By Cynthia Kim SEOUL (Reuters) – South Korea’s residential property prices are likely to drop by up to 2.8% in two years with a full percentage point hike in policy interest rate, according to a research paper by the central bank on Wednesday. While other variables including the size of new apartment supplies and mortgage…
KALGOORLIE, Australia (Reuters) – BHP Group will increase its spending on nickel exploration over the next two years to meet growing demand for the raw material used in making electric vehicle batteries, the chief of its nickel operations said on Wednesday. BHP, through its Nickel West unit, has supply agreements for the metal with Tesla…
By Anshuman Daga SINGAPORE (Reuters) -Singapore’s second-largest lender Oversea-Chinese Banking Corp Ltd (OCBC) reported a stronger-than-expected 28% jump in quarterly profit and gave a robust outlook as rising interest rates pushed up its net interest margins. With Singapore relaxing most of its COVID-19 local and travel restrictions since early April this year, banks are benefiting…
NEW YORK (AP) — Robinhood Markets said Tuesday it’s cutting nearly a quarter of its workforce, as crashing cryptocurrency prices and a turbulent stock market keep more customers off its trading app. CEO Vlad Tenev said the company, whose easy-to-use app helped bring a new generation of investors to the market, will reduce its headcount…
By Lisa Baertlein SAN BERNARDINO, Calif. (Reuters) – America’s largest warehouse market is full as major U.S. retailers warn of slowing sales of the clothing, electronics, furniture and other goods that have packed the distribution centers east of Los Angeles. The merchandise keeps flooding in from across the Pacific, and for one of the busiest…
By Jonathan Stempel (Reuters) – A U.S. judge on Tuesday granted a request by prosecutors to dismiss fraud counts against a former Uber Technologies Inc security chief also charged with covering up a 2016 data hack affecting 57 million passengers and drivers. U.S. District Judge James Donato in San Francisco dismissed the three wire fraud…
SAN FRANCISCO (AP) — Elon Musk’s wealthy high tech allies don’t seem too happy about receiving subpoenas from Twitter as part of the company’s legal battle with the Tesla CEO. San Francisco-based Twitter is suing Musk in Delaware in an attempt to get him to complete his $44 billion acquisition of the social media company,…
SACRAMENTO, Calif. (AP) — Rent-A-Center, one of the nation’s largest rent-to-own companies, will pay $15.5 million to settle California’s allegations that it misled and overcharged tens of thousands of customers, Attorney General Rob Bonta said Tuesday. An investigation of the company’s “kiosk” business inside traditional retail furniture stores found that since 2014, it used what…
By Sabrina Valle (Reuters) – Brazil’s state-controlled oil company Petrobras will distribute at least twice as much as the biggest international oil producers in second quarter dividends, boosting the government’s coffers amid a tense presidential campaign. The five biggest Western oil producers – Exxon Mobil Corp, Chevron Corp., Shell PLC, TotalEnergies and BP – posted…
By Alexandra Alper and David Lawder WASHINGTON (Reuters) -Chinese investors roughly doubled the number of applications they made last year seeking U.S. regulatory clearance for proposed stakes in American companies, according to a new Treasury Department report released on Tuesday. The annual report https://home.treasury.gov/system/files/206/CFIUS-Public-AnnualReporttoCongressCY2021.pdf for the Committee on Foreign Investment in the United States (CFIUS),…
