ASXPAC

Google’s Russian subsidiary to file for bankruptcy after bank account seized

May 18 (Reuters) – Google’s Russian subsidiary plans to file for bankruptcy after authorities seized its bank account, making it impossible to pay staff and vendors, but free services including search and YouTube will keep operating, a Google spokesperson said on Wednesday. The Alphabet Inc (GOOGL.O) unit has been under pressure in Russia for months …

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Stock bounce fades and the dollar gains as growth fears return

LONDON, May 18 (Reuters) – A rebound in stocks ran out of steam on Wednesday as concerns about the economic growth outlook and rising inflation knocked sentiment, while a UK inflation reading of 9% underlined just how much higher interest rates might be headed. European shares were mostly lower and futures on Wall Street pointed …

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EXCLUSIVE China in talks with automakers on EV subsidy extension -sources

SHANGHAI, May 18 (Reuters) – China is in talks with automakers about extending costly subsidies for electric vehicles (EV) that were set to expire in 2022, aiming to keep a key market growing as the broader economy slows, three people familiar with the matter said. The move by policymakers comes as the world’s second-biggest economy …

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Russians line up for final Big Mac ahead of McDonald’s exit

A view shows a closed McDonald’s restaurant in Moscow, Russia May 16, 2022. REUTERS / Evgenia Novozhenina Register now for FREE unlimited access to Reuters.com Register May 17 (Reuters) – Russians lined up in a Moscow train station on Tuesday for what may be their last Big Mac from one of the few McDonald’s (MCD.N) …

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Iraq balks at greater Chinese control of its oilfields

Iraq persuaded Lukoil to halt sale to Sinopec – sources Baghdad concerned China becoming too dominant – sources Western firms not happy with terms of Iraqi deals LONDON / BASRA, May 17 (Reuters) – Iraq’s oil ministry thwarted three prospective deals last year that would have handed Chinese firms more control over its oilfields and …

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Analysis: Food inflation pain puts emerging markets between rock and hard place

Food makes up 40% of CPI baskets in low income countries A food price index hits record in February, March More governments opt to introduce support measures Risk of social unrest is on the rise over food, fuel price rises LONDON / ISTANBUL / CAIRO, May 17 (Reuters) – Like for millions of people in …

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Shanghai targets June COVID lockdown exit as China economy slumps

Shanghai aims for return to normal from June 1 City’s residents frustrated with shifting schedules China’s retail sales, industrial output plunge in April SHANGHAI / BEIJING, May 16 (Reuters) – Shanghai set out plans on Monday for the end of a painful COVID-19 lockdown that has lasted more than six weeks, heavily bruising China’s economy, …

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Analysis: European dealmakers face shrinking debt options as recession risk looms

M&A financing seen as costlier and harder to access Investors flee junk bond market amid monetary tightening Riskier debt sales down 77% so far this year Morrisons underwriters take a hit – source Private lenders step in with uptick in hybrid financing LONDON, May 16 (Reuters) – European dealmakers are struggling to finance corporate takeovers …

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S.Korea c.bank chief says big-step rate hikes a possibility

The city skyline of Incheon is pictured early morning in an aerial view south of Seoul, South Korea, January 21, 2018. REUTERS / Fabrizio Bensch Register now for FREE unlimited access to Reuters.com Register SEOUL, May 16 (Reuters) – The South Korean central bank chief’s comment that he could consider big-step interest rate raises in …

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