Page 889 - Reuters

China locks down city of 300,000 over single Covid case, says report

China is the last major economy glued to a zero-Covid policy

Gap chief executive Sonia Syngal exits as margin squeeze deepens

It also warned that margins would stay under pressure in the second quarter as costs spiral, sending shares of the company down about 4% after hours

Ditching Twitter makes Elon Musk richer by billions, says report

Sold 9.6 mn Tesla shares at an average of $885 per share to finance Twitter deal

At $1.00005, euro draws closer to parity as US dollar runs rampant

The dollar index gained 0.3% to as high as 108.56, while sterling hit another two-year low and the yen was not far off its weakest in more than two decades

France's Pernod puts India investments on hold, cites protracted tax fight

French spirits group Pernod Ricard has put new Indian investments on hold due to long-running tax disputes with authorities on valuing liquor imports

S&P 500, Nasdaq subdued on recession fears; Boeing lifts Dow Jones

PepsiCo rises on upbeat revenue forecast; Gap slides on CEO exit, outlook; Boeing jumps as deliveries reach highest monthly level in 3 years

Brent slumps to below $100 a barrel on firm dollar, weak demand outlook

Brent and WTI fall by more than $7 a barrel; recession fears and China COVID curbs weigh on oil, say analysts; OPEC forecasts slower oil demand growth in 2023

Oil slides on strong dollar, weaker demand outlook and slowdown fears

Brent crude futures were down by $4.78, or 4.5%, at $102.32 a barrel by 1112 GMT, having earlier sunk as low as $101.48.

Euro teeters near parity versus US dollar, hits new two-decade low

The dollar index, a measure against six counterparts, with the euro most heavily weighted, was 0.2% higher at 108.43. It had earlier climbed to 108.47, its highest since October 2002.

Gold struggles for traction as interest rate hike bets, dollar dim appeal

Spot gold was little changed at $1,734.59 per ounce by 0916 GMT after hitting $1,722.36 earlier in the session, its lowest since Sept. 30. US gold futures rose 0.1% to $1,733.60.

Rupee settlement to help India trade with Russia, Iran and others: Experts

On Monday, the Reserve Bank of India said it had put in place a mechanism for international trade settlements in Indian rupees (INR) with immediate effect

India's high inflation to stick for longer, rates to rise more: Poll

One of the later entrants in the current round of global monetary policy tightening, the Reserve Bank of India raised its repo rate by a total of 90 basis points in May and June

British foreign secretary Liz Truss to run for prime ministership

Truss said she would cut taxes and maintain a tough line against Russian President Vladimir Putin

Europe on edge as Nord Stream Russian gas link enters shutdown

Shutting of Nord Stream 1 for annual maintenance may be extended, fears EU

Oil steadies as China's Covid-19 fears face tight supply concerns

By Scott DiSavino

For battery makers of electric vehicles, it's go small or go home

In the quest for smaller batteries that charge extremely quickly, the startup firms are experimenting with materials like silicon-carbon, tungsten and niobium.

Global demand fears, Covid in China, soaring dollar slam copper prices

Benchmark copper on the London Metal Exchange (LME) was down 3% at $7,573 a tonne at 1601 GMT.

Moderna to advance two Omicron vaccine candidates against newer variants

Moderna said its decision to develop the bivalent vaccines was based on different market preferences for shots against the subvariants.

Global shares decline, bond yields slide as inflation fears swirl

Shares worldwide took a dive over inflation concerns leading to a severe decline in bond yields

Swedish fintech co Klarna raises $800 mn as valuation plunges 85% in a year

Klarna said its peers were down 80-90% from peak valuations and so its own decline since June 2021 was on par with them