By Victoria Waldersee BERLIN (Reuters) – Volkswagen plans to invest 180 billion euros ($193 billion) over five years in areas including battery production and raw material sourcing in a bid to cut electric vehicle costs and protect its market share, it said on Tuesday. Over two-thirds of the company’s five-year investment budget announced on Tuesday…
By Elizabeth Howcroft and Tom Wilson LONDON (Reuters) – Binance is halting its sterling deposits and withdrawals, a company spokesperson said on Tuesday, a month after the crypto exchange ceased dollar transfers. Binance has been informed by its partner for sterling transfers, Paysafe, that it would halt its services from May 22, the spokesperson said,…
By Casey Hall and Sophie Yu SHANGHAI (Reuters) – Chinese consumers, unshackled from COVID-19 restrictions, are returning to hotels, restaurants and some shops, but they are choosy about what they buy, disappointing hopes for an immediate post-pandemic splurge. China’s battered property market, lingering worries over job stability, and government parsimony in wages, pensions and medical…
(Reuters) -A wave of customers have applied to shift their accounts to large U.S. banks such as JPMorgan Chase & Co and Citigroup Inc from smaller lenders after the collapse of Silicon Valley Bank, the Financial Times reported on Tuesday. These lenders, including Bank of America Corp, are trying to accommodate such transfer requests by…
ZURICH (Reuters) – Credit Suisse group’s executive board took home 32.2 million Swiss francs ($35.27 million) in fixed compensation while collectively forgoing a bonus for the first time in more than 15 years, the Swiss bank said in its annual report published on Tuesday. In February, Credit Suisse Group reported that 2022 was its biggest…
SINGAPORE (Reuters) – Asia’s share markets slid on Tuesday, with financial stocks in Tokyo leading losses as fear of a U.S. banking crisis had investors fleeing the sector and slashing the interest rate outlook even ahead of U.S. inflation data due later in the day. Japan’s Nikkei dropped 2.2%. The Tokyo Stock Exchange banks index…
(Reuters) -Traders no longer expect a rate hike of 50 basis points by the U.S. Federal Reserve next week as the surprise collapse of lender Silicon Valley Bank rattles the financial system. The current projection is for a 25 bps move, with some expecting no hike at all or even a cut. That is a…
SINGAPORE (Reuters) – Asia’s share markets slid on Tuesday, with financial stocks in Tokyo leading losses as fear of a U.S. banking crisis had investors fleeing the sector and slashing the interest rate outlook even ahead of U.S. inflation data due later in the day. Japan’s Nikkei dropped 2%. The Tokyo Stock Exchange banks index…
TOKYO (Reuters) – Japan and Canada are discussing collaboration on building strong supply chains for battery metals, Japan’s industry minister, Yasutoshi Nishimura, said on Tuesday. A public-private mission led by Japan’s Ministry of Economy, Trade and Industry (METI) and including 16 companies that work with batteries visited Canada last week for talks on building sustainable…
SINGAPORE (Reuters) – Asia’s share markets slid on Tuesday, with Japan’s financial stocks leading losses as fear of a U.S. banking crisis gripped investors ahead of crucial inflation data due later in the day. Fallout from the collapse of U.S. lenders Silicon Valley Bank and Signature Bank widened overnight, despite government efforts to shore up…
