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06/16/2022 | 05:22am EDT

The Austrian bank said late Wednesday that Mr. Cernko, who has been chief corporates officer at Erste Bank Oesterreich since 2019, would take the helm of the group on July 1 and continue on his current contract until the end of 2024.

EU New Car Sales Continued Monthly Decline in May

New passenger car registrations in the European Union fell in May compared with the previous year, which was the tenth consecutive monthly decline, the European Automobile Manufacturers' Association said on Thursday.

The car registrations--a reflection of sales--fell 11% to 791,546 in May, according to the association. The region's key markets Spain, Italy, France and Germany all recorded double-digit drops, it said.

Macron Says Ukraine and Russia Must Eventually Talk

Russia's Flagship Economic Forum Decouples From West

ST. PETERSBURG, Russia-For years, President Vladimir Putin used an annual economic conference here to champion Russia's economic appeal to the world.

In 2010, then-French President Nicolas Sarkozy spoke alongside Dmitry Medvedev, Russia's president at the time. Past attendees included Citigroup Inc.'s Vikram Pandit, JPMorgan Chase & Co.'s Jamie Dimon and Morgan Stanley's John Mack.


Fed Raises Rates by 0.75 Percentage Point, Largest Increase Since 1994

The Federal Reserve approved the largest interest-rate increase since 1994 and signaled it would continue lifting rates this year at the most rapid pace in decades to fight inflation that is running at a 40-year high.

Officials agreed to a 0.75-percentage-point rate rise at their two-day policy meeting that concluded Wednesday, which will increase the Fed's benchmark federal-funds rate to a range between 1.5% and 1.75%.

Rising Interest Rates Could Cool Industrial Investment, Executives Say

Rising interest rates could pinch freight carriers and put industrial real-estate transactions on pause, executives say, but tighter policy might help if it succeeds in slowing the inflation that is driving up the cost of projects.

"If there's any one sector that really needs inflation to get under better control, it is the industrial sector," said Kevin Thorpe, chief economist at real-estate services firm Cushman & Wakefield.

Investors See Higher Defaults Ahead as Interest Rates, Inflation Take a Toll

Debt investors are betting that the Federal Reserve's latest rate hike is a prelude to a downturn for some U.S. companies as rising borrowing costs are likely to put a damper on consumer spending and raise expenses for business.

The Federal Reserve on Wednesday announced a 0.75-percentage-point raise of the federal-funds rate, the central bank's largest rate hike since 1994. Fed projections released Wednesday also showed that the policy makers expect to raise rates further as the year progresses.

Prices for New Homes in China Slide Further

A decline in Chinese new-home prices accelerated in May, even as local governments and banks ramp up support for a real-estate sector that has suffered from tightened regulations that have pummeled home sales and pushed some large developers to the brink of collapse.

Average new-home prices in 70 major Chinese cities declined 0.79% in May from a year earlier, compared with April's 0.11% year-over-year pullback, marking the first month in which home prices have fallen by this measure in more than six years, according to Wall Street Journal calculations based on data released Thursday by China's National Bureau of Statistics.

Japan's Exports Rose in May on Robust Demand

Japan's exports increased in May for the 15th consecutive month, driven by robust overseas demand for steel and mineral fuels, Ministry of Finance data showed Thursday.

Exports rose 15.8% in May from a year earlier, which was stronger than the 13.2% increase expected by economists surveyed by FactSet. Exports rose 12.5% in April.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

06-16-22 0521ET

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