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04/02/2023

PARIS (Reuters) - French unions and opposition parties on Wednesday said they would fight hard to try to derail a highly unpopular plan to make people work longer before receiving a pension.
President Emmanuel Macron's government, in turn, said it wasn't afraid of a nationwide call for strikes and protests on Jan. 19 and would carry on with its plan.
The French will have to work two years longer to age 64 before retiring, if the reform, announced on Tuesday, is adopted by parliament. They will also need to work longer to get a full pension.

04/02/2023

BRASILIA (Reuters) - Brazil's 11-day-old government braced on Wednesday for more anti-democratic protests by far-right former President Jair Bolsonaro's supporters whose rampage through government threatened the country's political stability.
The government of leftist President Luiz Inacio Lula da Silva bolstered security measures nationwide as flyers appeared on pro-Bolsonaro social media calling for mass demonstrations in Brazilian cities to "retake power."
"We have measures for this Wednesday to reinforce security throughout the country since pamphlets of new demonstrations have been circulated," Lula's chief of staff Rui Costa said late on Tuesday after a cabinet meeting.

03/02/2023

SAO PAULO (Reuters) - Retail sales volumes in Brazil posted in November their biggest drop in five months, government statistics agency IBGE said on Wednesday, affected by higher fuel prices and a weak Black Friday performance last year.
Brazil's retail sales fell 0.6% in November from October, IBGE reported, a deeper drop than the 0.3% one expected by economists polled by Reuters and the first negative reading since July.
The latest data came in as consumption stutters in Brazil amid a lack of credit growth, higher interest rates and rising consumer prices, research manager Cristiano Santos said in a statement.

03/02/2023

WASHINGTON (Reuters) - The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter.
The development lender said it expected global GDP growth of 1.7% in 2023, the slowest pace outside the 2009 and 2020 recessions since 1993. In its previous Global Economic Prospects report in June 2022, the bank had forecast 2023 global growth at 3.0%.
It forecast global growth in 2024 to pick up to 2.7% -- below the 2.9% estimate for 2022 -- and said average growth for the 2020-2024 period would be under 2% -- the slowest five-year pace since 1960.

02/02/2023

South Korean solar energy company Qcells on Wednesday said it would invest $2.5 billion to expand its manufacturing capacity in the United States, creating as many as 2,500 jobs in Georgia.
The announcement by the solar division of conglomerate Hanwha Corp is one of the biggest corporate manufacturing commitments since the passage of U.S. President Joe Biden's Inflation Reduction Act (IRA), which includes over $300 billion in subsidies to tackle climate change.
Some of those incentives are aimed at boosting domestic manufacturing of clean energy products that are currently made primarily in China, such as solar cells and panels.

02/02/2023

NEW YORK (Reuters) - A tumultuous start for the new U.S. Congress has some investors worried about what could be a prolonged battle over raising the U.S. debt ceiling later this year.
The U.S. Treasury is expected to reach its mandated $31.4 trillion borrowing limit in 2023, and Republicans see that as an opportunity to curb President Joe Biden's spending on Democratic initiatives such as climate change and new social programs.
While fights over raising the debt limit are nothing new in Washington, some investors worry the Republican party's narrow majority in Congress could give the party’s hard-liners the upper hand, making it much harder to reach a deal this time around.

01/02/2023

Ryanair is closing its Brussels Zaventem base because of the airport's decision to increase prices from April, it said on Wednesday.
Europe's largest budget airline said the airport's decision comes at a time when most European airports are reducing prices to recover traffic lost during the COVID-19 pandemic.
"Despite recent rumours, we will not be reopening our Brussels Zaventem base in summer 2023 due to Zaventem Airport's decision to increase prices by 11% for airlines and passengers from April 2023," Chief Executive Michael O'Leary said in a statement.

01/02/2023

FRANKFURT (Reuters) -The European Central Bank must still raise interest rates "significantly" over its coming meetings to restrict growth and dampen inflation, which has been far too high, Finnish central bank chief Olli Rehn said on Wednesday.
The ECB has raised rates by a combined 2.5 percentage points since July and promised "a steady pace" of hikes over the coming months but some policymakers have started to argue that a peak in interest rates may be near given a looming recession.
"Policy rates will still have to rise significantly," Rehn, who sits on the ECB's rate-setting Governing Council, told a webinar with the Peterson Institute for International Economics. "This means significant rate hikes at this winter's remaining meetings."

31/01/2023

SINGAPORE (Reuters) - The dollar was eyeing a fourth monthly loss on Tuesday as investors reckon a peak in U.S. interest rates could swing into view as soon as this week's Federal Reserve meeting.
Currency trade was subdued in the lead up to Wednesday's Fed rate decision, and ahead of Bank of England and European Central Bank rate decisions on Thursday, though cautiousness across financial markets gave the greenback a bit of support.

31/01/2023

STOCKHOLM (Reuters) -Swedish bank Swedbank reported a bigger-than-expected rise in net profit for the fourth quarter and proposed raising its annual dividend on Tuesday as surging central bank interest rates helped lift interest income.
The bank, with roots in Sweden's two-centuries-old savings bank movement, reported a net profit of 6.81 billion Swedish crowns ($653 million) for the quarter, up from 4.84 billion crowns a year ago and higher than analysts' mean estimate of 6.26 billion crowns in a Refinitiv poll.

30/01/2023

Microsoft (NASDAQ:MSFT) shares are set to open under pressure later Wednesday after the software giant reported its slowest sales growth in six years and warned that there may be worse to come.

Revenue grew only 2% year-over-year in the three months through December to $52.7 billion, missing the consensus estimate of $53.12B. While earnings were fractionally ahead of expectations at $2.32 a share, they were still down 12% on the year at $16.4B.

30/01/2023

A European recession looked like a no-brainer just a few weeks ago, but that picture has changed dramatically, and investors have started pouring money into the region's stocks, currency and bonds.
Warmer temperatures and well-filled gas storage facilities mean there's less concern about power shortages and sky-high energy bills. That, along with China reopening its economy at breakneck speed, promises a boost for Europe's export-oriented economy.

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