SHANGHAI (Reuters) – Production at Tesla Inc’s Shanghai factory is on track to fall by over a third this quarter from the first three months of the year as China’s zero-COVID lockdowns caused deeper disruptions to output than Elon Musk had predicted. The U.S. automaker is aiming to make more than 71,000 vehicles at its…
MILAN (Reuters) – Credit Suisse shares fell on Thursday on growing skepticism of a takeover offer from U.S. financial giant State Street after a media report on Wednesday boosted the heavily-shorted stock from a near 20-year low. Responding to an Inside Paradeplatz report that U.S.-based group was planning a takeover bid, State Street said overnight…
SHANGHAI (Reuters) – U.S. electric vehicle maker Tesla sold 32,165 China-made vehicles in May, including 22,340 for export, the China Passenger Car Association (CPCA) said on Thursday. Tesla’s Shanghai factory produced 33,544 vehicles in May, up 212% from April, the association added. CPCA also passenger car sales in May in China totalled 1.37 million, down…
BEIJING (Reuters) – Removing all additional tariffs on Chinese goods would benefit China, the United States and the world, China’s commerce ministry said on Thursday, after U.S. Treasury Secretary Janet Yellen said the Biden administration was looking to “reconfigure” tariffs. “We have noticed the recent U.S. remarks on considering cutting additional tariffs on Chinese imports….
By Balazs Koranyi and Francesco Canepa FRANKFURT (Reuters) -The European Central Bank will pull the plug on years of stimulus on Thursday and signal a string of rate hikes to fight surging inflation, leaving markets only to guess the size and speed of policy tightening. With inflation at a record-high 8.1% and broadening quickly, the…
BANGKOK (AP) — Shares were mostly lower in Asia on Friday, with only Shanghai rising, after stocks tumbled on Wall Street on expectations central banks will double down on battling inflation with interest rate hikes. Tokyo’s Nikkei 225 index lost 1.3% to 27,881.78 while the Kospi in Seoul shed 1.2% to 2,593.60. In Australia, the…
KYIV, Ukraine (AP) — From the battlefronts of Ukraine comes rap music — filled with the anger and indignation of a young generation that, once the fighting is done, will certainly never forget and may never forgive. Ukrainian rapper-turned-volunteer soldier Otoy is putting the war into words and thumping baselines, tapping out lyrics under Russian…
A look at the day ahead in markets from Dhara Ranasinghe. There’s little doubt the European Central Bank will on Thursday confirm it will pull the plug on years of stimulus and is getting ready to hike interest rates for the first time since 2011 to contain record high inflation. Can we move on then?…
By Alun John HONG KONG (Reuters) – The yen dropped to a new 20-year low versus the dollar on Thursday, and the euro inched higher ahead of a highly-anticipated meeting of the European Central Bank, which should offer insights into its monetary policy tightening plans. The ECB is all but certain to flag an end…
SHANGHAI (Reuters) – Tesla was proceeding with an online hiring event in China on Thursday and added two dozen new job postings for the country, a week after Elon Musk threatened job cuts at the electric car maker and said the company was “overstaffed” in some areas. Tesla plans to hold the event online starting…
