China fines Didi Global $ 1.2 bln, fueling hopes of thaw in regulatory crackdown

China fines Didi Global $ 1.2 bln, fueling hopes of thaw in regulatory crackdown

HONG KONG / BEIJING, July 21 (Reuters) – China’s cybersecurity regulator on Thursday fined Didi Global Inc $ 1.2 billion, concluding a probe that forced the ride-hailing leader to delist from New York within a year of its debut and made foreign investors wary about China’s tech sector. Didi ran afoul of the Cyberspace Administration … Read more

US existing home sales slide again; prices hit fresh record high

US existing home sales slide again;  prices hit fresh record high

NEW YORK, July 20 (Reuters) – US existing home sales fell for a fifth straight month in June to the lowest level in two years, as fast-rising interest rates and record-high selling prices make buying a home too expensive for a growing share of American households. Mortgage interest rates have soared as a result of … Read more

ECB weighs bigger rate hike with safety net for indebted countries

ECB weighs bigger rate hike with safety net for indebted countries

ECB to up rates by 25 or 50 bps in 1st hike since 2011 New bond-buying tool subject to Commission’s rules FRANKFURT, July 19 (Reuters) – European Central Bank policymakers are considering raising interest rates by a bigger-than-expected 50 basis points at their meeting on Thursday to tame record-high inflation, two sources with direct knowledge … Read more

The hike is (almost) here! Now for what comes next: Five questions for the ECB

The hike is (almost) here!  Now for what comes next: Five questions for the ECB

The headquarters of European Central Bank (ECB) is photographed n Frankfurt, Germany, January 14, 2021. REUTERS / Kai Pfaffenbach Register now for FREE unlimited access to Reuters.com Register LONDON, July 18 (Reuters) – The European Central Bank is set to deliver its first interest-rate hike since 2011 this week, yet markets are already fast-forwarding to … Read more

US home builder sentiment plunges, services activity in New York region stalls

US home builder sentiment plunges, services activity in New York region stalls

July 18 (Reuters) – US home builder sentiment plummeted in July to its lowest level since the early months of the pandemic coronavirus, as high inflation and the steepest borrowing costs in more than a decade brought customer traffic to a near standstill. At the same time, a gauge of activity in the services sector … Read more

China vows timely home deliveries in wake of property protests

China vows timely home deliveries in wake of property protests

HONG KONG, July 14 (Reuters) – Chinese regulators on Thursday vowed to help local governments deliver property projects on time after homebuyers threatened to stop mortgage payments on unfinished apartments, in the first sign Beijing was stepping in to end the market chaos. The homebuyers’ threats have deepened investor concerns about the property sector, which … Read more

S&P 500, Dow close lower after bank earnings, inflation data

S&P 500, Dow close lower after bank earnings, inflation data

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, July 13, 2022. REUTERS / Brendan McDermid Register now for FREE unlimited access to Reuters.com Register JPMorgan, Morgan Stanley report profit miss PPI surges more than expected in June Conagra Brands falls on downbeat forecast Dow down 0.46%, … Read more

Canada orders probe into Rogers outage as doubts creep over C $ 20 bln Shaw deal

Canada orders probe into Rogers outage as doubts creep over C $ 20 bln Shaw deal

July 11 (Reuters) – The Canadian government on Monday ordered a probe and demanded telecoms companies agree within 60 days to develop communication protocols to keep people better informed, after Rogers Communications Inc (RCIb.TO) suffered an unprecedented outage. The glitch that lasted nearly 19 hours on Friday disrupting services from flights to banking and emergency … Read more

For EV battery makers, it’s go small or go home

For EV battery makers, it’s go small or go home

CAMBRIDGE, England, July 11 (Reuters) – In the race to go electric, carmakers have focused on range to ease consumer anxiety over charging infrastructure, but battery makers are already working on the smaller, longer-lasting and cheaper batteries of the future, which also charge more quickly. While carmakers today chase market leader Tesla Inc (TSLA.O), seeking … Read more

US bank profits to tumble on higher bad loan reserves

US bank profits to tumble on higher bad loan reserves

Big lenders to begin reporting Q2 results on Thursday Biggest four banks could record $ 3.5 bln of provisions for reserves-analysts Investors seeking clues on recession outlook NEW YORK, July 11 (Reuters) – Second quarter profits at big US banks are expected to fall sharply from a year earlier on increased loan loss reserves, as … Read more