By Noele Illien ZURICH (Reuters) -UBS said on Thursday it would split its top wealth management role as part of a shake-up of its executive board, creating new responsibilities for two leading contenders to eventually run the Swiss bank after CEO Sergio Ermotti. Rob Karofsky, head of UBS’s investment bank, will in July become head …
UBS splits wealth management role as part of executive reshuffle Read More »
By Ju-min Park and Heekyong Yang SEOUL (Reuters) – A South Korean court ruled SK Group Chairman Chey Tae-won must pay more than $1 billion to his estranged wife as part of their planned divorce, sending shares in the group’s holding firm surging on speculation that he will have to purchase more stock to cement …
SK Group chief ordered to pay $1 billion in divorce case; shares in SK Inc soar Read More »
By Faith Hung and Emily Chan TAIPEI (Reuters) – Taiwan’s trade-reliant economy is expected to grow at a faster pace in 2024 than previously forecast, owing to high demand for artificial intelligence (AI) applications abroad and solid consumption at home, the statistics office said on Thursday. Taiwan is a key link in the global technology …
Taiwan raises 2024 GDP forecast on strong AI-related exports, home consumption Read More »
(Reuters) – Cash-strapped China Vanke Co is in advanced talks with major banks for a loan of about 50 billion yuan ($6.90 billion), Bloomberg News reported on Thursday citing people familiar with the matter. The loan would be backed by about 80 billion to 90 billion yuan worth of real estate assets and would be …
China Vanke in advanced talks with banks for $6.9 billion loan, Bloomberg News reports Read More »
MILAN (Reuters) -Camfin, the second-largest investor in Pirelli, has increased its stake to 22.8% as China’s Silk Road Fund sold its 9% interest in the Italian premium tyre maker. Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, said on Thursday it bought a 2.2% stake, strengthening its role as a stable shareholder and reiterating …
Pirelli investor Camfin boosts stake as Chinese fund offloads 9% Read More »
BEIJING (Reuters) – China urged the European Union Commision to end its probe on Chinese electric vehicle tariffs, calling it “unreasonable” and not in line with international rules, the Chinese foreign ministry said on Thursday. The Commission, which oversees trade policy in the 27-nation European Union, launched an investigation in October into whether battery electric …
China calls EU commission probe on Chinese EV tariffs ‘unreasonable’ Read More »
By Rishav Chatterjee (Reuters) – Analysts maintained bearish positions on most Asian currencies as the U.S. dollar remained resilient but sharply eased their short bets on the Malaysian ringgit, the Indian rupee and the Taiwan dollar on positive domestic factors, a Reuters poll showed on Thursday. The Philippine peso remained the most shorted Asian currency …
By Nick Carey and Giulio Piovaccari LONDON (Reuters) – Starting in the 1980s, European automakers steadily conquered China, racking up millions in sales with little local competition. Now they’ll have to defend their home turf in Europe from an onslaught of formidable Chinese electric vehicles. Chinese EV titans BYD, Chery and Great Wall Motor (GWM) …
How China’s EV makers aim to beat Tesla, legacy automakers in Europe Read More »
By Summer Zhen and Samuel Shen HONG KONG (Reuters) – Global fund launches in China have hit a record as a weakening yuan and fragile economy drive demand for foreign assets, in the latest sign of low confidence among domestic investors. Eleven funds issued under the Qualified Domestic Limited Partner (QDLP) programme have been launched …
Global fund launches fly in China as yuan slumps Read More »
By Makiko Yamazaki and Takaya Yamaguchi TOKYO (Reuters) -Japanese policymakers are turning their attention to more structural economic factors behind persistent yen declines, convinced that market intervention is limited in its ability to reverse the currency’s broader slide. Data due out on Friday is likely to show Japan spent roughly 9 trillion yen late April …
Yen’s relentless slide revives Japan’s interest in structural reforms Read More »
