By Selena Li HONG KONG (Reuters) -Fidelity International (FIL) will cut around 500 jobs at one of its Chinese operations, two people with knowledge of the matter said, marking the largest downsizing in recent years of a global financial firm in the world’s second largest economy. UK-headquartered FIL told staff about the job cuts at …
Fidelity International cuts 500 jobs in China, sources say Read More »
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets. Asian markets on Tuesday will be hoping to rebound from Monday’s fairly lackluster start to the week, with Japanese equities particularly well-positioned to move up a gear or two after the yen slid to its lowest level in nearly three months. …
Morning Bid: Yen-Nikkei link intensifies as US yields, dollar spike Read More »
By Stephen Nellis (Reuters) – Qualcomm said on Monday it is bringing technology first developed for its laptop chips to its mobile phone chips, aiming to make them more powerful for generative AI tasks. The San Diego-based company is the world’s biggest seller of mobile phone chips. In an effort to expand its business, the …
Qualcomm revamps mobile phone chips for AI, signs Samsung and others Read More »
By Karen Freifeld (Reuters) -U.S. rules that will ban certain U.S. investments in artificial intelligence in China are under final review, according to a government posting, suggesting the restrictions are coming soon. The rules, which will also require U.S. investors to notify the Treasury Department about some investments in AI and other sensitive technologies, stem …
(Reuters) – Country Garden Services, the property services arm of China’s property developer Country Garden said on Monday that PricewaterhouseCoopers (PwC) has resigned as its auditor. The country’s regulators hit the auditing firm’s mainland China unit with a six-month suspension and a record fine of 441 million yuan ($62.01 million) previously, over the firm’s audit …
Country Garden Services says PwC resigns as its auditor Read More »
TASHKENT (Reuters) – Uzbekistan plans to implement projects worth about $1.3 billion focused on the construction of waste-to-energy plants, President Shavkat Mirziyoyev’s office said on Monday. Tashkent plans to work on those with China’s CAMC Engineering and Shanghai SUS Environment as well as Tadweer Group of the United Arab Emirates and South Korea’s Sejin. Combined, …
Uzbekistan announces $1.3 billion in waste-to-energy projects Read More »
By Eric Onstad LONDON (Reuters) – The European Union, rushing to develop a 9 million euro joint purchasing mechanism for critical minerals and energy, is choosing between eight bidders vying to develop a platform, documents showed and sources with direct knowledge told Reuters. The bloc’s rationale for pooling together buying orders is that it would …
Exclusive-EU set to choose firm for critical minerals joint buying platform Read More »
KUPPENHEIM, Germany (Reuters) -German automakers should not be afraid of competition from China, Chancellor Olaf Scholz said on Monday at the opening of Mercedes-Benz’s first battery recycling plant, an investment he described as part of Germany’s new industrial policy agenda. “Some say that China can do much better with electric motors than us,” Scholz said. …
German carmakers should not be afraid of Chinese competition, says Scholz Read More »
By Casey Hall SHANGHAI (Reuters) – China’s second-hand and grey markets for luxury goods are booming, as price hikes from luxury brands in a weak economy are prompting some shoppers to look for cheaper ways to buy them, deepening concerns for the likes of LVMH. LVMH, the world’s biggest luxury group, reported a 3% fall …
China’s booming grey markets add woes to luxury brands Read More »
(Reuters) – New York-based insurer MetLife Inc is in advanced talks to buy PineBridge Investments’ assets outside of China in a deal that could be valued at $1 billion to $1.5 billion, Bloomberg News reported on Monday. The talks are exclusive for assets under management worth about $100 billion, the report said, citing sources. PineBridge …
