BRUSSELS (Reuters) – Euro zone economic growth was 0.1% quarter-on-quarter in the first three months of the year, the EU’s statistics agency confirmed on Tuesday, with rising employment and a sharp increase in exports that boosted the euro zone trade surplus. Eurostat also confirmed its earlier estimate that gross domestic product in the 20 countries…
By Elvira Pollina and Giuseppe Fonte MILAN (Reuters) -Australian fund Macquarie is raising legal hurdles over a plan backed by Italy’s Treasury for state lender CDP to join forces with U.S. fund KKR to buy Telecom Italia’s (TIM) landline grid, three sources said. TIM <TLIT.MI> directors have set a final deadline of June 9 for…
LONDON (Reuters) – Investors lifted equity allocations to a 5-month high but cash levels also increased to 5.6%, even as they remained worried about a possible credit crunch and inflation staying elevated, a Bank of America survey showed on Tuesday. The survey of 289 fund managers with a total of $753 billion in assets showed…
(Reuters) – Tesla Inc has applied for regulatory clearance to expand its Shanghai plant and to begin producing for the first time pouch-type battery cells, albeit in small numbers. An undated public notice said the potential expansion would give the Shanghai Gigafactory the capacity to produce 1.75 million powertrain units annually, up from 1.25 million…
By Byron Kaye SYDNEY (Reuters) – Australia’s big banks are pivoting to what analysts say could be a risky fight for growth in the country’s unloved business loans market as a price war ends a decade-long profit bonanza in the mortgage sector. The country’s four largest lenders said this month they would redirect capital and…
By Toby Sterling ANTWERP, Belgium (Reuters) – EU industry chief Thierry Breton on Tuesday touted the European Chips Act passed last month, saying Europe must manufacture its own cutting-edge computer chips and not be relegated to a position on research or in building relatively older chips. “With the Chips Act now agreed, we are sending…
(Reuters) -Morgan Stanley is considering a 7% cut in its Asia-Pacific investment banking workforce, or about 40 jobs, according to a source with direct knowledge of the matter. The cuts would mainly impact the investment banking and capital markets business in the region, not including Japan. A Morgan Stanley spokesperson declined to comment. The job…
By Heekyong Yang SEOUL (Reuters) -South Korea’s LG Display Co Ltd will start supplying high-end TV panels to Samsung Electronic Co Ltd from as early as this quarter, three sources said, in a deal that would help the loss-making flat-screen maker turn profitable. LG Display aims to supply 2 million units next year and boost…
By Kirsty Needham SYDNEY (Reuters) – Papua New Guinea Prime Minister James Marape said that the United States had been a “silent” security partner to his nation but that a defence cooperation pact to be signed when Joe Biden arrives Monday will see Washington “stepping out”. Biden will be the first sitting U.S. president to…
By Lucy Craymer WELLINGTON (Reuters) – New Zealand Labour government is set to reveal a worse budget bottom line and economic outlook on Thursday as it delivers what it calls a “no frills” 2023-24 budget to avoid fuelling inflation. Since coming into power, Prime Minister Chris Hipkins has cut costly programmes and reiterated the government’s…
