SHANGHAI (Reuters) – H&M has shut its flagship Shanghai store, its latest closure in China where consumer demand has slumped amid COVID-19 lockdowns and the fast-fashion retailer has borne the brunt of a backlash against companies that refuse to use Xinjiang cotton. Although it was open earlier this month, the three-storey building in downtown Shanghai…
By Leika Kihara TOKYO (Reuters) -The Bank of Japan must closely watch the impact currency moves could have on the economy, its deputy governor Masayoshi Amamiya said on Friday, reiterating a warning over the damage the currency’s fall to 24-year lows may have on a fragile recovery. Amamiya said the world’s third-largest economy was picking…
By Jeslyn Lerh SINGAPORE (Reuters) -Oil prices edged higher amid a volatile trading session on Friday, as supply uncertainty outweighed fears of slower demand from cooling U.S. economic activity. Brent crude futures climbed 31 cents, or 0.3%, at $110.36 a barrel by 0630 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 59…
Stocks racked up more gains on Wall Street Friday, as the S&P 500 had its best day in two years and just its second winning week in the last 12 to provide a bit of relief from the market’s brutal sell-off this year. The benchmark index rose 3.1%, with technology and banks leading the broad…
HONG KONG (Reuters) – Paul Yang, partner and head of Greater China at KKR & Co, has recently stepped down to take an adviser role with the private equity firm, two people familiar with the situation told Reuters. Yang, a Taiwan native, was previously the president and chief executive of China Development Financial Corp, a…
By Makiko Yamazaki TOKYO (Reuters) – Japan changed a key policy document to show its support for hybrids was on par with battery-electric vehicles after a lawmaker cited the head of Toyota saying automakers couldn’t back a government that rejected the technology popularised by the Prius, according to notes from a ruling party meeting. The…
By Sam Nussey TOKYO (Reuters) – SoftBank Group Corp’s founder and Chief Executive Masayoshi Son on Friday reiterated that the Japanese conglomerate was most likely to list British-based chip designer unit Arm on Nasdaq, stressing no final decision has been made. “Most of Arm’s clients are based in Silicon Valley and … stock markets in…
TOKYO (Reuters) – SoftBank Group Corp’s founder and Chief Executive Masayoshi Son on Friday reiterated that the Japanese conglomerate was most likely to list chip designer Arm on Nasdaq while stressing no final decision has been made. Son’s comment came in answer to a question from a shareholder at the company’s annual general meeting in…
NEW YORK (AP) — The nation’s 33 biggest banks have enough capital to withstand a severe economic contraction, the Federal Reserve said Thursday. In its latest annual “stress tests” of the U.S. financial system, the Fed built a scenario under which the nation’s unemployment rate would more than double to 10%, and a severe contraction…
TOKYO (AP) — Toyota is recalling 2,700 bZ4X crossover vehicles globally for wheel bolts that could become loose, in a major setback for the Japanese automaker’s ambitions to roll out electric cars. Toyota Motor Corp. said Friday the cause is still under investigation, but the whole wheel could come off, risking a crash. “Until the…
