By Foo Yun Chee BRUSSELS (Reuters) – Regulators are looking to update rules, which target companies abusing their market power and those setting up illegal cartels, to make them more efficient, EU antitrust chief Margrethe Vestager said on Thursday. Under the rules, known as Regulation 1/2003 and in force since 2004, the European Commission has…
(Reuters) – Moody’s said on Thursday it has withdrawn all ratings on Russia and its rated Russian sub-sovereign entities. The company said it had decided to withdraw the ratings for its own business reasons. Last week, Moody’s had announced its intention to withdraw its credit ratings on the entities, following similar moves by Fitch and…
SHANGHAI (Reuters) – Tesla is extending a production halt at its Shanghai factory for at least one day, an internal notice seen by Reuters showed. The Shanghai factory, located in the Pudong district east of the city’s Huangpu River, suspended production from Monday to Thursday after the city launched a two-stage lockdown to combat a…
By Anna Ringstrom STOCKHOLM (Reuters) -Sweden’s H&M on Thursday reported quarterly profits that were sharply below analysts’ expectations for the December to February period, as the impact of COVID-19, supply chain problems and investments weighed. In its fiscal first quarter the group swung to a pretax profit of 282 million crowns ($30.5 million) from a…
WASHINGTON (AP) — America’s hiring boom of the past year has narrowed racial disparities in unemployment. Yet the Federal Reserve’s ongoing interest rate hikes — shaping up to be the steepest in 15 years — threaten to reverse that progress. The Fed’s rate hikes will mean higher borrowing rates that could hobble the job market…
(Reuters) – Air France-KLM will renew the mandate of CEO Ben Smith for an additional five years, the Franco-Dutch airline group said in a statement on Thursday. The group added that Marjan Rintel would replace Pieter Elbers as CEO of its Dutch arm KLM from July 1. “These two decisions by the Board of Directors…
STOCKHOLM (Reuters) – Sweden’s H&M reported on Thursday a smaller profit than expected for the December-February period, its fiscal first quarter, as investments and lingering effects of the pandemic weighed. The world’s second-biggest fashion retailer swung to a pretax profit of 282 million crowns ($30.45 million) from a year-earlier loss of 1.39 billion. Analysts polled…
By Jarrett Renshaw and Steve Holland WASHINGTON (Reuters) -The Biden administration is considering releasing up to 180 million barrels of oil over several months from the Strategic Petroleum Reserve (SPR), four U.S. sources said on Wednesday, as the White House tries to lower fuel prices. The International Energy Agency (IEA) member countries are set to…
TOKYO (AP) — Asian shares were mostly lower Friday as a resurgence of Russian attacks dashed hopes for any quick end to the war in Ukraine. The retreat followed a broad decline on Wall Street, which closed out its worst quarter since the pandemic broke out two years ago. A closely watched quarterly gauge of…
By James Davey ROYDON, England (Reuters) – In a small corner of south-east England, vast glasshouses stand empty, the soaring cost of energy preventing their owner from using heat to grow cucumbers for the British market. Elsewhere in the country growers have also failed to plant peppers, aubergines and tomatoes after a surge in natural…
