REUTERS WORLD NEWS: Ukrainians to Battle for Kherson, Democrats turn to Obama for Help, and Credit Suisse Seeks Billions from Investors

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Reuters
The Reuters Daily Briefing

Thursday, October 27, 2022

by Linda Noakes

Hello

Here’s what you need to know.

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Today’s biggest stories

A Ukrainian serviceman on the frontline in Mykolaiv region, October 26, 2022. REUTERS/Valentyn Ogirenko

WORLD

A man walks past the Great Depression breadline sculpture during his visit to the Franklin Delano Roosevelt Memorial in Washington, October 26, 2022. REUTERS/Kevin Lamarque

U.S.

BUSINESS

The European Central Bank will raise interest rates again today and likely reel in a key subsidy to commercial banks, taking another big step in tightening policy to fight off a historic surge in inflation.

Egypt’s currency slid by more than 14% to a record low against the dollar, after the central bank said it had moved to a “durably flexible exchange rate regime” and raised interest rates by 200 basis points.

Europe’s two largest energy companies Shell and TotalEnergies reported profits of more than $9 billion in the third quarter, though Shell’s liquefied natural gas division struggled to capture the benefits of high fuel prices.

Credit Suisse, battered by years of scandals, plans to raise $4 billion by selling stock while slashing thousands of jobs and spinning off its investment bank in an effort to recover from a run of heavy losses.

Wall Street is losing patience over Meta boss Mark Zuckerberg’s enormous and experimental bets on his metaverse project that helped drive up the company’s overall costs by a fifth in the third quarter. Meta’s spending splurge is starting to look troubling, says Breakingviews columnist Lauren Silva Laughlin.

Tesla is under criminal investigation in the United States over claims that the company’s electric vehicles can drive themselves, three people familiar with the matter said.

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