By Jan Schwartz and Victoria Waldersee HAMBURG/BERLIN (Reuters) – As Volkswagen regears its strategy around boosting stock market value, investors warned its efforts would be wasted if it does not address the elephant in the room: the lack of a succession plan for its supervisory board. The market needs to know who will take over…
By Kirsty Needham SYDNEY (Reuters) – Pacific Islands nations Solomon Islands and Vanuatu are considering forming defence forces and have discussed the matter with Australia, Defence Minister Richard Marles said on Wednesday. Security partnerships in the region, where currently only five out of 18 members of the Pacific Islands Forum (PIF) bloc have a military,…
By William Schomberg and Andy Bruce LONDON (Reuters) -Britain’s high rate of inflation fell by more than expected in June and was its slowest in over a year at 7.9%, according to data that will ease some of the pressure on the Bank of England to keep on raising interest rates sharply. Sterling weakened and…
By Xie Yu HONG KONG (Reuters) – Consolidation within the global wealth management sector will speed up while managers continue to face regulatory challenges, a report based on a global survey by Citigroup showed. As many as 69% of the almost 170 participants across wealth management and private banking industries agreed that industry consolidation will…
(Reuters) -Ford’s Kansas City assembly plant in Claycomo, Missouri was evacuated on Tuesday after a report of an active shooter, but officials have determined that the threat was not credible. “We and our partner agencies have finished searching the Ford plant. We did not locate anyone inside and have determined the threat was not credible,”…
By Marie Mannes STOCKHOLM (Reuters) -Swedish truckmaker AB Volvo on Wednesday logged a better-than-expected 57% jump in second-quarter adjusted operating profit, helped by price hikes. “We have been successful in improving margins while managing cost inflation and increased disturbances in the supply chain,” Chief Executive Martin Lundstedt said in a statement. Operating profit before restructuring…
SINGAPORE (Reuters) – Two senior members of Singapore’s largest opposition party quit on Wednesday after admitting to an inappropriate relationship, the latest scandal to hit a country otherwise used to stable and drama-free politics. The Workers’ Party (WP) said member of parliament Leon Perera and its youth wing president Nicole Seah had handed in letters…
(Reuters) – Westpac Banking Corp on Wednesday said it would split its consumer and business banking business into two, with each having its own CEO, effective Aug. 1. The bank said Chris de Bruin, currently head of the combined unit, will leave and named Jason Yetton as CEO of the consumer business and Anthony Miller…
By Jason Xue and Tom Westbrook (Reuters) – China’s disappointing first half has the economy ripe for some help, and investors are preparing to ride an expected short-term wave of stimulus, even if structural problems look to hold back a sustainable rally. The latest data this week showed an economy struggling for momentum in the…
By Orathai Sriring and Kitiphong Thaichareon BANGKOK (Reuters) -Thailand’s economic recovery is intact and gradual policy tightening will help underpin growth and keep inflation in check, the central bank chief said on Wednesday. The Bank of Thailand has raised its main interest rate six times since August to 2% to tame inflation and has pledged…
