News in Brief
ECB hikes interest rate to 22-year high
AFP – The European Central Bank said eurozone inflation was still too elevated as it hiked interest rates for an eighth consecutive time to a two-decade high, despite a darkening economic outlook.
The ECB increased rates by another 25 basis points, taking the closely-watched deposit rate to 3.50 percent -- its highest level since 2001.
“Inflation has been coming down but is projected to remain too high for too long,” the ECB said in a statement.
Intel to invest up to $4.6b
in Poland site
CNBC – US chip giant Intel will invest up to $4.6 billion to build a new site in Poland, creating around 2,000 jobs, the company said Friday.
Its new facility, to be located in the southern Polish city of Wroclaw, “will help meet critical demand for assembly and test capacity that Intel anticipates by 2027,” Intel said in a statement.
China takes next step
in currency globalization
REUTERS – China’s gradual internationalisation of its currency will shift to its next leg on Monday when about two dozen Chinese companies start trading in their home currency in Hong Kong’s stock market.
Hong Kong stocks such as Alibaba and Tencent are among the 24 stocks which will be priced and traded in both yuan and the Hong Kong dollar under the Dual Counter Model on the Hong Kong stock exchange from Monday.