By Anshuman Daga SINGAPORE (Reuters) -Citigroup has agreed to sell its consumer business in four Southeast Asian markets to United Overseas Bank (UOB) for S$4.915 billion ($3.65 billion), bringing the U.S. bank closer to its goal of exiting retail operations in 13 markets. The proposed acquisition by UOB will be its biggest in two decades…
By Kantaro Komiya and Daniel Leussink TOKYO (Reuters) – Japan’s policies aimed at raising workers’ wages are unlikely to trigger a virtuous cycle of growth and wealth distribution that will support the economy this year, almost 80% of economists said in a Reuters poll. The world’s third-largest economy grew at a sharper pace than previously…
HONG KONG (Reuters) -Shares of China Evergrande Group edged up on Friday after the world’s most indebted developer secured a crucial approval from onshore bondholders to delay payments on one of its bonds as more developers race to avert defaults. Struggling with $300 billion in liabilities, including $19 billion in international bonds deemed to be…
BEIJING (Reuters) -China’s exports and imports grew more slowly in December as the world’s second-largest economy showed signs of slowing, but exports came in just above expectations, buoyed by ongoing solid global demand. Exports rose 20.9% year-on-year last month after increasing 22% in November 2021, customs data showed on Friday. Analysts in a Reuters poll…
WASHINGTON (Reuters) -U.S. President Joe Biden has picked former Federal Reserve Governor Sarah Bloom Raskin as the Fed’s vice chair of supervision and two Black economists – Lisa Cook and Philip Jefferson – to serve on its Board of Governors, a source familiar with the process said. The White House sent the nominations to the…
By Florence Tan SINGAPORE (Reuters) – Oil prices eased for a second session on Friday on growing concerns that Washington may soon act to cool prices, while movement controls in China to rein in a COVID-19 outbreak weighed on fuel demand. Brent crude futures fell 30 cents, or 0.4%, to $84.17 a barrel at 0150…
By David Ljunggren OTTAWA (Reuters) -Canada will sign onto a complaint against the United States over its interpretation of how free trade should apply to the continental auto industry, another sign of souring ties between the North American neighbors. Trade Minister Mary Ng said on Thursday that Canada would join Mexico in requesting a dispute…
SINGAPORE (Reuters) – Singapore lender United Overseas Bank (UOB) has agreed to buy Citigroup’s consumer businesses in Indonesia, Malaysia, Thailand and Vietnam for about S$4.915 billion ($3.65 billion). “The total cash consideration for the proposed acquisition, will be calculated based on an aggregate premium equivalent to S$915 million plus the net asset value of the…
SEOUL (Reuters) – South Korean battery maker LG Energy Solution (LGES) plans to build a battery joint venture with Honda Motor Co in the United States, South Korea’s Maeil Business Newspaper said on Friday, citing an unnamed industry source. The potential battery JV between LGES and Honda could cost as much as 4 trillion won…
By Kirstin Ridley LONDON (Reuters) – Social media giant Facebook, now known as Meta Platforms, faces a 2.3 billion pound plus ($3.2 billion plus) class action in Britain over allegations it abused its market dominance by exploiting the personal data of 44 million users. Liza Lovdahl Gormsen, a senior adviser to Britain’s Financial Conduct Authority…
