Exiled Chinese businessman's $1 billion fraud trial to begin in US on Friday
By Jody Godoy (Reuters) - Exiled Chinese businessman Miles Guo's fraud trial is expected to kick off on Friday in Manhattan with an opening statement from prosecutors, who say he conned investors and customers out of more than $1 billion through a ...
14h ago
Explainer-What to expect as US moves towards faster stock settlement
By Carolina Mandl NEW YORK (Reuters) - U.S. markets are set for an upheaval on Tuesday, May 28, when the settlement time for U.S. equities, corporate municipal bonds and other securities will be halved to one day, or T+1, following the adoption of ...
14h ago
Japan's Nidec corrects past results after some sales were 'inflated'
TOKYO (Reuters) - Japanese electric motor manufacturer Nidec Corp revised down two years of operating profit by about $67 million on Friday after determining that some sales were "recorded in an inflated manner" at a subsidiary. Nidec said it had a...
14h ago
Futures recover after inflation jitters dent Wall Street
(Reuters) - U.S. stock index futures rose on Friday, rebounding after closing lower in the previous session on signs of persistent inflation that rekindled monetary policy caution ahead of a long weekend. After riding high on Nvidia's blowout reven...
14h ago
Exclusive-Siemens likely to transfer Siemens Energy stake to pension fund, CFO says
By Alexander Hübner MUNICH (Reuters) -Siemens AG will likely transfer its remaining 17.1% stake in Siemens Energy to the group's pension fund to avoid diluting the value of the company's shares via a placement, the group's finance chief told Reuters. T...
15h ago
Amid chants and K-pop, Samsung union stages rare rally for fair wages
By Ju-min Park SEOUL (Reuters) - Against a backdrop of K-pop performances and dance music, more than 2,000 unionised workers from Samsung Electronics gathered in Seoul on Friday, holding a rare rally to demand the South Korean technology giant pay ...
15h ago
Exclusive-KKR set for unconditional EU antitrust okay for Telecom Italia deal, sources say
BRUSSELS/ROME (Reuters) - U.S. investment firm KKR is expected to gain unconditional EU antitrust clearance to buy Telecom Italia's (TIM) fixed-line network after agreeing to keep commercial agreements with TIM rivals, people with direct knowledge ...
15h ago
British fund manager abrdn's CEO Stephen Bird to step down
(Reuters) -British fund manager abrdn said on Friday CEO Stephen Bird will step down after four years in the role, and finance chief Jason Windsor will take the helm on an interim basis. Following a significant strategic repositioning of the company, t...
16h ago
Analysis-Battle for Anglo's copper assets tests BHP's resolve as deadline looms
By Clara Denina and Felix Njini LONDON/JOHANNESBURG (Reuters) - BHP's resolve to add more copper to its portfolio will be tested by Anglo American investors' demands for a simpler offer for the whole company or a cash sweetener to clinch a deal th...
16h ago
Global minimum tax deal on multinationals set to fail, G7 chair says
By Giuseppe Fonte STRESA, Italy (Reuters) - An accord over a global minimum tax on multinationals will not be finalised by June as previously planned, Italy's Economy Minister Giancarlo Giorgetti said ahead of a G7 finance summit starting on Friday...
17h ago
Take Five: Inflation watch
(Reuters) - Inflation data from the U.S., the euro zone and Japan in the days ahead will guide investors' expectations over the scale and pace of interest rate changes to come in major economies. Markets are bracing for the shortening of trade sett...
17h ago
European stocks set for worst drop in five weeks as rate worries resurface
(Reuters) - European stocks lost ground on Friday, set for their biggest percentage drop in more than five weeks, as signs of persistent U.S. price pressures and a recovering euro zone economy dashed hopes of interest rate cuts from major central b...
17h ago
Czech online grocer Rohlik ramps up German expansion as rivals quit
By Michael Kahn PRAGUE (Reuters) - As foreign online grocery delivery rivals exit Germany, Czech Republic-based Rohlik Group is ramping up in Europe's biggest economy and is on track to break even within the next 12 months, founder and chief execut...
17h ago
Washout for UK retailers as rain spurs sharp drop in April sales
(Reuters) - British retail sales slid in April by more than any economist predicted, as wet weather kept shoppers away from clothing retailers and sports stores, the Office for National Statistics said on Friday. Sales volumes dropped by 2.3% in Ap...
18h ago
Column-June to test markets' election nonchalance
By Mike Dolan LONDON (Reuters) - In a year of elections worldwide, June turns up the heat several notches and will test global markets' seemingly nonchalance toward the process to date. With European Parliament elections as an early appetizer on Ju...
18h ago
India's new government will be spoilt for choice with $25 billion extra in kitty
By Swati Bhat and Aftab Ahmed MUMBAI/NEW DELHI (Reuters) - India's incoming government will be greeted with a $25 billion cheque from the central bank, giving it the option to either boost spending or narrow the fiscal deficit quicker, both of whic...
18h ago
Tesla slashes Model Y production in Shanghai, data shows
SHANGHAI (Reuters) - Tesla has cut output of its best-selling Model Y electric car by a double-digit percentage number at its Shanghai plant since March, according to industry data and a source. The move is aimed at addressing weakening demand for ...
19h ago
Japan factory output seen up, inflation complicates BOJ exit - Reuters poll
By Tetsushi Kajimoto TOKYO (Reuters) - Japanese factory output likely grew for a second straight month in April while retail sales picked up, a Reuters poll showed on Friday, highlighting budding signs of an economic recovery. The rise in core cons...
19h ago
US's Yellen expresses concern over rising living costs, FT says
(Reuters) - U.S. Treasury Secretary Janet Yellen expressed concern over substantial increases in living costs, the Financial Times said on Friday. In an interview published on Friday Yellen said that although wages had gone up significantly, there ...
19h ago
BOJ to decide bond-purchase reduction by end-July, say economists
By Satoshi Sugiyama TOKYO (Reuters) -The Bank of Japan will decide to start tapering the size of its bond-buying by end-July, according to nearly two-thirds of economists polled by Reuters, while close to 90% forecast an interest rate hike to at least ...
20h ago
Morning Bid: Rates frustration spoils markets' Friday mood
A look at the day ahead in European and global markets from Ankur Banerjee The cheer from Wall Street darling Nvidia's strong results didn't last long as fears that interest rates would stay higher for longer once again dampened the AI rally. Retail sa...
20h ago
Exclusive-Nvidia cuts China prices in Huawei chip fight, sources say
By Fanny Potkin SINGAPORE (Reuters) - Nvidia's most advanced AI chip it developed for the China market has got off to a weak start, with abundant supply forcing it to be priced below a rival chip from Chinese tech giant Huawei, according to sources...
21h ago
Kristin Johnson emerges as a leading candidate to be new US FDIC chair, Bloomberg News reports
(Reuters) - Kristin Johnson, a Democratic commissioner at the Commodity Futures Trading Commission, has emerged as a leading candidate to lead the Federal Deposit Insurance Corp (FDIC), Bloomberg News reported on Thursday citing a person familiar w...
21h ago
Exclusive-Samsung's HBM chips failing Nvidia tests due to heat and power consumption woes, sources say
By Heekyong Yang and Fanny Potkin SEOUL/SINGAPORE (Reuters) - Samsung Electronics' latest high bandwidth memory (HBM) chips have yet to pass Nvidia's tests for use in the U.S. firm's AI processors due to heat and power consumption problems, three p...
21h ago
Asian stocks fall, dollar rises as rate cut wagers waver
By Ankur Banerjee SINGAPORE (Reuters) - Asian stocks fell on Friday, while the dollar advanced as strong U.S. economic data bolstered the prospect of interest rates staying higher for longer and the Federal Reserve taking its time in cutting rates,...
22h ago