By Scott Murdoch HONG KONG (Reuters) – Citigroup Inc has created a new regional leadership structure for its Asian business, according to a memo seen by Reuters. Tim Monger has been appointed as the head of the bank’s North and East Asian business ‘cluster’, while Amol Gupte will lead South Asia and ASEAN, the memo…
SHANGHAI (Reuters) – Germany’s BMW said on Thursday that production has formally begun at a new plant in China with an investment of 15 billion yuan ($2.24 billion) as the carmaker accelerates electric vehicle (EV) production. The Lydia plant, BMW’s third car assembly facility in China, located in the northeastern city of Shenyang, Liaoning province,…
By Lewis Krauskopf, Devik Jain and Anisha Sircar (Reuters) – Wall Street’s main indexes ended with slim losses on Wednesday after choppy trading as energy shares weighed and investors digested Federal Reserve Chair Jerome Powell’s comments on the central bank’s aim to bring down inflation. After opening lower, major U.S. indexes had erased losses following…
By Makiko Yamazaki, Kane Wu and Scott Murdoch TOKYO/HONG KONG (Reuters) -Bidders for Toshiba Corp are considering offering up to 7,000 yen ($51.41) per share to take the troubled Japanese conglomerate private, three people familiar with the situation told Reuters, valuing the deal at about $22 billion. Toshiba, which is exploring strategic options, said this…
SAO PAULO (Reuters) – Volkswagen AG is set to cut working hours and wages at its Sao Bernardo do Campo factory in Brazil as it grapples with a lack of auto parts and electronic components to assemble its vehicles. The metalworkers union of Sao Bernardo do Campo said on Wednesday it had agreed to a…
By Hyunjoo Jin SAN FRANCISCO (Reuters) -Tesla Inc’s new car factories in Texas and Berlin are “losing billions of dollars” as they struggle to increase production because of a shortage of batteries and China port issues, Chief Executive Elon Musk said in an interview published on Wednesday. “Both Berlin and Austin factories are gigantic money…
By Ernest Scheyder (Reuters) – Piedmont Lithium Inc’s first steps toward securing lithium supplies will be in Quebec or Ghana, not the United States, as an intensifying North Carolina regulatory review delays the miner’s goal of anchoring America’s electric vehicle battery renaissance. The delay has forced Piedmont to expand its strategy beyond its proposed North…
By Jeffrey Dastin LAS VEGAS (Reuters) – Amazon.com Inc wants to give customers the chance to make Alexa, the company’s voice assistant, sound just like their grandmother — or anyone else. The online retailer is developing a system to let Alexa mimic any voice after hearing less than a minute of audio, said Rohit Prasad,…
(Reuters) – The U.S. Federal Reserve should raise interest rates above 3% by the end of this year and then reassess how much more it needs to do to bring inflation down in part due to the tightening impact of the central bank reducing its balance sheet in tandem, Philadelphia Fed President Patrick Harker said…
Desperate times call for desperate measures. In a surprising move, Germany announced it would restart coal-fired power plants and offer incentives to companies to curb natural gas consumption. The move comes following news last week that Russia curbed some of its natural gas exports to the country. Russian energy giant Gazprom said the natural gas…
