GENEVA (Reuters) – The bank created by the UBS takeover of Credit Suisse is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager. UBS agreed to buy Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion) in a deal engineered by the Swiss…
By Asif Shahzad ISLAMABAD (Reuters) – Consumer price inflation in Pakistan jumped to a record 35.37% in March from a year earlier, the statistics bureau said on Saturday, as at least 16 people were killed in stampedes for food aid. The March inflation number eclipsed February’s 31.5%, the bureau said, as food, beverage and transport…
SHANGHAI (Reuters) – China’s Huawei Technologies is partnering with more legacy automakers to produce Aito-branded electric cars, the company’s senior executive said on Saturday, in a move to expand its presence in the auto industry. Huawei will team up with Chery Automobile, BAIC Motor and Anhui Jianghuai Automobile Group in jointly developing and manufacturing Aito-branded…
By Tom Hals and Blake Brittain (Reuters) – Last year, Kris Kashtanova typed instructions for a graphic novel into a new artificial-intelligence program and touched off a high-stakes debate over who created the artwork: a human or an algorithm. “Zendaya leaving gates of Central Park,” Kashtanova entered into Midjourney, an AI program similar to ChatGPT…
SHANGHAI (Reuters) -A senior Volkswagen AG China executive reiterated on Saturday the German automaker’s commitment to quickening the pace of electrification in the world’s second largest economy despite issues such as intensified competition and weak demand. VW plans to increase the number of charging posts in China for electric vehicles to 17,000 by 2025, as…
SHANGHAI (Reuters) – Stefan Mecha, chief executive of Volkswagen’s passenger car brand in China, on Saturday urged China to extend a purchase tax exemption on new energy vehicles (NEV) beyond this year. Volkswagen plans to increase the number of charging posts in China for electric vehicles to 17,000 by 2025 as it increases investments in…
By Jonathan Stempel NEW YORK (Reuters) – Elon Musk asked a U.S. judge on Friday to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin. In an evening filing in Manhattan federal court, lawyers for Musk and his electric car company Tesla Inc called the…
By David Shepardson and David Lawder WASHINGTON (Reuters) -The U.S. Treasury Department unveiled stricter electric vehicle tax rules on Friday that will reduce or remove tax credits on some zero-emission models but grant buyers another two weeks before the new requirements take effect. The rules are aimed at weaning the United States off dependence on…
(Reuters) – Deposits at all U.S. commercial banks fell in the week ended March 22 to their lowest since August, but at a slower rate than the week before, and stabilized at small lenders seen as more vulnerable to outflows after the failure of Silicon Valley Bank. Data released on Friday by the Federal Reserve…
By Dietrich Knauth (Reuters) – A group of Boy Scouts’ insurers on Friday asked a judge to delay the youth group’s exit from bankruptcy to allow them more time to appeal a record-setting $2.46 billion settlement of sexual abuse claims. More than a dozen insurers, including Liberty Mutual Insurance Company, have said the Boy Scouts’…
