By Devjyot Ghoshal (Reuters) -Swedish defence products company Saab will set up a facility to manufacture its Carl-Gustaf M4 weapons system in India, a top executive said on Tuesday, as the company looks to ramp up production. The facility will begin production in 2024, Senior Vice President Gorgen Johansson told reporters at a news conference….
HONG KONG (Reuters) – Embattled China Evergrande Group is working with a real estate investment and operations firm owned by the Shenzhen government to complete four property developments in the tech hub, the two companies said. They said in a joint statement posted on the Wechat account of Evergrande’s Shenzhen unit on Monday that as…
MANILA, Philippines (AP) — The Asian Development Bank said Tuesday it will devote at least $14 billion through 2025 to help ease a worsening food crisis in the Asia-Pacific. The development lender said it plans a comprehensive program of support to help the 1.1 billion people in the region who lack healthy diets due to…
By Tom Wilson LONDON (Reuters) – Bitcoin is struggling to go green, with the cryptocurrency making only slim gains in its usage of sustainable energy in the year to January, research by Cambridge university showed on Tuesday. Processing bitcoin transactions and “mining” new tokens is done by powerful computers, hooked up to a global network,…
TOKYO (AP) — Asian shares tumbled Wednesday after a wobbly day ended with mixed results on Wall Street as markets churn over the prospect of a possible recession. Tokyo’s Nikkei 225 index sank 2.2% to 25,984.51 while the Kospi in Seoul lost 2.8% to 2,161.86. In Sydney, the S&P/ASX 200 gave up 0.8% to 6,443.30….
By Andy Bruce LONDON (Reuters) – Rock-bottom investor confidence in Britain will only recover with a U-turn of the economic plan announced last week by finance minister Kwasi Kwarteng, U.S. economist Larry Summers and J.P. Morgan said. The pound touched an all-time low of $1.0327 on Monday, British government bonds sold off at a ferocious…
BENGALURU (Reuters) – India’s Tata Group-backed BigBasket has initiated a fresh round of funding that could value the online grocery startup at around $3.5 bln, The Economic Times newspaper reported on Tuesday, citing sources. Tata Digital Ltd, a unit of Tata Sons, and its investors are likely to lead the new round of funding, which…
By Saqib Iqbal Ahmed, Carolina Mandl and Dhara Ranasinghe NEW YORK/LONDON (Reuters) – Trading in tumultuous foreign exchange markets is akin to being in a casino right now, according to some traders navigating markets that have been whipsawed as central banks and governments try to right their economies. In the last week, sleep-deprived traders have…
By Amanda Cooper, David Milliken and Andy Bruce LONDON (Reuters) -The Bank of England said on Monday it would not hesitate to change interest rates and was monitoring markets “very closely”, after the pound plunged to a record low and British bond prices collapsed in response to the new government’s financial plans. Finance minister Kwasi…
SINGAPORE (Reuters) -Grab Holdings Ltd, Southeast Asia’s biggest ride-hailing and food delivery firm, expects to break even on its adjusted EBIDTA by the second half of 2024 as it accelerates toward profitability, company officials said on Tuesday. Its group adjusted EBIDTA loss is expected to be $380 million for the second half of 2022, a…
