By Hyunsu Yim and Heekyong Yang SEOUL (Reuters) -Hyundai Motor will raise average annual investment in electrification by nearly two-thirds, spending $28 billion in the next decade, and further restructure its struggling China business as part of a strategy to boost electric vehicle (EV) sales. In its annual investor day on Tuesday, the South Korean…
By Nivedita Balu and David Ljunggren TORONTO (Reuters) -Canada’s financial regulator on Tuesday said it was raising the amount of capital the country’s biggest lenders must hold as a stability buffer by 50 basis points to 3.5%, citing rising borrowing costs, high debt levels and stress on the financial system. The Office of the Superintendent…
ROME (Reuters) – Italy’s Chinese-owned luxury yacht maker Ferretti said on Tuesday its shares have been admitted to Borsa Italiana’s Euronext Milan exchange. Share trading, due to start on June 27 pending regulatory approval, is part of a dual listing, as Ferretti shares have been part of the Hong Kong Stock Exchange since last year….
(Reuters) -Volkswagen is in talks with its joint venture partner SAIC about whether to conduct an independent audit of its plant in Xinjiang, China, the company confirmed on Tuesday. The comment comes after German business Handelsblatt reported that preparations for an audit were already underway. Volkswagen declined to confirm this. It was in “good discussions”…
FRANKFURT (Reuters) – Ruediger Rass, an executive with Germany’s Commerzbank, has decided to remain in his current role rather than join the management board following discussions with the European Central Bank, a Commerzbank spokesperson said on Tuesday. Rass was to join the board of Commerzbank, one of the nation’s biggest banks, as chief risk officer….
(Repeats fixing typo in last quote) By Libby George LONDON (Reuters) – Cautious optimism in the developing world that wealthier countries and China had finally fixed the tortuous process of sovereign debt restructurings is fizzling again. Debt crisis veterans gave a weary thumbs up in April to plans to galvanize the G20-led “Common Framework” –…
By Xinghui Kok SINGAPORE (Reuters) – Singapore-based Grab Holdings, Southeast Asia’s leading ride-hailing and food delivery app, is cutting 1,000 jobs or 11% of its workforce, its CEO said on Tuesday, citing the need to manage costs and ensure more affordable services long term. In a letter sent to employees late on Tuesday and seen…
By Saeed Azhar NEW YORK (Reuters) -The head of healthcare investing at Goldman Sachs Asset Management, Jo Natauri, will leave the company at the end of the year to pursue other opportunities in the sector. “We’re entering a pretty attractive period for healthcare private investing, which I think could be pretty interesting to explore,” Natauri…
ROME (Reuters) – Giorgio Bruno, who was the designated new CEO of Italian tyremaker Pirelli, is leaving the company, shareholder Camfin said on Tuesday, confirming earlier press reports. Camfin, the holding company of Pirelli’s longtime CEO Marco Tronchetti Provera, said it would instead propose the appointment of Andrea Casaluci as chief executive. Camfin also said…
(Reuters) – Newmont said on Tuesday it would defer making an investment decision about its Yanacocha Sulfides expansion project in Peru by at least two years. Last year, the company deferred the decision deadline for the $2 billion project that is expected to extend the life of Newmont’s Yanacocha gold mine beyond 2040 to the…
