Countries that are joining China and Russia in their de-dollarization campaign could be “acting against their own self-interest,” warned John Kirby, the coordinator for strategic communications at the National Security Council in the White House. Argentina will pay for imports from China in yuan instead of U.S. dollars to prevent a further decline in the…
Countries Engaging in De-Dollarization ‘Acting Against Their Own Self-Interest,’ White House Warns
China Enters EV Trade War
China is boosting its economy with new subsidies that promote auto exports at the expense of jobs and industrial strength in the United States, the European Union, Japan, South Korea, India, and other allied countries. The subsidies could also decrease global emissions. By 2030, one in three new vehicle sales will be electric. China dominates…
Chevron Tops Estimates With 1st Quarter Profit Gain Despite Slide in Oil Prices
HOUSTON—Oil major Chevron Corp. beat market expectations on Friday as profit nudged higher in the first quarter, with earnings from refining compensating for slides in energy prices as well as oil and gas production. Net profit climbed 5 percent to $6.57 billion or $3.46 per share. Results beat consensus by 4 percent, according to Refinitiv…
Eurozone Grows Marginally at Start of 2023 After Stagnation
BRUSSELS—The eurozone grew only marginally in the first three months of 2023 and at a rate lower than market expectations after stagnation at the end of last year, preliminary data showed on Friday. Gross domestic product in the eurozone expanded by 0.1 percent in the first quarter, below expectations in a Reuters poll for 0.2…
BOJ’s New Chief Keeps Ultra-Low Rates, Embarks on Policy Review
April 28, 2023
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Asia & PacificbojBusiness & Marketseconomic policieseconomyinflationJapanMarketsPolicyrecessionUedaWorld
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TOKYO—The Bank of Japan (BOJ) kept ultra-low interest rates on Friday but announced a plan to review its past monetary policy moves, laying the groundwork for new Governor Kazuo Ueda to gradually phase out his predecessor’s massive stimulus programme. While maintaining its commitment to “patiently” keep policy accommodative, the central bank removed a pledge from…
BBC Chairman Resigns After Report Finds He Breached Rules Over Boris Johnson Loan
BBC Chairman Richard Sharp has resigned after being found to have broken the rules by failing to disclose his role in securing an £800,000 loan guarantee for former Prime Minister Boris Johnson. The former Conservative Party donor announced his resignation after a review found that he twice breached the code governing public appointments, risking the…
German Unemployment Rises More Than Expected in April
BERLIN—German unemployment rose more than expected in April, Labour Office figures showed on Friday, as a sluggish economy took its toll on the labour market. The Federal Labour Office said the number of people out of work increased by 24,000 in seasonally adjusted terms to 2.567 million. Analysts polled by Reuters had expected that figure…
Euro Slips on GDP Data, Yen Slumps as BOJ Maintains Ultra-Low Rates
LONDON/SINGAPORE—The euro fell on Friday after economic data painted a mixed picture for growth and inflation across the eurozone, raising uncertainty around the size of the European Central Bank’s expected interest rate hike next week. Preliminary data showed gross domestic product in the eurozone expanded by 0.1 percent in the first quarter, below expectations in…
Oil Heads for Another Monthly Decline as Weak US Data Weighs
April 28, 2023
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LONDON—Oil prices were heading for another monthly decline on Friday after disappointing U.S. economic data and uncertainty over further interest rate hikes weighed on the demand outlook. Brent crude futures for June were up 42 cents, or 0.5 percent, at $78.79 a barrel by 0946 GMT while the more actively traded July contract was down…
German Gloom Dampens Stocks as Fed, ECB Meetings Beckon
April 28, 2023
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LONDON—A stagnant German economy and sliding yen overshadowed buoyant tech earnings to send shares lower on Friday, with investors betting that next week’s batch of central bank meetings will point towards a levelling off in interest rates. Oil headed for a second week of declines after data on Thursday showing the U.S. economy slowing more…
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