Business News

'Illusion' to think states can completely prevent financial crises: Weidmann

BERLIN (Reuters) - Governments cannot completely prevent a repeat of events like the 2008 global financial crisis even though regulations have been tightened since the collapse of Lehman Brothers a decade ago, Germany’s top central banker told Bild newspaper. Bundesbank President Jen Weidmann said German banks were not only victims of the 2008 financial crisis, but many institutions had also taken on more risk than...

16 Sep 7:09 PM 0 Read More...

Exclusive: Saudi Arabia to auction detained tycoon’s real estate assets – sources

RIYADH (Reuters) – Saudi Arabia will auction real estate owned by indebted billionaire Maan al-Sanea and his company starting next month to help repay billions of riyals due to creditors, sources familiar with the matter told Reuters. Sanea, ranked by Forbes in 2007 as one of the world’s 100 richest people, was detained last year for unpaid debts dating back to 2009 when his company, Saad Group, defaulted....

16 Sep 4:04 PM 0 Read More...

Exclusive: Saudi Arabia to auction detained tycoon's real estate assets - sources

RIYADH (Reuters) - Saudi Arabia will auction real estate owned by indebted billionaire Maan al-Sanea and his company starting next month to help repay billions of riyals due to creditors, sources familiar with the matter told Reuters. Sanea, ranked by Forbes in 2007 as one of the world’s 100 richest people, was detained last year for unpaid debts dating back to 2009 when his company, Saad Group, defaulted. His case...

16 Sep 2:04 PM 0 Read More...

BMW to recall more than 139,000 of its 3-series cars in China from November

BEIJING (Reuters) - German automaker BMW (BMWG.DE) will recall more than 139,000 of its 3-series cars in China from Nov. 9, because of a defect in the air-conditioning system, the market regulator said. The recall covers 89,309 vehicles produced in China between May 2005 and July 2011, and 50,143 imported vehicles manufactured between January 2005 and July 2011, the State Administration for Market Regulation said in...

16 Sep 2:04 PM 0 Read More...

BMW drives to cut battery costs, share costs on autonomous vehicles: executive

NEW YORK (Reuters) - German luxury vehicle maker BMW AG (BMWG.DE) plans more deals with mining companies to secure electric vehicle battery materials, and is open to forming alliances to share the costs of developing autonomous-vehicle systems, the automaker’s research and development chief told Reuters. BMW management board member Klaus Froehlich said automakers and large suppliers are beginning to discuss how to...

16 Sep 3:54 AM 0 Read More...

Trump ‘likely’ to announce new China tariffs as early as Monday: source

WASHINGTON (Reuters) – U.S. President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday, a senior administration official told Reuters on Saturday. The tariff level will probably be about 10 percent, the Wall Street Journal reported, quoting people familiar with the matter. This is below the 25 percent the administration said it was considering for thi...

16 Sep 12:51 AM 0 Read More...

Trump 'likely' to announce new China tariffs as early as Monday: source

WASHINGTON (Reuters) - U.S. President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday, a senior administration official told Reuters on Saturday. The tariff level will probably be about 10 percent, the Wall Street Journal reported, quoting people familiar with the matter. This is below the 25 percent the administration said it was considering for this possibl...

15 Sep 10:52 PM 0 Read More...

Credit Suisse CEO targets annual profit of 5-6 billion Swiss francs: newspaper

ZURICH (Reuters) - Credit Suisse (CSGN.S) is aiming for an annual profit of 5 to 6 billion Swiss francs for the next two years as the bank puts its problems behind it, Chief Executive Tidjane Thiam told Swiss newspaper NZZ am Sonntag in an interview to be published on Sunday. “For the future our goal is business as usual,” Thiam said in the interview. “We have worked night and day over the last three years ...

15 Sep 10:52 PM 0 Read More...

Iran says Saudi Arabia and Russia have taken oil market ‘hostage’: SHANA

LONDON (Reuters) – Iran’s OPEC governor said on Saturday that Saudi Arabia and Russia have taken the oil market “hostage” as U.S. President Donald Trump seeks to impose fresh sanctions on Tehran and reduce its oil sales to zero. “Russia and Saudi Arabia claim they seek to balance the global oil market, but they are trying to take over a part of Iran’s share,” Hossein Kazempour Ardebili was quoted...

15 Sep 9:44 AM 0 Read More...

Iran says Saudi Arabia and Russia have taken oil market 'hostage': SHANA

LONDON (Reuters) - Iran’s OPEC governor said on Saturday that Saudi Arabia and Russia have taken the oil market “hostage” as U.S. President Donald Trump seeks to impose fresh sanctions on Tehran and reduce its oil sales to zero. “Russia and Saudi Arabia claim they seek to balance the global oil market, but they are trying to take over a part of Iran’s share,” Hossein Kazempour Ardebili was quoted as sayin...

15 Sep 7:42 AM 0 Read More...