Mexico's central bank on Thursday increased its benchmark interest rate by a record 75 basis points to 7.75%, saying more rate hikes would be forthcoming if necessary as the Bank of Mexico seeks to tame galloping inflation. Inflation in the year through mid-June hit 7.88%, well above the central bank's target of 3%, plus or minus one percentage point, data earlier in the day showed..
Mexico's central bank on Thursday increased its benchmark interest rate by 75 basis points to 7.75%, saying more rate hikes would be forthcoming if necessary. Inflation in the year through mid-June hit 7.88%, well above the central bank's target of 3%, plus or minus one percentage point, data earlier in the day showed..
* Turkey's cenbank holds rate at 14% despite surging inflation. * Mexico June inflation tops estimates; cenbank decision eyed. * Philippine c.bank hikes rates by 25 bps; peso down. * Russia sent dollar-Eurobond coupon payouts to NSD in roubles. By Anisha Sircar and Susan Mathew.
Mexico's inflation rose by more than expected in early June, official data showed on Thursday, ahead of a meeting at which the central bank is widely expected to hike its key interest rate sharply in a bid to tame surging consumer prices. Inflation rose 0.49% during the first half of June, statistics agency INEGI said, against a forecast of 0.31% in a Reuters poll of economists.
Volkswagen AG is set to cut working hours and wages at its Sao Bernardo do Campo factory in Brazil as it grapples with a lack of auto parts and electronic components to assemble its vehicles. The metalworkers union of Sao Bernardo do Campo said on Wednesday it had agreed to a plan for the German carmaker to cut working hours by 24% and paychecks by 12% starting next month.
Volkswagen AG is set to cut working hours and wages at its Sao Bernardo do Campo factory in Brazil as it grapples with a lack of auto parts and electronic components to assemble its vehicles. The metalworkers union of Sao Bernardo do Campo said on Wednesday it had agreed to a plan for the German carmaker to cut working hours by 24% and paychecks by 12% starting next month.
Chile's peso hit a record low on
Wednesday, underperforming most Latin American peers, as copper
prices plunged on growth worries, and as a workers' strike at
the Codelco mine raised fears ...
Chile's peso hit a record low on
Wednesday after workers at state-owned copper producer Codelco
went on strike, while the Czech crown eased a shade against the
euro after the country's ...
Brazilian payments fintech Ebanx said on Tuesday it had laid off about 20% of its staff, joining billion-dollar tech companies across the country bracing for a gloomy economic landscape. Ebanx's dismissal of 340 employees is the latest in a wave of large Brazilian startups who have announced they are slimming down amid high inflation, shrinking capital pools, and rising interest rates.
The Colombian peso came off session lows
after tumbling on Tuesday, following Gustavo Petro's election
win to be the first leftist president of the Andean nation.
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