By Jonathan Stempel and Luc Cohen NEW YORK (Reuters) -The British billionaire Joe Lewis has been criminally charged in New York with orchestrating a “brazen” insider trading scheme. Prosecutors said Lewis, whose family trust controls a majority of the Tottenham Hotspur soccer team, passed tips about companies in which he invested to friends, personal assistants,…
Union Pacific Corp on Wednesday named former chief operating officer Jim Vena as its top boss, months after CEO Lance Fritz said he was stepping down, sending the U.S. railroad operator’s shares up 6.7% in premarket trading. Vena, who will take the top job on Aug. 14, started his career in 1976 and was in…
(Reuters) -Binance has withdrawn its application for a crypto license in Germany, suggesting the world’s biggest cryptocurrency exchange is rethinking its immediate expansion plans amid a tough regulatory stance towards the industry. German regulators had told Binance they would not grant it a crypto custody license, Reuters reported last month. “Binance confirms it has proactively…
By Marc Jones LONDON (Reuters) – The most comprehensive survey of the global investment industry on central bank digital currencies to date has shown both limited support and a lack of understanding of how a digital dollar, euro, yen or pound would work. The survey carried out by the CFA Institute, a worldwide association for…
MILAN (Reuters) – Stellantis head Carlos Tavares said on Wednesday that the profitability of Tesla was declining as the rival U.S. automaker entered the real world of manufacturing and competition. “They are entering my world, the world of tight pricing, cost competitiveness, and the operational issues that a big company like ours may face,” Tavares…
TOKYO (Reuters) – Japan’s Nissan Motor roughly doubled its first-quarter profit on Wednesday, boosted by higher production and sales in North America and Japan and a weaker yen and it lifted its full-year outlook. Operating profit for the April-June period came to 128.6 billion yen ($914.59 million), versus the 120.33 billion yen average forecast in…
By Giulio Piovaccari and Gilles Guillaume MILAN (Reuters) -Revenue and operating profit grew at Stellantis in the first half to beat estimates, with CEO Carlos Tavares saying the automaker would have to accelerate cost cutting to keep profitability strong in a more challenging pricing environment. The world’s third largest automaker by sales said on Wednesday…
By Heekyong Yang and Ju-min Park SEOUL (Reuters) -South Korea’s Hyundai Motor Co raised its annual sales and profit margin guidance on Wednesday, after recording a 15% rise in quarterly net profit helped by a weaker won currency, robust sales of electric vehicles (EVs) and increased production. The world’s No.3 automaker by sales together with…
(Reuters) – Liftmaker Otis Worldwide posted second-quarter revenue and profit above analysts’ estimates on Wednesday, fueled by sustained demand for escalators and elevators in residential and commercial projects. The Connecticut-based company’s price hikes in the Americas, Europe, Africa and Asia Pacific helped it fend off headwinds from high labor and material costs in the quarter….
By Iain Withers, Valentina Za and Jesús Aguado LONDON/MILAN/MADRID (Reuters) – Europe’s major banks, including Deutsche Bank and Lloyds Banking Group, on Wednesday pointed to the rising risk of bad loans as the global economy struggles with slow growth and high inflation. Financial regulators and investors are keeping a close eye on how banks navigate…
