Europes junk CDS signal more credit pain ahead
By Yoruk Bahceli (Reuters) – The cost of hedging exposure to the bonds of junk-rated European companies has surged in recent weeks and the sell-off on the bonds themselves is catching up, a sign that more pain may lie ahead for holders of the securities.
Feds Mester backs 50 bps rate hikes, sees no sustained downturn
(Reuters) – Cleveland Federal Reserve Bank President Loretta Mester on Tuesday said she backs half-point interest rate increases at the next couple Fed meetings and expects theyll need to go above 2.5% to bring high inflation down.
Mexico president will send representative in his place if nations are excluded from Americas Summit
MEXICO CITY (Reuters) – Mexican President Andres Manuel Lopez Obrador said Tuesday he would not attend the U.S.-hosted Summit of the Americas if all countries in the region were not invited, and would send Foreign Minister Marcelo Ebrard in his place.
Appian wins $2.04 billion verdict against Pegasystems
(Reuters) – Appian Corp, a cloud computing and software company, said on Tuesday that a Virginia jury ordered rival Pegasystems Inc to pay $2.04 billion in damages for trade secret misappropriation.
Mondelez plans to sell Trident, Dentyne among other brands
(Reuters) – Mondelez International Inc said on Tuesday it plans to sell its chewing gum business, including brands Trident and Dentyne, in developed markets, as well as its Halls cough drop brand, as the company focuses on chocolates and snacks.
Fraport to compensate rising inflation with price hikes
FRANKFURT (Reuters) – Germanys largest airport operator Fraport said on Tuesday it expects to be able to compensate for rising inflation by passing costs to customers even as it sees higher consumer prices over the next couple of years.
Hungary digs heels in over EU embargo on Russian oil
By Gabriela Baczynska BRUSSELS (Reuters) – The European Union‘s executive is looking to support Hungary in beefing up the eastern European state’s oil pipelines, storage and refining capacity, a spokesman said on Tuesday, as Budapest dug its heels in over a Russian oil embargo.
Europe seeks million tonnes per year Botswana coal, says President
By Wendell Roelf and Promit Mukherjee CAPE TOWN (Reuters) – Botswana is flooded with enquiries for coal supply to Europe and sees a market of over a million tonne per year in the West, its President Mokgweetsi Masisi said on Tuesday, as the Ukraine war forces
Feds Williams: 50 bps interest rate hikes at next two meetings “makes sense”
ELTVILLE AM RHEIN, Germany (Reuters) – The Federal Reserves signal that it will likely raise interest rates by 50 bps at each of its next two meetings in June and July is sensible, New York Fed President John Williams said on Tuesday.
UK says it will take all necessary steps to protect N. Ireland peace
LONDON (Reuters) – Britain said on Tuesday it would take all necessary steps to protect peace in Northern Ireland as it urged the European Union to show new imagination in talks to resolve problems with post-Brexit trading rules.
Bayer says Ukraine farmers progress with planting despite war
FRANKFURT (Reuters) – Farmers in Ukraine have made better-than-expected progress preparing their fields so far despite Russia‘s attack on the country, the world’s largest supplier of seeds and crop chemicals, Bayer, said on Tuesday.
Embraer in India partnership talks on potential new turboprop
DUBLIN (Reuters) – Brazil‘s Embraer is in talks with potential partners including in India over proposals for a new turboprop aircraft, which it could launch in the middle of 2023 if it decides to go ahead, the planemaker’s commercial chief said on Tuesday.
Zimbabwe central bank says bank lending freeze is temporary
HARARE (Reuters) – Zimbabwes freeze on bank lending is a temporary measure which is meant to contain inflation and stabilise its economy, central bank governor John Mangudya told state television on Tuesday.
Trump‘s ex-defense chief says he won’t back Trump in 2024
WASHINGTON (Reuters) – Former Defense Secretary Mark Esper said on Tuesday he would not vote for Donald Trump in 2024 if the Republican former president runs again, saying Trump lacked integrity and would not put the United States ahead of his own personal interests.
Russian-speaking visitors to UAE resort town dip, offset by others
By Yousef Saba DUBAI (Reuters) – Russian-speaking tourists to the town of Ras Al Khaimah, part of the United Arab Emirates, have dipped since Russia invaded Ukraine, but visitors from other markets have offset that fall and overall visits are up this year, an official said
China state banks seen busy with FX swaps, pressing swap points to negative
SHANGHAI (Reuters) -Chinas major state-owned banks were actively swapping yuan for dollars in the onshore forwards market on Tuesday, five banking sources said, pressuring swap points into negative territory for the first time in more than three years.
Glass Lewis recommends votes “against” CEO pay at Twitter
(Reuters) – Proxy adviser Glass Lewis recommended investors cast advisory votes “against” executive pay at Twitter Inc and backed a shareholder resolution calling for the social media platform to add a director with human rights or civil rights expertise.
Feds Barkin says central bank can tweak path once its gets to neutral rate
(Reuters) – The U.S. Federal Reserve can assess how much more it needs to do to bring inflation back down to its 2% goal when it has raised borrowing costs to a neutral level, Richmond Fed President Thomas Barkin said on Tuesday.
Fed‘s Williams: ’soft landing would still see unemployment rate rise
ELTVILLE AM RHEIN, Germany (Reuters) – The Federal Reserves efforts to tame inflation will at best still see declining economic growth and a small rise in the unemployment rate for a period, New York Fed President John Williams said on Tuesday.
Inflation in Ukraine rises to 16.4% y/y in April – statistics service
KYIV (Reuters) – Ukraine‘s inflation increased to 16.4% in April year-on-year from 13.7% in March, the state statistics service said on Tuesday, citing a sharp rise in food and energy prices following Russia’s invasion as the main reasons.
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