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☆ Indian business hub Gurugram remains tense after Hindu-Muslim clashes
▼ + stars: | 2023-08-02 | by ( Sakshi Dayal | ) www.reuters.com time to read: +2 min

People ride past the burnt shops following clashes between Hindus and Muslims in Gurugram district in the northern state of Haryana, India, August 1, 2023. REUTERS/Adnan AbidiNEW DELHI, Aug 2 (Reuters) - Traffic was lighter than usual on Wednesday and some streets deserted in the Gurugram business hub south of the Indian capital Delhi as authorities said the death toll from two days of Hindu-Muslim clashes in the region had mounted to seven. A total of 116 people have been arrested so far," Manohar Lal Khattar, the chief minister of Haryana state where Gurugram is located, said on Wednesday. Security forces were also on alert for planned protests by Hindu nationalist groups, including in the capital Delhi. However in 2020, over 50 people were killed in religious clashes in northeastern Delhi, the worst sectarian violence in the capital in decades.

Persons: Adnan Abidi, Manohar Lal Khattar, Subhash Boken, Narendra Modi's, Sakshi Dayal, Raju Gopalakrishnan Organizations: REUTERS, Google, Deloitte, American Express, Police, Security, Gurugram Police, Thomson Locations: Gurugram district, Haryana, India, DELHI, Delhi, Nuh, Gurugram, India's

☆ How EVs are upending the 100-year-old auto supply chain
▼ + stars: | 2023-07-31 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +1 min

Companies that make parts for internal combustion engines are facing a harsh future. Revenues for internal combustion engines, as well as fuel and exhaust systems, are expected to decline 44% through 2027, according to the 2023 Deloitte Automotive Supplier Study. While the supply chain is shifting away from parts, the total powertrain part supply pie is also shrinking. While automakers bring more of their supply chain in-house, there are thousands of parts in cars that come from companies all over the world — a branching supply chain of firms each dependent on the success of the others. Bigger firms are either spinning out their internal combustion divisions or just winding them down to pivot toward EVs.

Persons: Tesla Organizations: Battery, Bosch

☆ Twitter’s rebrand is the next stage in Elon Musk’s vision for the company. But does anyone want it?
▼ + stars: | 2023-07-25 | by ( Clare Duffy | ) edition.cnn.com time to read: +7 min

When Musk bought Twitter late last year, he laid out a vision for an “everything” app called X, where users could communicate, shop, consume entertainment and more. Musk — who bought Twitter with a company called X Corp. — tweeted on Sunday that X.com now redirects to Twitter. Musk even told followers that tweets should instead be called “x’s.”On Sunday, CEO Linda Yaccarino seemed to confirm Musk’s vision for the company. Elon Musk has officially rebranded Twitter as "X," as he seeks to turn the platform into an "everything" app. And until Musk rolls out significant changes to the platform, observers of the company say ditching Twitter’s well-known brand is a risky move.

Persons: New York CNN — Elon Musk’s, Musk, — Musk, “, —, It’s, ” Mike Proulx, Forrester, Proulx, ”, Linda Yaccarino, ” Yaccarino, Elon Musk, Jonathan Brady, Walter Isaacson, texted Isaacson, ” “, ” Musk, he’s, WeChat, Deloitte, Instagram, Joshua White Organizations: New, New York CNN, Twitter, PayPal, Musk —, X Corp, SpaceX, Facebook, Vanderbilt University Locations: New York, China, Arizona, Michigan

☆ Saudi Mbappé bid even less rational than it looks
▼ + stars: | 2023-07-25 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Yet a possible outlay of 1 billion euros, including compensation, takes the country’s sporting tactics to surreal new heights. Added to the transfer fee, that takes the outlay to around 1 billion euros. Spain’s LaLiga generated about 900 million euros in international broadcast revenue in the 2020-2021 season, according to Deloitte. CBS Sports reported that Al Hilal was also offering Mbappé a total one-year compensation package worth 700 million euros. The Guardian reported that Mbappé’s one-year salary would be 200 million euros, rising to 700 million euros after including other commercial arrangements and proceeds from image rights.

Persons: Al Hilal’s, Kylian, Germain, Declan Rice, Mbappé, Mbappé aren’t, Al Hilal, George Hay, Streisand Neto Organizations: Reuters, Paris Saint, Arsenal, Saudi Pro League, Guardian, Deloitte, English Premier League, Saudi, Newcastle United, Premier League, Economics, Regional, Qatar, Britons, Al, Financial Times, Bloomberg, CBS Sports, Thomson Locations: Kingdom of Saudi Arabia, Qatar, Paris, China, Saudi, France’s, Saudi Arabian, French

☆ A critical cybersecurity backup plan that too many companies are ignoring
▼ + stars: | 2023-07-24 | by ( Bob Violino | ) www.cnbc.com time to read: +6 min

Approximately 41% of companies do not have a succession plan for their CISO, according to a report from executive recruiting firm Heidrick & Struggles. "We consider not having a CISO succession plan to be a serious material risk that companies can easily mitigate," said Matt Aiello, partner and global cybersecurity practice leader at Heidrick & Struggles. "The lack of a successor could disrupt business-as-usual cybersecurity operations, resulting in delays, gaps in critical cyber risk management activities, and hindered cyber incident response and decision-making," Soo said. "Lack of proper succession planning could result in disruption throughout an organization," he said. CISO succession planning should also involve anticipating future security requirements by considering the evolving nature of the business and technology landscape.

Persons: CISOs, Matt Aiello, Aiello, " Aiello, Daniel Soo, Soo Organizations: Istock, Getty, Companies, Deloitte

☆ Signs are emerging that the IPO market can make a comeback soon
▼ + stars: | 2023-07-23 | by ( Valida Pau | ) www.cnbc.com time to read: +4 min

"I think a lot of people in my world and IPO world are expecting this V-shaped recovery for the IPO market." The IPO market had been in the doldrums since February 2022, when Russia's invasion of Ukraine began. It was a small but positive sign for the many tech deals waiting for a better IPO market." Some signs are emerging that the IPO market is starting to thaw out. Ultimately, that's what we need for the IPO market to heat back up," said Daniels.

Persons: we'll, Barrett Daniels, ‍, Doordash, bode, Matthew Kennedy, Kennedy, Daniels, — Organizations: Publicly, Deloitte, GE HealthCare, Lucid, Agilon Health, Water Works, Renaissance, Clearwater Analytics, Tech, Federal Locations: Ukraine, Clearwater, Cava

More than a year later, she was told her application required a key document that was stuck behind enemy lines in Ukraine. "There's always a trade-off between rapid and sustainable labour market integration," said Thomas Liebig, chief economist for the OECD's international migration department. Researchers from Minor, a migration policy think tank, said the large-scale inflow of refugees from Ukraine is seen as a great opportunity in Germany. While the refugees' fate is partly tied to the unknowable course of the Ukraine war, the EU's temporary protection scheme for Ukraine refugees is at present due to expire in March 2024. This puts employers who want to hire refugees in a difficult situation, as they don't know if Ukrainian refugees will be able to stay.

Persons: Maria, Lukas Barth, Svetlana Chuhil, Chuhil, Lauren, Thomas Liebig, Oksana Krotova, Krotova, Ildiko Pallman, Gizem Uensal, Enzo Weber, Jan Lopatka, Catherine Evans Organizations: REUTERS, Reuters Graphics Reuters, Deloitte, Reuters, OECD, United Nations, Minor, German Institute for Employment Research, Thomson Locations: Mykolaiv, Ukraine, Aschheim, Munich, Germany, BERLIN, WARSAW, Poland, Zgorzelec, Goerlitz, Paris, Europe's, Berlin, Kyiv, Prague

☆ Gen Z and Millennial employees are more likely to feel left out in online meetings than older workers, new survey finds
▼ + stars: | 2023-07-20 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Gen Z and millennial workers are more likely to struggle to feel included in online meetings, a survey showed. Older, established workers are two times more likely to never have felt left out in online meetings. The younger, more tech-savvy generation, Gen Z and Millennials were two to three times more likely to feel left out in online meetings, whilst Gen X and Boomers were roughly two times more likely to say they've never been left out. Around 17% of Gen Z and 13% of millennials often felt left out in meetings, but only 7% of Gen X and 5% of Boomers felt the same. However, only 15% of Gen Z and 22% of millennials never felt left out of meetings, while 32% of Gen X and 38% of Boomers felt they had never been left out in meetings.

Persons: Z, Jabra, Gen X, they've, X, millennials Organizations: Service, Boomers, Big, PWC, KPMG, Deloitte Locations: Wall, Silicon, Danish, France, Germany, Poland, Japan

July 18 (Reuters) - Consultancy giant McKinsey said it had struck a partnership with artificial intelligence startup Cohere in an effort to provide AI solutions to its enterprise clients. We found Cohere to be one of the great solutions out there," Ben Ellencweig, senior partner at McKinsey, told Reuters in an interview. McKinsey said it was working with Cohere to build customized solutions to help improve customer engagement and workflow automation for clients. Cohere competes with OpenAI with a focus on generative AI solutions for enterprises. It also announced a partnership with Oracle, which will embed Cohere's generative AI technology in its products.

Persons: Ben Ellencweig, Cohere, Martin Kon, PwC, Bain, Krystal Hu, Himani Sarkar Organizations: Consultancy, McKinsey, Microsoft, Reuters, Google, Nvidia, Oracle, Salesforce Ventures, Cohere, Accenture, Company, Deloitte, Thomson Locations: New York

☆ Today's vision for the homes of tomorrow
▼ + stars: | 2023-07-18 | by ( Sponsor Post | Created Insider Studios With Schneider Electric | ) www.businessinsider.com time to read: +9 min

The impact of the climate crisis is now affecting people every day, with record temperatures seen globally and extreme weather events becoming increasingly common. Florent Berard, Schneider ElectricThe stakes could not be higher, Berard said, as the world is at an "inflection point." To mitigate the worst effects of the climate crisis, Berard said it's important to look at how we drive the right behaviors. Visualized on a smartphone, the intelligent panel provides invaluable insights into a home's real-time energy consumption. This means a net-zero built environment must be a marriage of the past and present, combining sustainable design and sensitive retrofits with smart digital solutions.

Persons: Florent Berard, it's, Schneider, Berard, —, It's, Schneider Electric's Organizations: Deloitte, Schneider, Distribution, EU, Home Energy Management Solutions, Schneider Electric, Insider Studios Locations: Ukraine

☆ The Birkin bag is not just the ultimate fashion symbol — it's one of the best luxury investments out there
▼ + stars: | 2023-07-17 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Jane Birkin died in Paris on Sunday at age 76. Because, for me, the Birkin bag — which retails for anywhere from $10,000 to $250,000 for the more high-end designs — primarily represents a store of value. The value of gold rose by about 2% on average over the 35 years. And I, for one, can't stop from marveling that all this was spurred from a chance conversation between Jane Birkin and an Hermès executive back in 1980. The singer and actor who inspired Hermès' signature bag died on Sunday at age 76.

Persons: Jane Birkin, Birkin, scoffed, Jane Birkin's, Hermès, Baghunter Organizations: Service, Credit Suisse, Deloitte, Dow Locations: Paris, Wall, Silicon, Mumbai

☆ Deloitte Australia CEO admits he isn't worth his $2.3 million pay package in a public hearing over salaries and misconduct at consultancy firms
▼ + stars: | 2023-07-17 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Deloitte executives were questioned about the company's integrity at a public hearing on Monday. During the hearing, Deloitte Australia's CEO Adam Powick admitted to being overpaid. Powick reportedly earns $3.5 million AUD ($2.3 million). The CEO of Deloitte Australia admitted to being "incredibly privileged" for his hefty $3.5 million AUD ($2.3 million) pay packet at a public hearing on Monday, according to various local news reports. The CEO, who reportedly earns $3.5 million AUD ($2.3 million), was then asked by Pocock: "Are you really worth seven times the salary of the Australian prime minister?"

Persons: Adam Powick, Powick, Adam Powick –, –, Tom Imbesi, Barbara Pocock, Pocock, didn't, Anthony Albanese, Sneza Pelusi Organizations: Deloitte, Deloitte Australia, PWC, Reuters, ABC, Australia's, ABC News, Australian Securities and Investments Commission Locations: Australia, PWC Australia

☆ UK CFOs turn wary as inflation and borrowing costs bite: Deloitte
▼ + stars: | 2023-07-16 | by ( William Schomberg | ) www.reuters.com time to read: +2 min

"The burst of business optimism seen in the spring has faded under the weight of inflation and rising interest rates," Deloitte's chief economist, Ian Stewart, said. The survey showed early signs of cooling in the labour market with CFOs signalling a further easing in recruitment difficulties and a slowdown in wage growth. The survey of 69 CFOs - 13 of them from FTSE 100 firms and 21 from FTSE 250 companies - was conducted between June 15 and June 27. The CBI called on the government to deliver a clear and stable policy environment and offer incentives for investment, among other measures. ($1 = 0.7625 pounds)Reporting by William Schomberg, editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.

Persons: Ian Stewart, Corporates, Rain Newton, Smith, William Schomberg, David Milliken Organizations: Finance, Deloitte, Bank of England, of British Industry, CBI, Thomson

☆ Byju’s virtue-signalling is late but valuable
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

India’s once-most valuable startup is luring big talent even after its auditor Deloitte resigned and three investors including Prosus (PRX.AS) quit the company’s board. His experience navigating government departments will be handy as the Ministry of Corporate Affairs ordered an inspection of Byju’s books per Bloomberg. It also could shore up Byju’s hopes of raising cash from new investors to meet creditor demands for early repayment of a $1.2 billion loan. Prosus for example thinks the company is only worth $5.1 billion, down from a peak valuation of $22 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Rajnish Kumar, Mohandas Pai, India’s, Kumar, Pai, Byju Raveendran, Divya Gokulnath, Pranav Kiran, Una Galani, Thomas Shum Organizations: Reuters, State Bank of India, Infosys, Deloitte, Ministry of Corporate Affairs, Bloomberg, Twitter, Thomson Locations: Bengaluru

☆ A psychiatrist charges $700 hourly to Wall Street elites who are 'terrified of being exposed' for drug and sex addictions
▼ + stars: | 2023-07-14 | by ( Will Gendron | ) www.businessinsider.com time to read: +5 min

Among high-powered finance executives, mental health struggles and addiction can be seen as taboo. Dr. Sam Glazer specializes in this clientele, charging $700 for a 45-minute session, WSJ reported. These executives are willing to spend on Glazer's expertise, who charges $700 for a 45-minute session, the Journal reported. "I've seen a lot of people who are high functioning in the upper levels of finance who are terrified of being exposed," Glazer told the WSJ. "They are completely honest with me in my office," he told Insider.

Persons: Sam Glazer, —, Glazer, Alden Cass, Cass, It's, Today undercuts Organizations: Morning, Wall Street, NYU, Deloitte, Finance, Today

☆ Parents are curbing back-to-school spending for the first time in a decade as inflation bites
▼ + stars: | 2023-07-13 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Parents are planning to spend less on back-to-school clothing and technology this year. Spending intentions on school supplies increased year-over-year, though parents have been searching for deals and discounts. New data from Deloitte's "Back-to-School Survey" revealed back-to-school spending for students between kindergarten and twelfth grade is expected to drop 10% for this upcoming school year, with major cuts to apparel and technology. Even as inflation comes down, parents' wallets are still hurting, leading many families to cut spending on non-essential items. Have you had to adjust your back-to-school spending this year?

Persons: Nick Handrinos, they'd, Handrinos, It's Organizations: Service, Survey, Deloitte, Consumer, Shoppers Locations: Wall, Silicon

Reuters GraphicsIndia is among the world's top exporters of services, doubling its share in global services trade to over 4% from 2% in 2005, according to WTO estimates. Sunil Talati, president of government-aided Services Export Promotion Council, said total services exports could overtake goods exports in the next five years to $750 billion. A report by Knight Frank consultancy last week said demand for office space has risen sharply in smaller cities, driven by expanding operations of global accounting and multinationals, pushing up rents by up to 10%. Domestic accounting firms are also moving to smaller towns and raising wages. "With the Big Four and other global firms coming to our cities, we are going even deeper to open offices in smaller cities."

Persons: Ernst & Young, Diksha Mehta, Debasish Mishra, PwC, Padmaja Alaganandan, Narendra Modi, Sunil Talati, Swagatika Parmanik, Knight Frank, Kshitij Patel, Shah, Manoj Kumar, Kripa Jayaram, Sam Holmes Organizations: Business, Diksha, Reuters Graphics India, Deloitte, KPMG, Export Promotion Council, Reuters, PwC, IBM, Manubhai, Shah LLP, Thomson Locations: BHUBANESWAR, India, Mumbai, Delhi, Bengaluru, Jaipur, Vadodara, Kochi, Chandigarh, Patiala, Australian, Europe, New Delhi, Asia, Odisha, Bhubaneswar, Gujarat, Ahmedabad

Online sales for appliances jumped 37% compared to average daily sales in June, while sales of toys rose 27%. Data firm Numerator said the average Prime Day spend per order rose to $56.64 from $53.14 a year ago. Rival retailers, including Walmart (WMT.N), Target (TGT.N) and Best Buy (BBY.N), are also offering large discounts during the Prime Day week. Data from Deloitte showed 69% of shoppers planned to rely on Prime Day sale for back-to-school purchases. Meanwhile, nearly 900 Amazon workers at a warehouse in Coventry, in Britain are striking over a pay dispute for three days from July 11-13, coinciding with the Prime Day sales event.

Persons: Vivek Pandya, Adobe's Pandey, Granth Vanaik, Ananya Mariam Rajesh, Arun Koyyur Organizations: Amazon, Walmart, Adobe, Insights, Apparel, Deloitte, Thomson Locations: Coventry, Britain, Bengaluru

☆ Back-to-school spending is forecast to drop 10% as inflation bites
▼ + stars: | 2023-07-12 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +2 min

Back-to-school spending by parents with children in grades K-12 is expected to decrease 10% this year over last year to $597 per student, according to a new forecast from Deloitte on Wednesday. The last time Deloitte expected a decline in back-to-school spending was in 2014. Although US consumer spending has remained strong, even as inflation has taken a bite out of discretionary purchases, the economy is starting to show cracks. The report said spending on clothing is expected to fall 14% year-over-year and technology-related purchases are forecast to decline 13%; in contrast, purchases of school supplies are expected to be up 20% compared to last year. Among parents spending less, 51% attributed the pullback to reduced disposable income (up from 45% in 2022), while 75% of those spending more said it was because of increased prices (up from 60% in 2022).

Persons: Nick Handrinos, “ It’s, ” Organizations: New, New York CNN, Deloitte, Target Locations: New York

☆ The FTC wants to make it easier to cancel subscriptions just as streamer cancellations are peaking — read how Disney, Netflix, and more are pushing back
▼ + stars: | 2023-07-12 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Trade orgs for Netflix, Disney, and others oppose an FTC plan to make it easier for people to cancel subscriptions. The "click to cancel" proposal comes as streamers and other businesses face rising cancellation rates. The new rule would require companies to offer a simple mechanism for users to cancel subscriptions the same way they signed up. "I can't tell you how much time I've spent trying to cancel subscriptions I never wanted, let alone the cost!" And entertainment trade orgs are fighting the FTC's proposal, submitting comments to the FTC ahead of its June 23 deadline for public comment.

Persons: I've Organizations: Netflix, Disney, Companies, Federal, FTC, Amazon, Amazon Prime, Deloitte, Warner Bros, Discovery, & Television Association, Paramount, Sirius XM, Entertainment Software Association, ESA, Digital Media Association, Association, Sony Pictures Entertainment, Universal Pictures

☆ Disney, WBD, and more Hollywood companies are arguing that FTC plans to make it easier for consumers to cancel subscriptions violate streamers' free speech
▼ + stars: | 2023-07-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Trade orgs for Netflix, Disney, and others oppose an FTC plan to make it easier for people to cancel subscriptions. The "click to cancel" proposal comes as streamers and other businesses face rising cancellation rates. The FTC has gone after individual companies; it recently sued Amazon, alleging the etailer "tricked" people into signing up for Amazon Prime. The new rule would require companies to offer a simple mechanism for users to cancel subscriptions the same way they signed up. And entertainment trade orgs are fighting the FTC's proposal, submitting comments to the FTC ahead of its June 23 deadline for public comment.

☆ E-commerce experts say these 4 checkout mistakes may hurt your business' bottom line
▼ + stars: | 2023-07-10 | by ( Sponsor Post | Created Insider Studios With Paypal | ) www.businessinsider.com time to read: +9 min

But many customers still witness challenges during and after checkout, including false declines and fraud. Below are four common checkout mistakes that enterprise e-commerce businesses make and how to avoid them. If those thresholds are too conservative, they can lead to false declines; if they're too liberal, they become more vulnerable to fraud. E-commerce merchants lost an estimated $11.1 billion in false declines last year. The machine learning models can distinguish between legitimate and fraudulent transactions to reduce false declines.

Persons: they're, Cindy Turner, Turner, Chargebacks, PayPal Braintree6, Experian, Cartes Organizations: Enterprise, PayPal, PayPal Braintree, Merchants, Insider Studios, Accounting, Deloitte, Novarica, Naked, LexisNexis, DE Locations: PayPal Braintree, Risk, chargebacks, . CA

☆ From Taylor Swift to the World Cup, travelers are paying big bucks to catch overseas games and shows
▼ + stars: | 2023-07-10 | by ( Monica Pitrelli | Evelyn Chen | ) www.cnbc.com time to read: +6 min

When Taylor Swift's Eras tour rolls into Singapore next year, Rjay Ignacio said he'll be there — whether he has a ticket or not. "If I'm not able to get a ticket, I'm still going to Singapore," he said. He said he would only travel "for Taylor … I'm a big fan." Swifties, or Taylor Swift fans, spend an average of $1,330 on tickets, food and travel, according to the research company QuestionPro. To avoid facing an "astronomical price surge," Jakarta resident Wid said one of his friends booked a hotel in Singapore before Swift's tour tickets even went on sale.

Persons: Taylor, Rjay Ignacio, he'll, Taylor Swift, I'm, Ignacio, Taylor …, Farhan Abrol, Kanyarat Teawprasong, Swift, Armando L, Sanchez, Lionel Richie, Harvey Cohen, Wid, Nan Palmero, I'd Organizations: Deloitte, Wimbledon, CNBC Travel, Austin City Limits Music, Chicago Tribune, Tribune, Service, Swift's, Qatar Airways, FIFA, Accor Locations: Singapore, Asia, Pasig City, Philippines, YOLO, Francisco, Bangkok, Korea, Japan, Taiwan, Hong Kong, Thailand, Southeast Asia, Las Vegas, Chicago's Grant, Bahamas, United States, Navan, Cincinnati, Pittsburgh, Jakarta, Doha

☆ Southeast Asia's IPO market is an investor favorite amid global headwinds, Deloitte says
▼ + stars: | 2023-07-07 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Firdaus Wajidi | Anadolu Agency | Getty ImagesSoutheast Asia's initial public offering market is showing promising signs despite a global IPO slowdown in the first half of 2023, according to a new Deloitte report. In the last six months, Southeast Asia's market saw 85 IPOs raising $3.3 billion in proceeds, versus the 73 IPOs in the same period last year which raised $3.1 billion. That's a 16% increase in the number of IPOs and a 5% increase in proceeds for the first half of 2023. Indonesia's rising starIndonesia raised 70% of the total IPO proceeds in Southeast Asia for the first half of 2023. Indonesia "looks set to have its best year ever in terms of listing proceeds with 44 IPOs in 2023 H1," said Deloitte.

Persons: Firdaus, — GoTo, Joko Widodo, Harita Nickel Organizations: Anadolu Agency, Getty, Deloitte, Nasdaq, EV, PT Merdeka Battery Materials, Pertamina Geothermal, Indonesia, Harita Locations: JAKARTA, INDONESIA, Jakarta, Indonesia, Southeast Asia, Australia, Thailand, Malaysia, China

☆ Australia's central bank holds rates, signals more hikes might be required
▼ + stars: | 2023-07-04 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

SYDNEY, July 4 (Reuters) - Australia's central bank on Tuesday held interest rates steady saying it wanted more time to assess the impact of past hikes, but reiterated its warning that further tightening might be needed to bring inflation to heel. Reuters GraphicsIn Tuesday's policy statement, RBA Governor Philip Lowe said that higher interest rates are working to establish a more sustainable balance between supply and demand in the economy. "In light of this and the uncertainty surrounding the economic outlook, the Board decided to hold interest rates steady this month." Global policymakers are still grappling with relatively high inflation despite sweeping rate increases for more than a year. Both the Federal Reserve and the European Central Bank are almost certain to hike by a quarter-point this month, which could pressure an already soft Australian dollar.

Persons: Philip Lowe, Lowe, Stephen Smith, Marcel Thieliant, Reuters Graphics Lowe, Stella Qiu, Wayne Cole, Shri Navaratnam Organizations: SYDNEY, Reserve Bank of Australia, Reuters, Deloitte, Capital Economics, Global, Federal Reserve, European Central Bank, Thomson

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