BERLIN (Reuters) – Tesla works at twice the industry pace in many processes but still needs to ramp up highly complex factories and find qualified workers to win the electric vehicle race, Volkswagen’s chief executive said on Wednesday. The U.S. carmaker, posing a challenge to German electric vehicle production with its new plant near Berlin,…
BERLIN (AP) — Deutsche Bank subsidiary DWS said Wednesday that its chief executive is resigning, hours after authorities raided its offices as part of a probe into claims that the company exaggerated the sustainable credentials of some of the financial products. CEO Asoka Woehrmann is set to step down after the company’s annual general meeting…
(Reuters) – Russian gas producer Gazprom has cut off gas supplies to Denmark’s Orsted and to Shell Energy for its contract to supply gas to Germany, it said on Wednesday, citing the companies’ failure to make payments in roubles. Gazprom has already halted supplies to Dutch gas trader GasTerra, as well as to Bulgaria, Poland…
MILAN (AP) — Even as the European Union decided to reduce Russian crude oil imports by 90% by the end of the year, Italy has become the only country in Europe to increase them, an unintended consequence of EU sanctions against Russia. Meant to punish Russia for invading Ukraine, the EU oil embargo is now…
A look at the day ahead in markets from Sujata Rao. From Wednesday, the U.S Federal Reserve starts allowing the bonds it holds to mature, and will no longer replace them — so called quantitative tightening (QT). Its aim is to allow $95 billion to roll off its balance sheet per month but it will…
(Reuters) -Britain’s competition watchdog said on Wednesday it had started investigating BT Group’s deal to combine its sports broadcasting business with Warner Bros Discovery. The Competition and Markets Authority (CMA) said it had until July 28 to make its phase 1 decision on whether the joint venture between the country’s biggest broadband and mobile provider…
BEIJING (AP) — China has barred Russia’s airlines from flying foreign-owned jetliners into its airspace, the Russian news outlet RBK reported, after President Vladimir Putin threw the aircrafts’ ownership into doubt by allowing them to be re-registered in Russia to avoid seizure under sanctions over Moscow’s attack on Ukraine. The European Union, home to major…
TOKYO (AP) — Asian shares declined Thursday, echoing a retreat on Wall Street as investors fretted about higher interest rates and rising coronavirus cases in parts of the region. Benchmarks fell in Tokyo, Shanghai, Hong Kong, Seoul and Sydney. Oil prices fell by more than $2 a barrel. In China, strict COVID-19 restrictions are back…
BERLIN (Reuters) – German retail sales fell by more than expected in April, as food prices saw a significant increase, data showed on Wednesday. The Federal Statistics Office said retail sales were down 5.4% on the month in real terms. A Reuters forecast had predicted a decrease of 0.2%. (Reporting by Miranda Murray; Editing by…
(Reuters) -Panasonic Corp, which makes batteries for Tesla and other automakers, said on Wednesday it expected global car production to recover this fiscal year, but predicted that the two-year long chip shortage would continue. “We will be running our business as we consider risks of fluctuations on vehicle production,” said Masashi Nagayasu, CEO of the…
