Business

Toshiba board chair likely to scrape through with reappointment at crucial AGM

Toshiba Corp (6502.T) Board Chairman Osamu Nagayama is tipped to win reappointment at a pivotal shareholders’ meeting this Friday – albeit by a thin margin, two people familiar with the matter said. Nagayama has come under intense pressure to resign after an independent investigation this month found Toshiba had colluded with Japan’s trade ministry to […]

Business

Daimler wants to produce its own battery cells – Business Insider

German luxury carmaker Daimler AG (DAIGn.DE) wants to manufacture its own battery cells, Business Insider reported on Tuesday, citing company sources. Daimler struck a deal to buy lithium-ion battery cells from Farasis Energy (688567.SS) in 2019 and the Chinese-American supplier had intended to build a factory in East Germany to help the Mercedes-Benz maker ramp […]

Business

UBS hires Morgan Stanley bankers to lead U.S. outsourced trading drive

UBS (UBSG.S) has hired two bankers from Morgan Stanley (MS.N) to help build its trading services for hedge funds and asset managers in the United Sates, confirmed by a spokesperson for the Swiss bank. The new recruitments are a part of a broader initiative within the bank to elevate its so-called execution hub, allowing hedge […]

Business

Beijing doubles down on rooting out crypto in China

China’s central bank said on Monday it had urged some banks and payment firms to crack down harder on cryptocurrency trading, in the latest move by Chinese authorities to stem the use of digital coins. The People’s Bank of China’s statement sent bitcoin tumbling to a two-week low and ether to a more than five-week […]

Business

Canada’s climate plan charts hard road ahead for high-polluting oil sands

Canada has set ambitious targets for slashing emissions to fight climate change, but faces a stiff challenge: not only is its economy dependent on oil production, but the Canadian oil industry’s carbon emissions are among the world’s highest for every barrel of oil it pumps. The Canadian oil patch exemplifies the most vexing problem of […]

Business

China’s regulators struggle to sway companies on currency risk

China’s financial regulators are cajoling companies to protect themselves against currency risks as the central bank gradually loosens its reins on the yuan, but are struggling to convince local businesses to hedge. Senior regulators have used every public occasion to stress the importance of being “risk-neutral” in the foreign exchange market, and also forced commercial […]

Business

Nissan CEO says performance for April, May better than expected

Nissan Motor Co’s (7201.T) financial performance in April and May was better than expected, the automaker’s president said at the annual general meeting (AGM) on Tuesday. The announcement to shareholders came after the automaker’s forecast last month that its sales would break even for the fiscal year that began on April 1. “But we already […]