Author: IA PressRoom

© Reuters. Investing.com — China’s central bank has trimmed its benchmark lending rates in an attempt to stimulate its flagging economy, while e-commerce giant Alibaba sees a major shakeup at the board level. Wall Street is expected to return from the long weekend in a cautious mood. 1. China cuts interest rates The People’s Bank of China cut its key lending benchmarks on Tuesday, in the latest sign that the country’s authorities are concerned that the post-pandemic recovery in the world’s second-largest economy is losing momentum. The one-year was lowered by 10 basis points to 3.55%, while the five-year LPR…

© Reuters. Fugitive former car executive Carlos Ghosn, gestures as he talks during an interview with Reuters in Beirut, Lebanon June 14, 2021. REUTERS/Mohamed Azakir/File Photo BEIRUT (Reuters) -Former Nissan (OTC:) chairman Carlos Ghosn has sued the company for more than $1 billion in a lawsuit filed to Lebanon’s public prosecutor last month, according to a copy of the lawsuit seen by Reuters. The lawsuit accuses Nissan along with two other companies and 12 named individuals of crimes including defamation, slander and libel, and fabricating material evidence. Ghosn, once a leading light of the global car industry, was arrested in…

Source: AdobeStock / 24K-ProductionBinance is working to enable the Bitcoin Lightning Network, which is designed to make bitcoin (BTC) transactions faster and cheaper. “Binance is working to integrate the Bitcoin Lightning Network for deposits and withdrawals,” the world’s largest cryptocurrency exchange said in a Tuesday tweet. The move comes as the exchange had pledged to add support for the Bitcoin Lightning Network in early May after it experienced issues due to the volume of pending transactions.At the time, Binance had to halt withdrawals due to a large backlog of pending withdrawals.”Some eagle-eyed users spotted our new lightning nodes recently. Yes – that’s us!” Binance said, adding…

Credit Suisse’s relationship with family office Archegos Capital is set to hit UBS following investigations by UK, Swiss and US regulators. Hundreds of millions in potential penalties could come just days after UBS UBS, -0.05% UBSG, -1.51% completed its acquisition of its beleaguered Swiss rival in a landmark deal backed by the Swiss government, the Financial Times reported. Fines from the US and UK could range between $100m and $300m, people familiar with the matter told the FT. Credit Suisse had set aside around $35m for likely fines stemming from Archegos, amid an overall $5.5bn hit from the collapse of…

An austere greeting on the airport tarmac in Beijing sans a red carpet. A stone-faced handshake from China’s top foreign policy official. A seat looking up at the Chinese leader, Xi Jinping, perched at the head of a long table.To international audiences, the optics of Secretary of State Antony J. Blinken’s two-day visit to Beijing barely raised any eyebrows. Foreign ministers are rarely, if ever, met with much fanfare at the airport. And an audience with a head of state alone is a sign of great importance and respect.But to nationalist-leaning audiences in China, especially on social media, the scenes…

Berkshire Hathaway said Monday that it had poured more cash into Japan’s five largest trading houses. The holdings of Warren Buffett’s conglomerate in the stocks now average over 8.5%. Buffett first disclosed his bets on Japan in August 2020 – and the country’s flagship index has soared since then. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Warren Buffett’s Berkshire Hathaway has poured more money into Japan’s top five trading houses, pressing ahead with its big bet on the Asian country where stocks are…

© Reuters. FILE PHOTO: A Chinese national flag flies in front of HSBC headquarters in Hong Kong, China, July 28, 2020. REUTERS/Tyrone Siu/File Photo (Reuters) – HSBC on Tuesday lowered China’s economic growth forecast for this year, citing drag from the property sector, and tempered business and household confidence. The global bank now forecasts China’s gross domestic product (GDP) to grow at 5.3% in 2023, from 6.3% expected earlier. Last week, brokerages including J.P. Morgan and BofA Global Research lowered the country’s growth outlook after the country’s May industrial output and retail sales growth missed forecasts.

© Reuters. The company sign of Alibaba Group Holding Ltd is seen outside its Beijing headquarters in China June 29, 2019. Picture taken June 29, 2019. REUTERS/Stringer/FILE PHOTO By Brenda Goh and Casey Hall SHANGHAI (Reuters) -Alibaba Group on Tuesday said its CEO and chairman Daniel Zhang will step down from the roles to focus on its cloud division as the Chinese e-commerce giant moves ahead with a plan to split into six business units. Zhang has been concurrently serving in three roles since December when he took over as head of the cloud unit after it suffered an outage…

© Reuters. FILE PHOTO: CNPC (China National Petroleum Corporation) logo and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo By Andrew Mills and Maha El Dahan DOHA (Reuters) -Qatar is set to secure its second large gas supply deal with a Chinese state-controlled company in less than a year, sources familiar with the deal told Reuters on Tuesday. China National Petroleum Corporation (CNPC) and QatarEnergy are expected to sign a 27-year agreement later on Tuesday, under which China will purchase 4 million metric tons of LNG a year from the Gulf…

© Reuters. Investing.com – The U.S. dollar gained in early European trade Tuesday, with this safe haven in demand as a rate cut by China’s central bank failed to assuage investor concerns over slowing economic growth. At 01:55 ET (05:55 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.3% higher to 102.118, rebounding from its recent one-month low.  PBOC cuts benchmark loan prime rate China’s central bank, the , cut its benchmark loan prime rate by 10 basis points earlier Tuesday, a move that had been widely telegraphed as Beijing struggles to shore…