The European Union reached a provisional deal on Thursday on higher renewable energy targets, an important pillar of the bloc’s plans to fight climate change and end dependence on Russian fossil fuels. Negotiators of the European Parliament and the Council, representing EU members, agreed that by 2030, the 27-country EU would commit to sourcing 42.5% […]
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Alibaba Group said on Thursday it will look to monetise non-core assets and consider giving up control of some businesses, as the Chinese tech conglomerate reinvents itself after a regulatory crackdown that wiped 70% off its shares. Group CEO Daniel Zhang said the company’s breakup into separate businesses will allow its units to become more […]
With sentiment still fragile in the aftermath of the banking crisis, a risk-on rally proved short-lived, leaving the MSCI ex-Japan index swinging between gains and losses on Thursday. The dollar firmed up, continuing its rebound, while gold eased. But as we are at the ‘no news = good news’ stage of the recovery from the […]
Toyota Motor Corp said on Thursday that global sales hit a record for the month of February as it bounced back from severe pandemic-induced parts shortages, adding that worldwide production also increased for a second straight month. Japan’s biggest automaker said in a statement, however, that shortages of parts continue to be a problem. During […]
Faraday Future Intelligent Electric Inc said on Wednesday it has started production of its much-delayed first luxury electric car, FF 91 Futurist, at its California factory. Last November, the Los Angeles-based electric-vehicle company had raised doubts about its ability to continue as a “going concern” and the delivery timeline for FF 91, shortly after it […]
Oil was nearly steady on Thursday as a surprise drop in U.S. crude stockpiles offset a smaller-than-expected cut to Russian supplies, while investors closely watched developments on Iraqi Kurdistan oil exports. Brent crude futures fell 5 cents, or 0.1%, to $78.23 a barrel at 0630 GMT, while West Texas Intermediate crude rose 12 cents, or […]
Countries in a relatively stronger position should help vulnerable nations especially those under debt distress, International Monetary Fund managing director Kristalina Georgieva said on Thursday. The IMF chief said such assistance would be particularly important against the backdrop of high interest rates and currency depreciation. “We urgently need faster and more efficient global mechanisms for […]
The United Nations General Assembly voted on Wednesday to pass a resolution asking the world’s top court to define the obligations of states to combat climate change, a legal opinion that could drive countries to take stronger measures and clarify international law. The historic resolution seeking an advisory opinion from the International Court of Justice […]
A former chief executive of Binance’s de-facto U.S. subsidiary has enlisted a former federal prosecutor and top cop at the Commodity Futures Trading Commission to represent her in the U.S. government’s investigations into the giant cryptocurrency exchange, a person with direct knowledge told Reuters. Catherine Coley, who launched Binance.US in 2019 and left suddenly two […]
Britain will set out plans on Thursday to boost its energy security and independence through investment in moving towards cleaner, more affordable energy sources. Wholesale gas and electricity prices in Europe surged after Russia’s invasion of Ukraine last year and the British government has been subsidising household and business energy bills since October. “Transforming our […]