MILAN (Reuters) – Shares in Credit Suisse tumbled to a fresh lifetime low below 3 Swiss francs on Tuesday as investors dumped rights to subscribe to new shares in the loss-making lender. By 0937 GMT, Credit Suisse shares fell 3.3% to 2.912 Swiss francs as the subscription rights tumbled 22% to 0.112 on the second…
By Heekyong Yang and Joyce Lee SEOUL (Reuters) – South Korea’s Hyundai Motor Group has signed an agreement to source electric vehicle (EV) batteries in North America from battery maker SK On, the companies said on Tuesday. The partnership follows the signing in August of the U.S. Inflation Reduction Act, which will require automakers to…
SEOUL (Reuters) -South Korea’s Hyundai Motor Group and battery maker SK On have signed a pact on the supply of electric vehicle (EV) batteries in North America, the companies said on Tuesday. In a statement, SK On said the memorandum of understanding (MOU) lets the two companies cooperate in providing its batteries to the auto…
ZURICH (Reuters) – Nestle has tweaked its 2022 sales outlook higher, the world’s largest packaged food company said ahead of an investor seminar on Tuesday. “We now expect organic sales growth between 8% and 8.5%. The underlying trading operating profit margin is expected around 17.0%. Underlying earnings per share in constant currency and capital efficiency…
TOKYO (AP) — Asian shares were mostly lower Wednesday ahead of a closely watched speech by the Federal Reserve chief that may give clues about future interest rate hikes. Investors were also eyeing developments in China, where protests have erupted over the “zero-COVID” strategy that has confined millions of people to their homes, sometimes for…
(Reuters) – S&P Global Ratings lowered its 2023 growth forecast for emerging economies on Tuesday, citing persistent pressures from the Russia-Ukraine conflict, a lingering COVID-19 pandemic and tight monetary policy conditions. The ratings agency now projects real gross domestic product growth of 3.8% next year, down from its previous forecast of a 4.1% expansion. “The…
NAIROBI (Reuters) -Kenya’s Centum Investment Company Plc said on Tuesday its pretax profit rose to 224 million shillings ($1.83 million) in the first half to end-September from 12.5 million shillings a year ago. Group investment and other income fell to 713.4 million shillings from 987 million shillings, while operating and administrative costs dropped to 254.7…
SEOUL, South Korea (AP) — South Korea’s government issued an order Tuesday for some of the thousands of truck drivers who have been on strike to return to work, insisting that their nationwide walkout over freight fare issues is hurting an already weak economy. Despite facing the threat of delicensing or even prison terms, the…
By Yew Lun Tian, Yimou Lee and Brenda Goh SHANGHAI/TAIPEI (Reuters) – When officials from his Chinese village approached Hou last month, urging him to work at the world’s largest iPhone factory for at least twice the usual pay, he knew it was risky. Tens of thousands of workers had fled the plant in central…
HONG KONG (Reuters) – Shares of Chinese property companies soared on Tuesday after the country’s securities regulator lifted a ban on equity refinancing for listed property firms, in the latest support measure for the embattled real estate sector. Hong Kong’s Hang Seng Mainland Properties Index rose 6.3%. Shares of Country Garden jumped 13.4%, while Longfor,…
