By Huseyin Hayatsever and Ece Toksabay ISTANBUL (Reuters) – Turkish President Tayyip Erdogan, in an unexpected move, said on Monday the European Union should open the way for Ankara’s accession to the bloc before Turkey’s parliament approves Sweden’s bid to join the NATO military alliance. Turkey’s bid to join the EU has been frozen for…
By John Irish and Andrius Sytas VILNIUS (Reuters) -Ukraine’s largest Western allies are still finalising a joint framework that would pave the way for long-term security assurances for Kyiv, and may wait until the end of a NATO summit this week to announce them, European diplomats say. The 31-member NATO alliance meets in Lithuania on…
SHANGHAI (Reuters) – General Motors Co on Monday cut the starting price for the Cadillac Lyriq in China by almost 14%, joining Volkswagen in a new round of electric vehicle price reductions in a market where global automakers are under pressure. The Lyriq, a luxury crossover based on GM’s Ultium EV architecture, is now priced…
NEW DELHI (Reuters) – Taiwan’s Foxconn said on Monday it had withdrawn from a joint venture with conglomerate Vedanta, in a blow to Indian Prime Minister Narendra Modi’s chipmaking plans. Here is a timeline of how events have unfolded since the signing of the $19.5 billion joint venture: * Feb. 14, 2022: Foxconn partners with…
By Asif Shahzad ISLAMABAD (Reuters) – Fitch credit rating agency on Monday upgraded Pakistan’s long-term foreign currency issuer default rating to CCC from CCC-, a positive sign for a country reeling under its worst economic crisis. Fitch said in a statement the upgrade reflected the country’s improved external liquidity and funding conditions following a staff…
BEIJING (Reuters) – China’s central bank on Monday extended until the end of 2024 some policies in a November rescue package to shore up the real estate sector, with current supports for the sector failing to gain traction and markets expecting more stimulus to be rolled out soon. Last November, the People’s Bank of China…
By Aditi Shah and Riddhima Talwani NEW DELHI (Reuters) – Hyundai Motor Co on Monday launched a small sport-utility vehicle (SUV) in India aimed at young car buyers, a move analysts said is an attempt to reclaim share from rivals that have gained ground with new car models. The Exter SUV will be priced from…
By Scott Murdoch and Julie Zhu HONG KONG (Reuters) – Alibaba Group and Tencent shares rose in Hong Kong on Monday as China’s $984 million fine for Ant Group was viewed as signalling the end of a regulatory crackdown on the country’s technology sector. After the penalty on Friday, Jack Ma-founded Alibaba affiliate Ant announced…
BEIJING (Reuters) – The announcement of a nearly $1 billion fine by Chinese regulators on Ant Group has drawn a line under the fintech giant’s woes and given hope to investors that a regulatory crackdown on China’s broader technology sector is over. Ant’s story so far has been one of a dramatic reversal in fortunes:…
By Seunggyu Lim SEOUL (Reuters) -South Korea’s financial services regulator has asked major commercial banks to prepare around $4 billion in financing to support a credit cooperative hit by customer withdrawals, two banking sources familiar with the matter said on Monday. An official at the Financial Services Commission said it could not confirm the amount…
