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Japan’s Consumer Inflation Hits 41-Year High, Keeps BOJ Under Pressure

TOKYO, Feb 24 (Reuters) – Japan’s core consumer inflation hit a fresh 41-year high in January as companies passed on higher costs to households, data showed on Friday, keeping the central bank under pressure to phase out its massive stimulus programme.

The data underscores the dilemma policymakers face as soaring prices of fuel and daily necessities hit households, many of whom have yet to see wages rise enough to make up for the higher cost of living.

Full coverage: REUTERS

BA-Owner IAG Sees 2023 Profit Higher, Buys Air Europa

LONDON, Feb 24 (Reuters) – British Airways-owner IAG (ICAG.L) forecast 2023 profit could jump almost 90% after its financial performance improved substantially last year and it agreed a deal to buy all of Spain-based Air Europa.

For 2023, the airline group, which also owns Iberia, Vueling and Aer Lingus, forecast operating profit in the range of 1.8 billion euros ($1.91 billion) to 2.3 billion euros, compared to the 1.22 billion euros it made last year.

Full coverage: REUTERS

Exclusive: Netflix Making Preparations To Open Vietnam Office – Sources

SINGAPORE, Feb 24 (Reuters) – U.S streaming giant Netflix Inc (NFLX.O) is making preparations to open an office in Vietnam after years of negotiations with authorities and completing a risk assessment, two sources with knowledge of the matter said.

A local office would make Netflix the first major U.S tech firm with a direct presence in the fast-growing Southeast Asian country of 100 million, increasingly seen as too lucrative to ignore despite wariness over its stringent internet rules.

Full coverage: REUTERS

Take Five: Strap In For No Landing

Feb 24 (Reuters) – A raft of U.S. data and European inflation numbers will give guidance on how the world’s top central banks will navigate the way ahead – including whether we’re heading for that hotly debated “no landing” scenario.

China’s post Lunar New Year business activity data will give a reading of the health of the world’s number-two economy whilst Nigerians head to the polls in the first of this year’s key emerging market elections.

Full coverage: REUTERS

Oil Up On Possible Russia Cuts; Inventories Remain High

BEIJING, Feb 24 (Reuters) – Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States.

Brent crude futures rose 66 cents, or 0.8%, to $82.87 per barrel by 0715 GMT. West Texas Intermediate crude futures (WTI) rose 62 cents, or 0.8%, to $76.01.

The benchmarks ended about 2% higher in the previous session on Russia’s plans to cut oil exports from its western ports by up to 25% in March, which exceeded its announced production cuts of 500,000 barrels per day.

Full coverage: REUTERS

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Industry Dynamics

UK Inflation Rate Unexpectedly Rises To 10.4% In February

LONDON, March 22 (Reuters) – British inflation unexpectedly rose to 10.4% in February, pushed up by higher food prices and pricier drinks in pubs and restaurants, official data showed on Wednesday, a day before the Bank of England announces its latest interest rate decision. Economists polled by Reuters had forecast that the annual CPI rate […]

2023-3-22 | Industry Dynamics

Dollar Pauses, Sterling Drops Ahead Of Fed, BoE

LONDON/SINGAPORE, March 21 (Reuters) – The dollar steadied and sterling fell on Tuesday as traders reckoned banking stress would keep the Federal Reserve and the Bank of England from hiking rates much further, or at all, later in the week. Investors remained concerned over the fate of the banking sector after U.S. lender First Republic shares tumbled […]

2023-3-21 | Industry Dynamics

Analysis: UBS Swallows Doomed Credit Suisse, Casting Shadow Over Switzerland

LONDON, March 20 (Reuters) – UBS Group (UBSG.S) emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender. The unprecedented move announced late on Sunday in Zurich capped a race against time by regulators to avert a […]

2023-3-20 | Industry Dynamics