By Howard SchneiderU.S. Federal Reserve Chairman Kevin Warsh set an ambitious timeline on Wednesday for the Fed to begin relying on new technology that delivers real-time data about the economy and be less tied to backward-looking government surveys."My aspiration is that 9 to 12 months from now we…
By Jonathan Cable, Leika Kihara and Lucia MutikaniEuro zone manufacturing output closed out its best quarter since early 2022 last month as U.S. factory activity grew for a sixth straight month and an AI boom powered Asian producers, business surveys showed on Wednesday, offering some relief from t…
U.S. manufacturing activity slowed in June after surging in the prior month, likely as some of the lift from businesses front-loading orders to avoid shortages and higher prices caused by the Middle East conflict faded.The Institute for Supply Management said on Wednesday its manufacturing PMI slip…
The South African rand was steady on Wednesday as uncertainty over U.S.-Iran talks weighed on risk appetite, while investors also assessed a business survey showing domestic factory activity declined in June.
Venezuela's oil exports fell slightly to 1.2 million barrels per day (bpd) last month from 1.24 million bpd in May as two deadly earthquakes caused minor delays at terminals operated by state-run energy company PDVSA, according to data based in tanker monitoring and company documents.Shipments to t…
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By Michael S. DerbyFederal Reserve Chairman Kevin Warsh said Wednesday that while he hasn’t changed his mind that a large central bank balance sheet should be shrunk, any notable change in policy on this matter will take time and be well communicated.“Decisions will be well deliberated publicly, we…
Sony TSE:6758 said on Wednesday it will stop producing physical discs for all new games released on PlayStation consoles from January 2028, marking a full shift to digital distribution as consumer purchases continue to move online.Digital downloads accounted for about 80% of Sony's full-game softwa…
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British teachers will receive pay increases that should outpace inflation over the coming two years, with the first rise coming in September, the government said on Wednesday.Teachers' pay will increase by 3.5% from September, and by 3% from September 2027, representing a cumulative 17% rise since…
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Volkswagen's XETR:VOW software unit Cariad and supplier Bosch have ended their joint autonomous driving project, the companies said on Wednesday.Both parties will retain access to the intellectual property and data developed under the partnership and may continue to develop the technology independe…
U.S. private payrolls increased less than expected in June, but a sharp decline in planned layoffs pointed to stable labor market conditions last month.Private employment rose by 98,000 jobs last month after an unrevised gain of 122,000 in May, the ADP National Employment Report showed. Economists…
The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Wednesday:** CMA CGM has agreed to acquire FedEx's <FDX.N> third-party logistics business for an enterprise value of $1.4 billion, the French shipping group said, as it expands its presence in the logistics sector…
China's state iron ore buyer asked some domestic steel mills not to take delivery of certain portside iron ore products of Fortescue ASX:FMG, industry sources said, while talks with the Australian miner drag on.China Mineral Resources Group (CMRG) notified some mills verbally that they could not fr…
French shipping group CMA CGM has agreed to acquire FedEx's NYSE:FDX third-party logistics business for an enterprise value of $1.4 billion, it said on Wednesday, as it seeks to expand its presence in the logistics sector and in the United States.The deal is expected to close later this year and wi…
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By Olesya Astakhova, Alex Lawler and Dmitry ZhdannikovOPEC+ oil-producing countries will likely agree a further hike in their output targets from August when they meet on Sunday, three sources said on Wednesday, adding to supply at a time of falling prices as the Strait of Hormuz gradually reopens…
By Michael S. DerbyFederal Reserve Chairman Kevin Warsh said Wednesday that some of the staffing of his central bank taskforce system is about to start to fall into place.Starting “next week” some of the outside experts who will staff the task forces looking at issues facing the central bank will b…
