Headlines

Core inflation in the eurozone hit a record in March, a setback for central bankers whose rapid interest-rate rises have exacerbated financial sector strains and caused pains in part of the bloc’s economy, the Wall Street Journal reported. The fresh data increases the likelihood that the European Central Bank will raise its key rate again in May. It could also encourage governments to explore alternative ways to cool prices rises by targeting inflationary increases in profits.

The International Monetary Fund’s executive board on Friday approved a $5.4 billion disbursement to Argentina, a key step forward in the government’s program that’s faced setbacks amid a worsening economic outlook, Bloomberg News reported. The board approved the funds after IMF staff finished the fourth review of Argentina’s $44 billion deal, the institution said in a statement. It brings total disbursements under the extended fund facility to $28.9 billion.

Recharge Industries Pty Ltd's attempt to buy the Britishvolt site is at risk of collapsing due to a dispute with administrator EY over a power supply contract signed by the failed battery startup, the Financial Times reported. Australia-based Recharge Industries and the British accounting firm hit an impasse over payments related to transferring a grid connection contract with the UK's National Grid, the report said, citing people familiar with the matter.

The Mexican economy is seen as expanding up to 3.0% both this year and in 2024 as consumer price inflation is expected to slow, according to a copy of the government's draft budget document seen by Reuters. The finance ministry is set to present the 2024 budget to Congress on Friday. The ministry estimates that Latin America's second-biggest economy will grow between 2.2% and 3.0% this year, and between 1.6% and 3.0% in 2024, according to the document, as the country continues to claw back pandemic-led losses.

A poll of Swiss economists found that nearly half think the takeover of Credit Suisse by UBS was not the best solution, warning that the saga has dented Switzerland’s reputation as a banking centre, Reuters reported. Switzerland's KOF economic research institute found that 48% of the 167 university economists it questioned would have preferred a state takeover and possible later sale of Credit Suisse.

Rocket-maker Virgin Orbit Holdings on Thursday said it was laying off about 85% of staff because it had not been able to raise new investment, Reuters reported. Shares of the company, which is controlled by Richard Branson's Virgin Group, fell 38% in after hours trade. About 675 employees will lose their jobs, and the company expects to take related charges of about $15 million, Virgin Orbit said in a regulatory filing. The move was the result of "the company's inability to secure meaningful funding," the filing said.

Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling up to 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide, the Associated Press reported. Higher oil prices would help fill Russian President Vladimir Putin’s coffers as his country wages war on Ukraine and force Americans and others to pay even more at the pump amid worldwide inflation.