By John McCrank and Karen Brettell NEW YORK (Reuters) -Libor, or the London Interbank Offered Rate, will no longer be used for new derivatives and loans as of Jan. 1. The benchmark and reference rate, which had $265 trillion linked to it globally at the start of 2021, is being scrapped in the biggest…
SHANGHAI/HONG KONG (Reuters) – China Evergrande New Energy Vehicle Group started its first mass production on Thursday, two sources with direct knowledge of the matter said. Mass production for its inaugural Hengchi 5 sport-utility vehicles at its Tianjin production facilities came 12 days ahead of schedule, the people said, and the firm plans to…
(Corrects typo in para 1) By Sudarshan Varadhan CHENNAI (Reuters) – Foreign automakers have indicated an interest to the government of India’s Tamil Nadu state in acquiring Ford Motor Co’s plant there, the state industries minister said on Thursday, after inconclusive talks with the Tata Group. Ford announced plans to stop production in India…
By Sujata Rao LONDON (Reuters) -World stocks snapped a seven-day rising streak on Thursday as the spread of Omicron worldwide clouded bumper year-to-date gains, dented oil prices and boosted the dollar. Sentiment was supported, however, by signs that governments, despite coronavirus cases hitting record highs, are trying to limit the economic damage by relaxing…
By Florence Tan and Sonali Paul SINGAPORE (Reuters) – Oil prices eased on Thursday after the world’s top importer China cut the first batch of crude import allocations for 2022, offsetting the impact of U.S. data showing fuel demand had held up despite soaring Omicron coronavirus infections. Brent crude futures fell 41 cents, or…
(Reuters) – JetBlue Airways Corp is reducing its schedule through Jan. 13 by about 1,280 flights due to a surge in crew members falling sick from the Omicron coronavirus variant, a spokesperson for the airline told Reuters on Thursday. Carriers have been canceling hundreds of flights every day in the United States since Christmas…
LONDON (Reuters) – HSBC said on Thursday it had received regulatory approval in China to take full ownership of its life insurance joint venture in the country, as it continues to expand its non-core banking services. HSBC has got clearance from the Shanghai office of the China Banking and Insurance Regulatory Commission to buy…
BEIJING (Reuters) – China’s factory activity likely neither grew nor shrunk in December, a Reuters poll showed, amid disruptions from COVID-19 outbreaks and as the economy lost momentum in the fourth quarter. The official manufacturing Purchasing Manager’s Index (PMI) is expected to fall to 50 in December, from 50.1 in November, according to the…
BEIJING (Reuters) – Mergers and acquisitions in the Chinese property market will help firms lower their debt, Zou Lan, head of financial markets at the People’s Bank of China (PBOC), said on Thursday. “Mergers and acquisitions of projects between real estate companies are the most effective market-oriented means for real estate companies to resolve…
By Scott Murdoch and Kane Wu (Reuters) -SenseTime Group shares surged as much as 23% from their IPO price on Thursday, adding billions of dollars to the artificial intelligence start-up’s market value as it debuted in Hong Kong in the city’s final major float for the year. Some analysts had expected the shares to…
