March 2023

By Corina Pons and Helen Reid MADRID (Reuters) – A year into chairing the world’s biggest fashion retailer, Marta Ortega is trying to shake up Zara owner Inditex’s fast-fashion image and draw in more aspirational shoppers, according to analysts and investors. That strategy has already helped Inditex grow sales and profits as the retailer passed…

By David Kirton SHENZHEN, China (Reuters) – China’s Huawei Technologies Co Ltd said net profit slumped last year, as the tech conglomerate boosted research and development spending and grappled with increases in materials costs. But revenue climbed 0.9%, in line with a company prediction, suggesting that Huawei has reached some level of stability after successive…

By Victoria Waldersee and Christina Amann BERLIN (Reuters) -BMW is betting on efficient design and recycling to bring down battery costs and is steering clear of investing in mines, its finance chief said on Friday, setting it apart from some competitors digging deep into the supply chain. “We don’t think it is right to invest…

LONDON (Reuters) – Britain’s economy grew in the fourth quarter of last year, official data showed on Friday, with a jump of business at travel agents and state support for soaring energy bills helping the country to avoided falling into recession. Economic output increased by 0.1% in the October-to-December period from the previous three months…

TOKYO (Reuters) -Japan said on Friday it will restrict exports of 23 types of semiconductor manufacturing equipment, aligning its technology trade controls with a U.S. push to curb China’s ability to make advanced chips. Japan, home to major global chip equipment makers such as Nikon Corp and Tokyo Electron Ltd, did not specify China as…

By Sudarshan Varadhan BEIJING (Reuters) -Oil prices were very slightly down in Asian morning trade on Friday as bullish sentiment about Chinese demand and potential Middle Eastern supply disruptions was tempered by uncertainty over U.S. economic data on Friday. Brent futures, which have risen nearly 6% this week, were down 19 cents, or -0.24%, at…

By Xinghui Kok (Reuters) – Growth in the developing economies of East Asia and the Pacific will accelerate in 2023 thanks to China’s reopening and economic rebound, but high inflation and household debt will weigh on consumption in some countries, the World Bank said on Friday. The Washington-based lender in a report said it expected…

By Sudarshan Varadhan SINGAPORE (Reuters) – Oil prices climbed in early Asian trade on Friday as sentiment was boosted by an expansion in factory activity in China, the world’s second largest crude consumer, and as concerns grew about Middle Eastern supply. Brent futures, which have risen nearly 6% this week, were up 15 cents, or…

By Twinnie Siu and Scott Murdoch (Reuters) -E-commerce firm JD.com Inc is planning to spin off its property and industrial units and list them on the Hong Kong stock exchange in deals worth $1 billion each, two people with direct knowledge said on Friday. The plan marks the latest revamp in the Chinese technology sector…