By Chen Lin and Victoria Waldersee SINGAPORE/BERLIN (Reuters) -Tesla Inc on Friday slashed prices for its electric vehicles in Europe, Israel and Singapore, expanding a global discount drive it began in China in January while raising concerns about its industry-leading profit margin. Tesla last week reported first-quarter deliveries up just 4% from the previous quarter…
(Reuters) – PNC Financial Services Group reported an 18.5% rise in first-quarter profit on Friday, as the Federal Reserve’s rate hikes fueled a surge in the U.S. regional lender’s net interest income (NII). Shares of PNC were up nearly 3% in premarket trading after upbeat results. They fell about 20% last quarter, which was marred…
By Howard Schneider ATLANTA (Reuters) – One more quarter-percentage-point interest rate hike can allow the Federal Reserve to end its tightening cycle with some confidence inflation will steadily return to the U.S. central bank’s 2% target, Atlanta Fed President Raphael Bostic said. Recent inflation data, including this week’s reports of slowing consumer price increases and…
BERLIN (Reuters) – German Finance Minister Christian Lindner is planning an austerity package with a volume of up to 20 billion euros ($22.12 billion), Germany’s Der Spiegel reported on Friday. With the cuts, Lindner wants to close the funding gaps in the 2024 budget and at the same time create some leeway for unavoidable additional…
RIO DE JANEIRO (Reuters) – Brazilian Defense Minister Jose Mucio said late Thursday that countries such as Sweden and Colombia had expressed interest in buying Embraer’s KC-390 military cargo aircraft. Mucio said he held nearly 20 bilateral meetings during the LAAD defense and security fair this week and, in some of them, the KC-390 was…
By Mimosa Spencer PARIS (Reuters) -Sales at Birkin bag maker Hermes rose 23% in the first quarter, above market expectations, as wealthy shoppers in China and Europe splurged on luxury fashion and accessories despite higher prices and global market turmoil. Shares were up 1% in morning trading. Hermes finance chief Eric du Halgouet told journalists…
By Yuka Obayashi and Katya Golubkova SAPPORO, Japan (Reuters) -Canada is ready to become a reliable provider of critical minerals to its international allies including Japan, a senior official said, as the Group of Seven (G7) countries deem such minerals essential for climate goals and energy security. Canada has signed a joint action plan with…
(Reuters) – U.S. money market funds received inflows for a fifth straight week after recent data pointed to a still-strong labor market, bolstering bets for a rate hike by the Federal Reserve in May. According to Refinitiv Lipper data, U.S. money market funds drew a net $20.51 billion worth of inflows in the week to…
By Filipp Lebedev and Gleb Stolyarov (Reuters) -A Chinese company bought at least $7.4 million worth of copper alloy ingots from a plant in a Russian-annexed region of Ukraine that is subject to Western sanctions, according to Russian customs data reviewed by Reuters. China has not imposed any restrictions on trade with Russia, but the…
By Harry Robertson LONDON (Reuters) – Investors have moved $538 billion into cash funds over the past eight weeks as they pulled money out of bank deposits after the collapse of Silicon Valley Bank, according to Bank of America figures released on Friday. BofA, citing EPFR data, said investors put $51.6 billion into money market…
