Headlines

Troubled Swedish battery maker Northvolt AB has laid off nearly 400 white-collar workers at its center of operations in Skelleftea as part of concluded negotiations with two of the Swedish trade unions, Bloomberg News reported. The redundancies form part of a previously announced measure to cut 1,000 jobs at the Northvolt Ett plant in northern Sweden. The maker of electric vehicle batteries is racing to preserve cash while it negotiates a new financing pact with investors.

Argentina lost a bid at the U.K. Supreme Court to hear its appeal on a ruling that would force the South American nation to pay $1.5 billion in damages to holders of the country’s growth-linked bonds, Bloomberg News reported. In an order signed Monday, the U.K.’s top court refused to hear an appeal over payments to hedge funds including Palladian Partners LP. The holders of those notes argued the losses were a result of a change by a previous Argentine government in how it calculated gross domestic product.

Inflation in the U.K. fell to below the Bank of England’s 2% target in September for the first time in more than three years, boosting the chance of an interest-rate cut next month, the Wall Street Journal reported. Consumer prices were 1.7% higher in September than the same month of last year, easing from the 2.2% rate of inflation in August, and reaching the lowest level since April 2021, the Office for National Statistics said Wednesday. The pound fell 0.5% against the dollar after the data release.

Thailand’s central bank has joined the ranks of monetary authorities who are easing monetary policy, surprising markets with its first rate cut in over four years to help boost the economy, the Wall Street Journal reported. The decision wasn’t unanimous. The Bank of Thailand said Wednesday that its policy committee voted five to two to reduce the policy interest rate to 2.25% from 2.50%. The bank had kept its key rate at a decade-high since September last year, but has faced rising pressure to lower borrowing costs to lift an economy struggling with tepid demand.

Indonesia’s central bank kept its key interest rate steady as expected, pausing an easing cycle as external risks drag on the rupiah currency, Bloomberg News reported. Bank Indonesia left the benchmark BI-Rate unchanged at 6% on Wednesday, as predicted by 30 of the 41 economists surveyed by Bloomberg, with the rest expecting a quarter-point cut. Last month, the central bank surprised markets by initiating an easing cycle ahead of the Federal Reserve’s move.

The Philippine central bank cuts its policy rate for the second time this year as it looks to bolster its economy amid mounting uncertainty abroad, the Wall Street Journal reported. Bangko Sentral ng Pilipinas Gov. Eli Remolona said Wednesday that the central bank would deliver a 25-basis-point cut, lowering its benchmark overnight reverse repurchase rate to 6.00%. It will also cut its benchmark lending rate to 6.50% from 6.75%, he said.

Italy’s far-right government has approved a budget for next year of about 30 billion euros ($33 billion), which officials say will be partly funded by a levy on Italian banks and insurers, the Associated Press reported. Prime Minister Giorgia Meloni said late Tuesday that the government expected to raise some 3.5 billion euros from banks and insurance companies to ensure better public services, especially the country's struggling health service, and help the most vulnerable citizens.

The World Bank voted on Tuesday to change its internal lending guidelines, freeing up $30 billion in additional lending capacity over the next decade to help developing countries and emerging markets grapple with climate change and other global challenges, World Bank President Ajay Banga told Reuters.

Rhythm House, the iconic music store in South Mumbai’s cultural and heritage precinct Kala Ghoda, has found a new owner. Bhaane Retail, a subsidiary of Shahi Exports, India's largest apparel manufacturer, has emerged as the highest bidder for the property in an insolvency auction with a Rs 30-crore offer, the Economic Times of India reported. A cultural landmark since the 1940s, Rhythm House was a favourite haunt for music lovers and Bollywood icons including Kishore Kumar, Shammi Kapoor, Dharmendra, Nargis and AR Rahman before closing its doors in 2016 after nearly 70 storied years.

Hong Kong eased its mortgage rules to allow homebuyers to fork out lower downpayment, aiming to address a prolonged property slump in the city, Bloomberg News reported. The loan-to-value (LTV) ratio for all residential properties will be set at 70%, Chief Executive John Lee said in his policy address on Wednesday. The change will reduce the required downpayment for homes valued above HK$35 million ($4.5 million) which had a ratio of 60% previously. The LTV ratio for company-held properties will also rise to 70% from 60%.