Electric vehicle adoption takes off, China leads the way
Electric vehicle adoption took off in 2022, with the global market for such cars growing by 55 per cent during this time, for total sales of 10.1 million units, according to a report ...
US SEC threatens to sue Coinbase over some crypto products
The US Securities and Exchange Commission (SEC) has threatened to sue Coinbase Global Inc (COIN.O) over some of the crypto exchange’s products, turning up the heat on the ...
Second lab-grown chicken product cleared for human consumption by regulator
California-based cultivated meat company GOOD Meat has received clearance from the Food and Drug Administration to bring its lab-grown chicken to market, according to agency documents released on Tuesday.
Several ...
Bitcoin mining booms in Texas
Cryptocurrency bankruptcies and worries over electric power consumption have failed to dent the industry’s growth in Texas, according to a top trade group, citing the rise in the miners’ ...
British retail sales rebound despite cash-strapped consumers
Cash-strapped British households cut back on eating out and takeaways last month and instead bought food at supermarkets and shopped at discount stores, giving an unexpected boost to retail sales, ...
JPMorgan, Citi, BofA tell staff not to poach clients from stressed banks
As a series of US lenders were besieged by customers yanking out their money this month, banking behemoths including JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and ...
ECB pressures Austria’s Raiffeisen bank to quit Russia
The European Central Bank is pressing Austria’s Raiffeisen Bank International (RBIV.VI) to unwind its highly profitable business in Russia, five people with knowledge of the matter told Reuters.
...
IMF: Lebanon in ‘very dangerous situation’ with reforms stalled
The International Monetary Fund warned on Thursday that Lebanon was in a very dangerous situation a year after it committed to reforms it has failed to implement and said the ...
Crypto founder Do Kwon indicted in US following Montenegro arrest
Do Kwon, the cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion or more last year, has been charged with fraud by US prosecutors.
An eight-count indictment against ...
Investors cautious on US stocks, even though Fed hikes may soon end
The end of the Federal Reserve’s bruising rate hiking cycle may be in sight, yet investors are finding plenty to worry about when it comes to the US stock ...
Central banks keep hiking rates amid banking turmoil
The Bank of England on Thursday followed the Federal Reserve and the Swiss National Bank in hiking interest rates, as policymakers ploughed on with their fight against inflation in the ...
Swiss regulator defends its decision to write off AT1 bonds
Switzerland’s financial market regulator FINMA defended its decision to impose steep losses on some of Credit Suisse’s bondholders on Thursday, saying the decision was legally watertight.
On Sunday, ...
Erdogan tries to salvage economic credibility before Turkey’s election
Former Turkish economy tsar Mehmet Simsek’s refusal to return to politics has left President Tayyip Erdogan’s ruling party scrambling to rebuild its economic credibility less than two months ...
Oil spills and near misses: more ghost tankers ship sanctioned fuel
An oil tanker runs aground off eastern China, leaking fuel into the water. Another is caught in a collision near Cuba. A third is seized in Spain for drifting out ...
Citigroup CEO declares ‘this is not a credit crisis’ after US bank failures
Citigroup Inc (C.N) CEO Jane Fraser on Wednesday expressed confidence in US banks after a series of closures rattled investors and fueled turmoil in global financial markets.
“The banking ...
Oil dips after Fed comments, US crude stock build
Oil prices fell on Thursday following three sessions of gains, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world’s largest economy, while US crude ...
What is the European Union AI Act?
The AI Act is expected to be a landmark piece of EU legislation governing the use of artificial intelligence in Europe that has been in the works for over two ...
Safe-havens and risk assets both rise as banking woes shift Fed expectations
Worries over the banking crisis are boosting disparate assets, with traditional safe-havens such as gold, Treasuries and money markets seeing high demand along with more speculative instruments such as tech ...
Russia’s Ozon appeals Nasdaq delisting plan
Russian e-commerce firm Ozon (OZON.O) said on Wednesday it was appealing the Nasdaq stock exchange’s plan to delist its securities and wanted to stand up for the rights ...
UBS buys back nearly $3 billion in bonds issued under a week ago
UBS Group (UBSG.S) said on Wednesday it would buy back 2.75 billion euros ($2.96 billion) worth of debt it issued less than a week ago, seeking to boost confidence among investors ...
Big investor in Credit Suisse bonds says ‘bail-in’ system worked
One of the largest investors of the Credit Suisse bonds that were wiped out in the UBS takeover of the troubled Swiss bank still believes in the value of the ...
UK inflation rate unexpectedly rises to 10.4 per cent in February
British inflation unexpectedly rose to 10.4 per cent in February, pushed up by higher food prices and pricier drinks in pubs and restaurants, official data showed on Wednesday, a day before ...
BlackBerry signs up to $900 million patent deal after sale to Catapult collapses
BlackBerry Ltd (BB.TO) said on Tuesday it would sell patents, primarily related to its mobile devices, for up to $900 million after the Canadian software company scrapped an earlier deal ...
Switzerland’s secretive Credit Suisse rescue rocks global finance
Days before a hastily convened press conference late on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt ...