BENGALURU (Reuters) -Indian digital payments firm Paytm said on Wednesday it would be able to breakeven for a key measure of profitability by September next year, boosting its shares, which have struggled so far due to doubts over its business model. The company’s stock, which has lost more than 70% from its IPO price of…
BANGKOK (AP) — An order by Myanmar’s central bank that all foreign currency in bank accounts must be converted into the local currency has many in the military-ruled country worried over potential losses. Businesses and individuals were told in a notice issued Sunday that as of Monday they must convert dollars and other foreign currency…
MEMPHIS, Tenn. (AP) — Shipping giant FedEx Corp. said its logistics subsidiary has opened a new global headquarters in downtown Memphis, Tennessee. FedEx Logistics held an event Tuesday to mark the opening of its offices in the former Gibson guitar factory, just steps from historic Beale Street and the FedExForum sports and concert venue in…
BERLIN (Reuters) – German carmaker Volkswagen will axe many combustion engine models by the end of the decade and sell fewer cars overall to concentrate on producing more profitable premium vehicles, its finance chief was quoted as saying on Wednesday. “The key target is not growth,” Arno Antlitz told the Financial Times newspaper. “We are…
By Daniel Leussink TOKYO (Reuters) – Asian share markets slipped on Wednesday as investors faced up to the possibility of aggressive monetary tightening by the U.S. Federal Reserve to fight inflation, while focus was also on new Western sanctions against Russia over its invasion of Ukraine. U.S. Treasury yields hit multi-year highs and stock markets…
By Alun John HONG KONG (Reuters) – The dollar edged up to its highest in nearly two years on Wednesday after jumping overnight on more hawkish comments from a Federal Reserve official, while the euro was hurt by the prospect of new Western sanctions on Russia. The dollar index, which measures the greenback against six…
By Yuka Obayashi TOKYO (Reuters) -Oil futures were mixed on Wednesday, recovering from early losses, as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai’s extended lockdown. Brent crude futures were up 11 cents, or 0.1%, at $106.75 a barrel…
HONG KONG (Reuters) – Cash-strapped Kaisa Group entered into a strategic co-operation agreement with state-owned China Merchants Shekou Industrial Zone Holdings and China Great Wall Asset Management on joint venture arrangements and asset acquisitions. Analysts said Kaisa’s move could set an example for other distressed property developers, including China Evergrande Group and Shimao Group, to…
By David Shepardson WASHINGTON (Reuters) – JetBlue Airways said Tuesday it made an unsolicited $3.6 billion bid for Spirit Airlines, potentially snarling merger plans between the ultra-low-cost carrier and Frontier Group Holdings. JetBlue Chief Executive Officer Robin Hayes said the deal would make the New York-based airline a stronger competitor to the so-called four legacy…
(Reuters) -U.S. chipmaker Intel Corp said on Tuesday it has suspended business operations in Russia, joining a slew of companies to exit the country following its invasion of Ukraine. The company, which had last month suspended shipments to customers in Russia and Belarus, said it has implemented business continuity measures to minimize disruption to its…
