Global Economy
HSBC merges commercial, investment banking units
HSBC Holdings said on Tuesday it would combine some of its commercial and investment banking operations in a major overhaul under new CEO Georges Elhedery, which will see it cut costs while trying to improve returns.
US unveils funding for chip industry firm in battleground Michigan
The latest $325 million in proposed funds under the CHIPS and Science Act -- a package of incentives to boost research and US semiconductor production -- goes towards polysilicon manufacturer Hemlock Semiconductor
Britain seeking EU trade reset: minister
Trade minister Douglas Alexander said Britain's 2016 vote to leave the EU caused "significant disruption" to its trade policy and the country needed to recalibrate its global trade outlook
As poor nations’ default wave peaks, cash shortage could take its place
The punishing post-Covid wave of sovereign defaults has finally crested, with the likes of Ghana, Sri Lanka and Zambia concluding years of painful debt reworks.
India's garment exports surge 17.3% in September amid Bangladesh crisis: report
The growth comes despite global challenges such as inflation and supply chain disruptions, which have impacted other major garment-exporting nations, the report states
IMF, World Bank meetings clouded by wars, slow economic growth, US election
The International Monetary Fund and World Bank annual meetings are scheduled to draw more than 10,000 people from finance ministries, central banks and civil society groups to discuss efforts to boost patchy global growth, deal with debt distress and finance the green energy transition
Oil prices steady after 7% weekly drop
Brent crude futures rose 8 cents, or 0.11 percent, to $73.14 a barrel by 0120 GMT
China's central bank cuts two key rates to boost economy
The cuts come just days after the country posted its slowest quarterly growth in a year and a half, underlining the deep economic woes the country faces.
Oil slips on US ratings downgrade
Oil slid further on Thursday after dropping sharply from more than three-month highs in the previous session as a US government credit downgrade weighed on sentiment, while concerns around supply tightness provided support.
France's AFP sues Musk's X social media, cites refusal to discuss payment for news
Agence France-Presse (AFP) said on Wednesday it filed a lawsuit in Paris against Elon Musk's X social media platform, formerly known as Twitter, accusing it of failing to discuss potential payment for the distribution of the news agency's content.
Point of no return: Australians fight for the right to work from home permanently
Before Covid-19 sent one-third of the global workforce home, the Melbourne property surveyor that employs drone operator Nicholas Coomber called its 180-strong staff into the office every day at 9 am to hand out assignments.
In India, it's a gain for Tesla as Chinese automakers face heat
Tesla (TSLA.O) has had a red-carpet welcome from India for its proposal to invest in the country, while its largest rival in electric vehicles, China's BYD (002594.SZ), has been stopped cold by increased scrutiny from New Delhi.
Chinese carmaker faces Indian tax probe
Chinese automaker BYD faces an ongoing Indian investigation over allegations that it paid too little tax on imported parts for cars it assembles and sells in the country, two sources with direct knowledge of the matter said.
Fitch downgrades US credit rating
Fitch downgraded the United States’ top-notch credit rating by a step on Tuesday, citing a growing federal debt burden and an “erosion of governance” that has manifested in debt limit standoffs.
Rupee drops
The Indian rupee declined on Wednesday on risk aversion fuelled by the US credit rating downgrade, putting the currency at risk of slipping below a key level.
India’s edible oil import hits record high
India’s edible oil imports in July rose to a record 1.76 million metric tonnes as refiners built up stocks for upcoming festivals given uncertainty over supplies from the Black Sea, five dealers told Reuters.
Toyota revamps iconic Land Cruiser with hybrid version
Toyota on Wednesday unveiled the first hybrid version of its Land Cruiser that it will bring to North America and other key markets as it seeks to put a high-margin and iconic sports utility vehicle back on the map.
Major global firms warn of slow China sales
Global firms from consumer goods giant Unilever to automaker Nissan and machinery maker Caterpillar have warned of slowing earnings in China as the world’s second-largest economy loses its post-pandemic bounce.