By Winni Zhou and Tom Westbrook SHANGHAI/SINGAPORE (Reuters) – China’s increasingly urgent efforts to tip its mountain of savings into the economy are running up against depositors shy of all but the safest investments, in the latest sign that weak confidence is holding back post-pandemic spending and growth. The latest move — prodding the “big…
By Foo Yun Chee, Martin Coulter and Supantha Mukherjee (Reuters) -European lawmakers came a step closer to passing new rules regulating artificial intelligence tools such as ChatGPT, following a crunch vote on Thursday where they agreed tougher draft legislation. The European Union’s highly anticipated AI Act looks set to be the world’s first comprehensive legislation…
OSLO (Reuters) -Norway’s centre-left government said on Thursday it plans to spend an extra 56 billion Norwegian crowns ($5.3 billion) from its sovereign wealth fund in 2023 to compensate for soaring inflation and pay for aid to Ukraine. Cash spending from the $1.4 trillion fund is now expected to reach 372.6 billion crowns this year,…
By Christoph Steitz and Tom Käckenhoff FRANKFURT (Reuters) – Thyssenkrupp’s outgoing Chief Executive Martina Merz sought to assuage investor fears that her exit would slow down the conglomerate’s turnaround efforts, as the German company swung to a net loss in the second-quarter. The submarines-to-car parts group has been criticised for not making enough progress with…
By Abhirup Roy SAN FRANCISCO (Reuters) -Rivian Automotive Inc is betting it can keep prices high for its debut lines of electric pickup trucks and sport-utility vehicles even when competition swells, its CEO said, a bold move that may be necessary if the startup wants to make a profit. And one some see as risky,…
By Andrea Shalal NIIGATA, Japan (Reuters) – U.S. Treasury Secretary Janet Yellen on Thursday said many members of the Group of Seven advanced economies shared U.S. concerns about China’s use of “economic coercion” against other countries, and were considering how to counter such behavior. Yellen told a press conference that Washington had also long considered…
By Yimou Lee TAIPEI (Reuters) -Apple Inc supplier Foxconn on Thursday posted a 56% plunge in first-quarter net profit, lagging forecasts in its biggest quarterly fall in three years, and said visibility for the full year was “limited”. The Taiwanese company said net profit for the January-March quarter fell to T$12.8 billion ($417.17 million) from…
By Farah Master HONG KONG (Reuters) – For many of China’s manufacturers of baby and children’s products, painful reverberations from last year’s historic decline in the country’s population are already upon them. Domestic sales are shrinking and the scramble is on to develop new streams of revenue, whether that be diversifying into products for adults…
(Reuters) -A U.S. Army sergeant was sentenced to 25 years in a Texas prison on Wednesday for killing a man at a protest against police brutality in 2020, setting the stage for Governor Greg Abbott to make good on a pledge to grant a pardon. Daniel Perry was found guilty last month of shooting to…
LONDON (Reuters) – The cost of insuring against a U.S. default rose to its highest since early 2009 on Thursday, in the latest sign of investor nerves over the debt ceiling standoff. U.S. 5-year sovereign credit default swaps rose to 74 basis points, according to data from S&P Global Market Intelligence, up from 73 basis…
