By Satoshi Sugiyama TOKYO (Reuters) -Nissan Motor Co expects flat operating profits this fiscal year, far below analysts’ expectations, as Japan’s third-biggest carmaker grapples with a global chip shortage, rising material costs and China’s COVID restrictions. Nissan joins a growing list of global companies warning about worsening profitability as they cannot fully pass on soaring…
BERLIN (AP) — Top diplomats from the Group of Seven wealthy nations are gathering in northern Germany to discuss the war in Ukraine, energy and food security, relations with China and climate change during a three-day meeting starting Thursday. The foreign ministers of Ukraine and neighboring Moldova, which fears becoming Russia’s next target of aggression,…
By Yimou Lee and Sarah Wu TAIPEI (Reuters) -Apple supplier Foxconn warned that current-quarter revenue for its electronics business including smartphones could slip as growth slowed amid rising inflation, cooling demand and escalating supply chain issues partly due to lockdowns in China. The Taiwanese firm, the world’s largest contract electronics maker, has grappled with a…
BERLIN (Reuters) – Volkswagen expects its electric vehicle business to be as profitable as its fossil fuel-burning cars sooner than planned, its chief executive Herbert Diess said on Thursday at the carmaker’s annual shareholder meeting. Volkswagen previously expected to match its profit margins from combustion engine vehicles with electric vehicle sales in two to three…
TOKYO (AP) — Japanese automaker Nissan returned to profitability in the last fiscal year for the first time in three years, despite challenges such as supply shortages caused by the pandemic and soaring costs. Nissan Motor Co. reported Thursday a net profit of 215.5 billion yen ($1.7 billion) for the fiscal year through March, a…
By Sam Nussey TOKYO (Reuters) -Japan’s SoftBank Group Corp reported a record $26.2 billion loss at its Vision Fund investment arm on Thursday, as rising interest rates and political instability have whiplashed high-growth tech stocks. The loss was in stark contrast to a year earlier when SoftBank delivered a record annual profit, and it put…
WARSAW, Poland (AP) — A man in a Russian military uniform stood at the entrance of a large home improvement store in Poland’s capital, saluting shoppers and thanking them for funding Russian President Vladimir Putin’s war in Ukraine. His chest bedecked with medals, Polish activist Arkadiusz Szczurek was protesting at a French-owned retailer Leroy Merlin…
HELSINKI (AP) — Finland’s president and prime minister said Thursday they’re in favor of rapidly applying for NATO membership “without delay,” paving the way for the alliance to expand amid Russia’s war in Ukraine. The dramatic move by Finland was announced by President Sauli Niinisto and Prime Minister Sanna Marin. It means that Finland is…
By David Milliken and William Schomberg LONDON (Reuters) – Britain’s economy unexpectedly shrank 0.1% in March after a slump in car sales due to supply-chain problems, marking a weak end to the first quarter of a year when the risk of recession is looming. Gross domestic product grew by 0.8% in the first three months…
MUMBAI (Reuters) -India’s financial crime fighting agency asked a court on Thursday to re-instate a freeze on $725 million in the Indian bank accounts of Xiaomi Corp as it investigates fund transfers by the Chinese smartphone giant. The enforcement directorate had seized the money saying Xiaomi had illegally transferred funds abroad to three entities, including…
