Hyundai to recall over 43,700 cars in China

Hyundai Motor Company will recall 43,764 of its vehicles in China over a fault which may lead to potential engine failures, quality control watchdog announced on Sunday.

According to the General Administration of Quality Supervision, Inspection and Quarantine, the affected vehicles are the Santa Fe models with 2.4-litre Theta GDI engines manufactured between November 29, 2012, and May

Time may be nearing for ECB stimulus exit: Weidmann - paper

The time may be nearing for the European Central Bank to start discussing the end of unprecedented stimulus as growth and inflation are both moving in the right direction, Bundesbank president Jens Weidmann told German newspaper Welt am Sonntag.

Weidmann, who sits on the ECB's rate-setting Governing Council, also said that the bank should not make any further changes to the key pa

UK to maintain duty-free access for developing countries after Brexit

Britain said it will maintain duty-free access to its markets once it has left the European Union for goods from nearly 50 developing countries including Bangladesh, Sierra Leone and Haiti.

The government said around 48 countries would continue to benefit from tariff-free exports on all goods other than arms and ammunition to the UK and that once it had left the EU in 2019 it would ex

U.S. lawmakers urge Trump to press Modi on trade, investment

Leading U.S. congressmen have called on President Donald Trump to press Indian Prime Minister Narendra Modi to remove barriers to U.S. trade and investment when they meet for the first time on Monday.

The lawmakers, from the Republican and Democratic parties, said in a letter to Trump that high-level engagement with India had failed to eliminate major trade and investment barriers and

China doles out $100 million punishment to Russian-controlled fund for role in 2015 crash

A Chinese court meted out a nearly 700 million yuan ($102.4 million) punishment to a Russian-controlled high-frequency trading firm for futures market manipulation on Friday, drawing a line under one of the most high-profile cases of misconduct Beijing blames for contributing to the 2015 stock market crash.

The verdict by the Shanghai No. 1 Intermediate People's Court, posted on i

Modi launches India-Portugal International StartUp Hub

Prime Minister Narendra Modi and his Portugese counterpart Antonio Costa on Saturday launched the India-Portugal International StartUp Hub (IPISH) here to help in mutual capacity building, and enable connections between start-ups, investors, and incubators from relevant sectors.

According to an External Affairs Ministry statement, this is a platform initiated by Startup India and supp

Toshiba to seek extension on financial filing Friday - Yomiuri

TOKYO  - Toshiba Corp  plans to ask regulators for an extension for filing its annual financial statement on Friday, the Yomiuri daily reported.

The industrial conglomerate had been aiming to file the financial report by end-June but has not been able to obtain approval from its auditor, the report said.

Toshiba was not immediately available for co

Boeing's Conner bows out with $1.2 billion air show deal

PARIS - Boeing Vice Chairman Ray Conner on Wednesday sealed his last air show deal before retiring, signing off with the conversion of ten orders to the new 737 MAX 10 model for Donghai Airlines in China, where near-record traffic growth is powering aviation.

Conner signed the deal to add the Shenzhen-based airline to a list of launch customers for the new jet at the

Asian stocks rise as oil tries to claw up from 10-month low

By Nichola Saminather

SINGAPORE-  Asian stocks advanced on Thursday, but oil futures hovered near a 10-month low hit overnight on concerns over a supply glut and falling demand.

European stocks were mixed with financial spreadbetter CMC Markets expecting Britain's FTSE 100 to open up 0.1 percent, Germany's DAX to be little changed and France'

Consumer, tech lift euro zone shares; FTSE lags

LONDON - Euro zone shares rose on Tuesday, bolstered by another day of gains for tech and retail sectors, while gains on Britain's top indices were weighed down by a few dour corporate updates.

Euro zone blue chips rose 0.4 percent while the broader regional index was up 0.3 percent.

The swift rebound in tech stocks over the past week lifted Wall Street

20/06/2017 2:27:09 PM | Posted in World Market More News read full news
Japan business mood up, points to better BOJ tankan - Reuters Tankan

By Tetsushi Kajimoto and Izumi Nakagawa

TOKYO - Confidence among Japanese manufacturers bounced in June to match a decade-high level recorded in April and is expected to rise for several months, a Reuters survey found, providing more evidence of economic recovery.

Service-sector mood rose to a two-year high, evidence of broadening confidence, although t

20/06/2017 9:46:33 AM | Posted in World Market More News read full news
Bank of England comes closest to voting for rate hike since 2007

LONDON - The Bank of England shocked financial markets on Thursday, saying that three of its policymakers had backed an interest rate hike, the closest it has come to raising rates since 2007, despite signs of a slowdown in Britain's economy.

Ian McCafferty and Michael Saunders joined previous rate rise advocate Kristin Forbes in voting to reverse the BoE's de

BP's Dudley seen reigning for years to restore major's might

LONDON - When BP boss Bob Dudley clinched a final deal to settle litigation over the deadly Deepwater Horizon disaster, many oil industry executives and investors thought his mission was accomplished.

But now, two years later, the 61-year-old is showing no sign of easing into retirement. In fact he plans to oversee an ambitious expansion plan and stay at the helm of t

Greece set to get cash to pay bills, but debt relief elusive

LUXEMBOURG - Greece's international lenders are expected to agree on Thursday to unblock as much as 8 billion euros in loans that Athens desperately needs to next month to pay its bills, but to leave the contentious issue of debt relief for later.

Euro zone finance ministers will meet in Luxembourg together with International Monetary Fund chief Christine Lagarde.

Deutsche Bank outlines organisation of revamped investment bank

FRANKFURT - Deutsche Bank has outlined clearly differentiated roles for the co-heads of its revamped investment bank to make it more efficient and is also creating a new global markets division.

In an email to employees on Wednesday, Deutsche Bank said it wanted to reduce bureaucracy and simplify the organisation, which would in turn lead to substantial cost savings t

Election means 'new game' of Brexit negotiations for the City

LONDON - Large banks are planning to step up their lobbying of the British government as they sense an opportunity to change its priorities in the upcoming Brexit negotiations, John McFarlane, who chairs the UK's main financial lobby group, told Reuters.

Prime Minister Theresa May's shock loss of her parliamentary majority in last week's election increases

China asks banks to suspend dealings with Anbang - Bloomberg

BEIJING - Chinese authorities have asked banks to suspend business dealings with Anbang Insurance Group, Bloomberg reported on Thursday, a day after the insurer said its chairman had stepped aside, amid reports he had been detained.

The Bloomberg report cited an unnamed source and did not give details on what type of business dealings authorities asked banks to suspen

China-led AIIB approves $324 million in infrastructure investment

BEIJING - The China-backed Asian Infrastructure Investment Bank (AIIB) said on Thursday it has approved two loans and one equity investment worth $324 million across Georgia, Tajikistan and India.

The bank's first ever equity investment of $150 million aims to help attract private capital for infrastructure projects in India, the AIIB said in an emailed statement.

Attacks on Western cities prompt insurers to adapt

LONDON/NEW YORK - The changing nature of attacks in Western cities has led insurers to offer new policies, from straightforward cover for business lost due to police cordons to more risky compensation for declines in tourism.

Terrorism insurance policies were developed after the 9/11 attacks on the United States, but until recently covered only businesses that had bee

China removes deputy banking regulator from post - cabinet

BEIJING - China's State Council has officially removed Yang Jiacai, the assistant chairman of the China Banking Regulatory Commission, from his post, according to a notice published on the website of the State Council.

Last month, Yang was placed under investigation by the Central Commission for Discipline Inspection, the country's top anti-graft body, fo

General Electric names John Flannery chief executive

 General Electric Co on Monday named John Flannery chief executive of the company.

Jeff Immelt would remain chairman of the board through Dec. 31, GE said in a statement.

Flannery is currently president and CEO of GE Healthcare.

 

(Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta)

Netskope raises $100 million as it seeks to turn a profit, go public

Cyber-security firm Netskope said on Tuesday it has raised $100 million from existing and new investors to fund product development and marketing programs that will help the firm become profitable and set the stage to go public.

"This makes us financially independent," founder and Chief Executive Officer Sanjay Beri said via phone. "We won't be required to ever rais

6/06/2017 4:58:21 PM | Posted in World Market More News read full news
Brexit impact could be years away, but UK firms told to prepare

By Huw Jones

MANCHESTER, England   Britain's businesses may not feel the impact of Brexit for several years, but should not count on the country eventually striking a good trade deal with the rest of Europe, company treasurers were told at a conference on Tuesday.

Paul Watters, head of corporate research for S&P Global Rati

Asian Development Bank urges investment in infrastructure, innovation

Asian Development Bank (ADB) President Takehiko Nakao on Saturday called for further investment in infrastructure and high-level technology to boost economic growth in the Asia Pacific region.

Speaking at the 50th annual meeting of the regional development bank in Yokohama, Japan, Nakao said investment in infrastructure, particularly projects that incorporate advanced technologie

Japan`s Abe cautions against Brexit regulation cliff edge

LONDON - Japan's Shinzo Abe called on Prime Minister Theresa May to ensure a smooth transition for business as the United Kingdom leaves the European Union, to avoid a cliff edge where rules and regulations for firms change overnight.

A day after talks with May at her country residence at Chequers outside London, the leader of the world's third largest economy