EXCLUSIVE ADB, Citi, HSBC, Prudential hatch plan for Asian coal-fired closures -sources
LONDON/MELBOURNE, Aug 3 (Reuters) – Financial firms including British insurer Prudential, lenders Citi and HSBC and BlackRock Real Assets are devising plans to speed the closure of Asia’s coal-fired power plants in order to lower the biggest source of carbon emissions, five people with knowledge of the initiative said. The novel proposal, which is being […]
Alibaba misses revenue estimates as e-commerce growth slows, regulatory crackdown persists
Aug 3 (Reuters) – China’s Alibaba Group Holding Ltd (9988.HK), missed analyst estimates for first-quarter revenue on Tuesday, as its e-commerce business was hurt by rising competition from smaller players such as JD.Com Inc (9618.HK) and Pinduoduo Inc (PDD.O). Alibaba’s results mirror those of e-commerce giant Amazon.com Inc (AMZN.O) in the United States, as the easing of pandemic-related restrictions has led […]
When the chips are down: global shortage to keep crimping carmakers
LONDON, Aug 3 (Reuters) – BMW (BMWG.DE) and Stellantis (STLA.MI) became the latest major carmakers to warn on Tuesday that the global semiconductor chip shortage that has bedeviled the industry this year will drag on throughout 2021 and beyond, hitting production and sales. Carmakers, forced by the COVID-19 pandemic to shut down plants last year, face stiff competition from […]
Analysis: Riding the oil price rebound: Gulf states to accelerate asset sales
Saudi Aramco and other Gulf oil producers are following in the footsteps of Abu Dhabi with plans to raise tens of billions of dollars through sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors.
BMW says chip shortage, raw material prices to hit second half
BMW (BMWG.DE) raised its 2021 profit forecast on Tuesday after strong quarterly results, but said the global semiconductor chip shortage and rising raw materials prices would hurt its performance in the second half of the year.
France’s SocGen raises 2021 forecasts on lower bad loan provisions
PARIS, Aug 3 (Reuters) – French bank Societe Generale (SOGN.PA) on Tuesday raised its forecasts for 2021 as the lender swung back to a profit in the second quarter on lower pandemic-related charges for bad loans and a rebound in its French retail banking. Societe Generale now expects revenue to grow in all its businesses this year, […]
Sanofi confirms $3.2 bln offer to buy U.S. biotech firm Translate Bio
PARIS, Aug 3 (Reuters) – French drugmaker Sanofi (SASY.PA) said it had made a $3.2 billion offer to buy U.S. biotech company Translate Bio (TBIO.O), as it bets on next-generation mRNA technology after setbacks in the COVID-19 vaccine race. In a statement that confirmed an exclusive report by Reuters, Sanofi said it would acquire all outstanding shares of […]
Lyondell says restarting polymers, olefins units at La Porte plant
Aug 3 (Reuters) – LyondellBasell (LYB.N) on Monday said it was restarting the polymers and olefins units at its La Porte, Texas, facility following an acetic acid leak last week that killed two people. Both units are located in other parts of the La Porte site, the company said in a statement. The chemical leak at Lyondell’s […]
S.Korea July inflation accelerates; staying at nine-year peak
SEOUL, Aug 3 (Reuters) – South Korea’s consumer inflation accelerated in July, staying at a nine-year peak marked in May, as hot weather conditions lifted prices of fresh food, while oil products and housing rental and other services costs continued rising. The consumer price index (CPI) last month rose 2.6% year-on-year, Statistics Korea data showed […]
Facebook’s Kustomer deal may hurt competition, EU regulators say
Facebook’s acquisition of U.S. customer service startup Kustomer may hurt competition and boost its market power in online advertising, European Union antitrust regulators warned on Monday as they opened a full-scale investigation into the deal.
