(Reuters) -Cryptocurrency exchange Binance said on Thursday it was committing $1 billion to establishing an industry recovery initiative (IRI) to invest in companies from the digital assets sector. The move comes at a time when the crypto market is teetering from the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United…
DEARBORN, Mich. (AP) — Ford Motor Co. is recalling over 634,000 SUVs worldwide because a cracked fuel injector can spill fuel or leak vapors onto a hot engine and cause fires. The recall covers Bronco Sport and Escape SUVs from the 2020 through 2023 model years. All have 1.5-liter, three-cylinder engines. The Dearborn, Michigan, automaker…
NEW YORK (AP) — While Black Friday will mark a return to familiar holiday shopping patterns, uncertainty still remains. The U.S. job market remains strong, consumer spending is resilient and inflation has been slowing. But elevated prices for food, rent, gasoline and other household costs have taken a toll on shoppers. As a result, many…
NANTUCKET, Massachusetts (Reuters) – President Joe Biden said on Thursday a price cap on Russian oil being proposed by the United States and its Western allies was in play, adding that he had spoken to Treasury Secretary Janet Yellen on the issue. “It’s in play,” Biden told reporters during a Thanksgiving holiday visit to a…
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…
