(Reuters) -Lordstown Motors Corp on Tuesday announced a reverse stock split to meet Nasdaq listing norms and appease investor Foxconn, which has threatened to scrap a crucial $170 million funding for the struggling electric-vehicle maker. The 1:15 split has been scheduled for May 24, the company said, but added there was no assurance that the…
(Reuters) -UBS Group AG said on Tuesday it was in negotiations with Swiss authorities about loss protections related to its takeover of Credit Suisse Group AG and its regulatory capital requirements. The disclosure underscores how some aspects of the tie-up between the two banks, arranged hastily over a weekend in mid-March by the Swiss government…
By Harish Sridharan (Reuters) – Qantas Airways on Tuesday forecast a record annual profit and hiked its share buyback programme by up to A$100 million ($67.83 million), courting demands from a workers’ union to return billions received as pandemic aid from the government. Australia’s flagship carrier expects an underlying profit before tax of A$2.43 billion…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. An expected interest rate hike in New Zealand will be the main regional focus for Asian and Pacific markets on Wednesday, as another day without agreement in Washington over the U.S. debt ceiling looks certain to sour global…
By Chris Prentice and Alun John NEW YORK/LONDON (Reuters) -Global equities retreated and benchmark U.S. Treasury yields eased off two-month highs on Tuesday as talks over the U.S. debt ceiling continued without resolution. Hawkish comments from Federal Reserve officials about the possibility of further rate hikes sent the U.S. dollar to a two-month high. Oil…
By Stephen Nellis and Karen Freifeld WASHINGTON (Reuters) -The U.S. Commerce Department should add Chinese memory chip maker Changxin Memory Technologies (CXMT) to a trade blacklist after Beijing earlier this week banned the sale of some chips by U.S.-based Micron Technology Inc, the chair of the U.S. House of Representatives’ committee on China said on…
(Reuters) – The state of California has asked the Biden administration to approve its plan to require all new vehicles sold in the state by 2035 to be either electric or plug-in electric hybrids, according to a letter seen by Reuters. The California Air Resources Board, which approved the plan in August, asked the Environmental…
By Karen Freifeld and David Shepardson WASHINGTON (Reuters) -The U.S. Senate’s top Democrat said on Tuesday he and President Joe Biden’s administration were engaging allies and businesses to address China’s ban on sales of memory chips made by U.S.-based Micron Technology Inc. The restrictions this week by China’s cyberspace regulator against Micron, the biggest U.S….
By Shreyashi Sanyal and Shristi Achar A (Reuters) – Wall Street indexes were subdued on Tuesday as talks over increasing the U.S. debt limit stretched to another round, keeping investors jittery on prospects of an unprecedented government default. White House and congressional Republican negotiators will meet again later in the day to discuss how to…
By Jason Lange WASHINGTON (Reuters) -The U.S. government could fall behind on its bills next month – and even default on its debt – if Congress doesn’t raise a $31.4 trillion cap on government borrowing, a failure that could trigger economic calamity and panic on global financial markets. What follows is a timeline showing how…
