Fed’s Waller backs 50 bps rate hikes until “substantial” reduction in inflation

The Federal Reserve Board building on Constitution Avenue is pictured in Washington, US, March 27, 2019. REUTERS/Brendan McDermid/File Photo Register now for FREE unlimited access to Reuters.com register FRANKFURT, May 30 (Reuters) – The US Federal Reserve should be prepared to raise interest rates by a half percentage point at every meeting from now on … Read more

Zero-COVID, big money: China’s anti-virus spending boosts medical, tech, construction

BEIJING, May 30 (Reuters) – China’s ‘zero-COVID’ policy of constantly monitoring, testing and isolating its citizens to prevent the spread of the coronavirus has battered much of the country’s economy, but it has created bubbles of growth in the medical, technology and construction sectors. The Chinese government, alone among major countries in vowing to eradicate … Read more

Locked-down Shanghai finds new cases, breaking “zero COVID” streak

Shanghai had 5 days of no cases outside quarantined areas Curbs and mass testing in two districts City plans to lift lockdown in June More cities in China bring COVID under control SHANGHAI/BEIJING, May 20 (Reuters) – Shanghai announced its first new COVID-19 cases outside quarantined areas in five days on Friday and imposed stricter … Read more

Architect of Allianz fraud made $60 mln as he lied to investors, US says

FRANKFURT, May 17 (Reuters) – The star portfolio manager at the center of a fraud at the US funds unit of Allianz SE (ALVG.DE) relied on the German insurer’s good name to lure investors and thrived from a lack of oversight as he pocketed $60 million in pay, US authorities said. Gregoire “Greg” Tournant, a … Read more

The US COVID-19 cases rise, so does demand for antivirals

Coronavirus disease (COVID-19) treatment pill Paxlovid is seen in a box, at Misericordia hospital in Grosseto, Italy, February 8, 2022. REUTERS/Jennifer Lorenzini/File Photo Register now for FREE unlimited access to Reuters.com register WASHINGTON, May 17 (Reuters) – Rising COVID-19 cases are driving up the use of therapeutics, with Pfizer Inc’s (PFE.N) oral antiviral treatment Paxlovid … Read more

‘Huge’ pressure for Shanghai to stay COVID-free as lockdown end nears

Shanghai health authorities warn of risks of COVID rebound Some migrant workers looking to leave Shanghai Goldman cuts China GDP forecast, warns of further slip E-commerce giant JD.com says consumers losing confidence SHANGHAI/BEIJING, May 18 (Reuters) – Health authorities in Shanghai faced “huge” pressure to keep China’s most populous city free of COVID-19 as residents … Read more

Allianz to pay $6 billion in US fraud case, fund manager charged

NEW YORK/MUNICH, May 17 (Reuters) – Germany’s Allianz SE (ALVG.DE) agreed to pay more than $6 billion and its US asset management unit will plead guilty to criminal securities fraud over the collapse of its Structured Alpha funds early in the COVID-19 pandemic. Allianz’s settlements with the US Department of Justice and US Securities and … Read more

Shanghai hits prized ‘zero COVID’ status but lockdown lingers

Shanghai goes three days with no new community infections Only a few signs of a gradual re-opening Amcham warns COVID controls hamper foreign investment SHANGHAI/BEIJING, May 17 (Reuters) – Shanghai achieved its long-awaited milestone of three consecutive days with no new COVID-19 cases outside quarantine zones on Tuesday but most residents will have to put … Read more

Shanghai aims to reopen more businesses shut by COVID, Beijing battles on

Shanghai malls, shops to gradually resume in-store operations Some Beijing districts extend work-from-home guidance Shanghai lockdown frustrates, infuriates residents Curbs have rattled global supply chains SHANGHAI/BEIJING, May 15 (Reuters) – Shanghai will gradually begin reopening businesses such as shopping malls and hair salons in China’s financial and manufacturing hub from Monday after weeks in strict … Read more

Toyota warns profit to skid 20% as raw materials costs pile up

Sees FY oper profit at 2.4 trillion yen vs 3 trillion yen yr-Aug Q4 operating profit down 33% on year; slip shares 5% FY oper pft target, Q4 result both well below analyst estimates ‘Unprecedented increases’ in materials, logistics costs ‘We need to work with suppliers to cut costs’ – CFO TOKYO, May 11 (Reuters) … Read more