By James Davey LONDON (Reuters) -Ocado, the British online supermarket and technology group, returned to underlying profit in its first half and stuck to its guidance, saying its retail operation won more customers and its robotics business progressed, sending its shares soaring. The group swung to a profit for the six months to May 28,…
SHANGHAI (Reuters) – Semiconductor Manufacturing International Corp (SMIC) said Chairman Gao Yonggang has resigned, marking the latest board level departure from China’s largest chipmaker in recent years as it battles U.S. pressure. Gao, who was appointed as chairman in March 2022 and previously served as the company’s chief financial officer, also resigned from his executive…
By Clare Jim HONG KONG (Reuters) – China Evergrande Group’s huge liabilities and diminishing cash disclosed in its long-overdue reports for the past two years raises questions about the viability of its restructuring plan and operations, creditors and analysts said. A comment from Evergrande’s auditor that it did not express an opinion on the reports…
TOKYO (Reuters) – Former Nissan Motor chairman Carlos Ghosn said on Tuesday the Japanese automaker and Renault are trying to go for “very small and reduced” cooperation between them with a deal to overhaul their long-standing alliance. “With the latest agreement, they’re trying to go for a mini alliance with a very reduced scope of…
By Andrea Shalal (Reuters) – World Bank President Ajay Banga unveiled new plans on Tuesday to stretch the bank’s balance sheet and help countries tackle climate change and other challenges, but said a capital increase would still eventually be needed. Banga, a former Mastercard CEO who took over the helm of the World Bank on…
By Chris Thomas and Sethuraman N R BENGALURU (Reuters) -India’s Adani Group is confident of its governance and disclosure standards after a top court panel found no lapses at the conglomerate, its chairman said on Tuesday, calling a U.S. short-seller’s report earlier this year a “malicious attempt” at damaging its reputation. The panel “confirmed the…
By Faith Hung and Ben Blanchard TAIPEI (Reuters) – Taiwanese chipmaker TSMC is expected to report a 27% fall in second-quarter net profit on Thursday, as global economic woes dent demand for semiconductors, though analysts say business performance is likely to improve in the current quarter. Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest…
LONDON (Reuters) – From Britain to Sweden and France, debt-laden firms are starting to feel the strain from high inflation and interest rates. Here’s a snapshot of some European companies whose financial woes are now in the spotlight. 1/ Thames Water Significance: Britain’s biggest water supplier. Size of debt: 14 billion pounds ($18.33 billion). What’s…
A look at the day ahead in European and global markets from Ankur Banerjee Markets are still reeling from China’s raft of unimpressive data and with the economic calendar now light, worries over a stuttering post COVID-19 recovery in the world’s second-biggest economy are likely to linger as Europe wakes up. The anaemic Chinese recovery…
By Selena Li and Xie Yu HONG KONG (Reuters) – China’s CITIC Securities plans to move dozens of bankers from its offshore platform CLSA in Hong Kong to the mainland to cut costs and meet Beijing’s call to bridge income inequality in the financial sector, people with knowledge of the matter said. In an unusually…
