(Reuters) – Volkswagen’s battery unit PowerCo has formed a joint venture with Belgium’s Umicore for the production of precursor and cathode material in Europe, jointly investing 3 billion euros ($2.89 billion), the companies said on Monday. Umicore will supply PowerCo’s European battery cell factories from 2025 onwards with enough material for batteries powering around 2.2…
By Kevin Buckland TOKYO (Reuters) -Sterling tumbled nearly 5% to an all-time low on Monday as investors ran for the exits after the new government’s fiscal plan threatened to stretch Britain’s finances to their limits. The currency dived as much as 4.85% to an unprecedented $1.0327, extending a 3.61% dive from Friday, when finance minister…
Amazon said Monday that next month it will hold a second Prime Day-like shopping event, making it the latest major retailer to offer holiday deals earlier this year to entice cautious consumers struggling with tighter budgets. During the Oct. 11-12 event, Amazon Prime members will get early access to discounted items. The “Prime Early Access…
TOKYO (Reuters) -Japan’s McDonald’s fast food restaurants will raise prices on about 60% of its offerings to customers, fuelled by rising input costs and exchange-rate fluctuations, the company said on Monday. It marks the company’s second set of price increases this year as Japan grapples with inflationary pressures and a slide in the yen to…
Stocks were mixed in Asia on Tuesday after closing broadly lower on Wall Street, where the Dow Jones Industrial Average fell into what’s known as a bear market. Tokyo, Sydney and Shanghai advanced while Hong Kong and Seoul declined. U.S. futures rose and oil prices also were higher. The week started out with a bout…
By Kevin Buckland TOKYO (Reuters) – Sterling tumbled to a record low on Monday as traders scampered for the exits on speculation the new government’s economic plan will stretch its finances to the limit. The British pound’s searing fall helped the U.S. dollar index – which gauges the greenback versus six peers, including sterling and…
HONG KONG (Reuters) – A tender sale of China Evergrande Group’s headquarters in Hong Kong will close on Oct. 31, real estate services firm Savills said, appointed by receivers to dispose of the asset. Lenders of struggling Evergrande appointed receiver Alvarez and Marsal earlier this month to seize the China Evergrande Center in Hong Kong,…
By Byron Kaye and Harish Sridharan (Reuters) – A KKR & Co Inc led group withdrew a A$20 billion ($13 billion) approach for Australian hospital operator Ramsay Health Care after talks hit a stalemate, killing Australia’s biggest deal of the year and sending the target’s shares tumbling. The decision announced by both sides on Monday…
SYDNEY (Reuters) – Australia plans changes to its privacy rules so that banks can be alerted faster following cyber attacks at companies, Prime Minister Anthony Albanese said on Monday, after hackers targeted Australia’s second-largest telecommunications firm. Optus, owned by Singapore Telecommunications Ltd, last week revealed databases containing home addresses, drivers licences and passport numbers of…
By Aditi Shah NEW DELHI (Reuters) -U.S. startup Fisker Inc will begin selling its Ocean electric sport-utility vehicle (SUV) in India next July and could begin manufacturing its cars locally within a few years, the company’s chief executive officer told Reuters. Sales of electric cars in India will gather pace by 2025-26, Henrik Fisker said…
