UK money manager Jupiter's Chair David Cruickshank to retire
May 1 (Reuters) - Jupiter Fund Management's (JUP.L), opens new tab Chair David Cruickshank will retire later this year, the British money manager said on Thursday, adding that a search for his successor will begin soon.
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Reuters
an hour ago
- Reuters
Rupee set for calm open amid yuan watch, two-sided flows
MUMBAI, June 11 (Reuters) - The Indian rupee is expected to open little changed on Wednesday and hold a narrow range, as traders monitor the Chinese yuan for cues amid China-U.S. trade developments and keep an eye on flows. The 1-month non-deliverable forward indicated an open in the 85.58-85.62 range, versus the close of 85.6025 in the previous session. The rupee's intraday range over the last two sessions has been limited to just about 20 paisa, underscoring how volatility has subsided. Interbank dealers have broadly pegged the near-term range on the dollar/rupee at 85.40–85.50 to 86.00–86.10. "Within this range, which now seems increasingly entrenched, there is good two-way interest," a currency trader at a private bank said. "At the top end, exporters and speculators tend to step in, while at the bottom, corporates are active dollar buyers." The rupee's 10-day daily realized volatility has fallen to around 3%, its lowest level in more than two months. It's not just the rupee—volatility across most Asian currencies has declined and now sits well below recent peaks. Receding concerns over a damaging trade war between the U.S. and its major trading partners have helped temper volatility and boosted appetite for risk assets. The U.S. and China have agreed on a framework for a trade deal, raising investor hopes that it could pave the way toward resolving trade tensions. The offshore Chinese yuan was marginally higher against the dollar on the day. "The latest talks appear to be a constructive step forward, reducing the risk of a full-blown trade war," MUFG Bank said in a note. "Market will turn their focus to the upcoming U.S. CPI data due later today." Economists polled by Reuters expect May core CPI to rise 0.3% month-on-month and the headline measure by 0.2%. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.67; onshore one-month forward premium at 9.25 paise ** Dollar index up at 99.12 ** Brent crude futures down 0.3% at $66.7 per barrel ** Ten-year U.S. note yield at 4.47% ** As per NSDL data, foreign investors bought a net $282.1 million worth of Indian shares on June 9 ** NSDL data shows foreign investors sold a net $26.5 million worth of Indian bonds on June 9
Scottish Sun
an hour ago
- Scottish Sun
Fashion chain to shut ANOTHER store in days ahead of restructuring with up to 230 stores as risk
Has a retailer near you closed down? We'd love to hear from you please email: money@ CLOSING TIME Fashion chain to shut ANOTHER store in days ahead of restructuring with up to 230 stores as risk Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR fashion chain is preparing to close another store ahead of a restructuring which has placed up to 230 stores at risk. River Island will shutter a branch in Banbury on June 28, giving customers just a few days to say their goodbyes. Sign up for Scottish Sun newsletter Sign up 1 The store is set to close in a matter of weeks Credit: FACEBOOK A social media post revealed the tragic news, with locals in the area branding the move as "depressing". One resident of the area said: "Soon won't be any big shops open in Banbury, getting like a ghost town." Another shopper added: "If people stopped buying online it wouldn't happen." While a third added: "Gutted…..love River Island." The fashion brand, which has been sported by Paris Fury and Cat Deeley, has quietly closed a number of stores in the past few months. A branch in Willows Place, Corby closed in April and a separate site in Vicar Lane Shopping Centre in Chesterfield closed in the same month. The Sun has contacted River Island for a comment. News of the closure comes days after it was revealed that up to 230 of the retailer's stores are at risk. The retailer is set to undergo a restructuring due to tough trading conditions. The owners of River Island have brought in advisers from PricewaterhouseCoopers (PwC) to come up with money-saving solutions, reports Sky News. Popular retailer to RETURN 13 years after collapsing into administration and shutting 236 stores The proposals are expected to be finalised in a matter of weeks, though sources have reportedly claimed no decisions have been approved on the retailer's future. Accounts for River Island Clothing Co for the year ending December 30 2023 showed the firm made a £33.2million pre-tax loss. Then the turnover during the following 12 months fell by more than 19% to £578.1million. In January, River Island hired consulting firm, AlixPartners, to undertake work on cost reductions and profit improvement. However it is now understood PwC has now taken over. TROUBLE FOR BRITISH FASHION BRANDS A rise in online shopping coupled with Brits having less money to spend at the till has created problems for fashion brands. New Look has closed a number of stores in the UK and it's entire estate in the Republic of Ireland. Bosses at the women's fashion brand have blamed hikes to National Insurance for the move. Earlier this year, Select Fashion closed 35 branches across the UK after it entered into liquidation. Ted Baker was also forced to close over 30 stores last year after it went bust.
Reuters
4 hours ago
- Reuters
Japan wholesale inflation slows in May
TOKYO, June 11 (Reuters) - Japan's wholesale prices rose 3.2% in May from a year earlier, data showed on Wednesday, slowing from April in a sign falling import costs for raw materials were easing price pressures for companies. The rise in the corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, compared with a median market forecast for a 3.5% annual increase and follows a revised 4.1% increase in April. The yen-based import price index fell 10.3% in May from a year earlier after a revised 7.3% drop in April, the data showed, indicating the currency's rebound was pushing down the cost of raw material imports.
