BEIJING (Reuters) -China will unveil bigger tax and fee cuts this year and step up payments to local governments to offset their hit to revenues, Finance Minister Liu Kun said on Tuesday, amid efforts to support a slowing economy. Tax fee cuts will be larger in 2022 than last year’s 1.1 trillion yuan ($173.56 billion)…
SINGAPORE (Reuters) -HSBC Holdings on Tuesday reported annual pre-tax profit more than doubled as the Asia-focused bank reversed hefty credit charges booked previously, saying it now expects to meet a key profitability goal a year ahead of schedule. The lender reported pretax profit came in at $18.9 billion last year, up from the previous year’s…
TOKYO (Reuters) – Japan will coordinate with the Group of Seven (G7) advanced economies in dealing with the Ukraine situation, while carefully watching how it could affect its economy, Finance Minister Shunichi Suzuki said on Tuesday. Suzuki also told reporters after a cabinet meeting that he would closely watch any impact from rising interest rates…
By Tom Westbrook and Xie Yu SINGAPORE (Reuters) – Oil jumped to a seven-year high, safe-havens rallied and U.S. stock futures dived on Tuesday as Europe’s eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine. Brent crude futures rose 1.6% to $96.94, just…
By Erwin Seba BEAUMONT, Texas (Reuters) – Union workers locked out of their jobs at a Texas oil refinery for nearly 10 months voted on Monday by a nearly two-thirds margin to accept an Exxon Mobil Corp contract offer, a union official said. Exxon has said it would end the lockout only with union members…
By Sam Nussey TOKYO (Reuters) – SoftBank Group Corp is likely to trim its stake in Chinese e-commerce giant Alibaba, an analyst said on Tuesday, as the Japanese tech conglomerate invests in unlisted startups through its second Vision Fund and repurchases its shares. SoftBank sold 20 million Alibaba shares in the last quarter and “will…
MILAN (Reuters) – UniCredit is revamping its structure so that all domestic companies from small businesses to large multinationals are looked after by one division, Italy’s second largest bank said on Monday. UniCredit said the aim was to give smaller businesses access to products and services developed by its corporate solutions division, such as advisory…
(Reuters) – Brazilian wholesaler Assai posted on Monday fourth-quarter net income of 527 million reais ($103.26 million), beating estimates as store openings accelerated.Net income rose 76% from a year earlier, above a Refinitiv consensus of 315.33 million reais. Net revenue grew 8.1% to 11.55 billion reais. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)…
By Simon Jessop and Jan Strupczewski BRUSSELS (Reuters) – The European Commission will unveil on Wednesday a proposal to make large companies operating in the European Union check that their suppliers from around the world do not use slave or child labour and that they respect environmental standards, a draft of the law showed. The…
By Kenneth Li, Julia Love and Helen Coster (Reuters) -Donald Trump’s new social media venture, Truth Social, launched late on Sunday in Apple’s App Store, potentially marking the former president’s return to social media after he was banned from several platforms last year. The app was available shortly before midnight ET and was the top…
