(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…
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 Ismail Shakil OTTAWA (Reuters) -Canada will provide up to C$15 billion ($11.23 billion) in production incentives for a Stellantis-LG Energy Solution (LGES) electric vehicle battery plant, the federal and Ontario governments said on Thursday, a day after the companies said construction at their plant would resume. The production incentives agreed with Stellantis and LGES…
By Jeff Mason and Jarrett Renshaw WEST COLUMBIA, South Carolina (Reuters) -President Joe Biden traveled to South Carolina to tout a new $60 million solar investment as the latest example that he is rebuilding the U.S. manufacturing industry. Biden and top administration officials are fanning across the country to champion how the administration’s economic policy…
By Lewis Krauskopf, Bansari Mayur Kamdar and Johann M Cherian (Reuters) – Wall Street’s main indexes ended sharply lower on Thursday in a broad sell-off after data showing a strong labor market boosted bond yields and fanned fears the Federal Reserve will be aggressive in raising U.S. interest rates. The S&P 500 posted its biggest…
