BENGALURU (Reuters) -Reliance Industries Ltd’s Viacom18 will receive an investment of 43.06 billion rupees ($527.84 million) from Bodhi Tree, about 70% less than what was planned by the joint venture between James Murdoch and a former Star India executive. Viacom18 said in a statement late on Thursday that Reliance was now leading the investment in…
By Chen Lin and Victoria Waldersee SINGAPORE/BERLIN (Reuters) -Tesla Inc on Friday slashed prices for its electric vehicles in Europe, Israel and Singapore, expanding a global discount drive it began in China in January while raising concerns about its industry-leading profit margin. Tesla last week reported first-quarter deliveries up just 4% from the previous quarter…
By Howard Schneider ATLANTA (Reuters) – One more quarter-percentage-point interest rate hike can allow the Federal Reserve to end its tightening cycle with some confidence inflation will steadily return to the U.S. central bank’s 2% target, Atlanta Fed President Raphael Bostic said. Recent inflation data, including this week’s reports of slowing consumer price increases and…
By Dominique Patton BEIJING (Reuters) – China’s agriculture ministry issued a three-year action plan on Friday to reduce soymeal use in animal feed as it tries to reduce its heavy reliance on soybean imports. The new plan proposes soymeal ratios in animal feed should be reduced to less than 13% by 2025, from 14.5% in…
By Joe Cash BEIJING (Reuters) -China reiterated it is willing to work with all parties to implement the Common Framework for debt disposal on Friday but stopped short of dropping its demand that multilateral development banks share in debt restructuring losses. Beijing’s refusal to budge on this issue is a major roadblock to debt relief…
By Asif Shahzad and Gibran Naiyyar Peshimam ISLAMABAD (Reuters) -The United Arab Emirates has confirmed financial support of $1 billion to Pakistan, the South Asian nation’s finance minister said on Friday, removing a key hurdle to securing a much-awaited bailout tranche from the International Monetary Fund. The commitment is one of the IMF’s last requirements…
By Mimosa Spencer PARIS (Reuters) -Sales at Birkin bag maker Hermes rose 23% in the first quarter, above market expectations, as wealthy shoppers in China and Europe splurged on luxury fashion and accessories despite higher prices and global market turmoil. Shares were up 1% in morning trading. Hermes finance chief Eric du Halgouet told journalists…
By Yuka Obayashi and Katya Golubkova SAPPORO, Japan (Reuters) -Canada is ready to become a reliable provider of critical minerals to its international allies including Japan, a senior official said, as the Group of Seven (G7) countries deem such minerals essential for climate goals and energy security. Canada has signed a joint action plan with…
By Filipp Lebedev and Gleb Stolyarov (Reuters) -A Chinese company bought at least $7.4 million worth of copper alloy ingots from a plant in a Russian-annexed region of Ukraine that is subject to Western sanctions, according to Russian customs data reviewed by Reuters. China has not imposed any restrictions on trade with Russia, but the…
By Ben Blanchard TAIPEI (Reuters) -Taiwan President Tsai Ing-wen on Friday thanked fighter pilots who scrambled against China’s air force during its drills around the island and pledged to keep strengthening the armed forces, as Beijing’s military activity in the vicinity ebbed. China began its exercises, including simulated precision strikes with bombers and missile forces,…
