Connect with us

Stock Markets

China’s Geely to buy 34% stake in Renault Korea for $207 million

Published

on


© Reuters. FILE PHOTO: A woman wearing high heel gets out of Geely Automobile Holdings’ Borui sedan during the Auto China 201 show in Beijing, China April 26, 2016. REUTERS/Kim Kyung-Hoon

(Reuters) – China’s Geely Automobile Holdings (OTC:GELYF) on Tuesday agreed to acquire around 34% of Renault (EPA:RENA) Korea Motors, a unit of French carmaker Renault Group, for 264 billion won ($207.16 million), to expand into the country’s electric vehicles market.

Renault Korea Motors will issue 45.4 million shares for 5,818 won per share to Geely’s unit Centurion Industries Limited.

($1 = 1,274.3600 won)

Stock Markets

Singapore Airlines sees no big growth risk from Boeing 777X delays

Published

on


© Reuters. FILE PHOTO: A woman walks past a Singapore Airlines (SIA) logo at a ticketing booth at Changi airport in Singapore May 14, 2013. REUTERS/Edgar Su

(Reuters) -Singapore Airlines Ltd (SIA) does not expect its growth plans to take a major hit because Boeing (NYSE:BA) Co pushed back the date for delivery of its first 777X planes, the carrier’s chief executive said on Thursday.

Last month, Boeing confirmed a delay to 2025 in handing customers the first 777X jet from a prior target of late in 2023, but said it retained confidence in the programme.

Before the delays, SIA had expected to receive by the end of 2023 the first of the 31 777X planes it has on order, Chief Executive Goh Choon Phong told analysts and media.

“At the moment I don’t think that our growth plan will be severely hampered,” he said.

“We do have some flexibility in terms of making up for any potential loss of capacity,” he said, referring to the airline’s fleet plan.

The comments came after the carrier posted on Wednesday a narrower annual loss of S$962 million ($693.63 million) for the 12 months ended March 31, including second-half operating profit of S$10 million as border curbs eased and passenger numbers rose.

SIA said passenger capacity would average about 61% of pre-pandemic levels in the first quarter and 67% in the second quarter of the current financial year.

($1=S$1.3869)

Continue Reading

Stock Markets

Guatemalan congress approves $500 million loan from World Bank

Published

on


© Reuters.

GUATEMALA CITY (Reuters) – Guatemala’s congress approved on Wednesday a $500 million loan from the World Bank that the government has said will be used to pay down debt, freeing up funds for social spending.

The loan was supported by the government and its allies and passed with 86 votes in the Central American country’s 160-seat legislature.

Finance Minister Alvaro Gonzalez Ricci said this month that the “indispensable” loan would save funds that could be used for social spending.

The minister said a 0.75% annual interest rate would save some 1.8 billion quetzales ($233.7 million) over the loan’s 13-year period by substituting more expensive treasury bonds.

“It is a rate that is impossible to obtain in international or local financial markets,” Gonzalez Ricci said.

In April, Fitch Ratings revised Guatemala’s rating outlook from stable to positive, citing its strong economic recovery and fiscal consolidation.

Guatemala reached a deal for the loan in 2020 but the government presented it to congress this year.

General elections are scheduled for next year.

Some critics have said the government should not be taking on the loan amid questions about how the funds will be spent, media has reported.

“Hopefully, the people of Guatemala will raise their voice against this brazenness,” opposition lawmaker Samuel Perez said before voting against the loan.

Continue Reading

Stock Markets

U.S. files third labor complaint in Mexico, on behalf of Panasonic workers

Published

on


© Reuters. FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai

By Daina Beth Solomon

MEXICO CITY (Reuters) -U.S. labor officials asked Mexico on Wednesday to probe whether workers at a Panasonic (OTC:PCRFY) auto parts factory were denied their rights, marking the third U.S. labor complaint under a new trade deal that aims to improve workplace conditions in Mexico.

The request from the U.S. Trade Representative (USTR) follows a petition from a Mexican union asking the U.S. government to probe a Panasonic plant in the northern border city of Reynosa, alleging violations of the 2020 United States-Mexico-Canada Agreement (USMCA).

U.S. Trade Representative Katherine Tai said in a letter to Mexico’s Economy Minister Tatiana Clouthier that the agency was concerned workers at Panasonic Automotive Systems de Mexico were being denied rights to free association and collective bargaining, in breach of the USMCA.

Panasonic Corp of North America said it “respects and supports” those rights and that it did not believe they had been denied. The unit of the Japanese conglomerate added it would cooperate with Mexican authorities.

Tai noted that previous USMCA labor complaints – one targeting automaker General Motors (NYSE:GM) and another against auto parts plant Tridonex – led to worker benefits.

The U.S. government reached agreements with both companies without imposing USMCA sanctions, which can include revoking tariff-free status.

“When concerns arise, we will work swiftly to stand up for workers on both sides of the border,” Tai said in a statement.

The Mexican government has 10 days to decide whether to conduct a review. The Economy Ministry said it received the U.S. request and would consult with the Labor Ministry before sending a response.

The Mexican union that requested the inquiry, SNITIS, accused Panasonic of signing a union contract behind workers’ backs and of firing several dozen employees who protested. Days after submitting the petition last month, SNITIS won a sweeping vote to become the plant’s new labor representation.

U.S. Representative Bill Pascrell, a Democrat, called for Panasonic to enter negotiations with SNITIS in good faith, and applauded the USTR complaint.

“Improving labor conditions is absolutely needed to ensure jobs here at home are not being undermined,” he said.

Continue Reading

News

Forex12 mins ago

Dollar Down, but Investor Sentiment Remains Fragile Over Recession Fears

© Reuters. By Gina Lee Investing.com – The dollar was down on Thursday morning in Asia. Safe-haven currencies pressed paused...

Stock Markets12 mins ago

Singapore Airlines sees no big growth risk from Boeing 777X delays

© Reuters. FILE PHOTO: A woman walks past a Singapore Airlines (SIA) logo at a ticketing booth at Changi airport...

Stock Markets12 mins ago

Guatemalan congress approves $500 million loan from World Bank

© Reuters. GUATEMALA CITY (Reuters) – Guatemala’s congress approved on Wednesday a $500 million loan from the World Bank that...

Cryptocurrency12 mins ago

‘Grim Reapers’ financial crimes unit revived to investigate Terra collapse

‘Grim Reapers’ financial crimes unit revived to investigate Terra collapse Legal troubles are mounting for the co-founder of failed Terra...

Coronavirus12 mins ago

Biden visits Japan, South Korea carrying warning to China

© Reuters. FILE PHOTO: Japan’s Prime Minister Fumio Kishida attends a virtual meeting with the U.S. President Joe Biden at...

Cryptocurrency42 mins ago

$3B flows to Metaverse and Web3 gaming this month as A16z’s tips in $600M

$3B flows to Metaverse and Web3 gaming this month as A16z’s tips in $600M Venture capital firm Andreessen Horowitz (a16z)...

Cryptocurrency42 mins ago

Novogratz says LUNA tattoo is a constant reminder investing ‘requires humility’

Novogratz says LUNA tattoo is a constant reminder investing ‘requires humility’ Mike Novogratz, the billionaire founder of crypto asset management...

World42 mins ago

More work to resume in Shanghai’s zero-COVID areas from June

2/2 © Reuters. Women carry boxes of food on a street during lockdown, amid the coronavirus disease (COVID-19) outbreak, in...

World1 hour ago

U.S. Senate confirms Biden nominee to be Ukraine ambassador

© Reuters. FILE PHOTO: Bridget Brink, nominated to be U.S. ambassador to Ukraine, testifies at her Senate Foreign Relations Committee...

Commodities1 hour ago

Oil falls 2% on Powell comments, hopes for Venezuela supply

© Reuters. FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the...

Economy1 hour ago

New Zealand government forecasts narrower deficit for 2021/22

© Reuters. FILE PHOTO – Cranes located on construction sites are seen in central Auckland, New Zealand, June 25, 2017....

Stock Markets1 hour ago

U.S. files third labor complaint in Mexico, on behalf of Panasonic workers

© Reuters. FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced...

Economic Indicators2 hours ago

Australia boasts lowest unemployment since 1974 in nod for rate hikes

© Reuters. FILE PHOTO – A worker pushes a trolley loaded with goods past a construction site in the central...

World2 hours ago

N.Korea boosts production of drugs, medical supplies to battle COVID

2/2 © Reuters. Members of the North Korean army supply medicines to residents at a pharmacy, amid growing fears over...

Cryptocurrency2 hours ago

EOS Falls 10% In Selloff

EOS Falls 10% In Selloff Investing.com – EOS was trading at $1.2373 by 22:36 (02:36 GMT) on the Investing.com Index...

Stock Markets2 hours ago

Asian Stocks Down, Follow in U.S. Footsteps as Recession Fears Mount

© Reuters. By Gina Lee Investing.com – Asia Pacific stocks were down on Thursday morning, extending a fall in U.S....

Commodities2 hours ago

Oil prices recover from early losses as global supply fears linger

© Reuters. FILE PHOTO: Workers walk as oil pumps are seen in the background in the Uzen oil and gas...

Economy2 hours ago

Safe-haven dollar eases after Wednesday’s jump, but risk sentiment remains fragile

© Reuters. FILE PHOTO: U.S. one dollar banknotes are seen in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration//File Photo...

World2 hours ago

China relaxes some COVID test rules for U.S., other travellers

© Reuters. FILE PHOTO: Medical staff members check the temperature of people as they enter at Capital Airport, following an...

World2 hours ago

U.S. Senate committee backs Biden nominee to be Ukraine ambassador

© Reuters. FILE PHOTO: Bridget Brink, nominated to be U.S. ambassador to Ukraine, testifies at her Senate Foreign Relations Committee...

Cryptocurrency2 hours ago

Litecoin Falls 10% In Bearish Trade

Litecoin Falls 10% In Bearish Trade Investing.com – Litecoin was trading at $65.100 by 21:56 (01:56 GMT) on the Investing.com...

Economic Indicators2 hours ago

Australian jobless rate at lowest since 1974 in April

© Reuters. FILE PHOTO – A worker pushes a trolley loaded with goods past a construction site in the central...

Stock Markets2 hours ago

Asian shares tumble as global growth fears mount

© Reuters. FILE PHOTO – An investor sits in front of a board showing stock information at a brokerage office...

Economy3 hours ago

Fed policymakers map out shift to ‘measured’ hikes

© Reuters. FILE PHOTO: Shoppers are seen wearing masks while shopping at a Walmart store, in North Brunswick, New Jersey,...

World3 hours ago

U.S. Senate confirms Biden’s pick for ambassador to Ukraine

© Reuters. FILE PHOTO: Bridget Brink, nominated to be U.S. ambassador to Ukraine, testifies at her Senate Foreign Relations Committee...

Economic Indicators3 hours ago

Japan’s trade gap widens as import costs surge on supply pressures

© Reuters. FILE PHOTO: A cargo ship and containers are seen at an industrial port in Tokyo, Japan, February 15,...

Economy3 hours ago

Australia’s economy holds plenty of pitfalls for election winner

© Reuters. FILE PHOTO: Australian incumbent Prime Minister Scott Morrison speaks during the second leaders’ debate of the 2022 federal...

Sports & General4 hours ago

With rakes and bulldozers, New Mexico battles ‘beast’ wildfire

By Andrew Hay PLACITA, N.M. (Reuters) – Raking up dead grass and bulldozing a 20-mile-long fuel break, locals and fire...

Stock Markets4 hours ago

Melvin Capital to shut after heavy losses on meme stocks, market slump

2/2 © Reuters. FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange in New York,...

Cryptocurrency5 hours ago

SEC chair uses crypto enforcement in justification for FY2023 budget

SEC chair uses crypto enforcement in justification for FY2023 budget Gary Gensler, chair of the United States Securities and Exchange...

Trending