(Reuters) – Electric car maker Tesla Inc is laying off some battery production workers at its Shanghai plant, Bloomberg News reported on Friday, citing people familiar with the matter. It was not clear how many workers may be let go, or the specific reasons behind the layoffs, according to the report. Tesla did not immediately…
By David Lawder and Joe Cash WASHINGTON/BEIJING (Reuters) – As U.S. Treasury Secretary Janet Yellen tries to steady an increasingly tense relationship with China, the world’s two largest economies remain tightly linked, but are showing some signs of future weakness. Yellen starts meetings on Friday with senior Chinese officials pledging to seek “healthy competition” with…
By Lewis Jackson SYDNEY (Reuters) – PwC Australia advised Uber and Facebook how to restructure in face of an Australian law clamping down on tax avoidance, but both companies said on Friday they were surprised to find out PwC’s advice may have been based on leaked government plans. The “big four” firm is under pressure…
By Yimou Lee TAIPEI (Reuters) – China has launched a misinformation campaign that includes news reports Taiwan’s president has an “escape plan” in the event of a Chinese invasion, aiming to sap morale as Beijing presses the island to accept its sovereignty, Taiwan officials said. Taiwan is on high alert for what it sees as…
NEW DELHI/LONDON (Reuters) – Freedom of expression cannot be used for “legitimising violence”, India said on Thursday in response to media reports citing comments by Canada’s prime minister on Ottawa’s handling of supporters of a separate state for the Sikh community. India summoned the Canadian envoy in New Delhi to register its protest after Indian…
BEIJING (Reuters) – Goldman Sachs’ downgrade of some major Chinese lenders to “Sell” ratings is based on “pessimistic assumptions,” state-backed Securities Times said in an editorial on Friday, as worries over the banking sector deepen amid a rocky economy. “It is not advisable to be bearish on the fundamentals of Chinese banks based on pessimistic…
By Ben Blanchard and Jan Schwartz TAIPEI (Reuters) -Volkswagen is monitoring metals markets after China imposed export restrictions on two minor metals used in semiconductors and electric vehicles, it said on Thursday, while some chipmakers played down fears of shortages. Fears are growing that more curbs on strategic exports including rare earths could be coming…
By Satoshi Sugiyama and Kantaro Komiya TOKYO (Reuters) -Japan’s nominal base salary grew at the fastest pace in 28 years in May, government data showed on Friday, adding fuel to the debate over when the central bank will unwind its ultra-loose monetary stimulus. Global financial markets have been closely watching Japan’s wage data, as Bank…
By Sinéad Carew and Marc Jones NEW YORK/LONDON (Reuters) – MSCI’s global index of stocks fell on Thursday while Treasury yields rose as a surge in U.S. private payrolls prompted concerns that interest rates would stay higher for longer. Payroll company ADP said June private payrolls rose 497,000, far exceeding economists’ expectations for a 228,000…
By Leika Kihara TOKYO (Reuters) -Bank of Japan (BOJ) Deputy Governor Shinichi Uchida said the central bank will maintain its yield curve control policy from the perspective of sustaining ultra-loose monetary conditions, the Nikkei newspaper reported on Friday. “We want to make the decision from the perspective of how to sustain easy monetary conditions, while…
