French carmakers target fourfold jump in EV sales by 2027
PARIS (Reuters) - France's car industry will aim to ramp up electric car sales fourfold by 2027 under a strategy agreement to be signed with the government on Monday, just as the president of China embarks on a state visit in the country. French Pr...
2h ago
China May Day holiday spending delivers mixed picture on post-COVID recovery
BEIJING (Reuters) - Domestic travellers spent 166.9 billion yuan ($23.13 billion) during one of China's longest breaks, the May Day holiday, for a rise of 13.5% from pre-pandemic levels, government data showed on Monday, but expenditure per head la...
2h ago
China home sales slump 47% over May Day holiday vs 2023
BEIJING (Reuters) - China's average daily home sales during the major May Day public holiday sank 47% from a year earlier, and were down around 30% from pre-pandemic levels in 2019 for the same holiday period, according to a private survey on Monda...
2h ago
KKR to buy India's Healthium Medtech at $839 million valuation, sources say
MUMBAI/BENGALURU (Reuters) - Global investment firm KKR will buy Indian medical devices maker Healthium Medtech from UK-based Apax Partners in a deal that three sources with direct knowledge of the matter say is valued at 70 billion rupees ($838.60...
3h ago
Sabadell's board meets to analyse BBVA bid proposal, newspapers say
MADRID (Reuters) - Spanish bank Sabadell's board will meet on Monday to discuss an all-share offer from bigger rival BBVA that was worth around 12 billion euros ($12.9 billion) when it was announced last week, newspapers including La Vanguardia sai...
3h ago
European shares rise on energy boost, rate-cut hopes
(Reuters) - European shares climbed on Monday, with investor optimism over interest rate cuts globally back to the fore, while Spanish defence and technology firm Indra jumped following a strong first-quarter profit. The pan-European STOXX 600 was ...
3h ago
Volvo Cars April sales rise 27% year-on-year
COPENHAGEN (Reuters) - Volvo Cars' sales rose 27% in April from a year earlier to 65,838 cars, the Sweden-based group said in a statement on Monday. (Reporting by Louise Breusch Rasmussen, editing by Stine Jacobsen)
4h ago
Red Sea disruption cuts Q2 capacity by 15%-20%, Maersk says
COPENHAGEN (Reuters) - The disruption to container shipping traffic in the Red Sea is worsening, and is expected to reduce the industry's capacity between the Far East and Europe by some 15%-20% in the second quarter, shipping group Maersk said on ...
4h ago
Russia's services sector grows at slowest rate in 15 months, PMI shows
(Reuters) - Activity across Russia's services sector in April grew at its slowest rate in 15 months, a business survey showed on Monday, as the increase in new orders lost pace amid slackening demand. The S&P Global Purchasing Managers' Index (PMI)...
5h ago
Oil nudges higher after Saudi Arabia hikes prices
By Florence Tan SINGAPORE (Reuters) - Oil futures edged up on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen ...
6h ago
Ailing French IT firm Atos says it received four restructuring offers
PARIS (Reuters) -Debt-laden French IT company Atos on Monday confirmed it had received four distinct offers from investors to restructure its debt and inject cash into the business, adding it would decide which one to pursue by the end of the month. Th...
6h ago
Canada's WestJet reaches tentative deal with union to avoid work stoppage
(Reuters) - Canadian airline WestJet Group has reached a tentative agreement with the union representing its maintenance engineers to avert work stoppage, the two parties said in a joint statement on Monday. (Reporting by Dagmarah Mackos; Editing ...
6h ago
Indonesia's Q1 GDP growth beats forecasts, at highest in 3 qtrs
JAKARTA (Reuters) - Indonesia's economy grew by 5.11% in the first quarter from a year earlier, the highest in three quarters and faster than expected, data from the statistics bureau showed on Monday. Economists polled by Reuters had expected Indo...
6h ago
Morning Bid: Back on the rate cut track
A look at the day ahead in European and global markets from Rae Wee European markets will be waking up to a fairly quiet session with London closed for a holiday and little on the economic calendar to stand in the way of the latest rate-cut rally. Inve...
6h ago
RBNZ must keep policy restrictive until inflation falls within target, OECD says
SYDNEY (Reuters) - The Organisation for Economic Co-operation and Development (OECD) said on Monday that New Zealand's monetary policy must remain restrictive until inflation is brought within the central bank's target range, and urged the governme...
7h ago
South Korea finds illegal stock short sales by seven more banks
SEOUL (Reuters) - South Korea's market watchdog said on Monday it had found breaches of short-selling rules by seven more banks in the domestic stock market as part of a full-scale investigation into trading practices at foreign investment banks. L...
8h ago
Asia shares rally on Fed cut bets; yen pares gains
By Rae Wee SINGAPORE (Reuters) - Asian stocks rose on Monday on renewed bets that the Federal Reserve would likely ease rates this year, while the yen weakened after a strong surge last week from Tokyo's suspected currency intervention. Trading was...
9h ago
Gasoline demand growth to slow this year on EV growth in China, U.S.
By Mohi Narayan NEW DELHI (Reuters) - Global petrol demand growth could halve in 2024, squeezing second-half refinery margins, analysts said, driven by a shift to electric cars in China and the United States and a return to normal consumption after...
9h ago
Dollar steady after soft US jobs report; yen starts week on back foot
By Ankur Banerjee SINGAPORE (Reuters) - The dollar was broadly steady on Monday as a soft U.S. jobs report boosted wagers that the Federal Reserve may still cut rates twice this year, while the yen was a tad weaker to start the week. The yen had cl...
10h ago
Qantas Airways faces $66 million court penalty for flight cancellations
(Reuters) -Australian flagship airline Qantas Airways said on Monday it reached a settlement agreement with the country's competition regulator under which it may be obliged to pay A$100 million ($66 million) civil penalty in a flight cancellation case...
13h ago
Australia's Westpac net profit falls 16%, announces additional $661 million buyback
(Reuters) -Australia's Westpac Banking Corp reported a 16% drop in its first-half net profit on Monday as intense lending competition and higher costs squeezed its margins. It also announced an increase of A$1 billion ($660.90 million) to an existing s...
13h ago
Atos board reported to be meeting Sunday to review takeover bids
PARIS (Reuters) - The board of French tech firm Atos was due to meet on Sunday evening to consider takeover offers, including one submitted by Czech businessman Daniel Kretinsky, Les Echos and Le Figaro reported. Atos, which secures communications ...
15h ago
Big Oil finds more to love in deepwater exploration fields
By Georgina McCartney HOUSTON (Reuters) - As Big Oil returns this week to the industry's annual showcase for offshore energy projects and equipment in Houston, deepwater discoveries off Guyana, Namibia and the U.S. Gulf Coast will take the spotligh...
21h ago
IMF says its mission will visit Pakistan this month to discuss new loan
By Ariba Shahid KARACHI (Reuters) - An International Monetary Fund mission is expected to visit Pakistan this month to discuss a new programme, the lender said on Sunday ahead of Islamabad beginning its annual budget-making process for the next fin...
22h ago
Gulf bourses end higher as Fed cut hopes rise
By Md Manzer Hussain (Reuters) - Stock markets in the Gulf ended higher on Sunday, led by the Qatar index, after slowing U.S. jobs growth in April raised hopes of early interest rate cuts by the U.S. Federal Reserve. The Labor Department's employme...
22h ago