According to final data released by German statistics office Destatis on Wednesday, consumer prices rose 7.6% on year measured by national standards, in line with the forecast by economists in a Wall Street Journal poll. In May, consumer prices rose 7.9%, posting the highest reading since December 1973.
Tullow Oil Backs Production, Free Cash Flow Guidance
Tullow Oil PLC on Wednesday reiterated production and free cash flow guidance for 2022.
The Africa-focused oil producer achieved an average of 60,900 oil-equivalent barrels a day in the first half of the year, and maintained the full-year target of 59,000-65,000 barrels a day.
UBS Promotes Khan, Hires Hassan for U.S. Wealth Push
UBS Group AG named Iqbal Khan sole head of wealth management and said the other co-head, Tom Naratil, is stepping down.
The Swiss bank said it hired Naureen Hassan from the Federal Reserve Bank of New York to succeed Mr. Naratil in the additional roles he holds as president UBS Americas and the chief executive of its Americas holding company. The changes take effect Oct. 3.
EU Tech Rule Could Complicate CIO Cloud Strategy, Experts Say
Antitrust measures advanced last week by the European Union may derail a cost-cutting strategy used by corporate technology chiefs to buy bundles of cloud and software tools from the same vendor at a discount, industry experts say.
The Digital Markets Act, one of two laws approved by EU lawmakers last Tuesday, seeks to prevent tech giants from using their size and market clout to keep customers on their digital platforms, data tools or suites of business apps, they say.
Macron Shrugs Off Scrutiny of His Support for Uber in Past Role
PARIS-French President Emmanuel Macron used a vulgar expression Tuesday as he brushed aside scrutiny of his past conduct as economy minister in helping clear the way for ride-hailing app Uber Technologies Inc. to keep operating in France.
Mr. Macron came under fire from opposition lawmakers this week after French daily Le Monde and other media published reports they said were based on internal documents at Uber and text messages between Uber executives and Mr. Macron when he was economy minister between 2014 and 2016.
GLOBAL NEWS
China’s Exports Jumped in June as Beijing Eased Covid Restrictions
China’s exports grew more than expected in June as Beijing eased Covid-19 restrictions to support economic growth, official data showed Wednesday.
Outbound shipments increased 17.9% from a year earlier last month, up from May’s 16.9% expansion, the General Administration of Customs said.
Bank of Korea Raises Key Rate by Half Percentage Point
South Korea’s central bank has announced its first ever half-percentage-point rate increase, joining the aggressive policy tightening by the U.S. Federal Reserve and other central banks to tackle high inflation. Analysts forecast more rate increases down the road.
The Bank of Korea raised its benchmark seven-day repurchase rate by 50 basis points-rather than its usual 25 basis points-to 2.25% on Wednesday, increasing the rate for a third consecutive meeting and its sixth rate increase since August 2021.
RBNZ Raises Cash Rate by Half-Percentage Point for Third Straight Meeting
WELLINGTON, New Zealand-New Zealand’s central bank raised its benchmark interest rate by 50 basis points for a third consecutive meeting Wednesday, as it tries to dampen decades-high inflation, and vowed further increases.
The rate decision lifts the cash rate to 2.5% and is the Reserve Bank of New Zealand’s sixth increase since October when it raised the benchmark rate from a record-low 0.25%.
Biden Heads to Middle East in High-Stakes Trip to Boost Ties
JERUSALEM-President Biden arrives in Israel on Wednesday to kick off a trip to the Middle East that his administration hopes will bolster U.S. ties in the region, but could yield limited progress on American priorities.
U.S. officials framed the four-day trip to Israel and Saudi Arabia as an opportunity to strengthen ties and promote stability, including by bringing the two countries he is visiting closer together, while countering threats from Iran. But the president’s allies worry he could conclude without substantial progress on energy or human rights issues, returning largely empty-handed to the U.S., where he is struggling with low approval ratings and high prices ahead of the midterm elections.
Funeral for Shinzo Abe Is Held in Tokyo
TOKYO-Mourners remembered former Prime Minister Shinzo Abe at his funeral on Tuesday, and his coffin was driven past Parliament and the prime minister’s office where he governed for more than eight years.
Mr. Abe was shot and killed at a political rally on July 8. He was 67 years old. Police arrested 41-year-old Tetsuya Yamagami, who is suspected of shooting Mr. Abe using a homemade gun.
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(END) Dow Jones Newswires
July 13, 2022 06:12 ET (10:12 GMT)
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