(Reuters) – Xpeng on Friday forecast third-quarter revenue below analysts’ expectations and reported a hit to margins following an inventory writedown, sending its U.S.-listed shares down 7% before the bell. The Chinese electric vehicle-maker forecast revenue of 8.5 billion yuan to 9 billion yuan for the current quarter ending September, below estimates of 9.77 billion…
By Daniel Wiessner (Reuters) – Activision Blizzard Inc and Kellogg Co have joined a growing list of major U.S. companies to face claims from a group founded by former Trump administration officials that efforts to diversify their workforces amount to illegal discrimination. America First Legal this week urged the U.S. Equal Employment Opportunity Commission (EEOC)…
BEIJING (Reuters) – Angry investors in trust products of a leading Chinese shadow bank have lodged complaint letters with regulators, pleading with the authorities to step in after the big Chinese trust firm missed payments on dozens of investment products. Zhongrong International Trust Co., which managed assets worth $108 billion at end-2022, has missed payments…
By Summer Zhen, Laura Matthews HONG KONG/NEW YORK (Reuters) -Chinese fears of a spillover from missed payments on some shadow banking linked trust products and worsening consumer sentiment are expected to hasten a policy response to revive the country’s cash-starved property sector. Concerns about the outsized exposure of China’s $3 trillion shadow banking sector, roughly…
ROME (Reuters) – The European Central Bank (ECB) is preparing to send a letter to Italy raising objections about the government’s windfall tax on banks’ profits, the Corriere della Sera daily wrote on Friday. The letter will criticize the fact Rome announced the tax last week without previously informing either the Bank of Italy or…
By Praveen Menon SYDNEY (Reuters) – Australia’s wine industry faces severe oversupply problems that will need years to resolve, experts say, pointing to Chinese tariffs, high production and export bottlenecks during the COVID-19 pandemic. Vineyards nationwide have enough wine in domestic storage to fill 859 Olympic swimming pools, Rabobank said this week in its third-quarter…
A look at the day ahead in U.S. and global markets from Mike Dolan A rekindled bond market fire storm and simmering China property crisis have dragged world stocks to two-month lows, but the sell-off in Treasuries appeared to ease somewhat on Friday and more credit easing is now expected from Beijing next week. Perhaps…
By Jeanny Kao and Faith Hung TAIPEI (Reuters) – Taiwan’s export-dependent economy will probably grow at its slowest pace in eight years this year, the government’s statistics office said on Friday, held back by soft demand for its technology products amid global economic woes. The island’s gross domestic product (GDP) is now expected to expand…
By Steve Holland and Idrees Ali WASHINGTON (Reuters) -The United States has approved sending F-16 fighter jets to Ukraine from Denmark and the Netherlands to defend against Russian invaders as soon as pilot training is completed, a U.S. official said on Thursday. Ukraine has actively sought the U.S.-made F-16 fighter jets to help it counter…
By Gram Slattery WASHINGTON (Reuters) – In mid-March, Florida Governor Ron DeSantis described the Ukraine war as a “territorial dispute” that was not of vital strategic interest to the United States, in a written reply to a questionnaire from Fox News host Tucker Carlson. His comment dismayed allies and drew fierce rebukes from many Republicans…
