ECM

UK’s teachers and civil servants join biggest strikes in years on ‘Walkout Wednesday’

Up to 500,000 people expected to join UK strikes Government says big pay rises will fuel inflation Schools will close, most trains will not run More strikes involving health workers due next week LONDON, Feb 1 (Reuters) – Up to half a million British teachers, civil servants, train drivers and university lecturers walked out over …

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Lebanon to devalue currency by 90% on Feb. 1, central bank chief says

BEIRUT, Jan 31 (Reuters) – Lebanon will adopt a new official exchange rate of 15,000 pounds per US dollar on Feb. 1, central bank governor Riad Salameh said, marking a 90% devaluation from its current official rate that has remained unchanged for 25 years. The shift from the old rate of 1,507 to 15,000 is …

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The mouse that roared: New Zealand and the world’s 2% inflation target

WELLINGTON, New Zealand, Jan 30 (Reuters) – More than 30 years ago, some relatively youthful central bank and Treasury economists in New Zealand were grappling with how to bring two decades of double-digit inflation under control in an economy less than 1% the size of its US counterpart. What if, they asked, they just told …

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Exclusive: Top US Treasury official to warn UAE, Turkey over sanctions evasion

WASHINGTON, Jan 28 (Reuters) – The US Treasury Department’s top sanctions official on a trip to Turkey and the Middle East next week will warn countries and businesses that they could lose access to G7 markets if they do business with entities subject to US curbs as Washington cracks down on Russian attempts to evade …

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UK factories cut prices, helping BoE’s inflation fight

LONDON, Jan 25 (Reuters) – Britain’s manufacturers unexpectedly reduced their prices in December by the most since April 2020, welcome news for the Bank of England which is weighing up how much higher it needs to take interest rates to fight soaring inflation. Output prices fell by 0.8% in December from November, the Office for …

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Analysis: ECB struggling seen to keep market on side after mixed messages

Investors see rate cut by year-end despite ECB guidance Analysts say confused messaging has damaged ECB’s credibility Blame changes in message, cacophony of voices FRANKFURT, Jan 23 (Reuters) – The European Central Bank’s policy signals don’t seem to convince investors any more, analysts say, whether it is trying to raise their expectations for interest rates …

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Alphabet cuts 12,000 jobs after pandemic hiring spree, refocuses on AI

Jan 20 (Reuters) – Google’s parent Alphabet Inc (GOOGL.O) is cutting about 12,000 jobs as it faces “a different economic reality”, it said in a staff memo, doubling down on artificial intelligence (AI) and axing staff who support experimental projects. The job cuts affect 6% of its workforce, and follows thousands of layoffs at tech …

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Exclusive: ECB union says staff losing faith in leadership over inflation, pay

40% of ECB staff has low or no trust Two-thirds say confidence is damaged 63% worried about ECB’s ability to protect purchasing power FRANKFURT, Jan 17 (Reuters) – European Central Bank staff are losing confidence in the institution’s leadership following the ECB’s failure to control inflation and a pay award that lagged the leap in …

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Asian shares rise, yen climbs as BOJ battles bond bears

https://tmsnrt.rs/2zpUAr4 BOJ under intense pressure as it defends yield policy Yen hits 7-mth high, yuan climbs as dollar eases Hopes for rapid China recovery aids most Asia stocks More earnings ahead, many central bank speakers SYDNEY, Jan 16 (Reuters) – Asian shares firmed on Monday as optimism about China’s reopening offset concerns the Bank of …

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Yellen warns of US default risk by early June, urges debt limit hike

WASHINGTON, Jan 13 (Reuters) – US Treasury Secretary Janet Yellen said on Friday the United States will likely hit the $31.4 trillion statutory debt limit on Jan. 19, forcing the Treasury to launch extraordinary cash management measures that can likely prevent default until early June. “Once the limit is reached, Treasury will need to start …

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