By Deborah Mary Sophia (Reuters) – Nike on Thursday trimmed its annual sales forecast blaming cautious consumer spending, a weaker online business and more promotions, and said it plans to cut supplies of key product lines to manage costs, sending its shares down 11%. The company said it was seeking $2 billion in savings over …
Nike cuts sales view on choppy demand, outlines $2 billion savings plan Read More »
By David Shepardson WASHINGTON (Reuters) -The U.S. Department of Commerce said Thursday it will launch a survey of the U.S. semiconductor supply chain and national defense industrial base to address national security concerns from Chinese-sourced chips. The survey aims to identify how U.S. companies are sourcing so-called legacy chips – current-generation and mature-node semiconductors – …
China import concerns spur US to launch semiconductor supply chain review Read More »
By Sophie Yu and Valerie Insinna (Reuters) -Boeing on Thursday made its first direct delivery of a 787 Dreamliner to China since 2019, a step that could hasten the end of China’s freeze on deliveries of Boeing’s profit-making 737 MAX after more than four years. A 787-9 for Juneyao Airlines, a privately owned Chinese carrier, …
Boeing delivers first Dreamliner to China since 2019 -flight data Read More »
(Reuters) -Chinese electric vehicle giant BYD is in final talks with the Hungarian government to secure a multi-billion-euro investment in a new electric car factory, in a deal that could be announced as early as Friday, the Financial Times reported on Thursday. The company is looking to manufacture electric cars and batteries at a new …
China’s BYD set to announce Hungarian electric vehicle factory -FT Read More »
(Reuters) -Attacks on vessels by Iranian-backed Houthi militants in Yemen have disrupted international commerce on the shortest shipping route between Europe and Asia. The attacks, targeting a route that accounts for about 15% of the world’s shipping traffic, have pushed several shipping companies to reroute their vessels. Below are companies’ (in alphabetical order) responses to …
Factbox-How companies are responding to attacks on ships in the Red Sea Read More »
By David Shepardson WASHINGTON (Reuters) -Honda Motor’s American unit is recalling about 4.5 million vehicles worldwide over risks of fuel pump failure, the Japanese automaker said. The recall includes 2.54 million vehicles in the United States and comes after the automaker previously recalled 628,000 U.S. vehicles in 2021 and 136,000 in 2020 for the same …
Honda recalling about 4.5 million vehicles worldwide over fuel pump issue Read More »
By Anirban Sen (Reuters) – Investors are betting Nippon Steel Corp will take longer to complete its $14.9 billion acquisition of U.S. Steel Corp because opposition from some U.S. lawmakers and labor unions will lead to regulators scrutinizing the deal more. While the price of U.S. Steel shares indicates that traders are giving the deal …
Analysis-Investors see US politics delaying Nippon Steel’s U.S. Steel acquisition Read More »
BEIJING (Reuters) – China’s commerce ministry on Thursday said it will work with the central bank and across government to manage exchange rate fluctuations over 2024, should the yuan start to rebound against the dollar and make already weak Chinese exports more expensive. Manufacturers in the world’s second-largest economy have struggled for buyers at home …
By Hyunsu Yim and Mariko Katsumura SEOUL/TOKYO (Reuters) -South Korea’s Supreme Court on Thursday upheld rulings ordering two Japanese companies to compensate South Koreans who were forced to work under Japan’s 1910-1945 occupation, a decision that immediately sparked a protest by Tokyo. Japan’s Chief Cabinet Secretary Yoshimasa Hayashi said the Supreme Court’s ruling upholding orders …
Japan protests South Korean Supreme Court ruling on forced labour compensation Read More »
HONG KONG (Reuters) – Fitch Ratings downgraded Dalian Wanda Commercial Management Group to “restricted default (RD)” from “C” on completion of the distressed debt exchange, and simultaneously upgraded the firm to “CC” from “RD” to reflect its post-restructuring profile. Fitch said in a statement on Thursday the same rating actions also applied to Wanda Commercial …
Fitch downgrades Wanda Commercial to “restricted default”, then upgrades to “CC” Read More »
