Business

(Reuters) — Ford Motor Co said it will cut a total of 3,000 salaried and contract jobs, mostly in North America and India, as it restructures to catch up with Tesla Inc in the race to develop software-driven electric vehicles. Ford Chief Executive Jim Farley has been saying for months that he belie…

BENGALURU (Reuters) — South Korea’s central bank will raise its key interest rate again on Thursday to fight inflation, according to a Reuters poll of economists, but they are divided on how high borrowing costs will be by the year-end. Inflation in South Korea accelerated to an almost 24-yea…

(AP) — Another broad stock market sell-off on Monday deepened Wall Street’s losses from last week, leaving the S&P 500 with its biggest slide since mid-June. The benchmark index fell 2.1%, nearly doubling its losses from last week, when it broke a four-week winning streak. The Dow Jones Industr…

SYDNEY (Reuters) — Asian shares slipped on Monday and the dollar extended its climb amid angst over global growth as most central banks keep raising rates, while a modest easing by China served only to highlight troubles in its property market. U.S. Federal Reserve Chair Jerome Powell headlines a h…

BENGALURU (Reuters) — The U.S. Federal Reserve will raise rates by 50 basis points in September amid expectations inflation has peaked and growing recession worries, according to economists in a Reuters poll, who said the risks were skewed towards a higher peak. Still around a four-decade high, inf…

SHANGHAI (Reuters) — China cut its benchmark lending rate and lowered the mortgage reference by a bigger margin on Monday, adding to last week’s easing measures, as Beijing boosts efforts to revive an economy hobbled by a property crisis and a resurgence of Covid cases. The People’s Ban…

NEW YORK (Reuters) — U.S. stocks fell on Friday in a broad selloff led by megacaps as U.S. bond yields rose, with the S&P 500 posting losses for the week after four straight weeks of gains. Amazon.com, Apple and Microsoft all fell and were the biggest drags on the S&P 500 and Nasdaq. Higher…

BEIJING (Reuters) — A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua, not seen in public since 2017, to 13 years in jail and fined his Tomorrow Holdings conglomerate 55.03 billion yuan ($8.1 billion), a record in China. Xiao and Tomorrow Holdings were charged with ille…

ATHENS (Reuters) — Greece’s exit on Saturday from the European Union’s so-called enhanced surveillance framework for its economy ends 12 years of pain and allows the country greater freedom in policy making, its prime minister said. Greece’s economic performance and policies have …

WASHINGTON (Reuters) — Federal Reserve officials saw “little evidence” late last month that U.S. inflation pressures were easing, and steeled themselves to force the economy to slow down to control an ongoing surge in prices, according to the minutes of their July 26-27 policy meeting. …