By Aditya Kalra and Munsif Vengattil NEW DELHI (Reuters) – Indian tax officials froze $478 million worth of deposits lying in local bank accounts of China’s Xiaomi Corp in February as part of an investigation into alleged tax evasion, according to two sources and a court filing reviewed by Reuters. The fund freeze by tax…
By Francesca Landini MILAN (Reuters) – Campari plans to open several flagship bars for its best-selling spirits in Europe and beyond to help tap into a taste for the Italian aperitif culture, its chief executive said. The drinks group last week reported a 29% increase in like-for-like sales in the first three months of the…
By Nichola Saminather TORONTO (Reuters) – For banks in Canada, one of the world’s largest oil producers, it’s not easy being green. In the past two years, Canadian banks have increased the amount of sustainability-linked financing (SLF) they extend to oil and gas clients. SLF refers to financing whose cost changes when certain environmental, social…
By Sam Nussey TOKYO (Reuters) -Japan’s SoftBank Group Corp reported a record $26.2 billion loss at its Vision Fund investment arm on Thursday, as rising interest rates and political instability whiplashed high-growth tech stocks. The loss was in stark contrast to a year earlier when SoftBank delivered a record annual profit, putting founder and CEO…
By Satoshi Sugiyama TOKYO (Reuters) -Nissan Motor Co expects flat operating profits this fiscal year, far below analysts’ expectations, as Japan’s third-biggest carmaker grapples with a global chip shortage, rising material costs and China’s COVID restrictions. Nissan joins a growing list of global companies warning about worsening profitability as they cannot fully pass on soaring…
By Yimou Lee and Sarah Wu TAIPEI (Reuters) -Apple supplier Foxconn warned that current-quarter revenue for its electronics business including smartphones could slip as growth slowed amid rising inflation, cooling demand and escalating supply chain issues partly due to lockdowns in China. The Taiwanese firm, the world’s largest contract electronics maker, has grappled with a…
BERLIN (Reuters) – Volkswagen expects its electric vehicle business to be as profitable as its fossil fuel-burning cars sooner than planned, its chief executive Herbert Diess said on Thursday at the carmaker’s annual shareholder meeting. Volkswagen previously expected to match its profit margins from combustion engine vehicles with electric vehicle sales in two to three…
By Sam Nussey TOKYO (Reuters) -Japan’s SoftBank Group Corp reported a record $26.2 billion loss at its Vision Fund investment arm on Thursday, as rising interest rates and political instability have whiplashed high-growth tech stocks. The loss was in stark contrast to a year earlier when SoftBank delivered a record annual profit, and it put…
By David Milliken and William Schomberg LONDON (Reuters) – Britain’s economy unexpectedly shrank 0.1% in March after a slump in car sales due to supply-chain problems, marking a weak end to the first quarter of a year when the risk of recession is looming. Gross domestic product grew by 0.8% in the first three months…
MUMBAI (Reuters) -India’s financial crime fighting agency asked a court on Thursday to re-instate a freeze on $725 million in the Indian bank accounts of Xiaomi Corp as it investigates fund transfers by the Chinese smartphone giant. The enforcement directorate had seized the money saying Xiaomi had illegally transferred funds abroad to three entities, including…
