Category: Economy
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Stocks dip from record highs with US inflation data on deck
By Chuck Mikolajczak NEW YORK (Reuters) -A gauge of global stocks retreated for a second straight session on Monday, easing further from a record high ahead of U.S. inflation data this week which could heavily influence the Federal Reserve’s interest rate path. Stocks have hit multiple record highs this year, but declined on Friday following…
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Italy’s data watchdog looks into Open AI tool that turns text into video
MILAN (Reuters) – Italy’s data protection agency said on Friday it had opened an investigation into a service developed by Microsoft-backed Open AI that can generate videos based on text prompts. The regulator, known as Garante, asked Open AI to clarify whether the way it informs users and non users about the data it employs…
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US considers selling Northeast gasoline reserve in 2024 in draft bill
By Laura Sanicola (Reuters) – The United States may sell its 1 million barrel Northeast gasoline reserve in fiscal year 2024, according to the draft text of a funding bill released on Sunday. The reserve, first established in 2014 after Superstorm Sandy left motorists in the northeastern United States without fuel, is located in New…
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Energy trader Gunvor to pay $662 million to end US, Swiss bribery cases
By Jonathan Stempel, Luc Cohen, Chris Prentice and Julia Payne NEW YORK (Reuters) -Gunvor, one of the world’s largest oil traders, agreed on Friday to pay about $662 million to resolve U.S. and Swiss investigations into a scheme to pay bribes to Ecuadorean officials to win business. Gunvor pleaded guilty to conspiring to violate a…
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Europe’s STOXX 600 hits record high in strong start to March
By Ankika Biswas and Khushi Singh (Reuters) -Europe’s benchmark index hit a new record high on Friday propelled by rate-sensitive stocks, with investors continuing to cheer upbeat corporate earnings while looking past data that showed core prices remained stubbornly high. The pan-European STOXX 600 closed 0.6% up at an all-time high, logging its sixth straight…
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GDP bedamned – stocks seem to have life of their own: McGeever
By Jamie McGeever ORLANDO, Florida (Reuters) -“The stock market is not the economy.” This truism has rarely been more relevant, as the extraordinary boom in a handful of mega tech stocks revs Wall Street up to new all-time highs even as many sectors lag behind and economic growth seems set to decelerate. But at…
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Parallel universes? ‘Magnificent 7’ prone to China risks :Mike Dolan
(Repeats to additional subscribers, no changes to text) By Mike Dolan LONDON (Reuters) -The jarring contrast of China’s market bust and soaring U.S. stocks may cloud the vulnerability of the latter to events in Beijing, and some fear Wall Street’s narrow focus heightens that risk. A relentless plunge of Chinese equities over the past year…
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‘Silver is the new gold’ as Egyptians try to protect savings
By Sarah El Safty and Farah Saafan CAIRO (Reuters) – Egyptian women traditionally receive a gold jewellery set, or “shabka”, on their engagement. But as surging prices and a weakening currency have driven up demand for the precious metal, some are getting silver instead. The trend is a measure of an economic crisis in which…
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Suez Canal diversions pile pressure on Egypt’s distressed economy
By Patrick Werr CAIRO (Reuters) – A sharp downturn in revenue after sea attacks by Yemen’s Houthis diverted away shipping away from the Suez Canal has struck a painful new blow to Egypt’s already deteriorating economy, adding urgency to the need for reforms and help from abroad. Nearly all Egypt’s main sources of foreign currency…
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Higher penalties coming for export control violations -US Commerce official
By Karen Freifeld (Reuters) -The U.S. government will crack down on companies that violate export rules, with stiffer penalties to deter future violations involving countries like China, Russia and Iran, a Department of Commerce official said late on Tuesday. “There are going to have to be some penalties that get everyone’s attention,” Matthew Axelrod, assistant…