BERLIN (Reuters) – A manual transmission plant owned by Volkswagen’s joint venture with SAIC Motors will close next March, the carmaker said on Friday. The news was communicated to staff this week in a letter published in local media, marking the latest step in the joint venture’s winding down of production of manual cars because…
WASHINGTON (Reuters) – Congress plans to hold a hearing on Ticketmaster, prompted by problems with Taylor Swift ticket sales this week and long-running issues like hidden fees, a key senator said on Friday. Senator Amy Klobuchar, chair of the Senate antitrust panel, did not give a date for the hearing but said it would be…
(Reuters) -E-commerce firm JD.com Inc posted an 11.4% rise in third-quarter revenue on Friday, beating analysts’ estimates as COVID-19 lockdowns in China led more consumers to shop online. U.S.-listed shares in JD.com rose more than 3% in trading before the bell. Chinese retail spending has sagged this year, with consumers frustrated by the government’s strict…
LONDON (AP) — Britain’s Conservative government on Friday defended its decision to hike taxes for millions of working people in the “squeezed middle” class as it tries to shore up an economy battered by double-digit inflation and the reckless tax-cutting of recently ousted Prime Minister Liz Truss. An emergency budget announced by Treasury chief Jeremy…
HONG KONG (Reuters) -Moody’s Corp is shutting its China consulting business and is laying off people associated with the unit in multiple locations across the country, two people with knowledge of the matter said on Friday. The U.S.-headquartered credit rating firm started winding down the business, Moody’s Analytics, in China this week, the people said…
By Nell Mackenzie LONDON (Reuters) – Credit funds at Blackstone, Apollo, DZ Bank and Astra Asset Management picked up bargains from UK pension funds during their scramble for cash, and some say pension schemes are still offloading assets as pressures persist. British defined benefit pension funds were caught up in market turmoil in September caused…
(Reuters) – Tesla Inc has recalled nearly 30,000 Model X cars over an issue that may cause the front passenger air bag to deploy incorrectly. The issue would be remedied over an over-the-air update, the company said. (Reporting by Akash Sriram in Bengaluru; Editing by Anil D’Silva)
FRANKFURT, Germany (AP) — European Central Bank President Christine Lagarde warned Friday that the bank may have to raise interest rates beyond merely withdrawing stimulus and into territory that could restrain growth as the bank fights to control record inflation in the 19 countries that use the euro. “We expect to raise rates further, and…
(Reuters) – Hong Kong’s Cathay Pacific Airways Ltd said on Friday its fiscal 2022 second-half results are expected to improve over the first half, helped by an uptick in travel and air cargo demand but maintained it would record an annual loss. (Reporting by Jaskiran Singh in Bengaluru; Editing by Sriraj Kalluvila)
BEIJING (Reuters) – China’s property sector will remain weak but will see a gradual recovery in 2023, economists said in a Reuters poll, expecting further stimulus measures and looser COVID-19 curbs to support the crisis-stricken sector next year. New home prices are expected to fall in the first half of next year before rising for…
