MOSCOW (Reuters) -Russia’s automobile market slump extended into November, the Association of European Businesses (AEB) said on Tuesday, with sales of new cars down 61.6% year-on-year, as the struggling sector feels the strain of sanctions and subdued demand. Sales have dived since Moscow sent tens of thousands of troops into Ukraine in February, with sanctions…
HANOI (Reuters) – South Korean electronics giants Samsung and LG plan to pour billions of dollars of additional investment into Vietnam, the Vietnamese government said on Tuesday. The announcement comes after Samsung cut smartphone production in Vietnam twice this year in response to weaker global demand. Samsung Electronics, the largest single foreign investor in Vietnam,…
BERLIN (Reuters) – Mercedes-Benz is to double production capacity for electric motors to 1 million units at its Untertuerkheim plant, which has traditionally focused on combustion engines, WirtschaftsWoche magazine reported on Tuesday. The German carmaker’s management and works council struck an agreement on restructuring the site in southwestern Germany, which also foresees a 20% reduction…
By Anshuman Daga SINGAPORE (Reuters) – Asian stocks logged their sharpest declines in two weeks but the dollar held on to gains following strong U.S. data that again suggested the Federal Reserve might stick longer with aggressive interest rate increases. While investors stayed hopeful of China’s economy improving with the easing of the country’s zero-COVID…
By Stephanie Kelly and Muyu Xu (Reuters) -Oil rebounded on Tuesday after plunging by more than 3% in the previous session, as the implementation of sanctions on Russian seaborne crude oil eased concerns about oversupply while the relaxing of China’s COVID curbs bolstered the demand outlook. Brent crude futures gained 38 cents to $83.06 a…
By Stella Qiu SYDNEY (Reuters) – Australia’s central bank on Tuesday raised interest rates to a 10-year high and stuck with its projection that more hikes are needed, a stance taken as slightly hawkish by markets that were looking for signs of a pause in the near term. Wrapping up its last policy meeting this…
SYDNEY (Reuters) – Australia’s central bank raised its cash rate 25 basis points to a 10-year high of 3.10% on Tuesday and reiterated that further policy tightening will be needed ahead, although policy was not on a pre-set path. Wrapping up its December policy meeting, the Reserve Bank of Australia (RBA) said the size and…
By Neil Jerome Morales and Enrico Dela Cruz MANILA (Reuters) – Philippine annual inflation surged to a 14-year high in November driven mainly by higher food prices, the statistics agency said on Tuesday, with the pickup in prices seen supporting the case for a half-percentage point interest rate hike this month. The consumer price index…
By Rachael Levy (Reuters) – Elon Musk’s Neuralink, a medical device company, is under federal investigation for potential animal-welfare violations amid internal staff complaints that its animal testing is being rushed, causing needless suffering and deaths, according to documents reviewed by Reuters and sources familiar with the investigation and company operations. Neuralink Corp is developing…
By Andrea Shalal WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen on Monday said a new racial equity advisory committee, which has drawn the ire of Republican lawmakers, would play a big role in helping the department address acute economic disparities faced by communities of color. Yellen told the inaugural meeting of the 25 members…
