Four countries pledge tenfold rise in EU offshore wind power capacity
ESBJERG PORT, Denmark (Reuters) -Germany, Belgium, the Netherlands and Denmark on Wednesday pledged to build at least 150 gigawatts (GW) of offshore wind capacity in the North Sea by 2050 to create a “green power plant” for Europe.
U.S. building permits dive in April; housing starts fall
By Lucia Mutikani WASHINGTON (Reuters) – Permits for future U.S. homebuilding tumbled to a five-month low in April, suggesting the housing market was slowing as rising mortgage rates contribute to reduced affordability for entry-level and first-time buyers.
U.S. unlikely to extend Russian debt payment licence, Treasurys Yellen says
BONN, Germany (Reuters) – The United States is unlikely to extend a soon-to-expire licence that allows Russia to pay U.S. bondholders, Treasury Secretary Janet Yellen said on Wednesday, which could put Moscow closer to defaulting on its debt.
Global supply stress worsened in April, NY Feds index shows
By Howard Schneider WASHINGTON (Reuters) – Stress on global supply chains worsened in April as coronavirus lockdown measures in China and the war in Ukraine lengthened delivery times, and air freight costs between the United States and Asia rose, the New York Federal Reserve reported in
Romania considers changing its tax system
BUCHAREST (Reuters) – Romania is considering changing its tax system, Prime Minister Nicolae Ciuca said on Wednesday in a surprise announcement, and his leftist coalition partners said they wanted to replace the current flat income tax rate with a progressive one.
Bank of Israel to hike rates 1/4-point next week as inflation hits 4%
By Steven Scheer JERUSALEM (Reuters) – The Bank of Israel will likely raise short-term interest rates by a quarter-point next week to rein in rising inflation, partly caused by low unemployment and strong economic growth.
Factbox-Russian firms, entities halt publishing data amid sanctions
(Reuters) – Oil pipeline monopoly Transneft has joined other Russian entities in curbing access to trade and financial data, sources told Reuters.
Chiles GDP up 7.2% in Q1, below expectations
(Corrects headline to 7.2%, not 7.9%) (Reuters) – Chiles economy expanded 7.2% in the first quarter of 2022 from a year earlier, central bank data showed on Wednesday, below an expected 7.9% jump, according to a Reuters poll of economists.
Bullard: U.S. growth likely to continue above trend amid strong consumption
The U.S. economy is likely to continue growing at an above-trend pace for at least the next 18 months.
Morgan Stanley sees Ukraine GDP slump by 60% in 2022 if “no clear resolution”
LONDON (Reuters) – Morgan Stanley said on Wednesday Ukraine‘s economy could slump as much as 60% year-on-year in 2022 in case of a “more prolonged conflict with no clear resolution” following Russia’s invasion.
T.J. Maxx parent cuts U.S. sales forecast as inflation hits spending
(Reuters) – Discount store operator TJX Cos Inc on Wednesday cut its full-year sales forecast after missing first-quarter revenue estimates, as demand for apparel and discretionary goods showed signs of easing amid rising inflation.
Singapore Airlines narrows annual loss, says outlook improving
By Jamie Freed (Reuters) -Singapore Airlines Ltd (SIA) on Wednesday posted a narrower annual loss of S$962 million ($694.08 million), at a time when demand remained low due to the pandemic, but said the outlook was improving as travel restrictions were lifted.
Sony readies for metaverse revolution with cross-platform push
By Sam Nussey TOKYO (Reuters) – Japanese conglomerate Sony Group Corp said it is well-positioned to play a leading role in the metaverse, or immersive virtual worlds, which commentators speculate will massively disrupt industries and establish new powerhouses.
Fed‘s Evans backs ’front-loaded rate hikes, then measured pace
By Dan Burns (Reuters) – Chicago Federal Reserve Bank President Charles Evans on Tuesday said he supports an initial burst of monetary policy tightening, and then a more “measured” pace of rate hikes to allow time to assess inflation and the impact of higher borrowing costs
Glass Lewis backs McDonalds directors in boardroom fight with Carl Icahn
By Svea Herbst-Bayliss BOSTON (Reuters) – Proxy advisory firm Glass Lewis on Tuesday recommended McDonald‘s Corp investors vote for the company’s directors, dealing a setback to billionaire investor Carl Icahns efforts to replace two directors.
EU to map out escape route from Russian fossil fuels
By Kate Abnett BRUSSELS (Reuters) – The European Commission will on Wednesday unveil a 210 billion euro plan for how Europe can end its reliance on Russian fossil fuels by 2027, and use the pivot away from Moscow to quicken its shift to green energy.
Architect of Allianz fraud made $60 million as he lied to investors, U.S. says
By Tom Sims, Alexander Hübner and John ODonnell
Elon Musks SpaceX is poised to become the most valuable U.S. startup
By Krystal Hu (Reuters) – Billionaire Elon Musks SpaceX is poised to become the most valuable U.S. startup as its valuation rose to over $125 billion in an ongoing share sale in the secondary market, sources familiar with the matter told Reuters.
Slovak finance minister sets up battle with proposed tax on Russian oil processing
(Reuters) – Slovak Finance Minister Igor Matovic said on Tuesday he would propose a special tax on Russian crude processed in the country, clashing with a government coalition partner as he seeks to raise budget revenue for the states anti-inflation measures.
Consumer stocks diverge as Walmart disappoints, citing inflation
By Sinéad Carew (Reuters) – Shares in consumer discretionary and staples stocks were trading in opposite directions on Tuesday as encouraging retail sales data was countered by disappointing earnings and financial targets from Walmart, which blamed high inflation.
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