Groton Selected as Navy awards $642M contract boost for Virginia class submarine work
Groton, CT – General Dynamics Electric Boat Corp. has secured a $642.3 million contract modification to continue design and support work for the Navy’s Virginia class submarine program, the Pentagon announced. Contract…
Wells Fargo lifts interest income forecast as profit exceeds estimates
By Noor Zainab Hussain, Manya Saini and Saeed Azhar (Reuters) -Wells Fargo beat analysts’ third-quarter profit estimates and raised its annual forecast for income from interest payments on Friday, as customers paid…
Italy central bank cuts GDP growth forecast for 2023 and 2024
ROME (Reuters) – The Italian economy will grow by 0.7% in 2023 and by 0.8% next year, the country’s central bank said on Friday, revising down previous forecasts made in July and…
Deutsche Bahn close to signing $1.68 bn deal to sell Arriva to I Squared -sources
By Emma-Victoria Farr, Andres Gonzalez and Markus Wacket FRANKFURT/LONDON (Reuters) – Miami-based infrastructure investor I Squared Capital aims to sign a deal to acquire Deutsche Bahn’s international transport business Arriva as soon as…
China’s trade slump eases, boosting recovery hopes, but challenges persist
By Joe Cash, Liangping Gao and Ellen Zhang BEIJING (Reuters) – China released a mixed batch of economic data on Friday showing a slump in exports and imports was gradually easing, but…
India’s state-run banks to lower bond purchases as liquidity tightens – treasurers
By Dharamraj Dhutia MUMBAI (Reuters) – India’s state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said. Bond yields…
Czech lawmakers back government’s $6.5 billion deficit-cutting plan
PRAGUE (Reuters) – Czech lower house lawmakers approved on Friday the centre-right government’s 151 billion crown ($6.47 billion) package of spending cuts and tax hikes aimed at cutting the budget deficit in…
No ‘big opening’ for rate cuts in central Europe, IMF says
By Gergely Szakacs BUDAPEST (Reuters) – Central Europe’s central banks should maintain a tight monetary stance for a “considerable time” to ensure inflation is kept in check, and be ready to raise…
Yellen, China’s top central banker talk about debt, economic developments -US Treasury
MARRAKECH, Morocco (Reuters) – U.S. Treasury Secretary Janet Yellen and People’s Bank of China Governor Pan Gongsheng on Friday held a “substantive and productive” meeting that covered debt, financial architecture and future…
Malaysia announces new taxes, cuts subsidies in tighter 2024 spending plan
By Danial Azhar and Rozanna Latiff KUALA LUMPUR (Reuters) -Malaysia said on Friday it would introduce a capital gains tax and a tax on high-value goods and gradually cut subsidies to bolster…
Russian central bank to consider wide range of options for key rate -Ifax
MOSCOW (Reuters) – Russia’s central bank on Friday said it would consider a wide range of options regarding its benchmark interest rate at its Oct. 27 meeting, a slight softening of the…
IMF says Asian economies under cosh as China’s property woes bite
By Leika Kihara MARRAKECH, Morroco (Reuters) – China’s weak recovery and the risk of a more protracted property crisis could further dent Asia’s economic prospects, the International Monetary Fund (IMF) said on…
Volkswagen’s Europe and US sales offset China weakness in Q3
By Christoph Steitz FRANKFURT (Reuters) -Volkswagen’s group deliveries rose 7.4% in the third quarter as strong demand in Europe and North America offset a decline in top market China, the German carmaker…
BofA: Investors sell stocks, buy bonds; shun emerging markets
LONDON (Reuters) -Investors sold stocks and bought bonds in the week to Wednesday, Bank of America Global Research said in a note on Friday, while investors continued to shun emerging market assets.…
Exclusive-Biden considers extending AI chip curbs to Chinese companies abroad
By Alexandra Alper and Karen Freifeld (Reuters) – The Biden administration is considering closing a loophole that gives Chinese companies access to American artificial intelligence (AI) chips through units located overseas, according…
Analysis-Diesel release valve: China poised to save West from shortages again
By Laura Sanicola (Reuters) – As the northern hemisphere heads into winter, the U.S. and European oil sectors are counting on rising exports from Chinese refineries to ease tight global supplies of…
Marketmind: A spooky Friday 13 for bonds?
A look at the day ahead in U.S. and global markets by Dhara Ranasinghe. Investors in U.S. Treasuries have good reason to feel on edge on a day (Friday 13) many consider…
Italy Finance Minister says great concern among G7/G20 countries for Middle East crisis
MARRAKECH (Reuters) – There is great concern among the world’s major economies about the fallout from the crisis in the Middle East after last week’s attack on Israel, Italy’s economy minister said…
IMF: Sri Lanka can discuss proposals from private creditors including GDP-linked bonds
MARRAKECH, Morocco (Reuters) – Sri Lanka’s authorities can negotiate any proposals private creditors make, such as issuing GDP-linked bonds, a senior International Monetary Fund official said on Friday. Krishna Srinivasan, Director of…
TSMC expects permanent U.S. approval to supply chip tools to its China factory
By Sarah Wu and Ben Blanchard TAIPEI (Reuters) -Taiwan’s TSMC said on Friday it expects to receive permission from the United States to supply its China plant with U.S. chipmaking tools indefinitely,…
Euro industrial output up in August, but sharply down year-on-year
BRUSSELS (Reuters) – Euro zone industrial production rose by more than expected in August, data showed on Friday, as factories made more consumer goods although overall output was down by more than…
How U.S. bank balance sheets have changed as Fed raises rates
(Reuters) – The Federal Reserve’s aggressive monetary policy tightening is prompting U.S. banks to slow the flow of credit and beef up cash levels after the panic in March when Silicon Valley…
China’s Sept new bank lending jumps less than expected
BEIJING (Reuters) – China’s new bank loans came in softer than expected in September, figures from the central bank showed on Friday, even as it strives to bolster a shaky economic recovery…
World Bank’s Banga eyes longer, cheaper loans as mission expands to climate
By David Lawder MARRAKECH, Morocco (Reuters) – World Bank president Ajay Banga on Friday laid out ambitious plans to widen the development lender’s mission to include climate change and other global crises,…
Ford says it is ‘at the limit’ with UAW contract offer
By Joseph White, David Shepardson and Abhirup Roy DETROIT/WASHINGTON (Reuters) – A senior Ford executive said Thursday the automaker is “at the limit” of what it can spend on higher wages and…
UAW expands auto strike to Ford’s biggest plant in surprise move
By David Shepardson and Joseph White DETROIT (Reuters) -United Auto Workers on Wednesday shut down Ford’s biggest plant globally, halting production of lucrative pickup trucks with little warning, in a sharp escalation…
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