By Makiko Yamazaki TOKYO (Reuters) -Japan’s Mitsubishi UFJ Financial Group Inc plans to buy the Philippines and Indonesian units of Dutch consumer finance company Home Credit Group BV for about 600 million euros ($619 million), a person familiar with the matter said on Wednesday. The deal comes as Japan’s largest lender aims to beef up…
By Gleb Stolyarov and Alexander Marrow MOSCOW (Reuters) -After a two-decade hiatus, Russia on Wednesday launched production of the Moskvich car brand at a plant near Moscow given up by the French carmaker Renault, with a new, modern Chinese design that barely resembles the Soviet-era classic. While the last Moskvich (“Muscovite”) was a basic three-box…
(Reuters) – Deere & Co reported a 75% jump in quarterly profit on Wednesday as limited supply of its tractors, combine harvesters and sprayers aided the company’s pricing power and helped offset the impact of higher raw material costs. Shares of the company rose 2.8% at $428 in early trade. The Moline, Illinois-based firm’s net…
By John Revill ZURICH (Reuters) -Credit Suisse expects a pre-tax loss of up to 1.5 billion Swiss francs ($1.58 billion) in its fourth quarter as it keeps bleeding cash, the Swiss bank said on Wednesday, shortly before shareholders approved a $4 billion capital hike. The bank said a “challenging” economic and market environment had hurt…
SHANGHAI (Reuters) – Chinese smartphone maker Xiaomi Corp on Wednesday reported quarterly revenue of 70.17 billion yuan, a 9.7% fall year-on-year and a touch below analyst expectations. Net income reached 2.12 billion yuan, down 59.1% year-on-year and slightly above analyst expectations. (Reporting by Josh Horwitz, Editing by Louise Heavens)
By Brenda Goh and Yimou Lee SHANGHAI/TAIPEI (Reuters) -Hundreds of workers joined protests at Foxconn’s flagship iPhone plant in China, with some men smashing surveillance cameras and windows, footage uploaded on social media showed. The rare scenes of open dissent in China mark an escalation of unrest at the massive factory in Zhengzhou city that…
By Jan Schwartz HAMBURG (Reuters) -Metalworking union IG Metall said it had struck a wage deal with Volkswagen for the carmaker’s western German factories after 11 hours of negotiations overnight, giving around 125,000 workers 8.5% more pay. The deal would have been considered exceptionally generous until recently but is now below inflation, which was 11.6%…
ZURICH (Reuters) -Credit Suisse expects to make a pre tax loss of up to 1.5 billion Swiss francs ($1.58 billion) during its fourth quarter, the embattled Swiss bank said on Wednesday, as it prepares to ask shareholders for permission to raise new equity. “In its outlook statement on October 27, 2022, the bank highlighted that…
By Scott Murdoch SYDNEY (Reuters) – Asian share markets mostly rose on Wednesday but oil and the dollar slipped as rising COVID-19 cases in China raised fears of fresh lockdowns that could slow the reopening of the world’s second-largest economy. European equities looked set to follow Asia higher, with the pan-region Euro Stoxx 50 futures…
SINGAPORE (Reuters) -Demand from Europe and the United States has become a key driver of global metal prices, along with that from China, as a rise in electrification in those regions boosts appetite for metals, Trafigura’s executive chairman said at a summit in Singapore. Jeremy Weir told the FT Commodities Asia Summit on Wednesday that…
