Business & Finance News
World stocks marked a sixth straight day of losses on Wednesday, oil prices slumped to two-month lows and Wall Street was tipped for a lower open after fresh signs that global economic growth and company profits may be losing steam.
Sinopec Group and China National Petroleum Corp (CNPC), the country’s top state-owned refiners, have not made any nominations to load Iranian oil for November because of concerns they would be violating U.S. sanctions, said two persons with direct knowledge of the matter.
Italy’s anti-trust watchdog said on Wednesday it was fining Apple Inc. and Samsung Electronics Co Ltd 5 million euros ($5.7 million) each following complaints they used software updates to slow down their mobile phones.
Tesla Inc has increased the price for its new Model 3 sedan launched last week by $1,000 to $46,000, according to the company’s website.
Germany’s Daimler is setting up a ride-hailing joint venture in China with Geely Group [GEELY.UL], in a sign the Chinese firm is making progress in its drive for closer relations with the maker of Mercedes-Benz cars.
World stocks marked a sixth straight day losses on Wednesday as fears about global economic growth kept sentiment fragile, with Wall Street tipped for a weak open and oil prices languishing near two-month lows.
German carmaker Daimler on Wednesday said it will form a premium ride-hailing joint venture in China together with Geely Group, the first such step since Geely chairman Li Shufu took a 9.69 percent stake in the German carmaker.
Saudi Arabia said on Wednesday it would not penalize foreign banks boycotting an investment forum in a message of reassurance for a gathering overshadowed by a global outcry over slain journalist Jamal Khashoggi.
The World Trade Organization is scrambling to develop a plan for the biggest reform in its 23-year history after U.S. President Donald Trump brought the world’s top trade court to the brink of collapse by blocking appointments of its judges and threatening to pull the United States out of the organization.
Ford Motor Co has hired a new chief for its troubled China operations, ending a nine-month search after the previous head suddenly quit and tasking him with fixing a deep sales slump in the world’s biggest car market.
Deutsche Bank’s bleak third quarter results and revenue forecast overshadowed its assertion on Wednesday that it is on track to return to profit this year, knocking its shares.
News of a foreign wealth manager being denied exit from China last week is raising concerns for global private banks, as they seek to tap trillions of dollars of wealth offshore in the face of Beijing’s growing curbs on overseas investments and outflows.
Saudi Arabia’s crown prince is expected to address an investment forum on Wednesday that has been overshadowed by the outcry over the killing of journalist Jamal Khashoggi, a day after Turkey urged Riyadh to search “top to bottom” for those responsible.
Saudi Arabia’s central bank governor said the kingdom will not penalize foreign banks that boycotted an investment conference in Riyadh and reiterated the country’s commitment to defend its currency peg to the dollar.
Deutsche Bank is planning to hold a larger portion of its 270 billion euros in liquidity buffers in securities rather than cash as it seeks to increase its profitability, its Chief Financial Officer said.
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