Erste CEO will not renew contract due to conflict on strategy
FRANKFURT (Reuters) – Austrias largest bank Erste Group said on Friday that CEO Bernd Spalt would not renew his contract, which runs until June 30, 2023, due to “differing opinions on the future, long-term strategic orientation of the group”.
G7 finmins eyeing 30 billion euros in Ukraine aid but opposition remains – Spiegel
BERLIN (Reuters) – The finance ministers of the Group of Seven industrialised nations (G7) aim to agree on providing close to 30 billion euros ($31.15 billion) in financial support to Ukraine at their meeting in Germany next week, Spiegel magazine reported.
Futures climb, Twitter slumps as Musk puts deal on hold
(Reuters) – U.S. stock index futures rebounded on Friday at the end of a bumpy week marked by rising concerns over tighter monetary policy and slowing economic growth, while Twitter plunged after Elon Musk put his deal for the social media company on hold.
Powell Says Fed Will Fix Inflation
Calling stable prices the “bedrock” of the economy
Ten Nigerian cabinet ministers resign to run in next years election
ABUJA (Reuters) – Ten Nigerian cabinet ministers, including the petroleum minister, have resigned to run in next years election, the information minister said on Friday.
EU governments, lawmakers agree on tougher cybersecurity rules for key sectors
By Foo Yun Chee BRUSSELS (Reuters) – EU countries and lawmakers agreed on Friday to tougher cybersecurity rules for large energy, transport and financial firms, digital providers and medical device makers amid concerns about cyber attacks by state actors and other malicious players.
EQT pushes back Galderma IPO plans amid market turmoil – sources
By Emma-Victoria Farr and Oliver Hirt LONDON (Reuters) – EQT is delaying listing plans for its $22 billion skincare firm Galderma as market volatility and recession fears in Europe cool investor appetite for what is set to be Switzerlands biggest flotation in almost two decades, two
Britons cut back on petrol amid cost of living squeeze
LONDON (Reuters) – Britons are cutting back on petrol and diesel purchases as they reduce the number of car journeys they make to save cash, amid a worsening cost of living crisis.
Soaring bread prices spark protests and shop fires in Iran – IRNA
(Reuters) – Soaring bread prices have triggered protests in Iran in which some shops were set on fire, prompting police to arrest scores of “provocateurs”, the official IRNA news agency said on Friday.
Column-Spiking ‘Misery Indexes’ dare central banks to blink :Mike Dolan
By Mike Dolan LONDON (Reuters) – It‘s Friday the 13th and more than $10 trillion has now been sliced off the value of global stock markets this year while ’Misery Indexes that blend inflation and jobless rates are spiking. Is it already time for central banks
Exclusive-Tesla puts India entry plan on hold after deadlock on tariffs-sources
By Aditi Shah NEW DELHI (Reuters) – Tesla Inc has put on hold plans to sell electric cars in India, abandoned a search for showroom space and reassigned some of its domestic team after failing to secure lower import taxes, three people familiar with the
U.S. travel firms flex marketing muscle to lure travelers seeking sun and sand
By Nilanjana Basu and Aishwarya Nair (Reuters) – U.S. travel booking firms are spending heavily on marketing to get more people to book flights and accommodation on their apps and websites as they look to make the most of a post-pandemic boom in tourism during the
China April new bank loans tumble as COVID jolts economy
By Judy Hua and Kevin Yao BEIJING (Reuters) -New bank lending in China tumbled in April from the previous month as the COVID-19 pandemic jolted the economy and weakened credit demand, central bank data showed on Friday, after it pledged to step up support to ward off a sharper slowdown.
Investors bet on Bank of Canada setting G7 pace in move to neutral rates
By Fergal Smith TORONTO (Reuters) – As Canadas economy overheats, the Bank of Canada is likely to be among the first of the major central banks to lift interest rates to a more normal setting even as worries persist about record-high levels of household debt, strategists
JPMorgans Dimon faces shareholder advisory vote on $52.6 million retention award
By David Henry and Ross Kerber NEW YORK (Reuters) – Long-time JPMorgan Chase & Co Chief Executive Jamie Dimon will find out on Tuesday how shareholders feel about a special $52.6 million stock option award he received to stay on for five more years, which is
Musk says $44-billion Twitter deal temporarily on hold
(Reuters) -Elon Musk said on Friday his $44-billion deal for Twitter Inc was temporarily on hold, citing pending details on spam and fake accounts.
Honda warns of rising costs, forecasts weaker annual profit
By Satoshi Sugiyama TOKYO (Reuters) -Japans Honda Motor on Friday forecast a 7% fall in annual earnings, instead of an expected rise, and warned that the long chip crunch and rising raw material costs were hurting profit, echoing comments from rivals Toyota and Nissan.
Hong Kongs Q1 GDP contracts by 4% y/y; 2022 growth forecast revised down
HONG KONG (Reuters) -Hong Kongs economy contracted by 4% in the first quarter from the same period a year earlier, government data showed on Friday, ending four quarters of recovery as the city imposed its most stringent measures to curb COVID-19.
Barclays warns of sub-parity euro, 5 ppt GDP hit if Russia turns off gas taps
LONDON (Reuters) – Analysts at Barclays have warned of a 5 percentage point hit to euro zone GDP and dive below dollar parity for the euro if Russia closes its gas taps as part the escalating war in Ukraine.
Global equity funds see massive outflows on slowdown fears
(Reuters) – Global equity funds witnessed a surge in outflows in the week ended May 11, as fears of an economic slowdown and further tightening by major central banks to tame stubborn inflation spooked investors.