BRUSSELS (Reuters) – Euro zone economic growth was 0.1% quarter-on-quarter in the first three months of the year, the EU’s statistics agency confirmed on Tuesday, with rising employment and a sharp increase in exports that boosted the euro zone trade surplus. Eurostat also confirmed its earlier estimate that gross domestic product in the 20 countries…
MUNICH (Reuters) – Former Audi boss Rupert Stadler accepted his role in committing fraud by negligence in the diesel emissions scandal, according to a statement made in German court on Tuesday, having agreed early in May to a deal which would get him a suspended sentence. The former CEO has been on trial for fraud…
By Elvira Pollina and Giuseppe Fonte MILAN (Reuters) -Australian fund Macquarie is raising legal hurdles over a plan backed by Italy’s Treasury for state lender CDP to join forces with U.S. fund KKR to buy Telecom Italia’s (TIM) landline grid, three sources said. TIM <TLIT.MI> directors have set a final deadline of June 9 for…
By Chayut Setboonsarng and Panu Wongcha-um BANGKOK (Reuters) – Thailand’s two main opposition parties agreed on Monday to form a ruling coalition after they trounced in a weekend election military-backed rivals that have controlled government for nearly a decade. The Move Forward party and opposition heavyweight Pheu Thai dominated Sunday’s ballot in a rout of…
By Amanda Cooper LONDON (Reuters) -Global shares edged up on Tuesday, while the dollar eased back from five-week highs as U.S. lawmakers prepared for another round of talks to resolve the deadlock over the government’s borrowing limit. The weaker dollar supported crude oil and equities, although investors were wary of crucial U.S. government debt-ceiling negotiations,…
LONDON (Reuters) – Investors lifted equity allocations to a 5-month high but cash levels also increased to 5.6%, even as they remained worried about a possible credit crunch and inflation staying elevated, a Bank of America survey showed on Tuesday. The survey of 289 fund managers with a total of $753 billion in assets showed…
(Reuters) – Tesla Inc has applied for regulatory clearance to expand its Shanghai plant and to begin producing for the first time pouch-type battery cells, albeit in small numbers. An undated public notice said the potential expansion would give the Shanghai Gigafactory the capacity to produce 1.75 million powertrain units annually, up from 1.25 million…
By Byron Kaye SYDNEY (Reuters) – Australia’s big banks are pivoting to what analysts say could be a risky fight for growth in the country’s unloved business loans market as a price war ends a decade-long profit bonanza in the mortgage sector. The country’s four largest lenders said this month they would redirect capital and…
By Byron Kaye SYDNEY (Reuters) – Australia’s big banks are pivoting to what analysts say could be a risky fight for growth in the country’s unloved business loans market as a price war ends a decade-long profit bonanza in the mortgage sector. The country’s four largest lenders said this month they would redirect capital and…
By David Lawder, Andrea Shalal WASHINGTON (Reuters) -The U.S. Treasury Department reiterated Monday it expects to be able to pay the U.S. government’s bills only through June 1 without a debt limit increase, increasing pressure on congressional Republicans and the White House to reach a deal in coming days. In her second letter to Congress…
