October 8, 2021 ISTANBUL (Reuters) -Seven-times Formula One world champion Lewis Hamilton will take a 10-place grid penalty for the Turkish Grand Prix after Mercedes changed the engine on his car on Friday amid reliability concerns. The new internal combustion engine (ICE) exceeds the Briton’s allocation of three for the season, triggering the penalty. Hamilton […]
News
Bank of England targets ‘failures’ in banks’ trading books
October 8, 2021 By Huw Jones LONDON (Reuters) – Banks must show from 2025 how their trading operations could be shut down in a crisis without spreading contagion across markets, the Bank of England proposed on Friday. Since the global financial crisis in 2008-09, banks must have plans vetted by regulators showing how collapsing operations […]
Japanese octogenarian skateboarder learns new tricks
October 8, 2021 By Akira Tomoshige OSAKA, Japan (Reuters) – Yoshio Kinoshita is living proof that you can teach an old dog new tricks. The 81-year-old rides the ramps at his local skate park in the city of Osaka almost every morning, picking up tips from skateboarders decades younger than him. “They are all my […]
Singapore-based Shopee to launch online in Spain, social media account says
October 8, 2021 By Fanny Potkin SINGAPORE (Reuters) – Shopee, the e-commerce arm of Southeast Asia’s Sea Ltd, plans to launch online sales in Spain via its website and local apps, according to a social media account run by the company. The Shopee Spain account on Instagram carried a post on Friday that said Singapore-headquartered […]
Despite preparation, California pipeline operator may have taken hours to stop leak
October 8, 2021 By Jessica Resnick-Ault and Nichola Groom LOS ANGELES (Reuters) -The company that operates the pipeline that spilled an estimated 3,000 barrels of oil into the Pacific Ocean off California has an 800-page manual on handling an oil spill – but it is unclear whether its employees followed those procedures. Houston-based Amplify Energy […]
Consumer goods companies walk a tightrope as inflation surges
October 8, 2021 By Uday Sampath Kumar (Reuters) – Big global brands Pepsi and Levi Strauss told investors this week they offset inflation with price increases, but rising costs of everything from aluminum to cotton signal tighter times ahead for consumer goods companies. Freight costs and raw material prices have surged this year across industries […]
China Evergrande’s offshore bond default imminent; bondholders’ advisor says
October 8, 2021 HONG KONG (Reuters) – China Evergrande Group is expected to default on its offshore bond payment obligations imminently, investment bank Moelis & Co, which has been selected as an advisor by a group of the cash-strapped developer’s bondholders said on Friday. Evergrande, which is facing one of the country’s largest defaults as […]
Analysis-Europe’s record IPO year has a sting in its tail
October 8, 2021 By Abhinav Ramnarayan and Oliver Hirt LONDON (Reuters) – Europe’s record year for initial public offerings (IPOs) is threatening to come to a juddering halt as inflation fears and concerns over a property crisis in China have soured investors’ appetite for new stock listings. Deal cancellations and postponements have started to hit […]
Global corporate tax deal nears as holdouts drop objections
October 8, 2021 By Leigh Thomas PARIS (Reuters) – A global deal to ensure big companies pay a minimum tax rate of at least 15% and make it harder for them to avoid taxation is set to be finalised on Friday after Ireland, Estonia and Hungary agreed to sign up, leaving a few holdouts isolated. […]
Stocks head for weekly gain ahead of U.S. jobs data
October 8, 2021 By Tommy Wilkes LONDON (Reuters) – Stock markets slipped on Friday but held most of the previous session’s gains as investors welcomed the U.S. Senate’s temporary lifting of the debt ceiling and awaited crucial jobs data due later. The rally on Thursday has lifted global stock indexes into positive territory for the […]
Evergrande creditors fear imminent default as advisers call for clarity
October 8, 2021 By Anshuman Daga, Scott Murdoch and Andrew Galbraith SHANGHAI/SINGAPORE (Reuters) -China Evergrande Group offshore bondholders are concerned that it is close to defaulting on debt payment obligations and are demanding more information and transparency from the cash-strapped property developer, their advisers said. Evergrande, which could trigger one of China’s largest defaults as […]
Oil up as industries switch from gas, little sign supply crunch easing
October 8, 2021 By Sonali Paul and Roslan Khasawneh SINGAPORE (Reuters) -Oil prices rose on Friday, and were on track for gains of nearly 5% this week, on signs some industries have begun switching fuel from high-priced gas to oil and on doubts the U.S. government would release oil from its strategic reserves for now. […]
Doping-Indonesia, Thailand want WADA to reconsider non-compliant ruling
October 8, 2021 (Reuters) – Indonesia and Thailand will ask the World Anti-Doping Agency (WADA) to reconsider its decision to declare them non-compliant, representatives of the two countries said on Friday. WADA announced on Thursday that the National Anti-Doping Agencies (NADOs) of North Korea and Indonesia were ruled to be non-compliant for not implementing effective […]
China digs in on coal, oil gains as energy crisis deepens
October 8, 2021 By Chen Aizhu and Sonali Paul (Reuters) – China ordered miners in Inner Mongolia to ramp up coal production and oil prices jumped on Friday as a record surge in the cost of gas revived demand for the most polluting fossil fuels to keep factories open and homes heated. The rebound in […]
Iran’s foreign minister says we were not first to cut ties with Saudi
October 8, 2021 CAIRO (Reuters) – Iranian foreign minister Hossein Amirabdollahian said on Friday that Saudi Arabian authorities had moved first in cutting ties between the two countries. Amirabdollahian told a news conference in Beirut that good relations between Iran and Saudi Arabia benefited the whole region. “Iran-Saudi dialogue is in the right direction and […]
Futures hold steady ahead of September jobs data
October 8, 2021 By Devik Jain (Reuters) – U.S. stock index futures were largely flat on Friday ahead of September jobs data that is likely to set off the Federal Reserve’s withdrawal of its policy support later this year. Wall Street rallied on Thursday, led by mega-cap technology stocks as the U.S. Senate approved legislation […]
Czech president cancels post-election TV appearance over health issues
October 8, 2021 PRAGUE (Reuters) – Ailing Czech President Milos Zeman has cancelled a live TV interview planned for Sunday after weekend elections and may also put off a meeting with the prime minister that would start consultations on a new government, his office said on Friday. His office had earlier announced that Zeman, 77, […]
From cars to ‘ARMY bombs’: Chip crunch creeps into K-pop world
October 8, 2021 By Noor Zainab Hussain and Nivedita Balu (Reuters) – As top K-pop bands get ready to go back on stage or live stream new shows after being sidelined by the pandemic, their fans discover the global chip crisis has also caught up with the world of catchy tunes, glitzy outfits and elaborate […]
Nobel Peace Prize winner Maria Ressa: “I’m in shock”
October 8, 2021 OSLO (Reuters) – Philippines journalist Maria Ressa, who won the Nobel Peace Prize on Friday with Russian journalist Dmitry Muratov, said she in live broadcast by Rappler, says she was stunned by the news. “I am in shock,” Ressa told a live broadcast by Rappler, the online news website she co-founded. (Reporting […]
Insuretech, on the heels of a fintech boom, heats up in Africa
Insurance in Kenya and Africa at large remains a marginal product, with levels of penetration across the continent half the world average as a percentage of GDP, and premiums per capita 11-fold lower than the world average, according to a recent report by McKinsey and Co. (and that’s including the outsized market of South Africa; […]
