By Giuseppe Fonte and Giulio Piovaccari ROME (Reuters) -Fiat parent Stellantis and the Italian government agreed on Monday to aim to increase annual automotive production in Italy to one million units, reversing a downward trend seen in recent years. Stellantis, Italy’s sole large automaker, produced fewer than 700,000 vehicles in the country both last year…
By Gabriel Burin (Reuters) – Brazil likely registered mild deflation in June in monthly terms from lower fuel costs and cheaper foodstuffs, adding to the case for a potential start of a monetary easing cycle awaited by global investors as soon as next month, a Reuters poll showed. The probable drop, to be confirmed in…
DUBAI (Reuters) – An Iranian Revolutionary Guards Commander accused the U.S. Navy on Monday of defending fuel smuggling in the Gulf by trying to interfere when Iran intercepted a ship last week. “On July 6th, Revolutionary Guards’ Navy personnel were inspecting a ship with the name NADA 2 that was involved in smuggling Iranian oil…
(Reuters) -Citigroup on Monday downgraded U.S. stocks in anticipation of a pullback in growth stocks and a recession in the fourth quarter of the year, while betting on beaten-down counterparts in Europe with an upgrade. The brokerage cut its rating on U.S. stocks to “neutral” from “overweight”, following a strong rally in the first half…
By Aditi Shah and Riddhima Talwani NEW DELHI (Reuters) – Hyundai Motor Co on Monday launched a small sport-utility vehicle (SUV) in India aimed at young car buyers, a move analysts said is an attempt to reclaim share from rivals that have gained ground with new car models. The Exter SUV will be priced from…
By Scott Murdoch and Julie Zhu HONG KONG (Reuters) – Alibaba Group and Tencent shares rose in Hong Kong on Monday as China’s $984 million fine for Ant Group was viewed as signalling the end of a regulatory crackdown on the country’s technology sector. After the penalty on Friday, Jack Ma-founded Alibaba affiliate Ant announced…
BEIJING (Reuters) – The announcement of a nearly $1 billion fine by Chinese regulators on Ant Group has drawn a line under the fintech giant’s woes and given hope to investors that a regulatory crackdown on China’s broader technology sector is over. Ant’s story so far has been one of a dramatic reversal in fortunes:…
By Seunggyu Lim SEOUL (Reuters) -South Korea’s financial services regulator has asked major commercial banks to prepare around $4 billion in financing to support a credit cooperative hit by customer withdrawals, two banking sources familiar with the matter said on Monday. An official at the Financial Services Commission said it could not confirm the amount…
By Byron Kaye and Lewis Jackson SYDNEY (Reuters) – The cost of serving up a sandwich with a cup of coffee has hit the roof across Australia’s vaunted cafes, squeezing profits and forcing a wave of closures for those that managed to survive the COVID slump. The A$10 billion ($6.6 billion) Australian cafe industry, the…
In a remarkable achievement, Meta Platforms Inc.’s (NASDAQ:META) Threads app has skyrocketed to over 100 million users within just five days of its launch, solidifying its position as the fastest-growing consumer application in history. This achievement surpassed the previous record set by ChatGPT, which took two months to reach the same milestone. Meta’s Threads…
