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Oil prices on track for weekly gain amid high U.S. demand
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Sri Lanka tycoon Dhammika Perera to replace president’s brother in parliament
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Denmark willing to help SAS if private investors get on board
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Japanese yen jumps after authorities sound intervention warning
UK banks no longer too big to fail, says BoE
Date: June 10, 2022
By Iain Withers and Sinchita Mitra LONDON (Reuters) – The Bank of England is satisfied lenders have taken steps to ensure they are no longer “too big to fail” in any future crisis, it said on Friday, though it did find shortcomings at three leading banks. The BoE is aiming to stop banks from requiring...
Tesla’s China output decline trending deeper than Musk forecast, data and internal memos show
Date: June 10, 2022
(In JUNE 9 story corrects to show Musk was referring to Tesla’s overall production (not Shanghai production), paragraph 6) SHANGHAI (Reuters) -Production at Tesla Inc’s Shanghai factory is on track to fall by over a third this quarter from the first three months of the year as China’s zero-COVID lockdowns caused deeper disruptions to output...
Bank of England set to raise rates again as inflation heads for 10%
Date: June 10, 2022
By William Schomberg LONDON (Reuters) – The Bank of England looks set to raise interest rates next week for the fifth time since December, its steepest run of rate hikes in 25 years, and is likely to keep going in the coming months as inflation heads for double digits. While Britain is forecast to have...
BPER’s new plan overshadowed by Italy’s debt risk
Date: June 10, 2022
By Andrea Mandala and Valentina Za MILAN (Reuters) -Italy’s fourth-largest bank BPER Banca on Friday pledged to double profits and return at least 1 billion euros ($1 billion) to investors by 2025, though it failed to offset concerns about Italian lenders that sent its shares down 12%. BPER set out its 2022-2025 business plan on...
Analysis-Buy Now Pay Later business model faces test as rates rise
Date: June 10, 2022
By Elizabeth Howcroft LONDON (Reuters) – Reduced consumer spending, rising interest rates and trickier credit conditions spell trouble for Buy Now Pay Later lenders, raising the prospect of consolidation in the sector. Buy Now Pay Later (BNPL) firms have created one of the fastest-growing segments in consumer finance, with transaction volumes hitting $120 billion in...
Switzerland adopts new EU sanctions against Russia, Belarus
Date: June 10, 2022
BERLIN (Reuters) – Switzerland has adopted new EU sanctions against Belarus and Russia, also imposing financial and travel sanctions on 100 additional individuals and entities, including oligarch Aleksandra Melnichenko, the Federal Council said on Friday. The Swiss list of sanctioned individuals and entities, which is the same as the European Union’s, includes military personnel held...