(Reuters) – Chinese auto brands are on track to account for just over 50% of the cars sold in their home market this year thanks to a growing dominance in electric vehicles, consultancy AlixPartners said on Wednesday. It would represent the first time Chinese automakers have controlled a majority share of China’s car market –…
By Bhanvi Satija and Mariam Sunny (Reuters) – Shares of Sage Therapeutics slumped to a record low on Monday after the U.S. health regulator approved the company and partner Biogen’s pill for postpartum depression, but rejected it as a treatment for major depressive disorder. The decision raises fresh questions about the growth prospects for the…
By Joe Cash BEIJING (Reuters) – China’s imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth. China’s economy grew faster than expected in the first…
By Ece Toksabay and Huseyin Hayatsever ANKARA (Reuters) – He is not as charismatic as Turkey’s President Tayyip Erdogan, but mild-mannered Kemal Kilicdaroglu is optimistic about his chances of beating Erdogan in Sunday’s election, promising a new spring after two decades of his rival’s tumultuous governance. Long stuck in the shadow of Erdogan and his…
(Reuters) – Saudi Arabia’s Kingdom Holding invested in Russian energy groups Gazprom, Rosneft and Lukoil between Feb. 22 and March 22, it said on Twitter on Sunday. Many Western nations have imposed sanctions on Russian energy firms and their executives following Russia’s invasion of Ukraine on Feb. 24. The Kingdom Holding investments fall within the…
By Scott DiSavino NEW YORK (Reuters) -Oil prices climbed about 3% to a one-week high on Friday on worries that tensions in Israel and Gaza could spread into a wider conflict that could disrupt global crude supplies. Brent futures rose $2.55, or 2.9%, to settle at $90.48 a barrel, while U.S. West Texas Intermediate (WTI)…
(Reuters) -Chip tools maker Applied Materials Inc forecast third-quarter revenue above market estimates on Thursday, as chipmakers expand production plans to meet a global shortage felt by electronics and auto manufacturers. Even though consumer-driven markets, including PCs and smartphones remain weak, demand from artificial intelligence and automotive sectors is giving Applied Materials the much-needed boost…
MEXICO CITY (Reuters) – The United States and Mexico reached an agreement to remedy violations of workers’ rights at a Goodyear Tire & Rubber Co plant in the Mexican city of San Luis Potosi, both countries said on Wednesday. The Mexican government has committed to carry out a number of measures under the agreement, the…
By Camillus Eboh ABUJA (Reuters) -Nigeria’s lower house of parliament on Thursday approved a plan to restructure 23.7 trillion naira ($52 billion) in short-term loans due to the central bank to long-term debt, a day after the Senate gave its consent. Nigerian government revenues are under pressure as oil production fell due to crude theft…
SEOUL, South Korea (AP) — South Korean police have detained several dozen truckers for blocking traffic and disrupting the movement of goods near factories as a nationwide strike extended into a fourth day. The truckers are urging the government to provide a minimum wage in the face of soaring fuel prices that are squeezing their…
