Dollar sweeps to 20-year high, sterling on the ropes again

Dollar sweeps to 20-year high, sterling on the ropes again

SINGAPORE, Sept 28 (Reuters) - Nervous financial markets propelled the safe-haven dollar to a fresh two-decade peak on Wednesday as rising global interest rates fed recession worries, while sterling languished near all-time lows on fears over Britain's radical tax cut plans. The U.S. dollar index against a basket of major currencies rose about 0.5% to hit a new high of 114.70 in Asia trade. The relentless upward march of the dollar came as benchmark U.S. 10-year Treasury yields rose to 4% for the first time since 2010, topping at 4.004%. The two-year yields stood at 4.2891%. "It's a combination of…
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Oil prices slip as dollar scales new peak

Oil prices slip as dollar scales new peak

SINGAPORE, Sept 28 (Reuters) - Oil prices fell more 1% on Wednesday, pressured by a strengthening dollar and crude storage builds that offset support from U.S. production cuts caused by Hurricane Ian. Brent crude futures LCOc1 fell $1.08, or 1.3%, to $85.19 per barrel by 0341 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 99 cents, or 1.3%, at $77.51 per barrel. The dollar hit a fresh two-decade peak against a basket of currencies on the back of rising Treasury yields. A strong dollar reduces demand for oil by making it more expensive for buyers using…
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Gas crisis lands LNG cargo market in hands of energy giants

Gas crisis lands LNG cargo market in hands of energy giants

Sky-rocketing LNG cargo prices have squeezed out dozens of smaller traders, concentrating the business in the hands of a handful of international energy majors and top global trading houses. This grip is not expected to ease until 2026 when more liquefied natural gas (LNG) starts to materialise and lower prices, adding to supply worries for poorer states reliant on it to generate power and driving up costs for big Asia economies. The global LNG market has more than doubled in size since 2011, ushering in dozens of new entrants and the expansion of smaller players in Asia. In recent years,…
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Shell sees 2024 global demand for aviation fuel return to level before pandemic

Shell sees 2024 global demand for aviation fuel return to level before pandemic

Global aviation fuel demand is expected to fully recover to pre-pandemic levels of 300 mln tonnes per year in the next one to two years, the head of aviation at Shell said on Tuesday. Demand in the United States is back at 2019 levels while Europe's consumption has recovered to more than 80% and is on track for full recovery in the next year, Shell Aviation President Jan Toschka told Reuters on the sidelines of the 38th Asia Pacific Petroleum Energy Conference (APPEC). "Asia has been a bit more of a bumpy road with markets opening up and closing down but…
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Wizz Air Malta to commence operations today

Wizz Air Malta to commence operations today

Wizz Air Malta has been granted an Air Operator's Certificate (AOC) by the European Union Aviation Safety Agency (EASA) and an Operating Licence (OL) by the Malta Civil Aviation Directorate (CAD). The new airline will commence operations today, with the first flight taking off from Rome Fiumicino International Airport. The announcement was made following the arrival of the first aircraft registered under Wizz Air Malta, welcomed by a water cannon salute at the Malta International Airport (MIA). Transport Minister Aaron Farrugia said that it is indeed of great satisfaction that Malta was selected for this new airline, and that he…
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Asked about Italy, ECB’s Lagarde says she won’t fix ‘policy errors’

Asked about Italy, ECB’s Lagarde says she won’t fix ‘policy errors’

The European Central Bank won't use its latest emergency scheme to buy the bonds of countries that make "policy errors", its President Christine Lagarde said on Monday in response to a question about Italy's likely next government. A right-wing alliance led by Giorgia Meloni triumphed in Italy's general elections on Sunday, inheriting one of the euro zone's heaviest debt burdens at a time of rising borrowing costs and looming recession. Meloni has pledged not to take risks with Italy's fragile finances and stick to European Union budget rules but coalition partner Matteo Salvini has called for increasing the deficit. Asked…
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Spanish industrial prices jump 42% lifted by energy costs

Spanish industrial prices jump 42% lifted by energy costs

MADRID, Sept 26 (Reuters) - Spanish industrial prices accelerated by 41.8% in the 12 months through August ending four months of easing increases, the National Statistics Institute (INE) said on Monday. Industrial prices gained 2.8% in August from the previous month driven by energy prices, mainly gas and electricity, the INE said. It revised the year-on-year July number to 40.5% from a previous 40.4%. The 12-month industrial price increase peaked at an all-time record of 47% in the period through March. Excluding energy, which was more than double the price a year ago, annual industrial price inflation stood at 14.4%…
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EasyJet shifts focus to cut own emissions rather than off-setting

EasyJet shifts focus to cut own emissions rather than off-setting

LUTON, England, Sept 26 (Reuters) - Britain's easyJet said it would reduce emissions by 78% by 2050 by stepping up investment in efficient aircraft, sustainable aviation fuel and operational efficiencies, and ending its carbon offsetting scheme. The low-cost carrier said it had contracted all its sustainable aviation fuel needs for the next five years from its supplier Q8Aviation, while it was also investing in technology to optimise the descent of its aircraft. The new measures follow its fleet upgrade programme using fuel-efficient Airbus A320 NEO aircraft, and a partnership with engine maker Rolls-Royce RR.L to test the use of hydrogen…
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Apple says it will manufacture iPhone 14 in India

Apple says it will manufacture iPhone 14 in India

NEW DELHI, Sept 26 (Reuters) - Apple Inc said on Monday it will manufacture its latest iPhone 14 in India, as the tech giant moves some of its production away from China. The company launched the flagship iPhone 14 at an event earlier this month, where it focused on safety upgrades rather than flashy new technical specifications, with the exception of a new adventure-focused watch. "The new iPhone 14 lineup introduces groundbreaking new technologies and important safety capabilities. We're excited to be manufacturing iPhone 14 in India," Apple said in a statement. Analysts at J.P.Morgan expect Apple to move about…
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Xbox and Minecraft: Education Edition partner with BBC Earth to create Frozen Planet II worlds

Xbox and Minecraft: Education Edition partner with BBC Earth to create Frozen Planet II worlds

To celebrate the acclaimed nature programme, Frozen Planet II, Minecraft Education has partnered with BBC Earth to bring the icy splendour of the landmark show to Minecraft: Education Edition. Through five all-new free worlds, Minecraft players will be able to meet and learn about animals and landscapes featured in BBC Studios Natural History Unit’s iconic series. As the best-selling game of all time, Minecraft reaches millions of players all over the world, and its Education Edition – available in 29 languages – helps students learn about a variety of subjects via the magic of creative gameplay. With the Frozen Planet…
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Energy, inflation crises risk pushing big economies into recession – OECD

Energy, inflation crises risk pushing big economies into recession – OECD

PARIS, Sept 26 (Reuters) - Global economic growth is slowing more than was forecast a few months ago in the wake of Russia's invasion of Ukraine, as energy and inflation crises risk snowballing into recessions in major economies, the OECD said on Monday. While global growth this year was still expected at 3.0%, it is now projected to slow to 2.2% in 2023, revised down from a forecast in June of 2.8%, the Organisation for Economic Cooperation and Development said. The Paris-based policy forum was particularly pessimistic about the outlook in Europe - the most directly exposed economy to the…
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Garuda Indonesia files for Chapter 15 U.S. bankruptcy procedure – CEO

Garuda Indonesia files for Chapter 15 U.S. bankruptcy procedure – CEO

JAKARTA, Sept 26 (Reuters) - Flag carrier Garuda Indonesia GIAA.JK has requested that a court in New York recognise the airline's recent debt restructuring deal in a Jakarta court, under Chapter 15 of the U.S. Bankruptcy Code, its chief executive said on Monday. Garuda filed the Chapter 15 case late last week at a New York bankruptcy court, CEO Irfan Setiaputra told Reuters. Chapter 15 provides for cooperation between U.S. and foreign courts, if there is a U.S. financial interest in proceedings. Garuda and its creditors agreed to halve its debt to about $5 billion in a deal overseen by…
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Oil prices fall on fuel demand fears sparked by recession concerns

Oil prices fall on fuel demand fears sparked by recession concerns

Sept 26 (Reuters) - Oil prices fell for a second day on Monday on fears of lower fuel demand from an expected global recession sparked by rising worldwide interest rates and as a surging U.S. dollar limits the ability of non-dollar consumers to purchase crude. Brent crude futures for November settlement slipped 54 cents, or 0.63%, to $85.61 a barrel at 0511 GMT. U.S. West Texas Intermediate (WTI) crude futures for November delivery dropped 48 cents, or 0.61%, to $78.26. Both contracts slumped around 5% on Friday to their lowest since January. The dollar index .DXY that measures the greenback…
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Gold wallows at 2-1/2-year trough on dollar strength

Gold wallows at 2-1/2-year trough on dollar strength

Sept 26 (Reuters) - Gold prices were pinned near a 2-1/2-year low on Monday, pulled down by a firmer U.S. dollar and as major central banks adopted an aggressive stance on interest rates to tame inflation. Spot gold was down 0.3% at $1,637.85 per ounce, as of 0415 GMT. Prices fell as much as 1% earlier in the session to hit $1,626.41, their lowest level since April 2020. U.S. gold futures fell 0.6% to $1,645.00. The dollar index, which gauges the greenback versus six peers, scaled a fresh peak since 2002 boosted by a plunge in British sterling. "It's very…
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Sterling crumbles to record low, dollar soars on UK fiscal angst

Sterling crumbles to record low, dollar soars on UK fiscal angst

TOKYO, Sept 26 (Reuters) - Sterling tumbled to a record trough on Monday as traders scampered for the exits on speculation the new government's economic plan will stretch Britain's finances to the limit. The British pound's searing drop helped the safe-haven U.S. dollar to a new two-decade peak against a basket of major peers. Sterling slumped as much as 4.9% to an all-time nadir of $1.0327, before stabilising around $1.05405, 2.9% below the previous session's close. It dropped 3.6% on Friday, when new finance minister Kwasi Kwarteng unveiled historic tax cuts funded by the biggest increase in borrowing since 1972.…
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<strong>MIA launches second edition of #AccountsForYou Awareness Campaign</strong>

MIA launches second edition of #AccountsForYou Awareness Campaign

The Malta Institute of Accountants has launched the second edition of the #AccountsForYou Awareness Campaign, as it seeks to encourage young students to discover more about the exciting and varied career opportunities that this profession provides. It will also address the need for wider financial literacy starting at a young age, a key tool in the development of the citizens of tomorrow. The campaign was launched by MIA President David Delicata and CEO Maria Cauchi Delia in the presence of the Minister for Education, Sport, Youth, Research and Innovation Hon. Dr Clifton Grima. Addressing a press briefing at the Institute’s…
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Prices of airline tickets stay high as upkeep woes crimp fleets

Prices of airline tickets stay high as upkeep woes crimp fleets

SINGAPORE, (Reuters) - Labour shortages and supply chain snarls are making it harder for airlines and lessors to return airplanes grounded during the pandemic to the skies as quickly as they would like, operators and maintenance providers say. A global squeeze on maintenance, repair and overhaul (MRO) capacity is one of the factors contributing to higher airfares for travellers, as demand has rebounded faster than aircraft can be made available and costs are rising. "Some suppliers are coming out with double-digit escalations and surcharges," said Mahesh Kumar, chief executive of Asia Digital Engineering, the maintenance arm of Malaysian budget carrier…
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Bleaker economy could sour airline industry’s bet on cargo planes

Bleaker economy could sour airline industry’s bet on cargo planes

SINGAPORE, (Reuters) - The airline industry's record-breaking scramble to convert older passenger jets to freighters during the travel-starved years of the coronavirus pandemic threatens to bring a glut of cargo space as a dimming global economic picture hits demand. Analysts say aircraft lessors, who helped drive a tripling in annual conversions since 2019, now cesface not only fallout from falling rates for cargo and freighter leases, but could get stuck with exs freighters or be forced to cancel conversions. "This surge in conversions has raised some concerns about a bubble," said Chris Seymour, the head of market analysis for aviation…
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Europe’s vegetable farmers warn of shortages as energy crisis bites

Europe’s vegetable farmers warn of shortages as energy crisis bites

BOUVINES, France (Reuters) - Emmanuel Lefebvre produces thousands of tonnes of endives on his farm in northern France annually, but this year he may abandon his crop because of the crippling energy costs required to freeze the harvested bulbs. Across northern and western Europe, vegetable producers are contemplating halting their activities because of the financial hit from Europe's energy crisis, further threatening food supplies. Surging power and gas prices will impact crops grown through the winter in heated greenhouses such as tomatoes, peppers and cucumbers, and those which need to be placed in cold storage, such as apples, onions and…
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New York still top, Moscow sinks in finance centre ranking

New York still top, Moscow sinks in finance centre ranking

LONDON (Reuters) - New York remains far and away the world's most favoured financial centre, with London still second and Singapore overtaking Hong Kong to come in third, latest rankings issued this week from the Global Financial Centres Index (GFCI) showed. Paris returned to the top 10 to replace Tokyo, but Moscow sank 22 places to 73rd as Western countries severed ties with the capital after Russia's invasion of Ukraine in February, GFCI said. GFCI, compiled by Z/Yen, a City of London think tank, and the China Development Institute, rated 119 centres using 66,121 assessments from 11,038 financial professionals, and…
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Buy European, CEO of Airbus Helicopters urges military leaders

Buy European, CEO of Airbus Helicopters urges military leaders

MARIGNANE, France (Reuters) - The head of Airbus Helicopters  has urged Europe to back its domestic defence industry when launching major new military programmes, as a row simmers over U.S. arms imports. The comments come weeks after six European NATO nations embarked on efforts to define future transport needs under the alliance's Next Generation Rotorcraft Capability (NGRC) project. They also coincide with a standoff over Berlin's reluctance to buy into an upgrade of Airbus's Tiger attack helicopter over operational problems and a row with Norway over its decision to axe its fleet of NH-90 military helicopters. "When there is a…
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Cost of crypto: report says U.S. bitcoin as dirty as 6 million cars

Cost of crypto: report says U.S. bitcoin as dirty as 6 million cars

LOS ANGELES, Sept 23 (Thomson Reuters Foundation) - The carbon footprint of the U.S. bitcoin industry is rising at breakneck speed, a report from environmental groups found on Friday, now rivaling the emissions of 6 million cars each year. The groups urged U.S. states to consider bans on new mining operations to help protect the planet. Emissions from the energy-hungry sector could undermine goals to tackle climate change, said Jeremy Fisher, an energy analyst with the non-profit Sierra Club and a co-author of the report. "We’re at an inflection point," he said. "We’re trying to rapidly decarbonize...Bitcoin mining has the…
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Microsoft survey reveals urgent pivots for leaders to help employees and organizations thrive

Microsoft survey reveals urgent pivots for leaders to help employees and organizations thrive

A major new survey from Microsoft shows that bosses and workers fundamentally disagree about productivity when working from home. Bosses worry about whether working from home is as productive as being in the office. While 87% of workers felt they worked as, or more, efficiently from home, 80% of managers disagreed. The survey questioned more than 20,000 staff across 11 countries. The data points to three urgent pivots for leaders to drive alignment and empower people for the new ways we work. Because when employees thrive, organizations flourish. The three pivots leaders need to make: End productivity paranoia  Embrace the…
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UPDATED: Oil prices down 3% with recession fears in focus

UPDATED: Oil prices down 3% with recession fears in focus

LONDON, Sept 23 (Reuters) - Oil prices fell on Friday as demand fears were stoked by rising interest rates and a stronger dollar, though losses were capped by Moscow's mobilisation campaign in its war with Ukraine and apparent deadlock in talks on reviving the Iran nuclear deal. Brent crude futures LCOc1 fell $2.81, or 3.11%, to $87.65 a barrel by 1051 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures were also down, retreating by $2.93, or 3.51%, to $80.56. Front-month Brent and WTI contracts were down 4.03% and 5.37% respectively over the past week. Global equities hit a two-year…
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Portugal’s TAP says hackers stole, published passengers’ personal data

Portugal’s TAP says hackers stole, published passengers’ personal data

LISBON, Sept 22 (Reuters) - Portugal's flag carrier TAP told customers on Thursday that hackers had stolen some of their personal data and published it on the dark web, although the state-owed airline said all payment details appeared to be safe. TAP said in a letter to customers the cyber attack last month obtained from its servers people's names, nationalities, email and home addresses, phone contacts and frequent flier numbers. "The release of the personal data via open sources could increase the risk of their illegal use, namely aimed at obtaining other data that could compromise the digital systems in…
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All IAG’s airlines to post profit this year, CEO Gallego says

All IAG’s airlines to post profit this year, CEO Gallego says

MADRID, (Reuters) - All the airlines owned by International Airlines Consolidated Group will end this year with a profit, CEO Luis Gallego said. IAG, which owns British Airways, Iberia, Vueling and Aer Lingus, among others, had said previously it expected to return to an overall profit after a two-year crisis caused by the COVID-19 pandemic, without elaborating on individual airlines. "We foresee all the airlines of the group to make profits again this year," Gallego told an event in Madrid organised by El Economista newspaper. After the airline industry was brought to its knees in 2020 and 2021 by pandemic…
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Honda to cut car output by up to 40% in Japan on supply problems

Honda to cut car output by up to 40% in Japan on supply problems

TOKYO, Sept 22 (Reuters) - Honda Motor Co said on Thursday it would reduce car output by up to 40% at two Japanese plants in early October because of ongoing supply chain and logistical problems. The cutback provides further evidence of problems automakers likely face in trying to increase production volumes in the second half of the financial year to the end of March to make up for a shortfall caused by a persistent shortage of chips and supply chain disruptions in the first half of the business year. Two lines at Honda's Suzuka plant in western Japan will cut…
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Lidl GB raises staff pay for second time this year

Lidl GB raises staff pay for second time this year

LONDON, Sept 22 (Reuters) - German-owned discount supermarket Lidl GB has followed rivals in raising hourly pay rates for the second time this year as competition heats up to attract and retain staff in a tight labour market amid a cost of living crisis. The retailer said on Thursday it would pay workers outside of London a minimum of 10.90 pounds ($12.3) an hour, up from 10.10 pounds, and workers in London a minimum of 11.95 pounds, up from 11.30 pounds. The increases, benefiting over 23,500 workers, will take effect on Oct. 1 and cost Lidl GB 39.5 million pounds.…
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Gold falls 1% on surging dollar, hawkish Fed view

Gold falls 1% on surging dollar, hawkish Fed view

Sept 22 (Reuters) - Gold prices fell as much as 1% on Thursday, as the U.S. dollar rallied and the Federal Reserve flagged more interest rate hikes, diminishing the zero-yielding metal's appeal. Spot gold fell 0.8% to $1,660.21 per ounce by 0615 GMT, not far from a more than two-year low of $1,653.10 touched last week. Bullion prices have declined 9% so far in the year. U.S. gold futures were down 0.4% at $1,669.30. "The stage setting from FOMC (Federal Open Market Committee) suggests that there's quite a bit more room for real rates to keep going higher and that's…
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Oil rises as supply fears overtake recession worries

Oil rises as supply fears overtake recession worries

Sept 22 (Reuters) - Oil rebounded on Thursday after sliding 1% in the previous session as concerns over tight supplies heading into winter eclipsed fears of a global recession. Brent crude futures rose 50 cents, or 0.6%, to $90.33 per barrel by 0319 GMT, recouping their losses in early Asia trade. U.S. West Texas Intermediate (WTI) crude rose 45 cents to $83.39. Both benchmarks fell to a near two-week low on Wednesday after the U.S. Federal Reserve raised interest rates by 75 basis points for the third time to tame inflation and signaled that borrowing costs would keep rising this…
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Dollar powers to new two-decade high on Fed outlook, Russia jitters

Dollar powers to new two-decade high on Fed outlook, Russia jitters

TOKYO, Sept 22 (Reuters) - The U.S. dollar pushed to a fresh two-decade high versus major peers on Thursday, propelled by the Federal Reserve's hawkish outlook for interest rates and Russian President Vladamir Putin's mobilisation of more troops for the war in Ukraine. The dollar index, which measures the currency against a basket of six counterparts including the euro and sterling, rose as high as 111.65 for the first time since June 2002. The greenback also notched new highs against regional currencies from the Aussie and New Zealand dollars to the offshore Chinese yuan and the Korean won, as well…
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Spain fines Delivery Hero’s Glovo $78 million for hiring breaches

Spain fines Delivery Hero’s Glovo $78 million for hiring breaches

MADRID, Sept 21 (Reuters) - Spain's labour ministry has fined Delivery Hero's local unit Glovo 79 million euros ($78 million) for violating a law requiring food delivery companies to formally hire riders, Labour Minister Yolanda Diaz told reporters on Wednesday. "(Glovo) has violated fundamental labour rights and they have obstructed the work of the investigation. For this reason, action has been taken against this company," Diaz said. "We will make them comply with the law," she added. A representative for Glovo was not immediately available for comment. In 2021, Spain passed a law requiring that riders for food delivery platforms…
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UPDATED: UK’s Sainsbury’s agrees 500 mln stg sale of stores to LXi REIT

UPDATED: UK’s Sainsbury’s agrees 500 mln stg sale of stores to LXi REIT

LONDON, Sept 22 (Reuters) - British supermarket group Sainsbury's SBRY.L has exchanged contracts with LXi REIT LXIL.L on a deal to sell 18 stores in southern England for 500 million pounds ($562 million), the property investor said on Thursday. Both companies said on Wednesday they were discussing a sale and leaseback deal. LXi REIT said it would seek to fund the deal through a mix of new equity and debt. It said it would discuss with potential investors the possibility of an equity raising. Sainsbury's, Britain's second largest grocer after Tesco, also said it had reached an agreement on the…
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Britain’s M&S raises staff pay for second time in 2022

Britain’s M&S raises staff pay for second time in 2022

LONDON, Sept 21 (Reuters) - Marks & Spencer on Wednesday became the latest British retailer to again raise pay for store workers amid a cost-of-living crisis and a tight labour market. With Britain's jobless rate at its lowest since 1974 the Bank of England is watching pay settlements closely as it mulls further rises in interest rates. M&S said that from Oct. 1 more than 40,000 workers will see their hourly pay increase to a minimum of 10.20 pounds ($11.57). The additional autumn pay review, a first for M&S, follows an initial pay increase in April to 10.00 pounds an…
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UK government borrows more than expected in August

UK government borrows more than expected in August

LONDON, Sept 21 (Reuters) - Britain's budget deficit was bigger than expected in August as high inflation again bumped up interest accrued on government bonds, official data showed on Wednesday. The Office for National Statistics said public sector borrowing excluding state-owned banks stood at 11.82 billion pounds ($13.44 billion). A Reuters poll of economists had pointed to borrowing of 8.45 billion pounds for the shortfall in August. The pound dipped on the news and briefly touched $1.1349, its lowest against the U.S. dollar since 1985. The ONS recorded debt interest payable of 8.2 billion pounds in August alone - the…
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Apple to raise App Store prices in some countries in Europe, Asia

Apple to raise App Store prices in some countries in Europe, Asia

Sept 20 (Reuters) - Apple Inc  said it will raise prices of apps and in-app purchases on its App Store from next month in all of the euro zone and some countries in Asia and South America. The new prices, excluding auto-renewable subscriptions, will be effective as early as Oct. 5, Apple said in a blog post. The U.S. tech giant periodically adjusts its prices in different regions and reduced prices for euro zone countries last year to adjust for currencies and taxes, dropping starting prices for many apps to 99 euro cents from 1.09 euros. The latest price rise…
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UPDATED: Oil prices surge as Putin mobilises more troops

UPDATED: Oil prices surge as Putin mobilises more troops

LONDON, Sept 21 (Reuters) - Oil jumped nearly 3% on Wednesday after Russian President Vladimir Putin announced a partial military mobilisation, escalating the war in Ukraine and raising concerns of tighter oil and gas supply. Brent crude futures rose $2.26, or 2.5%, to $92.88 a barrel by 1051 GMT. U.S. West Texas Intermediate crude was at $86.09 a barrel, up $2.15, or 2.6%. Putin said he had signed a decree on partial mobilisation beginning on Wednesday, saying he was defending Russian territories and that the West wanted to destroy the country. "The partial mobilisation is definitely a bullish factor as…
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PepsiCo ends Pepsi, 7UP production in Russia months after promising halt over Ukraine

PepsiCo ends Pepsi, 7UP production in Russia months after promising halt over Ukraine

PepsiCo Inc has stopped making Pepsi, 7UP and Mountain Dew in Russia nearly six months after the U.S. company said it would suspend sales and production after Moscow sent tens of thousands of troops into Ukraine. Pepsi's announcement came after Reuters visited dozens of supermarkets, retailers and gyms in Moscow and beyond and found cans and bottles of Pepsi printed with July and August production dates from factories within Russia. The most recent date on a Pepsi product was Aug. 17. In a statement to Reuters, the U.S. company said it had stopped making concentrates for PepsiCola, Mirinda, 7Up and Mountain Dew in Russia. "All concentrates…
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German utilities close to long-term LNG deals with Qatar

German utilities close to long-term LNG deals with Qatar

German energy companies RWE and Uniper are close to striking long-term deals to buy liquefied natural gas (LNG) from Qatar's North Field Expansion project to help replace Russian gas, three sources familiar with the matter said. Talks between Germany and Qatar have been fraught with differences over key conditions such as the length of contracts and pricing but the industry sources, who declined to be named, said the parties were expected to reach a compromise soon. Europe's biggest economy aims to replace all Russian energy imports by as soon as mid-2024, a Herculean effort for a country that mainly relies…
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Oil price stable as fears of global economic weakening increase

Oil price stable as fears of global economic weakening increase

Oil prices steadied on Tuesday after rising in the previous sessionon concerns that further U.S. interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world's biggest oil consumer. Brent crude futures for November settlement rose 3 cents to $92.03 a barrel by 0449 GMT. U.S. West Texas Intermediate crude CLc1 for October delivery was at $85.76 a barrel, up3 cents. The October contract will expire on Tuesday and the more active November contract was at $85.29, down 7 cents, or 0.1%. The dollar remained firm below a two-decade high versus major peers…
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Investors mixed as Porsche seeks price tag of up to $75 billion

Investors mixed as Porsche seeks price tag of up to $75 billion

Volkswagen shares hovered around breakeven on Monday, reflecting a mixed response from investors to the automaker's listing plans for sports car brand Porsche AG in what could be Europe's third biggest initial public offering. Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70-75 billion) for Porsche AG, slightly below some estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW and Mercedes-Benz's 61 billion euros. Porsche AG aims to win over investors with its track record of success and high margins, even as shares of other…
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ECB wants banks to review capital plans given downturn

ECB wants banks to review capital plans given downturn

The euro zone banking sector is robust ahead of a possible recession but the European Central Bank is still asking lenders to review capital projections given what is likely to be a difficult winter, ECB supervisor Andrea Enria said on Monday. Banks have built ample capital over recent years and also stand to benefit from rising interest rates but an almost certain recession and sky high energy costs are bound to weigh on parts of the sector. "We are pushing banks to focus very much on their concentration of exposures towards sectors which are particularly dependent on energy and fragile to energy shocks," Enria told…
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Volkswagen does not see chip shortage ending in 2023 – Automobilwoche

Volkswagen does not see chip shortage ending in 2023 – Automobilwoche

BERLIN, Sept 19 (Reuters) - Volkswagen no longer sees chip shortages ending in 2023, and the German carmaker is preparing for the "new normal" of supply chain disruptions, Murat Aksel, head of procurement on the Volkswagen board, told German weekly Automobilwoche. "Investments for new capacity are now on track, but there will probably still be a structural shortfall in semiconductors up to and including 2023," Aksel told the weekly, adding that "it's a structural issue that can't be solved so quickly." The supply of wire harnesses on the other hand, which were in short supply after Russia's February invasion of…
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Sterling languishes near 37-year low vs dollar

Sterling languishes near 37-year low vs dollar

LONDON, Sept 19 (Reuters) - Sterling was weaker against a robust dollar on Monday, hovering near last week's 37-year low, with sentiment towards the British currency remaining weak given a darkening economic outlook. Currency trade was generally subdued with London markets closed for the Queen's funeral. It's a potentially big week for the battered currency given that the Bank of England is meeting on Thursday and new finance minister Kwasi Kwarteng is on Thursday or Friday expected to deliver his first fiscal statement with further details on an energy price cap and tax cuts anticipated. While the Bank of England…
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Syria weakens official exchange rate to U.S. dollar by 7 pct

Syria weakens official exchange rate to U.S. dollar by 7 pct

BEIRUT, Sept 19 (Reuters) - Syria's central bank has weakened its official exchange rate to 3,015 Syrian pounds to the dollar, a central bank statement said on Monday, while black market rates used for most economic activity sat around 4,440. The official rate was previously set at 2,814. Monday's softening of the official rate represents a loss in value of roughly seven percent. Syria's economy, crippled by more than a decade of war, is increasingly dollarised as people try to protect themselves against currency depreciation and inflation. The collapse of the pound has driven up the price of goods and…
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Bitcoin falls below $19,000 as cryptos creak under rate hike risk

Bitcoin falls below $19,000 as cryptos creak under rate hike risk

SINGAPORE, Sept 19 (Reuters) - Cryptocurrencies fell to fresh lows on Monday on regulatory concerns and as investors globally turned shy on risky assets with interest rate rises looming around the world. Bitcoin , the biggest cryptocurrency by market value, fell about 5% to a three-month low of $18,387. Ether , the second largest cryptocurrency, dropped 3% to a two-month low of $1,285 and is down more than 10% in the last 24 hours. Most other smaller tokens were deeper in the red. The Ethereum blockchain, which underpins the ether token, had a major upgrade over the weekend called the…
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Oil prices climb on weak dollar, supply concerns

Oil prices climb on weak dollar, supply concerns

SINGAPORE, Sept 19 (Reuters) - Oil prices climbed on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand. Brent crude futures rose 60 cents, or 0.7%, to $91.95 a barrel by 0330 GMT after settling up 0.5% on Friday. U.S. West Texas Intermediate crude was at $85.50 a barrel, up 39 cents, or 0.5%. The front-month contract expires on Tuesday. Both contracts, which slid more than 1% last week on concerns that another interest rate hike by the Federal…
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Latin America and Caribbean face growing climate change risks -Moody’s

Latin America and Caribbean face growing climate change risks -Moody’s

MEXICO CITY (Reuters) - Latin America and the Caribbean face multiple and increasingly frequent risks from a changing climate, ratings agency Moody's Investors Service said this week, with the risks highest for the region's energy and extractive sectors. The dangers include sea level rise, unprecedented fires, droughts, floods and extreme weather, "with dangers to credit quality across various geographic regions and industries," Moody's said. The ratings agency added in a report that episodic hazards such as hurricanes, wildfires and floods can be severe, concentrated, and sometimes immediately damaging to profitability and cash flow, and therefore to ratings. In Brazil climate…
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To buy or not to buy: Russian aluminium dilemma for Europe’s buyers

To buy or not to buy: Russian aluminium dilemma for Europe’s buyers

BARCELONA (Reuters) - Europe's power crisis, production cuts and shortages of aluminium have left consumers in a quandary about Russian supplies of the metal vital for the region's transport, construction and packaging industries. Some are choosing to shun Rusal's metal, while others are more sanguine - pointing to the fact that neither the company nor its metal is under sanctions imposed on other Russian companies after Moscow's invasion of Ukraine in February. Known in the industry as "the mating season", consumers and producers gathered at a conference in Barcelona this week to agree deals to buy and sell aluminium for…
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Language Interpretation is now Generally Available (GA) in Microsoft Teams Meetings

Language Interpretation is now Generally Available (GA) in Microsoft Teams Meetings

Language interpretation is now Generally Available (GA) for Microsoft Teams Meetings. This feature was built to support customers and users who need to communicate in the virtual world across languages. The language interpretation feature will allow professional interpreters to convert the speaker’s message into another language without disrupting the speaker’s original flow or delivery. This simultaneous interpretation will lead to more inclusive meetings, where participants who speak different languages can fully collaborate with each other. Language interpretation will allow users to: Listen to a meeting in the language they are most comfortable using. Collaborate in meetings where multiple languages are…
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European car sales rise in August, ending 13 month run of falls – ACEA

European car sales rise in August, ending 13 month run of falls – ACEA

BERLIN (Reuters) - European new car registrations grew in August, bringing an end to 13 months of consecutive decline, data from the region's carmaker association showed this week. The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) grew by 3.4% on the year to 748,961 units, the European Automobile Manufacturers Association (ACEA) said. In the EU, the rise was 4.4%. All four of the major EU markets - Spain, Italy, Germany and France - reported a rise in car registrations. (Writing by Paul Carrel)
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Bitcoin once again slips below $20,000

Bitcoin once again slips below $20,000

Sept 18 (Reuters) - Bitcoin on Sunday dropped 1.54% to $19,804, slipping from the 20,000 mark after losing $310 from its previous close. The world's biggest and best-known cryptocurrency is down 58.9% from the year's high of $48,234 on March 28. Ether , the coin linked to the ethereum blockchain network, dropped 3.2 % to $1,422.1 on Sunday, losing $47 from its previous close. (Reporting by Rachna Dhanrajani in Bengaluru, Editing by William Maclean)
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Global cargo market sags as softer economy points to gloomy Christmas

Global cargo market sags as softer economy points to gloomy Christmas

SYDNEY/SHANGHAI, (Reuters) - Global trade bellwethers like FedEx and Cathay Pacific Airways have cast a pall over the year-end holiday shopping season - the business slowdown they're seeing points to weaker-than-expected consumer demand, not a Christmas bonanza. The gloomy outlook comes as consumers globally struggle to cope with surging costs of food, fuel and housing. Even more spendthrift shoppers in China are tightening purse strings as the country's harsh COVID-19 curbs have slammed the economy. FedEx, which on Thursday withdrew a forecast it issued just three months ago, said a global demand slowdown accelerated at the end of August and…
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Women expect higher inflation than men, driven by food costs: ECB study

Women expect higher inflation than men, driven by food costs: ECB study

FRANKFURT, (Reuters) - Women expect higher inflation then men and their outlook is primarily driven by food costs, a European Central Bank study found this week, a potential concern for policymakers as the rise in food prices is in double digit territory and increasing. With inflation at a record high across the euro zone, the ECB has been raising interest rates quickly on concerns that it gets embedded in expectations, perpetuating rapid price growth in a hard-to-break cycle that could force it to tighten policy even more. These fears appear to be substantiated by the study which showed that perception…
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Growers see good wine vintage for Europe, stable volumes despite droughts

Growers see good wine vintage for Europe, stable volumes despite droughts

PARIS, Sept 16 (Reuters) - The good news for wine drinkers is that an increase in French barrels will keep European volumes stable despite severe droughts sweeping the continent, and while yields fell in most countries, farmers foresee a particularly good quality vintage. Several EU countries including France and Spain have suffered one of their worst droughts on record this year, exacerbated by successive heatwaves. The three biggest wine producers, Italy, France, and Spain, are together expected to produce 130.2 million hectolitres this year, up 1.1% from last year but down 2.1% from the 5-year average of 132.9 million hectolitres,…
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Biden administration wants more crypto enforcement, digital asset rules

Biden administration wants more crypto enforcement, digital asset rules

Sept 16 (Reuters) - U.S. government agencies must double down on digital asset sector enforcement and identify gaps in cryptocurrency regulation, the Biden administration said in reports published on Friday. The Treasury Department will also lead a group of government agencies that will consider a central bank digital currency, although the White House stopped short of endorsing a digital dollar. The reports were issued in response to an executive order U.S. President Joe Biden signed this year "on Ensuring Responsible Development of Digital Assets." “Innovation is one of the hallmarks of a vibrant financial system and economy, but as we've…
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Pound falls to 37-year low as poor retail sales lift economic woes

Pound falls to 37-year low as poor retail sales lift economic woes

LONDON, Sept 16 (Reuters) - The pound on Friday tumbled to a fresh 37-year low on the U.S. dollar, and a 17-month trough on the euro, after weaker-than-expected figures of retail sales added to worries about the health of Britain's economy. The pound fell more than 1% against the dollar to 1.1351, its lowest since 1985, its fall accelerating once it passed through the then 37-year low hit last week. The euro rose to as high as 87.66 pence, its highest level since Feb 2021, and was last up 0.39% at 97.52 pence. Retail sales volumes dropped 1.6% in monthly…
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UK retail sales plunge, underlining risk of recession

UK retail sales plunge, underlining risk of recession

LONDON, Sept 16 (Reuters) - British retail sales fell much more than expected in August, in another sign that the economy is sliding into recession as the cost of living crunch squeezes households' disposable spending. Retail sales volumes dropped by 1.6% in monthly terms in August, the Office for National Statistics said - the biggest fall since December 2021 and worse than all forecasts in a Reuters poll of economists that had pointed to a 0.5% fall. The data are likely to add to worries about the strength of demand in Britain's economy. UK fashion retailers Primark ABF.L and ASOS…
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