Tesla to fix software in 5,836 imported cars in China, watchdog says
China’s market regulator said on Friday that Tesla (TSLA.O), would fix software in 5,836 imported Model 3, Model S and Model X cars from July, citing safety issues. The action is described as a product recall under Chinese regulations, the regulator said. It was not immediately clear if drivers might need, or would be eligible, to […]
French tech firms warn immigration curbs could threaten AI ambitions
Senior bosses at leading French technology firms have warned curbs to immigration proposed by the far-right National Rally party pose a threat to the country’s ambition to become Europe’s leading AI hub. After heavy losses for his Renaissance party at the weekend’s European Parliament election, President Emmanuel Macron called snap elections for the lower house of parliament, […]
China set to hold key rate as margin pressure, weaker yuan hamper policy easing
China’s central bank is widely expected to leave a key policy rate unchanged when rolling over maturing medium-term loans next Monday, a Reuters survey showed. Worsening interest margins and a weakening Chinese yuan continued to hobble authorities’ monetary easing efforts to support the world’s second-largest economy. In a Reuters poll of 31 market watchers conducted […]
China new bank loans rise far less than expected in May as demand wobbles
New bank lending in China rebounded far less than expected in May and some key money gauges hit record lows, suggesting the world’s second-largest economy is still struggling to regain its footing even as the central bank seeks to bolster confidence. Chinese banks issued 950 billion yuan ($130.93 billion) in new yuan loans last month, […]
Falling bond yields leave China’s central bank facing tough call
China’s central bank faces a looming test of its resolve to curb the financial stability risks it sees in a rallying bond market as it runs counter to its view of the economy by depicting a long-term outlook of soft growth and low inflation. The People’s Bank of China, which has pledged to add treasury bond […]
Super-rich may quit UK over Labour plans for inheritance taxes on trusts
Private banks and advisers to Britain’s super-rich say some clients may quit the country if Labour wins next month’s general election and pushes ahead with plans to abolish tax protections on offshore wealth they wanted to pass to future generations. Keir Starmer’s Labour Party, which leads in the opinion polls and which published its manifesto,on Thursday, […]
Exclusive: Goldman Sachs aims to double lending to wealthy private bank clients
oldman Sachs (GS.N), opens new tab aims to double its lending over the next five years to ultra-wealthy private bank clients with account sizes exceeding $10 million, as it gathers more deposits to supercharge lending, the bank’s private banking chief told Reuters. The plans, previously unreported, were disclosed to Reuters by Nishi Somaiya, Goldman’s global head of […]
China’s home de-stocking push to bring developers little cheer
China’s efforts to clear massive inventory by turning unsold homes into affordable housing are unlikely to help cash-strapped developers due to the programme’s limited size and potentially low prices, analysts and developers say. As part of a support package for the crisis-hit property sector, Beijing announced last month a plan for a 300 billion yuan ($41 billion) […]
Canada’s parliament grills bank CEOs on climate policy in rare meeting
The CEOs of Canada’s big five banks on Thursday reassured members of parliament about their commitment to fighting climate change, but said reducing funding for fossil fuel extraction would take time and more works need to be done to reach net zero emissions. In a rare meeting, MPs grilled the heads of Royal Bank of […]
French banks BNP Paribas and BPCE in payments sector tie-up
BNP Paribas (BNPP.PA), the euro zone’s biggest lender, and French rival BPCE plan to form a joint venture in the payments sector, the two companies said on Thursday. They will compete against Nexi (NEXII.MI), and Worldline (WLN.PA), with the aim of operating the third-biggest payments processor in Europe, the pair said. The two banks will invest 100 million euros ($107 million) […]