Singtel expects to report loss for 2024 second-half; flags $2.3 billion impairment
(Reuters) - Singapore Telecommunications said on Monday it expects to report a net loss for second-half of fiscal year 2024, as it flagged exceptional non-cash impairment provisions of S$3.1 billion ($2.28 billion) for the period. The company also ...
1h ago
Nigeria secures $600 million Maersk investment in seaport infrastructure
ABUJA (Reuters) - Nigeria secured a $600 million investment in seaport infrastructure from Danish shipping company A.P. Moller-Maersk, the presidency said in a statement on Sunday. The investment was secured during a meeting between President Bola ...
2h ago
L'Occitane's billionaire owner close to possible $7 billion buyout bid, Bloomberg reports
(Reuters) -The billionaire owner of L'Occitane International is close to making a proposal to take the French skincare firm private as early as Monday in a deal that could value it at about $7 billion including debt, Bloomberg News reported. Chairman R...
4h ago
Deutsche Bank to assess options for possible Postbank settlement
FRANKFURT (Reuters) - Deutsche Bank said on Sunday that it would "carefully assess" options for a possible settlement in litigation over its takeover of Postbank that has required it to make provision for claims of up to 1.3 billion euros ($1.39 ...
4h ago
Blackstone to make improved bid for Hipgnosis, Sky News reports
(Reuters) - Private equity giant Blackstone is preparing to lodge an improved bid for Hipgnosis Songs Fund which owns the music rights of artists including Shakira and Blondie, Sky News reported on Sunday. Blackstone's bid will trump independent mu...
9h ago
Exclusive-Chinese brokerage CICC cutting dealmakers' base pay by 25%, sources say
By Selena Li and Julie Zhu HONG KONG/SHANGHAI (Reuters) - China International Capital Corp (CICC) is cutting the base pay of onshore investment bankers by as much as 25%, three sources said, in a major effort to reduce costs amid volatile markets ...
15h ago
Thai ex-executive Pichai named finance minister, faces growth challenge
By Orathai Sriring BANGKOK (Reuters) - Thai former energy executive Pichai Chunhavajira was named the country's finance minister on Sunday, facing a tough task to revive Southeast Asia's second-largest economy. Pichai, 75, an adviser to Prime Minis...
17h ago
Hong Kong economy to grow 2.5%-3.5% in Q1, financial chief says
HONG KONG (Reuters) - Hong Kong's gross domestic product (GDP) is expected to grow between 2.5% and 3.5% for the first quarter, maintaining moderate growth for a fifth consecutive quarter, the city's finance chief said on Sunday. January-March GDP,...
18h ago
Exclusive-Elon Musk heading to China for visit to Tesla's second-biggest market, sources say
SHANGHAI (Reuters) -Tesla CEO Elon Musk was on a flight heading to Beijing on Sunday to kick off a surprise trip in the electric vehicle maker's second-biggest market, according to two people with knowledge of the matter. Musk is seeking to meet sen...
18h ago
Mercedes-Benz says US DOJ ended investigation into diesel emissions scandal
BERLIN (Reuters) - The U.S. Department of Justice has closed its probe into the Mercedes-Benz diesel emissions scandal and the car manufacturer is no longer facing charges, the company said on Saturday. Mercedes-Benz cooperated fully with the DOJ, ...
Apr 27, 2024
Russian think tank warns of stagnating industrial output, investment
By Darya Korsunskaya LONDON (Reuters) - Russia's industrial production and investments are stagnating, its exports of goods are continuing to deteriorate and profitability in most industries is declining, a think tank close to the government has sa...
Apr 27, 2024
EU criticises Russia over control of German, Italian firms' units
(Reuters) -The European Union criticised Russia on Saturday for putting subsidiaries of one Italian and one German company under the "temporary external management" of a Gazprom entity, saying the move underscored Moscow's disregard for international n...
Apr 27, 2024
BHP considering improved proposal for Anglo American after bid was rejected, source says
(Reuters) -BHP Group is considering making an improved proposal for Anglo American after its $39 billion initial offer was rejected by the London-listed miner, a source familiar with the matter told Reuters. BHP is in discussion for revised proposal fo...
Apr 27, 2024
China's first-quarter industrial profits rise at slower pace
BEIJING (Reuters) - China's industrial profits posted smaller gains for the first quarter compared to the first two months, official data showed on Saturday, adding to evidence of an uneven recovery for the world's second-biggest economy. Profits a...
Apr 27, 2024
U.S. chip bans not meant to hobble China's growth, Blinken says
By Stephen Nellis (Reuters) - U.S. export controls on sending advanced computing chips to China are not meant to hold back China's economy or technological development, Secretary of State Antony Blinken said during an interview with National Public...
Apr 27, 2024
Apple renews talks with OpenAI for iPhone generative AI features, Bloomberg News reports
(Reuters) -Apple Inc has renewed discussions with OpenAI about using the startup's generative AI technology to power some new features being introduced in the iPhone later this year, Bloomberg News reported on Friday. The companies have begun discussin...
Apr 27, 2024
Google plans $3 billion data center investment in Indiana, Virginia
(Reuters) - Alphabet unit Google said on Friday it would invest $3 billion to set up a data center campus in Indiana and expand sites in Virginia. A boom in artificial intelligence applications has increased the demand for cloud computing, promptin...
Apr 26, 2024
US regulators seize troubled lender Republic First Bancorp
(Reuters) -U.S. regulators have seized Republic First Bancorp and agreed to sell it to another lender, the Federal Deposit Insurance Corp said on Friday. The FDIC has been appointed as receiver and has entered into an agreement with Fulton Bank, Nation...
Apr 26, 2024
Planemaker Embraer CEO says supply chain has been improving
By Gabriel Araujo SAO JOSE DOS CAMPOS (Reuters) - The chief executive of Brazil's Embraer said on Friday that supply chain issues impacting planemakers have been improving but some challenges remain. Francisco Gomes Neto told reporters at an event ...
Apr 26, 2024
L3Harris cuts 5% workforce in cost-saving measure
(Reuters) - U.S. defense contractor L3Harris cut 5% of its workforce earlier this month in a bid to streamline its business and save costs, CEO Chris Kubasik said in a post-earnings conference call on Friday. The announcement confirms a Reuters rep...
Apr 26, 2024
Deutsche Bank to make provision for Postbank suit that will hit Q2 profit
BERLIN (Reuters) - Deutsche Bank AG said a court ruling in a years-long litigation over its takeover of Postbank will require it to make a legal provision that will impact its second quarter and full-year profitability. Germany's flagship lender sa...
Apr 26, 2024
S&P 500 Q1 earnings estimated growth improves; stocks up for week
By Caroline Valetkevitch NEW YORK (Reuters) - U.S. first-quarter estimated earnings growth is looking stronger at nearly the halfway mark of the reporting period, with corporate results giving a boost to stocks this week after recent weakness. S&P ...
Apr 26, 2024
Tesla to lay off 693 employees in Nevada, government notice says
SAN FRANCISCO (Reuters) -Tesla plans to lay off 693 employees at its facilities in Sparks, Nevada, a government notice showed, as part of its plan to cut more than 10% of its global workforce amid dropping sales and rising competition. The notice was s...
Apr 26, 2024
Lofty US stocks leave investors punishing earnings disappointments
By Lewis Krauskopf NEW YORK (Reuters) - Richly valued U.S. stocks are leaving investors with little tolerance for disappointment, raising the stakes ahead of a week in which two more technology and growth giants are set to report. Strong reports fr...
Apr 26, 2024
American Airlines to adjust routes amid Boeing 787 delivery delays
(Reuters) - American Airlines will be making adjustments to certain routes in the second half of 2024 and the first quarter of 2025, the carrier said on Friday, citing ongoing Boeing 787 delivery delays. "We're making these adjustments now to ensur...
Apr 26, 2024