Bracing for Russian gas cuts, EU readies plan to cut demand
By Kate Abnett BRUSSELS – The European Union will set out emergency plans on Wednesday to reduce gas demand within months, warning countries that without …
Cuts
Hungary approves 2023 budget and deficit cuts after pre-poll spending spree
By Krisztina Than and Anita Komuves BUDAPEST -Hungary’s parliament on Tuesday approved the 2023 budget, which sets out to reduce the budget deficit next year …
Victoria’s Secret cuts 160 management roles in reorganization
(Reuters) – Victoria’s Secret & Co said on Tuesday it had cut about 160 management roles, or 5% of its home office staff, and hired …
Danske cuts profit outlook due to challenging financial market conditions
(Reuters) – Danske Bank on Sunday reduced its full-year net profit outlook, hurt by rapidly rising interest rates and unfavorable financial market conditions. Danske revised …
Moody’s cuts Mexico’s credit rating by one notch, but improves outlook
MEXICO CITY – Moody’s Investors Service on Friday cut Mexico’s credit rating by one notch as it expects weak investment prospects and increased structural rigidities …
Russia’s 2022 inflation seen at 14.5%, more rate cuts expected: Reuters poll
(Reuters) – Russia’s central bank will continue cutting rates to limit the depth of economic contraction this year as inflation will be lower than previously …
Brazilian states sue government over tax cuts
SAO PAULO – A group of Brazilian states has filed a lawsuit with the Supreme Court to overturn a law recently approved by Congress that …
France cuts growth outlook, but sticks to budget target – ministry
PARIS – France’s government cut its growth outlook sharply on Tuesday but kept its budget deficit forecast steady despite billions of extra spending on anti-inflation …
Toyota cuts stake in Uber by half, looks to maintain ties
(Reuters) – Japan’s Toyota Motor Corp has cut its stake in Uber Technologies Inc by about half after the ride-hailing giant divested the autonomous driving …
Europe Runs Back To Coal After Putin Cuts Off Natural Gas
Europe Runs Back To Coal After Putin Cuts Off Natural Gas Micaela Burrow on June 21, 2022 European nations are firing up idled coal-powered plants …
European food delivery firms face forecast cuts as inflation surges, says J.P. Morgan
(Reuters) – European food delivery companies will be forced to slash their forecasts in the second half of the year as record-high inflation and rising …
Australia power crisis forces manufacturers to eye offshore moves, production cuts
By Byron Kaye SYDNEY – Australia’s biggest building materials manufacturers are cutting back operations, hiking prices and considering moving production offshore to manage a spike …
Russia Cuts Gas Flows To Europe, Blames Sanctions
Russia Cuts Gas Flows To Europe, Blames Sanctions Thomas Catenacci on June 16, 2022 Russian state-run energy giant Gazprom reduced natural gas exports headed for …
Freeport LNG fire cuts key source of U.S. gas supply to Europe, Asia
By Marwa Rashad LONDON (Reuters – An at least three-week shutdown at Freeport LNG, operator of one of the largest U.S. export plants producing liquefied …
ECB raises inflation, cuts growth forecasts
FRANKFURT – The European Central Bank raised its inflation projections once again on Thursday but cut its growth outlook as the conflict in Ukraine continues …
Yellen says some China tariff cuts may be warranted, not inflation ‘panacea’
By David Lawder WASHINGTON – U.S. Treasury Secretary Janet Yellen said on Wednesday the Biden administration was looking to “reconfigure” tariffs on Chinese imports but …
Italy statistics bureau cuts growth forecasts, warns of “strong downside risks”
By Gavin Jones ROME – Italy’s economy will grow by 2.8% this year, national statistics bureau ISTAT said on Tuesday, slashing a 4.7% projection made …
Philippines steps up inflation fight with food tariff cuts
MANILA – The Philippines said on Tuesday it has extended until the end of 2022 an executive order that lowers the tariff rate for rice …
UK’s Johnson promises tax cuts and plan for growth – Conservative source
LONDON – Prime Minister Boris Johnson promised lawmakers a new economic plan for growth next week, a Conservative Party source said on Monday after the …
U.S. tech sector sees highest job cuts in May since Dec. 2020 – report
(Reuters) – U.S. employers in the technology sector cut nearly nine times more jobs in May than in the first four months of the year …
JPM says Japanese automakers to see record profits on price hikes, cost cuts
(Reuters) – Japanese auto companies are likely to post record profits this year as they raise vehicle prices and cut costs to mitigate the hit …
Gazprom says it fully cuts off gas supplies to Dutch gas trader GasTerra
(Reuters) – Russian energy giant Gazprom said on Tuesday it has fully cut off gas supplies to Dutch gas trader GasTerra after it had failed …
Japan’s SoftBank cuts borrowing from Mizuho, Goldman Sachs
By Sam Nussey TOKYO – SoftBank Group Corp trimmed borrowing from its main bank Mizuho Financial Group Inc by 4.5% in the year ended March …
IIF cuts 2022 global GDP growth estimate in half, flows to EM to drop 42%
NEW YORK – The Institute of International Finance slashed its 2022 growth outlook for global output in half, citing the economic effects of Russia’s invasion …
HeidelbergCement gets more ambitious on CO2 cuts, sets financial targets
FRANKFURT – HeidelbergCement, the world’s No. 2 cement maker, said on Tuesday it aimed to cut carbon dioxide (CO2) emissions by almost 50% by 2030 …
Russia cuts mandatory FX conversion level for exporters to 50%
(Reuters) – Russia is cutting the proportion of foreign currency revenues that exporters must convert into roubles to 50% from 80%, the finance ministry said …
JPMorgan cuts China growth forecast to 3.7% from 4.3%
LONDON – U.S. investment bank JPMorgan cut its China full-year growth forecast from 4.3% to 3.7% on Monday, saying a deeper-than-expected contraction was now likely …
Polestar cuts 2022 delivery forecast amid China lockdown
(Reuters) – Swedish electric-vehicle maker Polestar cut its 2022 delivery forecast by 15,000 units to 50,000 vehicles on Thursday, hit by COVID-19 lockdowns in China. …
JPMorgan cuts U.S. GDP estimates for 2022 and 2023
(Reuters) – JPMorgan on Wednesday cut its expectation for U.S. real gross domestic product for the second half of 2022 and for 2023. The firm’s …
Serbia’s central bank cuts 2022 growth forecast on Ukraine crisis
(Corrects figures in first paragraph to 3.5%-4.5% from 3%-4% and to 4%-5% from 3.5%-4.5%) BELGRADE – Serbia’s central bank on Wednesday cut its 2022 growth …
Gazprom cuts nominations for gas transit via Ukraine on May 13
KYIV – Russia’s Gazprom has reduced the booked capacity for gas transit through Ukraine via the Sudzha entry point on May 13 to 60.8 million …
Belarus PM sees interest rates falling after rate cuts in Russia
(Reuters) – Belarusian Prime Minister Roman Golovchenko said on Wednesday he expected interest rates in his country to fall following rate cuts by the Russian …
Cathay Pacific cuts cash-burn target by half as Hong Kong eases restrictions
(Reuters) – Hong Kong’s Cathay Pacific Airways Ltd on Wednesday significantly cut its cash-burn target for the coming few months on expectation that easing travel …
BlackRock cuts back on China exposure on macro, geopolitical concerns
LONDON – BlackRock trimmed its exposure to Chinese stocks and government bonds, and Asian fixed income more widely, to neutral from a slight overweight, citing …
JPMorgan says EM debt at ‘mercy’ of Fed, cuts Nigeria from overweight
By Rachel Savage LONDON – Emerging market sovereign debt is at the “mercy” of the Federal Reserve’s interest rate decisions, JPMorgan analysts said in a …
Danone reorganises Chinese assets, cuts ties with Mengniu
PARIS -France’s Danone said on Friday it would end its partnership with Chinese milk firm Mengniu by selling a 25% stake it holds in milk …
No place to hide: Dollar’s surge cuts across markets
By Saikat Chatterjee and Sujata Rao LONDON – “Our currency, your problem,” were the words of a former U.S. Treasury secretary in 1971 to other …
Marubeni cuts exposure to Russia as it writes down stake in Sakhalin-1 project
TOKYO – Japanese trading house Marubeni Corp said on Friday it had cut its exposure to Russia by 12.6 billion yen ($97 million) in the …
Bipartisan U.S. Senate group discusses clean-energy tax cuts
By David Morgan WASHINGTON – A bipartisan group of at least a dozen U.S. senators met on Wednesday to review tax credits for clean energy …
Brazil to make bolder tax cuts on industrial products
By Marcela Ayres BRASILIA – Brazilian President Jair Bolsonaro signed a decree to cut taxes on industrial products (IPI) by 35% effective on May 1, …
MSCI eastern Europe stocks index drops after Russia cuts gas to Poland, Bulgaria
(Reuters) – MSCI’s emerging market eastern Europe equity index dropped as much as 1.2% in early trading on Wednesday after Russia cut gas supplies to …
Thai finance ministry cuts 2022 GDP outlook over Ukraine war
By Orathai Sriring and Kitiphong Thaichareon BANGKOK – Thailand’s finance ministry on Wednesday reduced its 2022 economic growth forecast to 3.5% from a previous forecast …
JetBlue shares fall as airline cuts summer flight schedule
By David Shepardson (Reuters) – JetBlue Airways shares fell 11% on Tuesday after the carrier said it will trim its summer schedule to address a …
S&P cuts Sri Lanka to ‘selective default’ on missed payments
(Reuters) – S&P Global Ratings cut Sri Lanka’s rating as an issuer of foreign currency debt to ‘selective default’ after the South Asian country missed …
Morgan Stanley cuts euro zone GDP forecasts
LONDON – Morgan Stanley said on Monday it had revised down its economic growth forecasts for the euro area this year and the next, anticipating …
Exclusive-Germany cuts 2022 economic growth forecast to 2.2% – source
BERLIN -The German government will cut its growth forecast for Europe’s biggest economy for 2022 to 2.2% from 3.6% amid the war in Ukraine, a …
Analysts see less room for China rate cuts after ‘conservative’ RRR cut
SHANGHAI – The smallness of a cut to the amount of money Chinese banks must hold in reserves may reflect concern by the Chinese central …
Sachem Head cuts director slate to 5 in US Foods board battle
By Svea Herbst-Bayliss BOSTON -Activist investment firm Sachem Head on Monday cut its slate of director nominees at US Foods Holding Co to five from …
Italy cuts growth impact of Recovery Plan, EU funds
By Giuseppe Fonte and Gavin Jones ROME – Italy has reduced its estimates for the economic growth impact of European Union funds and reforms connected …
Greek central bank cuts economic growth projection to 3.8% this year
By George Georgiopoulos ATHENS – Greece’s economy is seen expanding by 3.8% this year under a baseline scenario, a slower pace than a previous projection …