Silicon Valley Bank’s collapse pressured global bank stocks further on Tuesday as investors fretted over the financial health of some lenders, in spite of assurances from U.S. President Joe Biden and other policymakers. An indicator of credit risk in the euro zone banking system leapt to its highest since mid-July, as worries about contagion risks […]
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The United States, Australia and Britain unveiled details of a plan to provide Australia with nuclear-powered attack submarines from the early 2030s to counter China’s ambitions in the Indo-Pacific. Addressing a ceremony at the U.S. naval base on Monday in San Diego, accompanied by Australian Prime Minister Anthony Albanese and British Prime Minister Rishi Sunak, […]
Volkswagen chose Canada to build its first battery cell plant outside Europe, granting its cars access to both Canadian and U.S. subsidies as it works to localise electric vehicle production chain in the region. Volkswagen AG confirmed in December it was looking for sites for a Canadian plant, six months after signing a memorandum of […]
The sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital and deposit partner, particularly for some of tech’s biggest moonshots. On Friday, tech CEOs scrambled to make payroll after SVB Financial Group was shuttered by California banking […]
The world’s largest battery maker CATL and its rivals in China were put on notice this week with a message from the top. When Chinese President Xi Jinping said he was “both pleased and concerned” about CATL’s electric vehicle (EV) battery dominance, industry executives and regulators heard a caution to be ready to throttle back […]
Saudi Arabian oil giant Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46% from the previous year on higher energy prices, increased volumes sold and improved margins for refined products. The profits, which are around triple that of Exxon’s $56 billion, follow similar reports in February from international […]
Over the past year, the U.S. Federal Reserve launched its most aggressive interest rate hiking cycle since the early 1980s and other central banks joined in, leaving global investors to face a gamut of consequences. They have seen the longest selloff in technology shares since the dotcom bubble at the turn of the millennium, a […]
Li Qiang, the former Communist Party chief of Shanghai, took office on Saturday as China’s premier, the country’s No.2 post, putting the close ally of President Xi Jinping in charge of reviving an economy battered by three years of COVID-19 curbs. Widely perceived to be pragmatic and business-friendly, the 63-year-old Li faces the daunting task […]
The European Union is a global frontrunner in cutting carbon emissions but is also moving to ensure the green transition doesn’t make it an industrial desert, with a raft of measures due to be announced next week. Europe’s industrial competitiveness in relation to the United States and China, the world’s two biggest economies, has become […]
China’s rubber-stamp parliament, the National People’s Congress (NPC), wraps up on Monday, capping what is expected to be the biggest government reshuffle in a decade after setting a modest target for annual economic growth. Coming months after President Xi Jinping secured a norm-breaking third term as supreme leader, the sessions will further consolidate his authority […]