SHANGHAI/BEIJING (Reuters) – Ford said on Monday it was working to reduce costs in China as it strives to recover from a long sales slump in the world’s largest auto market. “Our costs are not competitive, and we are working internally and with our partners to reduce costs in all areas,” a representative of Ford…
By Ari Rabinovitch and Steven Scheer JERUSALEM (Reuters) – Many of the biggest and wealthiest cities in Israel went on strike on Monday over a plan to reallocate their tax income, opening a new front against the government that is already under pressure over a contested judicial reform. The strike, bringing school closures and a…
By Norihiko Shirouzu, Paul Lienert and Victoria Waldersee (Reuters) – Tesla Inc’s new vehicle-assembly system, which created instant buzz when it was unveiled in March, ignited a debate among auto manufacturing experts on whether CEO Elon Musk’s so-called unboxed process is radical, revisionist or derivative – or all of the above. Musk believes the company…
(Reuters) – A look at the day ahead in U.S. and global markets by Amanda Cooper. Time is running out to break the impasse on the U.S. government borrowing limit. President Joe Biden is meeting Congressional leaders on Tuesday to try to hash out a compromise to raise the debt limit and avoid a catastrophic…
(Reuters) – Hong Kong Disneyland Resort (HKDL) said on Monday its 2022 revenue jumped 31% as the number of domestic visitors to its attractions hit a record, helping the company shrug off the effects of pandemic-related restrictions. Revenue for the 52-week year ended on Oct. 1, 2022 grew to HK$2.2 billion ($280.29 million), with the…
(Reuters) -Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures. Vice said that the lender consortium, which includes Fortress Investment Group, Soros Fund Management and Monroe Capital, will provide about…
By Alasdair Pal SYDNEY (Reuters) – PricewaterhouseCoopers (PwC) said the former CEO of its Australia business, who stepped down just last week, will retire from the firm, while the auditor also announced an independent review into a leak of confidential government tax information. Tom Seymour will retire as a partner at the firm on Sept….
SHANGHAI (Reuters) – China’s securities regulator and central bank cut the budget allocation for employee salaries in 2023, following reforms ordered as part of a broader drive to reduce income disparity. The 2023 budget report for the China Securities Regulatory Commission (CSRC) was released on Friday, while the People’s Bank of China (PBOC) budget report…
BRUSSELS (Reuters) – Euro zone industrial production fell by far more than expected in March as output of capital goods plunged, although the sharp reduction appeared to be a result of figures from Ireland, which are typically volatile. The European Union’s statistics office Eurostat said on Monday that industrial production in the 20 countries sharing…
BEIJING (Reuters) -A 78-year-old U.S. citizen and Hong Kong resident was on Monday convicted of espionage and sentenced to life imprisonment by a court in eastern China, a court statement said. John Shing-wan Leung was also stripped of his political rights after a brief trial on Monday, the Suzhou Intermediate People’s Court said in the…
