Venezuela’s frozen funds to be gradually released for humanitarian aid

MEXICO CITY, Nov 26 (Reuters) – Venezuela’s government and opposition have asked the United Nations to manage a fund for trillions of dollars now held in foreign banks, which will be gradually unfrozen to combat a humanitarian crisis in the oil-rich nation, delegates announced in Mexico City on Saturday. Sources told Reuters last month the … Read more

Analysis: Out of fashion: Gucci faces daunting task to replace top designer

PARIS, Nov 25 (Reuters) – The abrupt departure from Gucci of Alessandro Michele, the flamboyant designer who was a favorite of Harry Styles and Lady Gaga, increases pressure on owner Kering ( PRTP.PA ) as it faces slowing revenue growth at the Italian fashion house. News of the creative director’s exit after seven years comes … Read more

Global risks to keep BOJ from adjusting yield cap next year – ex-c.bank executive

BOJ must eventually ditch YCC, move to zero-rate policy – Momma Wage, economic strength key to when BOJ ends current policy US recession risk likely to keep BOJ from acting next year TOKYO, Nov 24 (Reuters) – Growing risks of a global economic slowdown will likely prevent the Bank of Japan (BOJ) from phasing out … Read more

Asia shares gain despite Chinese COVID case numbers rising

SYDNEY, Nov 23 (Reuters) – Asian share markets were mostly in positive territory on Wednesday despite rising COVID-19 cases in mainland China leaving investors uncertain over how much the fresh outbreaks could slow the reopening of the world’s second-largest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.3%, after US stocks … Read more

Spain’s inflation to remain at around 7% until year end, minister says

MADRID, Nov 22 (Reuters) – Spanish Economy Minister Nadia Calvino said on Tuesday she expects the 12-month inflation rate to remain at around 7% until the end of this year and will likely start falling from 2023. The inflation slowdown would be “the best news not only because it improves the sustainability of the economy … Read more

Saudi market posts fourth weekly loss as oil drops

Nov 17 (Reuters) – Major stock markets in the Gulf ended lower on Thursday as oil prices fell, with the Saudi index posting its fourth weekly loss. Crude prices, a key catalyst for the Gulf’s financial markets, extended declines as concerns over geopolitical tensions eased and a rising number of COVID-19 cases in China added … Read more

The EU prepares next steps to boost its capital market

LONDON, Nov 17 (Reuters) – The European Union will propose rules next month to make it easier for companies to list, give creditors more predictability on company bankruptcies, and to attract more euro derivatives clearing from London, the bloc’s financial services chief said on Thursday. Mairead McGuinness said there had been good progress in building … Read more

BoE’s Bailey: ‘very tight’ labor market key to rates outlook

LONDON, Nov 16 (Reuters) – Bank of England Governor Andrew Bailey said on Wednesday that Britain’s very tight labor market was a key reason why further interest rate increases were likely. “It is still a very tight labor market, as yesterday’s labor market statistics demonstrated,” Bailey told lawmakers from parliament’s Treasury Committee. Britain’s jobless rate … Read more

Banking giants and New York Fed start 12-week digital dollar pilot

NEW YORK, Nov 15 (Reuters) – Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday. Citigroup Inc , HSBC Holdings Plc (HSBA.L), Mastercard Inc (MA.N) and Wells Fargo & Co (WFC.N) are among the financial companies participating in the experiment alongside … Read more

Buffett’s Berkshire discloses big Taiwan Semi stake

Nov 14 (Reuters) – Berkshire Hathaway Inc (BRKa.N) said it bought more than $4.1 billion of stock in Taiwan Semiconductor Manufacturing Co (2330.TW), a rather significant foray into the technology sector by billionaire Warren Buffett’s conglomerate. In a Monday regulatory filing describing its US-listed equity investments as of Sept. 30, Berkshire said it owned about … Read more