Russias no. 1 mobile operator MTS starts selling used and discounted smartphones
(Reuters) – Russias biggest mobile operator MTS said on Tuesday it has started selling discounted and used smartphones, offering Russian consumers cheaper alternatives as inflation bites and Western brands suspend shipments.
German grocery app Gorillas to cut staff in search of profit
FRANKFURT (Reuters) – Gorillas will lay off 300 people, cutting its administrative staff in half, as the German grocery delivery app shifts focus from rapid expansion to turning a profit, Chief Executive Kagan Sumer said.
Bank of Korea to raise rates again on May 26, to hit 2.25% by year end – Reuters poll
By Shaloo Shrivastava BENGALURU (Reuters) – South Koreas central bank is likely to hike its benchmark rate at a second consecutive meeting on Thursday to combat inflation running at more than double its target, taking rates higher by year end than previously thought, a Reuters poll
Londons $24 billion Crossrail finally opens
LONDON (Reuters) – London‘s long-delayed and over-budget Crossrail finally opens to passengers on Tuesday, offering faster journeys from Heathrow Airport and Berkshire in the west to Essex in the east through a series of new, long tunnels under Britain’s capital.
Snap expects to miss revenue target, slow down hiring
By Sheila Dang (Reuters) – Snap Inc expects to miss its quarterly revenue targets, the company said in a filing on Monday, and will slow hiring for this year, Chief Executive Evan Spiegel told employees.
Brazil set to make another 10% cut in import tax rates
BRASILIA (Reuters) – Brazils government announced on Monday a new 10% reduction in the tax rate for import goods on a large part of products purchased abroad, aiming to reduce inflationary pressures.
South Korean inflation expectations at near decade high – survey
SEOUL (Reuters) – A key measure of inflation expectations among South Koreans rose in May for a fourth consecutive month to its highest in nearly a decade, a central bank survey found on Tuesday, two days ahead of its policy meeting.
Top anti-inflation official in Argentina resigns as prices surge
BUENOS AIRES (Reuters) – A senior official in Argentina charged with leading government efforts to tame sky-high inflation resigned on Monday due to differences over how to contain steadily creeping prices, which have hobbled the countrys economy.
Greece gets EUs initial nod to cap power prices – minister
ATHENS (Reuters) – Greece said on Monday the European Commission has initially approved its scheme to set a ceiling on wholesale electricity prices and mitigate the impact of soaring energy costs on households and businesses.
Soccer-Britain set to approve Abramovichs sale of Chelsea – source
LONDON (Reuters) – Britain is set to approve the sale of Premier League soccer Chelsea to a consortium led by Los Angeles Dodgers part-owner Todd Boehly, a source familiar with the situation told Reuters, after owner Roman Abramovich gave assurances over the deal.
Zoom bets on hybrid work to raise full-year profit forecast
(Reuters) – Zoom Video Communications Inc on Monday reported its slowest quarterly revenue growth since the company went public, as demand for its video-conferencing tools eased as people returned to work.
Euro zone plans fiscal policy shift from supportive to neutral
BRUSSELS (Reuters) – Euro zone finance ministers agreed on Monday they would gradually shift their fiscal policies from supportive this year to neutral in 2023, the chairman of the ministers Paschal Donohoe told a news conference.
Analysis-Beaten-down U.S. retail stocks may still be too pricy for investors
By Lewis Krauskopf and Sinéad Carew NEW YORK (Reuters) – Shares of U.S. retailers and consumer-oriented stocks took a beating last week, but may not yet be low enough to tempt long-term investors who remain worried about whether surging inflation will continue to hurt corporate bottom-lines
U.S. business borrowing for equipment rises 7% in April- ELFA
(Reuters) – U.S. companies borrowed 7% more in April to finance their investments in equipment compared to a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Monday, as firms ramp up production to meet demand.
Tesla investor Streur says carmaker still believes in ESG
By Ross Kerber (Reuters) – Tesla Inc CEO Elon Musk may have denounced business use of environmental, social and governance (ESG) factors as a “scam” last week but one sustainable investing pioneer thinks the electric carmaker still believes in the cause.
Bostic: Baseline is to pause rate hikes in September to assess impact
ATLANTA, Ga. (Reuters) – After approving two more half-point rate increases at coming June and July meetings it “might make sense” for the Federal Reserve to pause further hikes as it assesses the impact on inflation and the economy, Atlanta Fed President Raphael Bostic said on
Jamaica says Rusal making consistent payments on tax bill
By Kate Chappell KINGSTON (Reuters) – Russian aluminum giant Rusal has been making steady payments to Jamaica as part of a 2021 agreement to pay back production taxes it owes the government, according to Jamaican Transport and Mining Minister Audley Shaw.
EU plans first joint gas buying before winter
By Kate Abnett BRUSSELS (Reuters) – The European Union plans to start jointly buying gas before winter, the blocs energy policy chief said on Monday, as it seeks to cut reliance on Russian fossil fuels and build a buffer against further energy supply shocks.
EU must do more to guard its funds against fraudsters, auditors say
BRUSSELS (Reuters) – The European Commission and EU governments are not doing enough to prevent the misuse of the blocs money, auditors said on Monday, warning that fraudulent or corrupt businesspeople may receive funds because too few of them are blacklisted.
Barclays promotes Gonzalo Ardura to lead investment banking in Spain
LONDON (Reuters) – Barclays has promoted Gonzalo Ardura to lead its investment banking business in Spain, replacing Nacho Moreno who left the British bank last week to join Credit Suisse.