Today: September 23, 2024
Today: September 23, 2024

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Argentina inflation likely sped back up ahead of primary vote, analysts say

– Argentina’s monthly inflation rate likely sped back up to 7.1% in July, a Reuters poll of analysts showed, a blow for the ruling Peronist coalition, which is battling to avoid defeat by the conservative opposition in primary elections on Sunday. The sharper expected rise in the Consumer Price Index (CPI) would halt a run of slowing monthly inflation readings since a peak of 8.4% in April and underline how hard to budge inflation has become in the embattled South American nation. Argentina has one of the highest inflation rates in the world, with

August 11, 2023
Argentina inflation likely sped back up ahead of primary vote, analysts say
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Brazil consumer prices up by more than expected in July

– Brazil’s consumer prices as measured by the benchmark IPCA index rose more than expected in July, data from government statistics agency IBGE showed on Friday, but the figures are unlikely to stop the central bank from keep lowering interest rates. Prices were up 0.12% in the month, IBGE said in a statement, above market forecasts of 0.06%. That took annual inflation to 3.99%, up from 3.16% in the previous month and also beating the 3.93% expected by economists polled by Reuters. The fresh data came just as the central bank earlier this month kicked off a

August 11, 2023
Brazil consumer prices up by more than expected in July
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US producer prices increase in July on rebound in services

U.S. producer prices increased slightly more than expected in July as the cost of services rebounded at the fastest pace in nearly a year, but the trend remained consistent with a moderation in inflationary pressures. The producer price index for final demand rose 0.3% last month, the Labor Department said on Friday. Data for June was revised lower to show the PPI unchanged instead of nudging up by the previously reported 0.1%. In the 12 months through July, the PPI increased 0.8% after gaining 0.2% in June, boosted by a lower base of comparison last

August 11, 2023
US producer prices increase in July on rebound in services
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Olam Group expects agricultural unit's Singapore-Saudi dual IPO by 2024 first half

Singapore’s Olam Group said on Friday it is targeting the IPO of its agricultural unit by the first half of 2024, and the commodity trader reported an 88.8% fall in first-half profit on lower crop yield from its almond orchards in Australia. The company said in May it did not expect the dual listing of Olam Agri in Singapore and Saudi Arabia to be completed in the first half of this year as initially planned. The company previously said it plans to list its Olam Food Ingredients unit as part of a business overhaul. The listing will take place

August 11, 2023
Olam Group expects agricultural unit's Singapore-Saudi dual IPO by 2024 first half
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Wall St set for lower open after hotter-than-expected producer prices data

– Wall Street’s main indexes opened lower on Friday as stronger-than-expected producer prices data lifted U.S. bond yields, weighing down rate-sensitive megacap technology and growth stocks. The Dow Jones Industrial Average fell 64.79 points, or 0.18%, at the open to 35,111.36. The S&P 500 opened lower by 18.14 points, or 0.41%, at 4,450.69, while the Nasdaq Composite dropped 104.34 points, or 0.76%, to 13,633.65 at the opening bell. (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Vinay Dwivedi)

August 11, 2023
Wall St set for lower open after hotter-than-expected producer prices data
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Brazil's helicopter market seen picking up in H2 after early 2023 slowdown

– Major helicopter manufacturers operating in Brazil expect a demand recovery in the second half of 2023 after a relatively slow first six months, but are unlikely to match the strong orders they registered last year. Air transportation markets had a positive 2022 with travel rebounding post-pandemic, and that scenario ended up setting high bars for 2023. The start of the year was not as strong as some hoped, though prospects are positive for the final six months, executives from Helibras and Leonardo told Reuters this week at the LABACE airshow in Sao Paulo.

August 11, 2023
Brazil's helicopter market seen picking up in H2 after early 2023 slowdown
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Wall St slides after hotter-than-expected producer prices data

– Wall Street’s main indexes opened lower on Friday as stronger-than-expected producer prices data lifted U.S. bond yields, weighing down rate-sensitive megacap technology and growth stocks. The Dow Jones Industrial Average fell 64.79 points, or 0.18%, at the open to 35,111.36. The S&P 500 opened lower by 18.14 points, or 0.41%, at 4,450.69, while the Nasdaq Composite dropped 104.34 points, or 0.76%, to 13,633.65 at the opening bell. (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Vinay Dwivedi)

August 11, 2023
Wall St slides after hotter-than-expected producer prices data
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Strong services drive US producer prices higher in July

U.S. producer prices increased slightly more than expected in July as the cost of services rebounded at the fastest pace in nearly a year, but the trend remained consistent with a moderation in inflationary pressures. The producer price index for final demand rose 0.3% last month, the Labor Department said on Friday. Data for June was revised lower to show the PPI unchanged instead of nudging up by the previously reported 0.1%. In the 12 months through July, the PPI increased 0.8% after gaining 0.2% in June, boosted by a lower base of comparison last

August 11, 2023
Strong services drive US producer prices higher in July
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Strong services drive US producer prices higher in July

U.S. producer prices increased slightly more than expected in July as the cost of services rebounded at the fastest pace in nearly a year, but the trend remained consistent with a moderation in inflationary pressures. The producer price index for final demand rose 0.3% last month, the Labor Department said on Friday. Data for June was revised lower to show the PPI unchanged instead of nudging up by the previously reported 0.1%. In the 12 months through July, the PPI increased 0.8% after gaining 0.2% in June, boosted by a lower base of comparison last

August 11, 2023
Strong services drive US producer prices higher in July
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Chrysler parent Stellantis criticizes UAW demands in labor talks

Chrysler parent Stellantis sharply criticized the demands of the United Auto Workers (UAW) union on Friday, saying they need “a focus on reality from everyone involved.” Stellantis North America Chief Operating Officer Mark Stewart said in a letter to employees seen by Reuters the automaker is “committed to working with the UAW to reach an agreement based on economic realism.” A UAW spokesman declined immediate comment on Stewart’s letter, but earlier this week UAW President Shawn Fain called the Stellantis proposals “trash” and tossed a copy of them in a waste basket in live streamed remarks.

August 11, 2023
Chrysler parent Stellantis criticizes UAW demands in labor talks
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ChatGPT fever spreads to US workplace, sounding alarm for some

– Many workers across the U.S. are turning to ChatGPT to help with basic tasks, a Reuters/Ipsos poll found, despite fears that have led employers such as Microsoft and Google to curb its use. Companies worldwide are considering how to best make use of ChatGPT, a chatbot programme that uses generative AI to hold conversations with users and answer myriad prompts. Security firms and companies have raised concerns, however, that it could result in intellectual property and strategy leaks. Anecdotal examples of people using ChatGPT to help with their day-to-day

August 11, 2023
ChatGPT fever spreads to US workplace, sounding alarm for some
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Wall St slides as growth stocks fall after producer prices data

– Wall Street fell on Friday as rate-sensitive technology and growth stocks dropped after hotter-than-expected producer prices data for July sent U.S. bond yields higher. U.S. producer price index (PPI) climbed 0.8% in the 12 months leading to July, up from a 0.2% rise in the previous month, as service costs increased. Economists polled by Refinitiv had expected a 0.7% gain. “The PPI data shows that inflation is still a concern,” said Adam Sarhan, chief executive of 50 Park Investments. Though traders broadly expect the Federal Reserve to not tighten credit

August 11, 2023
Wall St slides as growth stocks fall after producer prices data
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US consumer sentiment dips in August; inflation expectations improve

– U.S. consumer sentiment dipped in August, but Americans expected inflation to edge lower over the next year and beyond, a survey showed on Friday. The University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 71.2 this month compared to 71.6 in July. Economists polled by Reuters had forecast a preliminary reading of 71.0. “In general, consumers perceived few material differences in the economic environment from last month, but they saw substantial improvements relative to just three months ago,” Joanne Hsu, the director of the University of Michigan’s Surveys of Consumers, said

August 11, 2023
US consumer sentiment dips in August; inflation expectations improve
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Air Canada beats quarterly profit estimates, flags strong demand

Air Canada reported a better than expected quarterly profit on Friday compared with a year-ago loss and sees solid passenger bookings into early 2024 as the country’s largest airline cashes in on strong international travel demand. A rush by North American travelers to make up for lost time during the pandemic has bolstered earnings for legacy carriers, with international destinations enjoying especially high demand. The carrier raised the lower end of its earlier 2023 guidance of C$3.5 billion to C$4 billion for earnings before interest, taxes, depreciation and amortization (EBITDA) to C$3.75 billion. The stock rose about 4% in

August 11, 2023
Air Canada beats quarterly profit estimates, flags strong demand
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Lawsuit claiming HP all-in-one printers are defective can proceed

– A federal judge has rejected HP’s bid to dismiss a lawsuit claiming that it intentionally designed its all-in-one printers to be unable to scan or fax when they are low on ink, as a means to increase profit by boosting ink sales. Customers in the proposed class action said HP concealed how its printers enter an “error state” when low on ink, disabling scanning and faxing functions that do not require ink, and forcing them to buy unnecessary, high-margin ink cartridges. U.S. District Judge Beth Labson Freeman in a decision on Thursday found sufficient allegations

August 11, 2023
Lawsuit claiming HP all-in-one printers are defective can proceed
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Lawsuit claiming HP all-in-one printers are defective can proceed

– A federal judge has rejected HP’s bid to dismiss a lawsuit claiming that it intentionally designed its all-in-one printers to be unable to scan or fax when they are low on ink, as a means to increase profit by boosting ink sales. Customers in the proposed class action said HP concealed how its printers enter an “error state” when low on ink, disabling scanning and faxing functions that do not require ink, and forcing them to buy unnecessary, high-margin ink cartridges. U.S. District Judge Beth Labson Freeman in a decision on Thursday found sufficient allegations

August 11, 2023
Lawsuit claiming HP all-in-one printers are defective can proceed
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Italy signs preliminary deal with KKR to take up to 20% of TIM's grid

– The Italian government could end up with a stake of as much as 20% in Telecom Italia’s landline grid after signing a preliminary agreement with U.S. fund KKR, which is lining up a bid for the asset. KKR is in exclusive discussions with debt-laden Telecom Italia (TIM) over the acquisition of Netco, a venture comprising both TIM’s fixed domestic access grid and submarine cable unit Sparkle. A treasury statement said a Memorandum of Understanding (MoU) signed late on Thursday provides for the Italian Treasury to take a stake of up to 20% as part of any binding

August 11, 2023
Italy signs preliminary deal with KKR to take up to 20% of TIM's grid
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Chrysler owner calls for focus on reality in UAW labor talks

Chrysler parent Stellantis sharply criticized the demands of the United Auto Workers (UAW) union on Friday, saying they need “a focus on reality from everyone involved.” Stellantis North America Chief Operating Officer Mark Stewart said in a letter to employees seen by Reuters the automaker is “committed to working with the UAW to reach an agreement based on economic realism.” A UAW spokesman declined immediate comment on Stewart’s letter, but earlier this week UAW President Shawn Fain called the Stellantis proposals “trash” and tossed a copy of them in a waste basket in live streamed remarks.

August 11, 2023
Chrysler owner calls for focus on reality in UAW labor talks
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Oil prices firm on upbeat demand growth forecasts

Oil prices gained ground on Friday amid optimistic demand forecasts from the OPEC producer group and the International Energy Agency (IEA). Brent crude was up 37 cents, or 0.4%, at $86.77 a barrel at 1413 GMT while U.S. West Texas Intermediate (WTI) crude futures were up 40 cents, or 0.5%, at $83.22. Both benchmarks have been on a sustained rally since June, with WTI trading on Thursday at its highest this year and Brent hitting its highest since late January. The IEA on Friday warned that global inventories could fall sharply over the rest of

August 11, 2023
Oil prices firm on upbeat demand growth forecasts
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SpaceX lawsuit could be key test of US policy on bias against refugees

– A new lawsuit accusing SpaceX of illegally refusing to hire asylum recipients and refugees could be an important test of the U.S. government’s stance that national security concerns do not allow companies to discriminate against non-citizens. Elon Musk, CEO of the rocket and satellite company, said in response to the U.S. Department of Justice (DOJ) lawsuit filed on Thursday that hiring anyone besides U.S. citizens and green card holders would violate weapons trafficking laws. His post on the messaging platform X, formerly known as Twitter, appears to conflict with specific guidance issued by the DOJ

August 25, 2023
SpaceX lawsuit could be key test of US policy on bias against refugees
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Historically stormy month of September may test US stock rally

– U.S. stock investors are bracing for a potentially volatile September as the market faces key economic data reports, a Federal Reserve meeting and worries over a possible government shutdown during a month of historically muted equity performance. In Septembers since 1945, the S&P 500 has declined an average of 0.7%, the worst performance of any month, according to CFRA. Recent weeks have been volatile. The S&P 500, which is up nearly 15% this year, has retreated more than 4% from its July 31 high as investors reacted to weakness in China’s economy and

August 25, 2023
Historically stormy month of September may test US stock rally
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SpaceX lawsuit could be key test of US policy on bias against refugees

– A new lawsuit accusing SpaceX of illegally refusing to hire asylum recipients and refugees could be an important test of the U.S. government’s stance that national security concerns do not allow companies to discriminate against non-citizens. Elon Musk, CEO of the rocket and satellite company, said in response to the U.S. Department of Justice (DOJ) lawsuit filed on Thursday that hiring anyone besides U.S. citizens and green card holders would violate weapons trafficking laws. His post on the messaging platform X, formerly known as Twitter, appears to conflict with specific guidance issued by the DOJ

August 25, 2023
SpaceX lawsuit could be key test of US policy on bias against refugees
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SpaceX lawsuit could be key test of US policy on bias against refugees

– A new lawsuit accusing SpaceX of illegally refusing to hire asylum recipients and refugees could be an important test of the U.S. government’s stance that national security concerns do not allow companies to discriminate against non-citizens. Elon Musk, CEO of the rocket and satellite company, said in response to the U.S. Department of Justice (DOJ) lawsuit filed on Thursday that hiring anyone besides U.S. citizens and green card holders would violate weapons trafficking laws. His post on the messaging platform X, formerly known as Twitter, appears to conflict with specific guidance issued by the DOJ

August 25, 2023
SpaceX lawsuit could be key test of US policy on bias against refugees
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Fed's Powell: higher rates may be needed, will move 'carefully'

The Federal Reserve may need to raise interest rates further to cool still-too-high inflation, Fed Chair Jerome Powell said on Friday, promising to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the U.S. economy. While not as hawkish a message as he delivered this time a year ago at the annual Jackson Hole Economic Policy Symposium, Powell’s remarks still delivered a punch, with investors now seeing one more rate hike by year-end more

August 25, 2023
Fed's Powell: higher rates may be needed, will move 'carefully'
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Fed's Powell: higher rates may be needed, will move 'carefully'

The Federal Reserve may need to raise interest rates further to cool still-too-high inflation, Fed Chair Jerome Powell said on Friday, promising to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the U.S. economy. While not as hawkish a message as he delivered this time a year ago at the annual Jackson Hole Economic Policy Symposium, Powell’s remarks still delivered a punch, with investors now seeing one more rate hike by year-end more

August 25, 2023
Fed's Powell: higher rates may be needed, will move 'carefully'

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