U.S. Vice President Kamala Harris said on Sunday that the United States will increase investment in Africa and help spur economic growth as she began a week long tour of the continent aimed at offering a counter to the influence of rival China. China has invested heavily in Africa in recent decades, including in infrastructure […]
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Global stocks came under pressure on Friday from lingering concerns about the stability of the banking system, while safe-haven buying supported government bonds. The MSCI World share index traded 0.6% lower and Europe’s STOXX 600 index was down 1.6%. A STOXX sub-index of bank shares, which has swung wildly as traders debated if a forced […]
European banking stocks fell sharply on Friday, with Deutsche Bank and UBS knocked by worries that actions by regulators and central banks have not yet contained the worst problems to face the sector since the 2008 global financial crisis. Financial market stress indicators were also again flashing warning signs more widely, with the euro falling […]
U.S. lawmakers on Thursday battered TikTok’s CEO about potential Chinese influence over the platform and said its short videos were damaging children’s mental health, reflecting bipartisan concerns about the app’s power over Americans. CEO Shou Zi Chew’s testimony before Congress did little to assuage U.S. worries over TikTok’s China-based parent company ByteDance and added fresh […]
Chinese battery giant CATL plans this year to start mass production and delivery of batteries based on a new materials technology, M3P, which will perform better and cost less than nickel and cobalt-based batteries, its chairman said. M3P batteries will have greater energy density and perform better than lithium-ion phosphate batteries, a market CATL dominates. […]
Plane giants Airbus and Boeing face mounting pressure to set up jetliner plants in India, after the country’s civil aviation minister told Reuters the “time has come” to serve its soaring demand with jets assembled on domestic soil. Jyotiraditya Scindia said conditions were ripe for a “leap of faith” by both jetmakers as India’s fast-growing […]
The Biden administration on Thursday added 14 Chinese companies to a red flag list, forcing U.S. exporters to conduct greater due diligence before shipping goods to them because U.S. officials have been unable to inspect the listed entities. Being added to the list can potentially start a 60-day clock that could trigger much tougher penalties. […]
Citizens Financial Group Inc is working on a bid to acquire the private banking business of failed Silicon Valley Bank, two people familiar with the matter said on Thursday. Citizens, one of the largest U.S. regional banks, is preparing to submit an offer in the auction of the business, which is called SVB Private, the […]
U.S. Treasury Secretary Janet Yellen reiterated on Thursday that she was prepared to take further action to ensure that Americans’ bank deposits stay safe amid turmoil in the banking system. “As I have said, we have used important tools to act quickly to prevent contagion,” Yellen said in remarks to the U.S. House of Representatives […]
A recent ban of TikTok use on U.S. government-owned devices, coupled with new legislation in Congress seeking to block the app, have fueled expectations the popular Chinese-owned platform could soon be barred nationwide. Adding to the perception, last week the company said the Biden administration had demanded TikTok’s owners divest their stakes in the popular […]