KUALA LUMPUR (Reuters) – Chinese car maker Geely will invest $10 billion to develop Malaysia’s main auto-making hub, state news agency Bernama quoted Prime Minister Anwar Ibrahim as saying on Tuesday,. Anwar said the plan was conveyed to him in a letter from Geely, which also owns 49.9% of Malaysian car maker Proton, Bernama reported….
By Aziz El Yaakoubi RIYADH (Reuters) -Saudi Arabia agreed on Tuesday to buy Turkish drones in the biggest defence contract in Turkey’s history as President Tayyip Erdogan reaped the benefits of his diplomatic push to repair ties with Gulf powers and help Ankara’s struggling economy. Erdogan and Saudi Crown Prince Mohammed bin Salman attended the…
By Aftab Ahmed and Shivangi Acharya GANDHINAGAR, India (Reuters) – Multilateral development banks must create a new funding mechanism and triple sustainable lending by 2030 to eliminate poverty and achieve climate goals, a G20 panel said in a report on Tuesday that called for big changes in the way MDBs operate. The independent panel, headed…
LONDON (Reuters) – England and Wales are on track for the highest quarterly number of company insolvencies since early 2009, as businesses struggle to repay COVID-19 loans against a tough economic backdrop, government figures showed on Tuesday. The Insolvency Service, a government agency, said 2,163 companies were declared insolvent in June, up 27% on a…
A look at the day ahead in U.S. and global markets from Mike Dolan The benign July investment environment gets tested on Tuesday by updates on U.S. retail sales and housing while the corporate earnings season kicks back into gear with another sweep of bank reports. Wall St ended in positive territory on Monday after…
BERLIN (Reuters) -German media group ProSiebenSat.1 will cut 400 full-time positions, the company said on Tuesday, as part of restructuring measures focusing on its entertainment activities. “The aim is to achieve a more efficient structure, a competitive cost base, and processes clearly geared to digital transformation,” the company said in a statement. ProSiebenSat.1 said the…
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,…
MOSCOW (Reuters) -Road traffic was re-opened on one lane of the Crimean Bridge late on Monday following what Russia called a Ukrainian “terrorist attack” that damaged the structure, Russian Deputy Prime Minister Marat Khusnullin said. Khusnullin said the lane was being used for vehicles going from the town of Taman in southern Russia to Kerch…
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…
TAIPEI (Reuters) – Taiwan is looking to buy National Advanced Surface-to-Air Missile Systems, or NASAMS, from the United States to upgrade its air defence capabilities having seen how well they work in Ukraine, the island’s defence minister said on Tuesday. China, which claims Taiwan as its own territory, has stepped up military and political pressure…