TOKYO (Reuters) -Japan’s Toyota Motor Corp on Monday said it missed its global production target for April as COVID-19 outbreaks and a parts shortage slowed its post-pandemic recovery. The world’s largest automaker by sales produced 692,259 vehicles last month, a 9.1% drop from the same month last year, and falling short of an earlier plan…
By Daniel Leussink TOKYO (Reuters) – Japan’s economy will grow at a weaker rate than previously thought this quarter despite hopes for a strong rebound in consumption after showing resilience in the three months through March, a Reuters poll of economists showed. The world’s third-largest economy is at risk of being hobbled by slowing economic…
By Wayne Cole SYDNEY (Reuters) – Asian stocks tracked Wall Street higher on Monday while the dollar was pinned near five-week lows as investors wagered on an eventual slowdown in U.S. monetary tightening, albeit after sharp hikes in June and July. Helping to mellow the mood was news that Shanghai authorities will cancel many conditions…
By Sonali Paul and Harshita Swaminathan MELBOURNE (Reuters) – Australia’s top power producer AGL Energy on Monday ditched plans to split the company and said its chairman and CEO would step down, caving in to opposition from billionaire climate activist and top shareholder Mike Cannon-Brookes. AGL’s capitulation comes as the country’s biggest carbon emitter faces…
By Sonali Paul MELBOURNE (Reuters) – Oil prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine. Brent crude futures gained 46 cents, or…
By Sam Nussey TOKYO (Reuters) – SoftBank Group Corp trimmed borrowing from its main bank Mizuho Financial Group Inc by 4.5% in the year ended March to 812 billion yen ($6.38 billion), a filing showed. Borrowing by the Japanese tech conglomerate from JPMorgan Chase & Co fell 23% to 637 billion yen and from Goldman…
By Wayne Cole SYDNEY (Reuters) – Asian stocks followed Wall Street higher on Monday while the dollar was pinned near five-week lows as investors wagered on an eventual slowdown in U.S. monetary tightening, albeit after sharp hikes in June and July. Helping to mellow the mood was news that Shanghai authorities will cancel many conditions…
(Reuters) – Australia’s AGL Energy said on Monday that it would not proceed with the planned demerger of its operations due to mounting opposition from shareholders, led by its top shareholder Mike Cannon-Brookes. Chairman Peter Botten and chief executive Graeme Hunt will also step down fromt their roles, the company added. (Reporting by Harshita Swaminathan;…
By Eduardo Baptista BEIJING (Reuters) – China’s ‘zero-COVID’ policy of constantly monitoring, testing and isolating its citizens to prevent the spread of the coronavirus has battered much of the country’s economy, but it has created bubbles of growth in the medical, technology and construction sectors. The Chinese government, alone among major countries in vowing to…
By Elvira Pollina MILAN (Reuters) -Telecom Italia (TIM) and state lender CDP have signed off a preliminary agreement on Sunday to combine the phone group’s fixed network assets with those of state-backed rival broadband firm Open Fiber, they said on Sunday. The move aims to pave the way to the creation of a single broadband…
