By Michael Martina and Yew Lun Tian WASHINGTON/BEIJING (Reuters) – Chinese authorities raided the office of U.S. corporate due diligence firm Mintz Group in Beijing and detained five local staff, the company said, putting foreign companies in China on alert just as the country hosts an international economic forum. News of the raid and detentions […]
Swiss National Bank raises rates, says Credit Suisse takeover prevented larger crisis
By John Revill and Noele Illien ZURICH (Reuters) -The Swiss National Bank raised its benchmark interest rate by 50 basis points on Thursday and said UBS’s takeover of Credit Suisse had averted a financial disaster, adding it was now critical the merger took place in a smooth and fast way. The multi-billion Swiss francs rescue […]
VW aims to produce 3 million small EV cars in 2025-2030 in Spain, SEAT chief says
BARCELONA (Reuters) -German carmaker Volkswagen plans to produce 3 million small electric vehicles at its two plants in Spain between 2025 and 2030, Wayne Griffiths, the chairman of VW’s Spanish unit SEAT, said on Wednesday. The German car maker is pushing the electrification of its production and plans to build a battery plant in Spain. […]
Google suspends China’s Pinduoduo app on security concerns
(Reuters) -Alphabet Inc’s Google suspended the Play version of PDD Holdings Inc’s Pinduoduo app for security concerns, after malware issues were found on versions of the Chinese e-commerce app outside Google’s app store, a company spokesperson said on Tuesday. “Off-Play versions of this app that have been found to contain malware have been enforced on […]
Switzerland puts up 260 billion francs for Credit Suisse rescue
By John Revill ZURICH (Reuters) -Credit Suisse and UBS could benefit from more than 260 billion Swiss francs ($280 billion) in state and central bank support, a third of the country’s gross domestic product, as part of their merger to buffer Switzerland against global financial turmoil, documents outlining the deal show. Swiss authorities announced on […]
First Republic shares tank almost 33% despite $30 billion support
By Medha Singh and Joice Alves (Reuters) – Shares of First Republic Bank tumbled nearly 33% on Friday, leaving them down more than 80% in the past 10 sessions, despite a rescue package with $30 billion in deposits injected by large U.S. banks. The beleaguered lender was in talks to raise money from other banks […]
China opposes U.S. adding Chinese firms to trade blacklist
(This March 3 story has been corrected to say that only one unit of BGI Genomics was added to the list and the Commerce department added a total of three BGI Group units, in paragraph 3 ) HONG KONG (Reuters) – China opposes the United States adding several Chinese firms to its trade blacklist, China’s commerce […]
Credit Suisse share rebound loses steam in delicate truce with doubters
By John Revill and Amanda Cooper ZURICH/LONDON (Reuters) -Credit Suisse shares rebounded on Thursday after getting a lifeline from the Swiss central bank to shore up investor confidence but the rally lost ground against a febrile backdrop. The Swiss bank’s announcement that it would make use of a $54-billion loan from the Swiss National Bank […]
Tech talk
China detains staff, raids office of US due diligence firm Mintz Group
March 24, 2023
By Michael Martina and Yew Lun Tian WASHINGTON/BEIJING (Reuters) – Chinese authorities raided the office of U.S. corporate due diligence firm Mintz Group in Beijing and detained five local staff, the company said, putting foreign companies in China on alert just as the country hosts an international economic forum. News of the raid and detentions […]
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