Business News

Exclusive: Tesla says it received battery quotes from China’s Lishen but no deal agreed

BEIJING (Reuters) – Tesla Inc (TSLA.O) said on Tuesday it had received quotes from Tianjin Lishen to supply batteries for its new Shanghai electric car factory but had not signed any agreement with the Chinese firm. “Tesla previously received quotes from Lishen, but did not proceed further. We have not signed any agreement of any kind with them,” a Tesla spokeswoman told Reuters. Reuters earlier on Tue...

22 Jan 9:44 AM 0 Read More...

China’s Lishen says has not signed agreement with Tesla on supplying batteries

BEIJING (Reuters) – China’s Tianjin Lishen said on Tuesday it has not signed any agreement with Tesla Inc (TSLA.O) on supplying batteries to the U.S. electric vehicle maker’s Shanghai factory. Tesla earlier on Tuesday also denied it had signed a preliminary agreement with Tianjin Lishen to supply batteries for its new factory in China, saying it had received quotes from the Chinese battery maker but did ...

22 Jan 9:44 AM 0 Read More...

Tesla says it has no agreement with Chinese battery maker Lishen

SHANGHAI (Reuters) - Tesla Inc (TSLA.O) denied on Tuesday that it had signed a preliminary agreement with Tianjin Lishen to supply batteries for its new Shanghai car factory, saying it had received quotes from the Chinese battery maker but did not proceed further. “We have not signed any agreement of any kind with them,” a Tesla spokeswoman told Reuters. Reuters earlier on Tuesday reported, citing two sources w...

22 Jan 7:04 AM 0 Read More...

Oil prices fall 1 percent as China warns of job losses, Korea growth stalls

SYDNEY/SINGAPORE (Reuters) - Oil prices fell by around one percent on Tuesday as signs of a spreading global economic slowdown stoked concerns over future fuel demand. International Brent crude oil futures were at $62.09 per barrel at 0601 GMT, down 65 cents, or 1 percent, from their previous close. U.S. West Texas Intermediate (WTI) crude futures were at $53.22 per barrel, down 1.1 percent, or 58 cents. China’s...

22 Jan 7:04 AM 0 Read More...

UBS posts fourth-quarter pre-tax profit miss, sees bumpy road ahead

ZURICH (Reuters) - UBS (UBSG.S) on Tuesday posted a $690 million fourth-quarter pre-tax profit, hit by a slowdown in its flagship wealth management business and weaker earnings in its investment bank. On an adjusted basis, fourth-quarter pre-tax profit fell to $862 million, less than the $1.038 billion forecast in the bank’s own analyst consensus summary, under conditions Chief Executive Sergio Ermotti described as...

22 Jan 7:04 AM 0 Read More...

Asian shares, oil skid on global growth worries

SYDNEY (Reuters) - Asian shares stumbled and oil prices fell on Tuesday as pessimism about world growth drove investors away from risky assets, while sterling ticked lower in the face of the latest twists and turns in the Brexit saga. China got the week off to a shaky start on Monday after Beijing reported 2018 growth in the world’s second-largest economy slowed to its weakest pace in nearly 30 years. Adding to...

22 Jan 7:04 AM 0 Read More...

As China's economy falters, some fund managers look to bonds

HONG KONG/SHANGHAI (Reuters) - Despite mounting signs of a Chinese economic slowdown, 2019 is off to a good start for fund manager Du Zhenye. His Shanghai-based ChangAn Xinyi Enhanced Mixed Fund has increased its assets over the past two weeks by shunning Chinese stocks for bonds. And it was the best-performing of nearly 3,000 mixed funds ranked by Haitong Securities for 2018, returning more than 14 percent. “I don...

22 Jan 7:04 AM 0 Read More...

Logitech’s third-quarter profit beats estimates

(Reuters) – Logitech International SA’s third-quarter net income beat expectations on Tuesday as the computer peripheral and mobile speaker maker got a boost from continued strong growth in gaming hardware. The Swiss-U.S. company said net income rose to $112.8 million for the three months ended Dec. 31, beating forecasts of $99.3 million in a Reuters poll of analysts. Net sales rose to $864.4 million in the qu...

22 Jan 4:40 AM 0 Read More...

Asian shares, U.S. stock futures slip as growth worries loom

SYDNEY (Reuters) - Asian shares and U.S. stock futures slipped on Tuesday amid signs of pessimism about world growth, while sterling dithered as the latest plan for Brexit appeared to come and go with no progress. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.1 percent but was still within striking distance of a seven-week top touched the previous day. Japan's Nikkei .N225 gain...

22 Jan 1:59 AM 0 Read More...

In Versailles, Macron vows to reform to avoid king's fate

VERSAILLES, France (Reuters) - President Emmanuel Macron told dozens of the world’s most powerful executives on Monday that he would not follow the path of guillotined French royals and would continue to reform the French economy despite a sometimes violent popular revolt. For the second year running, Macron hosted corporate A-listers like Microsoft Chief Executive Satya Nadella, Snapchat’s Evan Spiegel and JPMor...

22 Jan 1:59 AM 0 Read More...