Italy's MPS Scrambles To Secure Share Issue Commitments
Monte dei Paschi di Siena was racing on Wednesday to get commitments from investors for its 2.5 billion euro ($2.4 billion) share issue so it can secure a backstop from banks for any unsold stock, three people close to the matter said.
Special Report: How A US Firm Supplied Networking Technology To Maker Of Feared Russian Missiles
Since Russia annexed Crimea in 2014, American companies have been prohibited from dealing with MMZ Avangard, a state-owned firm that makes missiles for one of Russia's most sophisticated weapons, the S-400 air-defense system.
BOJ's Kuroda Warns Against Fast, One-sided Yen Falls
Bank of Japan Governor Haruhiko Kuroda said on Wednesday fast and one-sided moves in the yen would be bad for the economy, signalling the speed of its fall - rather than levels - was the key concern for policymakers as the currency plumbs fresh 24-year lows.
BASF To Cut Costs, Jobs In Europe, Takes Writedown On Nord Stream 1
BASF is to reduce annual costs by 500 million euros ($485 million) in Europe up to 2024, including job cuts, as the German chemicals group took a 740 million euro writedown linked to the Nord Stream 1 pipeline.
Services, Food Boost U.S. Producer Prices; Some Rays Of Hope Emerging
U.S. producer prices increased more than expected in September, but underlying goods prices were unchanged for the first time in nearly 2-1/2 years, offering some hope in the battle against inflation.
U.S. Supreme Court Hears Arguments In Andy Warhol Copyright Dispute
The U.S. Supreme Court on Wednesday began hearing arguments in a copyright dispute between a photographer and Andy Warhol's estate over the famed artist's paintings of rock star Prince in a case that could help set boundaries for artistic works that draw upon other material.
OPEC Cuts 2022, 2023 Oil Demand Growth View As Economy Slows
OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year's figure, citing slowing economies, the resurgence of China's COVID-19 containment measures and high inflation.
Factbox-From Property To Bonds, Four Financial Flashpoints For The Euro Zone
While a financial storm gathers nearby, the euro zone has so far been comparatively unscathed.
Russian Copper Builds Up In LME Warehouses -sources
Significant volumes of unwanted Russian-origin copper have been deposited in London Metal Exchange approved warehouses in Germany, the Netherlands and Taiwan since the middle of September, two sources familiar with the matter said.
U.S. Faces 'Larger-than-usual' Risks In Inflation Battle, OECD Says
The United States faces increased uncertainty due to rapid rises in interest rates, and the Federal Reserve should adjust policy as needed as it monitors global events and the impact of its actions on the domestic economy, the OECD said on Wednesday.
Britain Warns Of Tighter Rules For Crisis-hit LDI Funds
Britain's financial regulators will work together to tighten rules for pension funds which use derivatives to insure themselves against big moves in bond markets, drawing on lessons from past crises, the Bank of England said on Wednesday.
Wall St Futures Pare Gains As Inflation Data Cements Rate Hike Bets
U.S. stock index futures pared gains on Wednesday after data showed producer prices increased more than expected in September, in another hot inflation reading that boosted bets of more jumbo-sized interest rate hikes by the Federal Reserve.
Damien Hirst Burns Artworks After Collectors Pick Their NFTs Instead
Britain's Damien Hirst started burning hundreds of his artworks on Tuesday after collectors chose to keep their non-fungible tokens (NFTs), blockchain-based assets representing their digital images, instead.
Putin Moots Major Gas Hub In Turkey With Nord Stream Supplies
President Vladimir Putin said on Wednesday that Russia could redirect supplies intended for the damaged Nord Stream pipelines to the Black Sea to create a European gas hub in Turkey, or even use the one intact part of Nord Stream 2 to supply the EU.
IMF Sees Ad Hoc Taxes On Excess Profits As 'Problematic'
The International Monetary Fund backs moves by governments to tax companies' excess profits, but believes such changes must be clearly communicated and cannot apply to already realized profits, the IMF's top fiscal expert told Reuters.
Druzhba Pipeline Leak Reduces Russian Oil Flows To Germany
Germany said on Wednesday it was receiving less oil but still had adequate supplies, after Poland found a leak in the Druzhba pipeline that delivers crude from Russia to Europe that Warsaw said was probably caused by an accident rather than sabotage.
Israel Fast-tracks Lebanese Maritime Deal But Lawmaker Review Looms
Top Israeli ministers on Wednesday endorsed a U.S.-brokered deal to delineate a maritime border with Lebanon, paving the way for a potentially fractious two-week parliamentary review before it goes into force.
Legal Challenges Could Hamper U.S. Rule To Limit Independent Contracting
Business groups will almost certainly file lawsuits in an attempt to delay or derail a rule proposed by the Biden administration on Tuesday that would limit companies' use of independent contractors, experts said.
France Starts Forced Return To Work At Fuel Depot In Showdown With Union
The French government on Wednesday started ordering some staff at an Exxon Mobil fuel depot back to work, battling to secure petrol supplies following weeks-long strikes but risking a wider conflict with trade unions.
Against War And Other Shocks, Pandemic Fades From World Economic Agenda
The dozens of items on the public agenda of the annual meetings of the World Bank and International Monetary Fund this week include several sessions on climate change, food security, and other chronic world problems, some on inflation and trade, and attention as well to economic inclusion and digital currencies.
Economic Worries Loom Over U.S. Airline Earnings
U.S. carriers including American Airlines Group Inc and United Airlines Holdings Inc are enjoying the strongest consumer demand in three years, but analysts and investors question how soon the good times might end as the growing risk of economic recession sparks worries about travel spending.
Polish Oil Pipe Hit By Leak As EU Ministers Tackle Energy Crisis
A leak on a pipeline carrying oil from Russia to Europe added to concerns about energy security on Wednesday, while European Union ministers worked on proposals to address the fuel crisis facing the continent heading into winter.
Saudi Wealth Fund Braves Market Tumult In Green Bonds Debut, Others Unlikely To Rush
Saudi Arabia's Public Investment Fund faced little scrutiny over its green credentials when it sold $3 billion in green bonds last week in its maiden debt issue, according to people familiar with the transaction.
Philips Shares Slump On Profit Warning And Sleep Apnea Device Writedown
Philips shares fell to their lowest in a decade on Wednesday as the Dutch health tech company said supply chain problems would hit sales, and wrote down 1.3 billion euros ($1.26 billion) of the value of its sleep apnea business.
Japan Keeps Up Verbal Warnings Against Yen Sell-off To Halt Slide
Japan's policymakers continued to warn investors on Wednesday against selling the yen, as the dollar rose to a fresh 24-year high on the Japanese currency while hurdles to directly intervene remain high.
UK Economy On Brink Of Recession As It Shrinks In August
Britain's economy looks set to go into recession as data showed it unexpectedly shrank in August, underscoring the challenge for Prime Minister Liz Truss to make good on her promises to speed up growth.
Not 'Lying Flat': China To Persist With Tough COVID Policies
China will persist with its COVID-19 policies to guard against new coronavirus strains and the risks they bring, the official newspaper of the Communist Party warned in a commentary for the third straight day, crushing hopes of any near-term easing.
Explainer-What Makes A Nuclear Weapon 'Tactical'?
From the war in Ukraine to North Korea's recent missile testing spree, tactical nuclear weapons are being debated and developed in a way not seen since the Cold War.
NATO Allies, Partners Aim To Boost Kyiv's Air Defence After Russian Air Raids
More than 50 countries will gather on the sidelines of a NATO meeting in Brussels on Wednesday to discuss bolstering Ukraine's air defence, two days after Russian missiles rained down on cities across the country, including the capital Kyiv.
U.S. Scrambles To Prevent Export Curbs On China Chips From Disrupting Supply Chain
The U.S. is scrambling to tackle unintended consequences of its new export curbs on China's chip industry that could inadvertently harm the semiconductor supply chain, people familiar with the matter said.