamline operations, a person briefed on the matter told Reuters on Tuesday. The global reductions are in the "low hundreds," the person said. GM Chief People...
Asian Stocks Dip As Markets Weigh Fed Fears, China Stimulus Hopes
Most Asian stocks retreated on Thursday amid continued concerns over rising interest rates and slowing global economic growth, although optimism over more Chinese stimulus measures helped limit some losses. Chinese losses limited as state banks cut deposit rates China’s Shanghai Shenzhen CSI 300 and...
Asia FX Dips After Chinese Imports Disappoint, Dollar Rises
Most Asian currencies retreated on Tuesday tracking softer-than-expected Chinese import data, while the dollar firmed ahead of more cues on the U.S. economy from key inflation data due this week. China’s yuan fell 0.1% as data showed China’s imports fell more than expected in...
Oil Cools After 3-Day Rally Amid Fed Uncertainty, U.S. inventory Build
Oil prices were muted on Thursday as hawkish comments from Federal Reserve officials supported the dollar and brewed some concerns over more interest rate hikes, while U.S. crude inventories also logged a seventh straight week of builds. Hawkish overnight comments from Federal Reserve officials...
Gold Edges Lower, Copper Slides On Disappointing Chinese Data
Gold prices crept lower on Wednesday as markets awaited more cues on the raising of the U.S. debt ceiling, while copper prices slid after data offered more signals of a slowing economic rebound in China. Copper futures sank 0.7% to $3.6338 a pound, and...
Credit Suisse Faces Anger At Final Shareholder Meeting
Credit Suisse will face shareholder anger on Tuesday at what will be its final annual general meeting after the bank was rescued last month by Swiss rival UBS. The hastily-arranged takeover by Zurich-based UBS, for which Switzerland invoked emergency legislation, bypassed Credit Suisse shareholders,...
Soils of War: The Toxic Legacy For Ukraine’s Breadbasket
When Ukraine recaptured Kherson in November, Andrii Povod returned to find his grain farm in ruins. Two tractors were missing, most of the wheat was gone and all 11 buildings used to store crops and machinery had been bombed and burned. The farm bears...
Asia FX Surges, Dollar Sinks on Fed’s ‘Dovish Hike’
Most Asian currencies rose sharply on Thursday, while the dollar fell to a seven-week low after the Federal Reserve raised interest rates but hinted at a potential pause in its tightening cycle, although rates are likely to remain higher for longer. China’s yuan surged...
Weekly Comic: China’s Precarious Reopening
China’s dash for herd immunity from COVID-19 may not be the miracle cure for its economic ills that markets seem to think. Global markets have owed their bright start to the year largely to hopes that the world’s second-largest economy will quickly reap the...
Commerzbank Doubles Quarterly Profit, Helped By Higher Interest Rates
Germany’s Commerzbank (ETR:CBKG) said on Wednesday that net profit nearly doubled in the first quarter, a better-than-expected result helped by higher interest rates. The bank said it sees “upside potential” in net interest income this year, and raised its forecast to 7 billion euros...