Business

Taiwan security officials want Foxconn to drop stake in Chinese chipmaker

Taiwan’s national security officials want to persuade Apple Inc’s (AAPL.O) supplier Foxconn (2317.TW) to unwind an $800 million investment in Chinese chipmaker Tsinghua Unigroup, the Financial Times reported on Wednesday. The deal will definitely not go through, the report said, citing a senior Taiwanese government official involved in national security issues. Taiwan, the world’s largest […]

Business

China property developers’ woes cast shadow over management units

China’s real estate crisis is casting a darkening cloud over governance and financial prospects of once highly valued property management companies, triggering a rout in their shares and making investors cautious. Already battered share prices have fallen a further 7% this month as investors have reacted to the latest instances of such companies lending support […]

Business

Toshiba logs surprise quarterly operating loss as costs surge

Toshiba Corp (6502.T) on Wednesday posted an unexpected operating loss in the first quarter as it grappled with a sharp rise in logistics and raw material costs as well as a global chip shortage. Chief Financial Officer Masayoshi Hirata told reporters that the conglomerate’s first quarterly loss in two years came amid jumps in prices […]

Business

ABN Amro’s quarterly profit beats estimates despite rising costs

Dutch bank ABN Amro (ABNd.AS) beat analyst expectations on Wednesday with a jump of 21% in second-quarter net profit to 475 million euros ($485 million), as the release of previous impairments offset rising costs. Analysts in a company-compiled poll had predicted net profit of 312 million euros for April-June, down from 393 million euros a […]

Business

Demand for FX derivatives jumps as central banks prep rate rises

Demand for currency derivatives has shot up this year, data from CME Group showed on Wednesday, in a sign investors are positioning for hefty interest rate hikes from the U.S. Federal Reserve and other big central banks. “Open interest” — the number of outstanding futures and options — was at $272.5 billion at the end […]

Business

Greece to exit EU’s ‘enhanced surveillance’ framework after 12 years

Greece will exit the European Union’s so-called enhanced surveillance framework on August 20, its finance minister said on Wednesday, a move that will allow the country greater freedom in making economic policy. Greek economic developments and policy have been monitored under the framework since 2018, after Athens exited three international bailouts, totalling more than 260 […]

Business

Norwegian inflation raises expectations of faster rate hikes

Norway’s core inflation jumped in July to its highest in more than two decades, exceeding forecasts as the cost of food soared, raising analyst expectations of faster increases to interest rates. The core annual inflation rate, which strips out changing energy prices and taxes, rose to 4.5% in July, up from 3.6% in June, Statistics […]