Indian rupee plunges, hits 80 per dollar

The Indian rupee fell to more than 80 per US dollar for the first time on record Tuesday, as the greenback extended its rally and foreign capital outflows intensified.
19 July 2022, 18:00 PM

ECB to discuss 50bp rate hike this week

European Central Bank policymakers will discuss whether to raise interest rates by a bigger-than-expected 50 basis points at their meeting on Thursday to tame record-high inflation, two sources with direct knowledge of the discussion told Reuters.
19 July 2022, 18:00 PM

Pound weakens vs surging euro

The British pound rose against a broadly struggling dollar but fell against a stronger euro on Tuesday as latest economic data suggested the cost-of-living squeeze had not yet hit demand for staff in the UK.
19 July 2022, 18:00 PM

Eni, Total, Occidental sign $4b oil contract

Italy’s Eni, US major Occidental, France’s Total and the Algerian group Sonatrach signed a $4 billion oil and gas production-sharing contract Tuesday for the Berkine field in the country’s southeast.
19 July 2022, 18:00 PM

France to pay $10b to take control of EDF

France’s government is offering to pay 9.7 billion euros ($9.85 billion) to take full control of EDF, in a buyout deal that gives it a free hand to run Europe’s biggest nuclear power operator as it grapples with a continent-wide energy crisis.
19 July 2022, 18:00 PM

Volvo sees higher sales and profits

Swedish truck maker Volvo on Tuesday reported higher sales and profits in the second quarter despite the company still feeling the effects of global supply chain disruptions.
19 July 2022, 18:00 PM

EU efforts scanty to get through winter without Russian gas: IEA

Europe’s efforts to diversify suppliers will not be enough to get it through winter without Russian gas, the head of the International Energy Agency warned Monday, urging immediate efforts to cut demand.
19 July 2022, 18:00 PM

Russia’s block on Ukraine grain could starve thousands: EU

Russia’s blockade of Ukrainian ports threatens grain supplies to tens of thousands of people vulnerable to starvation and must end, EU foreign policy chief Josep Borrell warned Monday.
18 July 2022, 18:00 PM

Amazon takes on Britain’s Tesco with price match scheme

Amazon, seeking an edge amid a deteriorating cost of living crisis, will match UK grocery market leader Tesco’s prices on hundreds of products, it said on Monday.
18 July 2022, 18:00 PM

Inflation hits 32-year high in New Zealand

Inflation in New Zealand rose to a 32-year high of 7.3 per cent on-year in the second quarter, according to official figures released Monday.
18 July 2022, 18:00 PM

US, allies can’t allow China to dominate technologies: Yellen

US Treasury Secretary Janet Yellen will call on Tuesday for deeper trade ties among allies to fortify their supply chains, combat inflation and thwart China’s  “unfair trade practices” and efforts to dominate key raw materials and technologies markets.
18 July 2022, 18:00 PM

Indian traders plan protest against tax hikes

Indian traders and shopkeepers will hold a nationwide protest next week against a hike in taxes on a range of products and services, including food grains and household items, that went into effect on Monday, a top official of a leading traders’ group said.
18 July 2022, 18:00 PM

Stocks climb, euro inches higher in big week for markets

World equity markets got off to a solid start on Monday and the euro pulled away from parity as market participants scaled back bets on the Federal Reserve interest rate hike next week and on optimism spurred by central bank pledges to support China’s economy.
18 July 2022, 18:00 PM

Fashion retailer H&M to exit Russia

H&M, the world’s second-biggest fashion retailer, said on Monday it had decided to wind down its business in Russia, joining a growing list of companies fully exiting the country and sending its shares down 1 per cent.
18 July 2022, 18:00 PM

ECB goes on offensive as inflation soars

The European Central Bank will raise its interest rates on Thursday for the first time in over a decade, but the bank is already under pressure to do more amid record inflation.
18 July 2022, 18:00 PM

Oil price jumps

Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread Covid-19 lockdowns in China again reducing fuel demand.
18 July 2022, 18:00 PM

What’s next for euro after slump against dollar?

The euro’s plunge against the dollar, triggered by the Ukraine war and mounting risks to the EU economy, has driven the two currencies to parity for the first time in two decades.
17 July 2022, 18:00 PM

Unrealistic energy policies to fuel inflation

Saudi Arabia’s Crown Prince Mohammed bin Salman said on Saturday more investment was needed in fossil fuel and clean energy technologies to meet global demand, and that unrealistic emission policies would lead to unprecedented levels of inflation.
17 July 2022, 18:00 PM

China monetary policy has ample room to meet challenges: govt

China’s monetary policy has ample room and sufficient tools, including further cutting banks’ reserve requirements, to cope with new challenges amid a shaky economic recovery, a commentary in the state-owned Securities Times said on Sunday.
17 July 2022, 18:00 PM

UK public sector workers to get 5pc pay rise

British Prime Minister Boris Johnson will offer millions of public sector workers pay rises averaging 5 per cent next week, the Financial Times reported on Friday, citing unnamed government ministers.
17 July 2022, 18:00 PM