© Reuters. FILE PHOTO: A Hong Kong dollar coin is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo HONG KONG (Reuters) - Hong Kong's de-facto central bank bought HK$3.054 billion ($389.1 million) from the market in New York trading hours to stop the local currency from breaking below its peg to the

© Reuters. FILE PHOTO: Traders react as Federal Reserve Chair Jerome Powell speaks on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 2, 2022. REUTERS/Brendan McDermid (Reuters) - Politics are back on top of financial markets' agenda with U.S. midterm elections and COP27 getting underway

Guyana’s next oil tender will be conducted under new rules that significantly increase the country’s share of the oil revenue.This is according to Guyana’s vice president, who said this week that the government will offer 14 offshore blocks in its next auction, of them three deepwater and 11 shallow ones.“We decided that to get the

Members of the G7 have agreed to set a fixed price for Russian oil exports as a cap rather than a price set as a discount to a benchmark, Reuters has reported, citing an unnamed source familiar with the discussions.The price itself has yet to be determined, the source said, adding that, according to the

Telefonica SA backed its financial targets and dividend for the year after it reported higher third-quarter revenue on improving handset sales as well as a boost from foreign exchange moves. The Spanish telecommunication company TEF, +0.91% TEF, -1.44% said Friday that revenue for the July-through-September period climbed to 10.34 billion euros ($10.08 billion) from EUR9.30

Electricite de France SA expects recent strike action and maintenance work at some of its reactors to drag nuclear output for the year, adding to an energy squeeze ahead of the winter. EDF EDF, -0.04%, which is slated soon to be fully nationalized by the French government, said late Thursday that it now sees 2022

Societe Generale SA said Friday that its third-quarter profit beat expectations on strong revenue after resilient performances in both its retail and investment-banking operations, and raised its operating-margin forecast for the year. The French lender GLE, +5.74% reported quarterly net profit of 1.50 billion euros ($1.46 billion), down from EUR1.60 billion a year earlier. Net

Twitter Inc. will begin mass layoffs Friday morning, as Elon Musk looks to slash costs at the social-media company that he acquired last week for $44 billion, though the planned cuts have drawn a lawsuit. In an unsigned email sent to Twitter’s 7,500 employees late Thursday, the company said: “In an effort to place Twitter

Giant Biogene Holding Co.’s stock zoomed higher in its Hong Kong market debut, after the Chinese skincare company raised 549.4 million Hong Kong dollars (US$70.0 million) in an initial public offering. Xi’an, China-based Giant Biogene’s shares rose 15% to HK$27.95 on Friday morning, compared with its offer price of HK$24.30 a share, amid upbeat market

Some Big Oil companies are so confident that high oil prices are here to stay that they have completely ditched their hedges. Scotiabank's Paul Cheng: the best hedge for oil and gas companies is a strong balance sheet. U.S. shale producers will suffer a staggering $42 billion in hedging losses in 2022. Hedging is a

European industries including ferroalloys, fertilizer plants and specialty chemicals are shutting down as a result of the ongoing energy crisis. Certain industries may not come back, even if the energy crisis eases. An increasingly tight regulatory environment is another reason for de-industrialization in Europe. The European Union has been quietly celebrating a consistent decline in

Top American refiners continue to post bumper profits. Cheaper sour crude grades have helped refiners keep earnings elevated. The strong results from supermajors have prompted renewed criticism from President Biden. Despite a decline in refining margins in recent months, the biggest American refiners continue to post bumper profits, helped by cheaper sour crude grades and