By Foo Yun Chee and Supantha Mukherjee BRUSSELS/STOCKHOLM (Reuters) – The European Union agreed a 43-billion-euro ($47 billion) chip subsidies plan on Tuesday but the relatively modest budget, lack of a domestic market for cutting-edge chips and red tape could hamper efforts to catch up with the United States and Asia. The size of subsidies…
BEIJING (Reuters) – China has banned senior executives of Raytheon Missiles & Defense and Lockheed Martin Corp from entering, working, staying and residing in the country since Feb. 16, the Ministry of Commerce said on Tuesday. Raytheon and Lockheed Martin have been involved in arms sales to Taiwan for a long time, the ministry said….
By Dan Peleschuk and Guy Faulconbridge KYIV/MOSCOW (Reuters) – Russian President Vladimir Putin has met his commanders in two regions of Ukraine that Moscow claims to have annexed, while Russian forces stepped up heavy artillery bombardments and air strikes on Tuesday on the devastated Ukrainian city of Bakhmut. Ukraine’s President Volodymyr Zelenskiy, meanwhile, visited troops…
BERLIN/SHANGHAI (Reuters) – Volkswagen is investing around 1 billion euros ($1.10 billion) in a new development and procurement centre for electric vehicles in Hefei, China, the company said on Tuesday, in a bid to better adapt its cars to Chinese customers’ tastes. The aim of the centre, dubbed “100%TechCo”, will be to reduce development times…
HONG KONG (Reuters) – Top shareholder of HSBC renewed its call for breaking up of the Asia-focused bank on Tuesday, saying the lender has failed to address key business model challenges which has resulted in deterioration in its operating performance. Ping An Asset Management Company (Ping An AMC) said in a statement HSBC has “drained”…
By Kevin Yao and Joe Cash BEIJING (Reuters) – China’s economy grew at a faster-than-expected pace in the first quarter, as the end of strict COVID curbs lifted businesses and consumers out of crippling pandemic disruptions, although headwinds from a global slowdown point to a bumpy ride ahead. More than a year-long sweeping streak of…
BANGKOK (Reuters) – Thailand’s central bank expects average headline inflation at 2.6% over the next 12 months, within its target range of 1% to 3%, the Bank of Thailand said in an open letter to the Finance Ministry. Medium-term inflation expectations remained well-anchored within the target range, said the letter, which was dated April 7…
TOKYO (Reuters) – Japanese automaker Nissan Motor aims to have seven electrified vehicle models by 2026 and 80% of its line-up to be electrified by 2030 in China, chief operating officer Ashwani Gupta said on the sidelines of the Shanghai auto show on Tuesday. He said that China had already passed the tipping point where…
(Reuters) -Alphabet Inc shares fell as much as 4% on Monday following a report South Korea’s Samsung Electronics was considering replacing Google with Microsoft-owned Bing as the default search engine on its devices. The report, published by the New York Times over the weekend, underscores the growing challenges Google’s $162-billion-a-year search engine business face from…
A look at the day ahead in U.S. and global markets from Mike Dolan With investors largely assuming recession ahead, an accelerating global economic pulse challenges the narrative and is seeing interest rates tick back higher again as the March banking wobble subsides. China’s economy grew at a faster-than-expected 4.5% pace in the first quarter,…
