Business

VW embarks on $50 billion electrification plan

Ren Leen November 17, 2018

WOLFSBURG, Germany (Reuters) – Volkswagen <VOWG_p.DE> expects to become the most profitable manufacturer of electric cars thanks to a multi-billion euro expansion plan to mass produce battery driven vehicles, Chief Executive Herbert Diess said on Friday. VW will spend almost

Business

Rouhani sees Iran-Iraq trade rising to $20 billion/year from $12 billion – TV

Ren Leen November 17, 2018

DUBAI (Reuters) – Iranian President Hassan Rouhani said on Saturday Iran and Iraq could raise annual bilateral trade to $20 billion from the current level of $12 billion, in remarks carried live by state television. “Today, the economic relations between the two countries reach about $12 billion (per year) and, through bilateral efforts, we can […]

Business

India’s Flipkart Group fashion unit chief denies he is quitting

Ren Leen November 16, 2018

MUMBAI (Reuters) – The chief of Flipkart Group’s Myntra-Jabong fashion business on Friday denied a media report that he will quit after a reshuffle in the ranks following the ouster of group CEO Binny Bansal. “I’m very excited about Myntra,” Ananth Narayanan, the CEO of the business, told Reuters in an interview. “I certainly intend […]

Business

Volkswagen CEO to take responsibility for China business – source

Ren Leen November 16, 2018

HAMBURG (Reuters) – Volkswagen chief executive Herbert Diess will take on responsibility for the carmaker’s business in China, a source said as VW’s supervisory board met in Wolfsburg on Friday. Diess will take over the China role early next year from Jochem Heizmann, who will retire, the source told Reuters. “The Chinese government expects that

Business

France hopes to lure crypto-issuers with Gallic stamp of approval

Ren Leen November 16, 2018

PARIS (Reuters) – With hundreds of cryptocurrencies being issued every month, countries face a choice: ban them, leave them unregulated, or come up with rules to tame them. France is pursuing the third option, which might be regarded as a Gallic middle ground. It wants cryptocurrencies to be issued in France as long as those […]

Business

Ford CEO open to investors in autonomous vehicles but cautious on VW

Ren Leen November 15, 2018

MIAMI (Reuters) – Ford Motor Co Chief Executive Jim Hackett told Reuters the automaker is open to investment by automakers and others in its autonomous vehicle business, but cautioned that expanding partnerships with German automaker Volkswagen AG <VOWG_p.DE> is a “delicate dance.” Volkswagen’s supervisory board is scheduled to meet on

Business

European shares march higher as miners rally on fresh trade war hopes

Ren Leen November 15, 2018

LONDON (Reuters) – European shares marched higher on Thursday as oil prices stabilised and mining stocks rallied on hopes that China and the United States may reach a rapprochement to end their long-running trade spat, offsetting bad news in the tech sector. The pan-European STOXX 600 index <.STOXX> was up 0.2 percent by 0844 GMT, […]

Business

Britain’s ‘broken’ audit sector must change – MP

Editorial Bureau November 12, 2018

LONDON (Reuters) – Britain’s parliament will start an inquiry into auditing in January to ensure that two pending reviews will lead to actual reform of a “broken” sector dominated by the Big Four accounting firms, a senior lawmaker said on Monday. Rachel Reeves, chair of parliament’s business select committee, said accounting scandals at

Business

General Electric reveals deeper regulatory probe, restructuring

Editorial Bureau October 31, 2018

(Reuters) – General Electric Co slashed its dividend on Tuesday, said it faces a deepening federal accounting probe and vowed to restructure its power unit, as new Chief Executive Larry Culp took his first steps to revive the struggling conglomerate. GE said the U.S. Securities and Exchange Commission and Department of Justice had expanded investigations […]

Business

China factory growth weakest in over two years, slump in export orders deepens

Editorial Bureau October 31, 2018

BEIJING (Reuters) – China’s manufacturing sector in October expanded at its weakest pace in over two years, hurt by slowing domestic and external demand, in a sign of deepening cracks in the economy from an intensifying trade war with the United States. Anxiety about China’s cooling growth and its likely drag on the global economy […]