By Vidya Ranganathan and Stefania Spezzati SINGAPORE/LONDON (Reuters) – Credit Suisse, driven into a rescue by UBS after heavy cash outflows, is seeking to claw back business by offering rich clients some of the highest deposit rates in the industry, according to a person familiar with the bank’s activities in Asia. On three-month deposits above…
By Victoria Waldersee and Jan Schwartz BERLIN (Reuters) -Germany’s top carmakers were challenged by a Berlin-based rights group on Wednesday over the extent of their due diligence to prevent forced labour in their supply chain, as Volkswagen said it would conduct an audit at its plant in Xinjiang. Volkswagen, BMW and Mercedes-Benz were accused of…
By Joanna Plucinska PARIS (Reuters) – Big deals at this week’s Paris Airshow have highlighted a sharp recovery in air travel demand. The sector promises to reduce net emissions to zero by 2050. Green groups say more planes in the sky could hamper those efforts. Aviation generates roughly 3% of global emissions. It is also…
By Sergio Goncalves LISBON (Reuters) – Keeping Lisbon’s airport hub and safeguarding TAP’s strategic role for Portugal will be key conditions of the airline’s upcoming privatisation, more than the sale price, the government said on Wednesday. Portugal wants to keep a strategic stake in TAP and will not offer all its capital in the privatisation,…
By Qiaoyi Li and Liz Lee BEIJING/SHANGHAI (Reuters) -China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles (EVs) and other green cars, its biggest yet for the industry as it seeks to boost slower auto sales growth. Weakening sales growth in the world’s biggest…
(Reuters) – U.S. Treasury Secretary Janet Yellen will press world leaders to take concrete actions at a summit this week on easing the debt burdens of low-income nations, a senior Treasury Department official said on Wednesday. Yellen will lead the U.S. delegation to the Paris meeting on Thursday and Friday. French President Emmanuel Macron also…
By Giulio Piovaccari MILAN (Reuters) – Pirelli investor Brembo is worried about strains between the tyremaker’s Italian and Chinese shareholders and is likely to steer clear of any plan to build an Italian majority in the company, two sources told Reuters. Last week, the Italian government intervened in a shareholder governance agreement at Pirelli, using…
By Luc Cohen NEW YORK (Reuters) -A former New York City police sergeant was convicted by a jury on Tuesday of acting as an illegal Chinese agent by intimidating a U.S.-based fugitive to try to get him to return to his homeland to face charges. Federal prosecutors in Brooklyn said Michael McMahon was hired to…
(Removes typo in CEO’s name in 19th paragraph) By Giulio Piovaccari MILAN (Reuters) -Pirelli investor Brembo is worried about strains between the tyremaker’s Italian and Chinese shareholders and is likely to steer clear of any plan to build an Italian majority in the company, two sources told Reuters. Last week, the Italian government intervened in…
NEW YORK (Reuters) – The Federal Reserve’s fight to lower inflation back to its 2% target “has a long way to go,” Federal Reserve Chair Jerome Powell said on Wednesday in testimony prepared for delivery to the House Financial Services Committee. Investors broadly expect increases to resume at the Fed’s July meeting, after the Fed…
