China’s central bank on Sunday cut the amount of cash that banks must hold as reserves, the second industry-wide cut in two months, adding more liquidity to the world’s second-biggest economy to help spur bank lending and combat slowing growth. The People’s Bank of China (PBOC) lowered the reserve requirement ratio (RRR) for all banks by 100 basis points to 18.5 percent, effective from April 20, the central bank said
The threat posed by Greece beyond its borders may have diminished but efforts to agree an economic reform program to free up bailout funds and avert default will capture world attention this week. Euro zone finance ministers meet in the Latvian capital Riga on Friday with both sides saying time is running short to keep Greece afloat. Germany said last week it was unrealistic to expect euro zone countries to
Euro zone deputy finance ministers will meet midweek ahead of a Eurogroup finance ministers’ gathering two days later, a Greek government official told Reuters, as Athens and its creditors continue to seek a deal on reforms to unlock aid. “The two sides agreed that there will be a Euro Working Group meeting on Wednesday,” the official close to the talks said, declining to be named. Deputy ministers of the so-called
Toyota Motor Corp , the world’s largest automaker by sales volume, plans to launch two hybrid cars in China this year as part of efforts to launch vehicles that will help to reduce pollution in the country. The gasoline-electric hybrid cars, called Levin Hev and Corolla, will be launched in China in the second half of the year, the Japanese company said on Sunday on the eve of the Shanghai
The meeting next Wednesday would aim to negotiate possible concessions addressing those concerns, the Journal said, citing people familiar with the matter. Staffers at both the Justice Department and the Federal Communications Commission remain concerned the combined company would have too much power in the Internet broadband market and would have unfair competitive leverage against TV channel owners and businesses offering online video programming, the Journal said. Representatives of the
BERLIN/HAMBURG (Reuters) – Volkswagen (VOWG_p.DE) Chairman Ferdinand Piech’s iron grip on the German carmaker has been severely weakened following a dramatic confrontation with senior board members last week that nearly resulted in a push to oust him, sources told Reuters. Piech, patriarch of the family that founded Volkswagen and a dominant figure at the automaker for more than two decades, triggered a leadership crisis at the Wolfsburg-based firm by criticizing
Saudi Basic Industries Corp faces heavy pressure on its profits due to cheap oil but will keep investing globally to boost capacity in key areas, its acting chief executive said on Sunday after the company reported a 39 plunge in first-quarter profit. SABIC , one of the world’s largest petrochemicals groups and Saudi Arabia’s biggest listed firm, said net profit sank to 3.93 billion riyals ($1.05 billion) in the three
Investors attempting to determine whether U.S. equities will rebound from Friday’s selloff or continue to sink will look to a deluge of earnings next week for a clearer picture of the economy. Equities lost ground after industrials Honeywell International and General Electric took hits from the strong dollar, while concerns over new trading regulations in China and Greece’s place in the euro zone dented sentiment. Investors have grown concerned about
MOSCOW/BERLIN (Reuters) – Russia denied on Saturday a German media report suggesting that it could sign a gas pipeline deal with Greece as early as Tuesday which could bring up to five billion euros into Athens’ depleted state coffers. German magazine Der Spiegel, citing a senior figure in Greece’s ruling Syriza party, said the advance funds could “turn the page” for Athens, which is now struggling to reach a deal
SHANGHAI/DETROIT (Reuters) – Ford Motor Co’s (F.N) global premiere of its redesigned Taurus sedan in China underscores a shift in its U.S. home market from the big sedan to roomier, utilitarian crossover SUVs. There’s a similar trend in China, the world’s biggest car market, but there is still a decent appetite among Chinese buyers for large sedans while, in the United States, demand has stagnated. According to research firm IHS
