BERLIN (Reuters) -The German economy will contract more than previously expected this year as sticky inflation takes its toll on private consumption, the Ifo Institute said on Wednesday while presenting its forecasts. “The German economy is only very slowly working its way out of the recession,” Ifo’s head of economic forecasts, Timo Wollmershaeuser, said. German…
By Gabriel Araujo SAO PAULO (Reuters) – Brazilian planemaker Embraer is returning to China with a deal to convert passenger jets into freight aircraft with a local partner in the northwestern city of Lanzhou, the company said on Wednesday. Anticipation of new business in China has been high since President Luiz Inacio Lula da Silva’s…
TOKYO (Reuters) – Japan saw a slight decline in visitors in May from the previous month, when a rush of tourists came to see the nation’s famous cherry blossoms without COVID-19 restrictions, official data showed on Wednesday. The number of foreign visitors for business and leisure came in just below 1.9 million last month from…
By Qiaoyi Li and Liz Lee BEIJING/SHANGHAI (Reuters) -China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package to boost sales of electric vehicles (EVs) and other green cars over the next four years to prop up softening auto demand, sending shares of automakers sharply higher. The package, widely expected after an earlier government…
By Hyunjoo Jin and Shivangi Acharya SAN FRANCISCO/NEW DELHI (Reuters) -Tesla chief executive Elon Musk said India’s Prime Minister Narendra Modi was pushing the car maker to make a “significant investment” in the country, adding that such an announcement was expected soon. His comments came after a meeting with Modi on Tuesday during the Indian…
By Hyunjoo Jin and Shivangi Acharya (Reuters) -Tesla chief executive Elon Musk said India’s Prime Minister Narendra Modi was pushing the car maker to make a “significant investment” in the country, adding that such an announcement was expected soon, according to Reuters partner ANI. His comments followed a meeting with Modi on Tuesday during the…
SEOUL (Reuters) – YouTube will launch its first official shopping channel for live commerce in South Korea on June 30, Yonhap news agency reported on Wednesday. South Korea already has a booming live-streaming commerce business led by tech giant Naver, making it a prime test market for the global heavyweight as the Alphabet-owned company focuses…
By Qiaoyi Li and Liz Lee BEIJING/SHANGHAI (Reuters) -China on Wednesday announced an extension of a purchase tax break on new energy vehicles (NEVs), a new pillar of the economy whose muted recovery has seen market watchers calling for more stimulus. NEVs bought from Jan. 1, 2024 through the end of 2025 will be exempt…
TOKYO (Reuters) – SoftBank Group CEO Masayoshi Son said on Wednesday that his tech investing conglomerate plans to shift its stance to “offence mode”. “The time has come to shift to offence mode,” Son told shareholders at the group’s annual general meeting. The group has moved to a defensive stance, cutting back its investing activity…
By Hyunjoo Jin and Shivangi Acharya (Reuters) -Tesla chief executive Elon Musk said on Tuesday that the electric carmaker is looking to invest in India “as soon as humanly possible.” His comments followed a meeting with Indian Prime Minister Narendra Modi in New York during Modi’s state visit to the United States. A source previously…
