By Casey Hall and Mimosa Spencer SHANGHAI/PARIS (Reuters) – LVMH chairman and CEO Bernard Arnault has touched down in China, kicking off a flurry of interest on social media in a key market for his group’s sprawling luxury empire. The executive, who was expected to make a visit this month, walked through the WF Central…
By Mike Spector, Joseph White and Dietrich Knauth NEW YORK (Reuters) – U.S. electric truck manufacturer Lordstown Motors filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan’s Foxconn. Shares of Lordstown tumbled 35% in trading on the Nasdaq. The company’s…
TOKYO (Reuters) – What would society look like if cyborg body parts were freely available for use like roadside rental bicycles? Masahiko Inami’s team at the University of Tokyo have sought to find out by creating wearable robotic arms. Inami’s team is developing a series of technologies rooted in the idea of “jizai”, an Japanese…
SHANGHAI/BEIJING (Reuters) – China’s monetary authorities took forceful action against a sliding currency for the first time in nearly eight months on Tuesday, with the country’s state banks acting to put a floor under the yuan even as officials pledged more stimulus for the flagging economy. The People’s Bank of China (PBOC) set a stronger-than-expected…
By Ariba Shahid KARACHI, Pakistan (Reuters) – Pakistani Prime Minister Shehbaz Sharif said on Tuesday he hoped a bailout decision from the International Monetary Fund would come in a day or two, capping off protracted negotiations as the country faces an acute balance-of-payments crisis. Islamabad is racing against time to unlock $1.1 billion under the…
By Leika Kihara TOKYO (Reuters) – The Bank of Japan (BOJ) is likely to move steadily towards phasing out its massive stimulus and may tweak yield curve control as early as October, said former central bank policymaker Makoto Sakurai. While the central bank is likely to revise up this fiscal year’s growth and inflation forecasts…
SEOUL (Reuters) – North Korea criticised on Tuesday the U.S. plan to rejoin the U.N. cultural agency UNESCO as a “sinister” move to use an international organisation for the purpose of “realizing the strategy for hegemony”. The Paris-based U.N. agency announced this month the United States intended to rejoin in July, calling it an “act…
LONDON (Reuters) – Wall Street bank JPMorgan said on Tuesday it was staying “bearish” on China’s yuan despite its recent slide and that the country’s central bank could look to step in to prevent the move accelerating. “As spot currency weakness and depreciation expectations tend to be self-reinforcing, the People’s Bank of China might find…
BERLIN (Reuters) – Volkswagen’s head of its business in China said on Tuesday that the carmaker needed clarity on cross-border data transfers in a meeting with the country’s Premier Li Qiang, asking how China would cooperate with Europe amid rising political tensions. “As a globalized industry, the transformation of the automotive sector highly depends on…
A look at the day ahead in U.S. and global markets from Mike Dolan Flagging world markets got a lift on Tuesday as China moved to shore up the falling yuan from the year’s lows and nodded to more government stimulus to underpin its spluttering economic recovery instead. With falling Chinese interest rates diverging markedly…
