The U.S. will likely emerge the winner in a "cold currency war" that is heating up, an expert said.Currenciesread more
These box office numbers do not include the cost of production or marketing costs. They also don't count the billions in merchandising that Disney has made over the last...Entertainmentread more
Tariffs are the only instrument left for addressing China's systematic and excessive surpluses on its U.S. trades, writes Michael Ivanovitch.US Economyread more
In its latest attempt to build market credibility, China on Monday launched the Science and Technology Innovation Board, or "STAR Market," on which 25 companies were listed.China Economyread more
When Cathy Hsu and Tony Hsieh wanted to build an English language app for Chinese children, they decided to follow Facebook and Google's lead.Start-upsread more
Stocks in Asia were lower on Monday, as shares on a new Nasdaq-style technology board on the Shanghai Stock Exchange skyrocketed on their debut day.Asia Marketsread more
Instagram began tests that hide "like" counts on posts. That means influencers who market products on Instagram will have to rely on different metrics to show success.Technologyread more
Peter Neupert worked for Microsoft and Amazon-backed Drugstore.com, where he got to know Jeff Bezos. He now advises start-ups.Technologyread more
The firing of the tear gas was the latest confrontation between police and protesters who have taken to the streets for over a month to fight a proposed extradition bill and...China Politicsread more
Last week shows that oil prices are not the indicator for Middle East tensions they once were, and worries about global demand and growing U.S. production has changed that...Market Insiderread more
Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
* Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh
* Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv
* Pound on course to reverse week's losses
* Virgin's Richard Branson warns of parity with dollar
* Brexit, lower rates still a drag for sterling (Adds quotes, updates prices)
LONDON, July 11 (Reuters) - Sterling gained on Thursday, erasing most losses earlier this week after U.S. Federal Reserve Chairman Jerome Powell left the door open for rate cuts, though Britain's struggling economy and fears of a disorderly Brexit weighed on the currency.
The pound edged higher thanks to broad-based dollar weakness, snapping a recent losing streak. The British currency plumbed to a two-year low this week at $1.2439 before recouping some losses. On Thursday, it gained 0.5% to $1.2570.
Versus the euro, the pound edged higher to 89.71 pence but was still on track for a record tenth consecutive week of losses.
Though Thursday offered some relief for the beleaguered pound as the greenback struggled after Powell struck a downbeat tone in congressional testimony on Wednesday, the British currency remained weak overall, down 3.7% in the last three months.
"Sterling is torn between the likelihood of Britain leaving the EU without a deal, and potential rate cuts by the Fed," said Marc-Andre Fongern, head of forex research at MAF Global.
If Britain were to leave the European Union with no deal, this would cause the pound to plummet to the same value as the dollar, Virgin boss Sir Richard Branson told the BBC.
Dismal data and the risk of Britain crashing out of the EU without transitional trade arrangements has forced the Bank of England to change its upbeat assessment of the economy, prompting hedge funds to ramp up short bets against the currency to their highest levels since October 2018..
Its hitherto hawkish stance, at odds with other central banks in the developed world, had been a key source of support for sterling this year.
A Citigroup economic surprise index in Britain has dropped to its lowest levels in eight years while similar gauges in Europe have stabilised.
"I simply dont see a catalyst for the pound to go up right now," said Kit Juckes, macro strategist at Societe Generale.
If sterling were to fall to the same value as the dollar, that would make an "incredibly weak pound," Juckes said.
BoE Governor Mark Carney said UK exporters to the EU "show a mixed picture on no-deal Brexit preparedness, (but) not all the way there."
(Additional reporting by Olga Cotaga; Editing by Andrew Cawthorne)