By Yousef Saba and Rachna Uppal ABU DHABI (Reuters) – International Holding Company plans to sell 20% of its technology unit in an initial public offering next year, its CEO told Reuters, adding that the UAE’s IHC is aiming for a first quarter IPO of Pure Health to raise more than $1 billion. IHC, which…
BRUSSELS (AP) — On winter’s doorstep, European Union nations again failed to bridge bitter disagreements over a natural gas price cap Thursday as they struggle to effectively shield 450 million citizens from massive increases in their utility bills. An emergency meeting of energy ministers only showed how the energy crisis tied to Russia’s war in…
By Ahmad Ghaddar LONDON (Reuters) -Oil prices fell on Thursday, hovering around two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply. A bigger than expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward…
BEIJING (Reuters) – Postal Savings Bank of China has agreed to provide a total of 280 billion yuan ($39.17 billion) in financing to property companies including Vanke, Longfor and Country Garden, it said in a statement on Thursday. ($1 = 7.1479 Chinese yuan renminbi) (Reporting by Ziyi Tang and Ryan Woo; Editing by David Goodman)
By Aditi Shah NEW DELHI (Reuters) – Fiat parent Stellantis has concluded it can’t currently make affordable electric vehicles in Europe and is looking at lower-cost manufacturing in markets such as India, its chief executive told reporters. If India, with its low-cost supplier base, is able to meet the company’s quality and cost targets by…
By Dominique Vidalon PARIS (Reuters) – France’s Remy Cointreau reported a stronger-than-expected 27% jump in first-half operating profit and kept its guidance for a slower second half, saying consumption trends were returning to more normal levels. Chief Executive Eric Vallat also said he was “cautiously optimistic” about business in China, a key market, in the…
By Yimou Lee and Brenda Goh TAIPEI/SHANGHAI (Reuters) – Foxconn said on Thursday a pay-related “technical error” occurred when hiring new recruits at a COVID-hit iPhone factory in China and apologised to workers after the company was rocked by fresh labour unrest. Men smashed surveillance cameras and clashed with security personnel as hundreds of workers…
BEIJING (AP) — The company that assembles Apple Inc.’s iPhones apologized Thursday for a pay dispute that triggered employee protests at a factory where anti-virus controls have slowed production. Employees complained Foxconn Technology Group changed the terms of wages offered to attract them to the factory in the central city of Zhengzhou. Foxconn is trying…
MADRID (Reuters) – Spanish insurer Mapfre will pay a one-time 400 euro ($417.32) bonus at Christmas to its approximately 10,000 employees in Spain to help them cope with soaring inflation. The company provided a 350 euro bonus in July. “These are two extraordinary actions seeking to compensate the high rates of inflation,” Mapfre said in…
TOKYO (AP) — Asian shares were mixed Friday as worries deepened about the regional economy and Japan reported higher-than-expected inflation. Benchmarks fell in Tokyo, Seoul and Hong Kong, but rose in Sydney and Shanghai. Oil prices advanced. Investors have their eyes on China’s lockdowns and restrictions to curb the spread of coronavirus infections, as the…
