(Reuters) – Tesla Inc was the biggest loser among top companies by market capitalisation in April, hit by disappointing quarterly earnings after it posted the lowest quarterly gross margin in two years. Tesla’s market cap dropped to $520.7 billion at the end of April from $657.5 billion in March, a 20.8% decline, pushing it to…
By Leika Kihara INCHEON, South Korea (Reuters) – Bank of Japan Governor Kazuo Ueda said on Tuesday the downside risks to Asia’s economy were smaller than those to other parts of the world, partly due to the region’s resilience to U.S. and European banking sector woes. His remarks underscore optimism over the outlook for Asia’s…
By Yousef Saba and Lisa Barrington DUBAI (Reuters) – Emirates Airline President Tim Clark said on Tuesday that new Saudi airlines and the expansion of regional competitors will not affect the Dubai-based carrier, adding that he sees resilient demand, especially for leisure travel. A number of Emirates’ competitors, such as Air India and Saudia, have…
By Hannah McKay and Natalie Thomas LONDON (Reuters) – Pamela Tawse was 18 and still in her nurse’s uniform and cap when she made her way to central London after her night shift, eager to catch a glimpse of the new Queen Elizabeth on the day of her coronation. It was the huge crescendo of…
By Nell Mackenzie LONDON (Reuters) – Global hedge funds’ bearish positions reached year highs in April, largely aimed at companies selling non-essential consumer products, in a bet that harsher economic times will curtail excess spending, said a Goldman Sachs note on Monday. Hedge funds trading the stocks of U.S. consumer discretionary companies offering flat-screen TVs…
Hong Kong (Reuters) -Hong Kong’s economy grew 2.7% in the first quarter of 2023, John Lee, the leader of the Asian financial hub, said in a surprise announcement ahead of Tuesday’s official release of the data, to snap four consecutive quarters of contraction. Although exports continued to decline in the first quarter, faster growth in…
By Praveen Menon and Roushni Nair SYDNEY (Reuters) -Australia’s flagship carrier, Qantas Airways Ltd, on Tuesday named finance chief Vanessa Hudson as its next chief executive officer, making her the first woman to lead the century-old airline. Hudson will in November take over from Alan Joyce, whose 15 years in the job has made him…
SEOUL (Reuters) – Most of the South Korean central bank’s board members cited concerns about the U.S. banking sector’s health as a major factor to keep interest rates steady at their April 11 meeting, minutes showed on Tuesday. While the collapse of U.S. lender Silicon Valley Bank had only limited direct impact on local markets,…
By Daniel Leussink TOKYO (Reuters) – Japan’s automakers are facing a sales crisis in China, data shows, as a rapid shift to electric vehicles (EVs) has upended the world’s largest auto market and led to a plunge in purchases of gasoline-powered cars. Total sales of Japanese auto brands in China were down 32% year-on-year in…
By Lewis Jackson SYDNEY (Reuters) – Australia’s biggest landlords and developers played down concerns about inflated commercial property valuations at a conference on Tuesday, while acknowledging economic uncertainty was making investors and renters more cautious. Commercial real estate prices are a major concern for investors globally as public markets price the impact of a slowing…
