Business

Canada’s inflation rate hits 18-year high, puts focus on central bank rate policy

Canada’s annual inflation rate accelerated to an 18-year-high in September, driven by high gas prices, soaring housing costs and rising food prices, data showed on Wednesday, putting the focus on the Bank of Canada ahead of a rate decision next week. Inflation increased to 4.4%, beating the average analyst estimate of 4.3%, to reach its […]

Business

China’s commodity prices tumble after planner mulls coal intervention

China’s commodities markets tumbled on Wednesday, led by sharp falls in thermal coal prices, after the state planner said it was considering intervention to cool record prices of the fuel that is vital to power the world’s second biggest economy. The slide in China had a knock-on effect in global markets, where prices of base […]

Business

Supply chain chaos set to extend further, port operator ICTSI says

The world faces “very prolonged” disruptions to shipping cargo flows, an executive at leading ports operator ICTSI said, as logistical headaches such as truck shortages weigh on backed-up supply chains and rebounding trade drives up volume. Major bottlenecks have formed across the globe in recent months due to a surge in demand for retail goods […]

Business

Exxon board debates dropping several major oil and gas projects – WSJ

Exxon Mobil Corp (XOM.N) board is debating whether to continue with several major oil and gas projects amid a global push from investors for fossil fuel companies to be more cost-conscious and green-energy friendly, WSJ reported on Wednesday. Activist investor Engine No. 1 in May shocked the oil-and-gas industry when three of its four nominees […]

Business

Geely and Volvo’s Lynk & Co set to expand to Gulf region in Q4 2021

Geely (GEELY.UL) and Volvo Car’s (VOLVb.ST) joint Lynk & Co brand said on Wednesday it plans to expand its sales network beyond China and Europe to the Gulf region in the fourth quarter of this year. Lynk & Co, which sells and rents cars to customers on monthly subscriptions, will also begin its Asian market […]

Business

Biogen banks on government coverage to restart stalled Alzheimer’s drug sales

Biogen Inc (BIIB.O) is pinning its hopes on a decision on U.S. government coverage of its Alzheimer’s disease drug next year to help drive up its usage, after a big miss on quarterly sales of the much-awaited treatment. The company recorded $300,000 in sales of Aduhelm in the third quarter, compared with the $10.79 million […]

Business

UBS chairman made clear Orcel would lose payout if he joined rival

Axel Weber, the chairman of UBS (UBSG.S), made it clear in September 2018 to his Santander (SAN.MC) counterpart, Ana Botin, that the bank would not stump up Andrea Orcel’s deferred pay if he quit to join the Spanish rival, Weber told a court on Wednesday, showing the pivotal role he played in a high-stakes dispute. […]