By Valentina Za and Alexandra Schwarz-Goerlich MILAN (Reuters) -Italy’s biggest bank Intesa Sanpaolo is getting closer to securing approval from Moscow to transfer its Russian business to local management, a source close to the matter said, as the country’s stance on asset disposals shifts. Intesa has said in the past that it was working “to…
By Alexander Marrow and Polina Devitt LONDON (Reuters) – The Kremlin’s fear of a serious tech brain drain is the main factor preventing Moscow from nationalising Nasdaq-listed Yandex, often dubbed “Russia’s Google”, four people with knowledge of the company’s divestment plans told Reuters. Yandex’s fate has been the subject of much speculation since it announced…
By Asif Shahzad ISLAMABAD (Reuters) -Pakistan’s outgoing prime minister, Shehbaz Sharif, and the leader of the opposition will meet again on Friday to try to pick a caretaker leader to oversee a general election due by November, the premier’s office said. Sharif and opposition leader Raja Riaz held a first round of talks on Thursday…
By Julian Luk LONDON (Reuters) – China’s largest private copper producer Nanfang Nonferrous is due to bring a major new smelter to production by October, more than doubling its capacity, a few months ahead of expectations, four sources with direct knowledge of the matter told Reuters. Used for wiring in electric vehicles, copper is a…
By Stefanno Sulaiman TANGERANG, Indonesia (Reuters) – Indonesia said on Thursday it would give automakers two more years to qualify for electric vehicle incentives in Southeast Asia’s largest auto market, a move followed by investment commitments by China’s Neta EV brand and Mitsubishi Motors. The moves announced at the Jakarta auto show come as Indonesia…
By Elias Biryabarema KAMPALA (Reuters) -Uganda’s President Yoweri Museveni on Thursday denounced the World Bank’s decision to suspend new funding in response to a harsh anti-LGBTQ law and vowed to find alternative sources of credit. The country would have to revise its budget to absorb the move’s potential impact, a junior finance minister said. The…
(Reuters) -Hong Kong’s Cathay Pacific Airways on Thursday said it intends to purchase up to 32 Airbus A321neo and A320neo aircraft to invest and upgrade its fleet, bringing the carrier’s new aircraft deliveries to up to more than 70. “These aircraft feature the latest technological enhancements to provide a quieter, more comfortable, and more fuel-efficient…
(Reuters) – Ratings agency Moody’s on Thursday downgraded Chinese developer Country Garden’s corporate family rating (CFR) to Caa1 from B1, citing heightened liquidity and refinancing risk after the company missed bond payments. Caa1 rating is a level that signals a very high credit risk, according to the ratings agency’s website. Country Garden expects to record…
By Foo Yun Chee BRUSSELS (Reuters) -The European Commission will analyse the U.S. ban on new U.S. investment in China in sensitive technologies as the issue is also important to the European Union’s economic security, the EU executive said on Thursday. U.S. President Joe Biden on Wednesday signed an executive order to prohibit or restrict…
By Karen Freifeld, Andrea Shalal and David Shepardson NEW YORK/WASHINGTON (Reuters) -President Joe Biden on Wednesday signed an executive order that will prohibit some new U.S. investment in China in sensitive technologies like computer chips and require government notification in other tech sectors. The long-awaited order authorizes the U.S. Treasury secretary to prohibit or restrict…
