MOSCOW (Reuters) – Russian oil firms face delays of up to several months to be paid for crude and fuel as banks in China, Turkey and the United Arab Emirates (UAE) become more wary of U.S. secondary sanctions, eight sources familiar with the matter said. Payment delays reduce revenue to the Kremlin and make them …
MILAN (Reuters) – Luxury sports car manufacturer Ferrari has entered a preliminary agreement with its electric-vehicle (EV) battery supplier SK On on further expansion of their cooperation. South Korea’s SK On has been supplying battery cells for Ferrari models since 2019, including for the SF90 Stradale, the carmaker’s first hybrid vehicle, the more recent 296 …
Ferrari to expand cooperation with battery supplier SK On Read More »
By Casey Hall and Rishav Chatterjee (Reuters) -Alibaba Group said on Tuesday it was offering to buy the 36% of Cainiao it does not already own for up to $3.75 billion, abandoning plans for an initial public offering (IPO) of the logistics business in Hong Kong. In the Chinese e-commerce giant’s latest reversal of its …
Alibaba to buy Cainiao stake for up to $3.75 billion as it drops IPO plan Read More »
By Rae Wee and Vidya Ranganathan SINGAPORE (Reuters) – China’s yuan is sliding and market participants suspect authorities are deliberately but slowly engineering a light depreciation of the currency, both to complement an easy monetary policy and to support exports. Several signals have stirred that speculation. While the yuan has declined roughly 2% this year …
Analysis-As yuan skids, markets bet more depreciation is in store Read More »
PARIS (Reuters) -Renault plans to sell a stake of about 2.5% in Nissan shares to the Japanese car maker in a deal that could result generate up to 362 million euros ($392 million), the French firm said on Wednesday. The share sale is its second as Renault looks to cut its Nissan stake to 15% …
BEIJING/SHANGHAI (Reuters) -China’s Bank of Communications Co Ltd (BoCom), reported a 0.68% rise in its full-year net profit in 2023. BoCom, the first among the nation’s biggest five state banks to report its annual results, booked a net profit of 92.73 billion yuan ($12.83 billion) last year, the bank said in a filing on Wednesday. …
By Kane Wu and Selena Li HONG KONG (Reuters) -Citigroup Inc has laid off at least 10 people in its equities research department in Asia Pacific this week, two sources with knowledge of the matter said, as the bank pushes through the last phase of a sweeping global overhaul. The bank, which has hundreds of …
Citi lays off 10 research staff in Asia Pacific as part of global revamp, sources say Read More »
By Divya Rajagopal and David Ljunggren TORONTO (Reuters) -Canada’s corporate ethics watchdog on Tuesday said it was likely that human rights abuses of using Uyghur forced labor had occurred at a mine in China operated by Vancouver-based firm Dynasty Gold. In a report, the Canadian Ombudsperson for Responsible Enterprise (CORE) recommended the federal government refuse …
Canada watchdog says human rights abuses likely occurred at a Dynasty Gold mine in China Read More »
GENEVA (Reuters) -China has initiated dispute settlement proceedings against the United States at the World Trade Organization to safeguard its interests in the electric vehicle industry, the Chinese mission said on Tuesday and the WTO confirmed. China said it was contesting “discriminatory subsidies” under the U.S. Inflation Reduction Act (IRA) that it said resulted in …
China opens WTO dispute against US subsidies to protect its EV industry Read More »
By Marc Jones LONDON (Reuters) – Global bank messaging network SWIFT is planning a new platform in the next one to two years to connect the wave of central bank digital currencies now in development to the existing finance system, it has told Reuters. The move, which would be one of the most significant yet …
SWIFT planning launch of new central bank digital currency platform in 12-24 months Read More »
