(Corrects to TME from CME in second paragraph) BEIJING (Reuters) – NetEase’s Cloud Music unit said on Wednesday it has initiated legal proceedings against Tencent Music Entertainment (TME), alleging unfair competition. NetEase Cloud Music said in the statement that TME had repeatedly and “illegally” played “unauthorised” songs on TME’s various music-streaming platforms. (This story corrects…
By Wayne Cole SYDNEY (Reuters) – Australian consumer prices surged at the fastest annual pace in two decades last quarter as petrol, home building and food costs all climbed, spurring speculation interest rates could rise as soon as next week. That would be unwelcome news for Prime Minister Scott Morrison as he fights a tough…
By Tom Westbrook SINGAPORE (Reuters) – The dollar stood at its highest level since the early days of the pandemic on Wednesday and was heading for its best month since 2015, supported by the prospect of U.S. rate hikes and on safe-haven flows fanned by slowing growth in China and Europe. The U.S. dollar index,…
By Dawn Chmielewski and Sam Nussey LOS ANGELES/TOKYO (Reuters) – Netflix Inc on Tuesday announced a multi-film deal with Japan’s Studio Colorido, as the streaming giant ramps up its anime offering and looks to Asia for growth. Netflix is co-producing three feature films with Studio Colorido including “Drifting Home”, which premieres in September, as it…
By Stephanie Kelly (Reuters) – Oil prices rose in early Asian trade on Wednesday, extending gains from the previous session after China’s central bank said it would support its economy. However, concerns about demand weighed on futures, as authorities in Beijing raced to stamp out a nascent COVID-19 outbreak and avert the same debilitating city-wide…
By Heekyong Yang and Byungwook Kim SEOUL (Reuters) – South Korea’s LG Energy Solution Ltd on Wednesday reported a smaller-than-expected 24% drop in quarterly profit as strong sales of its cylindrical batteries to Tesla Inc offset a hit to production due to chip shortages. Operating profit declined to 259 billion won ($205.01 million) for the…
By Valentine Hilaire MEXICO CITY (Reuters) -Mexican breadmaker Grupo Bimbo’s first-quarter net profit rose, boosted by strong sales, but higher raw material costs cut into its margins. Bimbo also said it was eyeing price increases to offset spiking supplier costs, especially in Mexico, where its executives have had preliminary talks with the government about bread…
By Byungwook Kim (Reuters) – Samsung Electronics plans to join as soon as next month a group of global corporations committed to 100% renewable energy, a person familiar with the matter said, as partners such as Apple Inc push it for action against climate change. Samsung, the world’s biggest chipmaker, is late to the green…
By Allison Lampert (Reuters) – Buyer “hysteria” for pre-owned business jets during the pandemic that triggered a recent wave of bidding wars is now easing, with more corporate aircraft coming up for sale, brokers say. The uptick in supply of pre-owned jets from historic lows will be in focus as corporate planemakers Textron Inc, General…
By Chris Prentice and Danilo Masoni WASHINGTON/MILAN (Reuters) – U.S. shares tumbled on Tuesday, with the Nasdaq posting its steepest one-day rout since September 2020, while European stocks extended losses for a third session as investors warily awaited U.S. tech earnings and fretted over global growth. China’s COVID-19 curbs and fears of aggressive U.S. Federal…
