By Sudipto Ganguly MUMBAI (Reuters) -Indian Prime Minister Narendra Modi’s party has “nothing to hide or be afraid of” on the controversy over Adani group, the home minister said on Tuesday, responding to opposition allegations of favouring the conglomerate attacked by a U.S. short seller. Led by billionaire Gautam Adani, the business house’s seven listed…
BERLIN (Reuters) -Ford plans to cut 3,800 product development and administration jobs in Europe in the next three years, the company said on Tuesday, citing rising costs and the need for a leaner structure as it pivots production to electric vehicles. Around 2,300 jobs will go at the carmaker’s Cologne and Aachen sites in Germany,…
By Huw Jones LONDON (Reuters) -Britain on Tuesday will set out draft legislation to regulate “buy now pay later” credit, saying the sector posed potential harm to consumers without thorough affordability checks. BNPL companies are largely unregulated and typically offer on-the-spot interest-free short-term loans that spread payments for retail goods like clothing. The sector nearly…
By Tom Sims and John O’Donnell FRANKFURT (Reuters) – For years, Allianz, one of the world’s biggest investors, piled billions into property, wind farms and even London’s sewage system, but now it is moving to shun such “alternative” investments for plain vanilla bonds, people with knowledge of the matter said. The German company’s new approach…
TOKYO (Reuters) – Japan’s Toshiba Corp on Tuesday reported an 87.5% drop in third-quarter operating profit and cut its full-year earnings estimate for a second time. It also said Chief Operating Officer Goro Yanase had resigned over the inappropriate use of entertainment expenses in 2019 when he was an executive at Toshiba Energy Systems and…
By Ankur Banerjee SINGAPORE (Reuters) – The dollar was broadly lower on Tuesday ahead of a keenly anticipated inflation report, while the yen strengthened as surprise pick Kazuo Ueda was nominated to be the next governor of Bank of Japan. Markets are looking to the U.S. consumer price index (CPI) data for further clues on…
(Reuters) -Walmart Inc will close three of its U.S. technology hubs, asking hundreds of workers to relocate to keep their jobs, a company spokesperson told Reuters on Monday. Nearly all technology employees across the company would be expected to work in their offices for at least two days a week, added Robert Munroe, Walmart’s director…
By Sudarshan Varadhan (Reuters) -Oil prices fell on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers, defying expectations from some traders that the release could be cancelled or delayed. Brent crude futures fell by 70 cents, or 0.81%, to $85.91 per barrel…
(Reuters) -U.S. President Joe Biden is expected to name Federal Reserve Vice Chair Lael Brainard to the White House’s top economic policy position as early as Tuesday, a source familiar with the matter said on Monday. Brainard would replace White House National Economic Council (NEC) Director Brian Deese, who has announced his resignation. In addition…
By Richa Naidu LONDON (Reuters) -This Valentine’s Day is set to look different after a year of record food inflation that has sent up prices of everything from flowers to chocolates and dining in restaurants. COVID-era supply chain logjams and Russia’s invasion of Ukraine have meant that Britons paid a record 16.7% more for food…
