Category: INTERNATIONAL
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Pound sees further volatile trading
The pound is higher in early Asian trading, regaining some of the ground lost from a sharp drop late on Tuesday. The currency was trading at $1.2259, up 0.8% from its fall the previous day. On Tuesday, it had fallen more than 2%, dropping below $1.21, while against the euro it fell below €1.10. The…
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Asia shares slip as U.S. earnings disappoint, dollar gains
Asian shares hit three-week lows on Wednesday after a dour start to Wall Street’s earnings season knocked U.S. stocks, while the dollar and Treasury yields were at multi-month highs on growing expectations of a U.S. interest rate hike in December. The British pound jumped back from lows in a volatile trading session, though concerns about…
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Toyota recalls 340,000 Priuses globally to fix parking brake issue
Toyota Motor Corp (7203.T) said on Wednesday it was recalling around 340,000 of its latest Prius gasoline hybrid model in Japan and overseas to fix a parking brake issue. The recall covers models produced between August 2015 and October 2016, and affects around 210,000 vehicles in Japan and 94,000 in North America, Toyota said, adding…
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Asia: Apple to set up R&D center in Shenzhen, bolster China ties
Apple Inc (AAPL.O) will set up a research and development center in China’s manufacturing metropolis Shenzhen, the U.S. tech giant said on Wednesday, as the firm looks to spur growth in the world’s second largest economy amid growing competition. The Shenzhen hub follows a similar plan for a center in Beijing, and comes as Apple…
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Wells Fargo faces costly overhaul of bankrupt sales culture
Embroiled in a scandal over unauthorized customer accounts, Wells Fargo & Co (WFC.N) faces a steep challenge in overhauling its hard-charging sales culture without gutting profits. Until recently, Wells staffers labored under ambitious quotas while executives boasted to Wall Street about “cross-selling” each customer multiple accounts. That system collapsed with revelations that thousands of employees…
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Investors demand answers, new phone from Samsung after Note 7 fire fiasco
Samsung Electronics Co Ltd needs to quickly find the cause of the fires that led to it pulling its Galaxy Note 7 smartphones and get a new model to market, investors said on Wednesday, as shares in the company slipped to a one-month low. The world’s top smartphone maker on Tuesday scrapped the $882 flagship…
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Egypt Central Bank Keeps Pound Steady At Weekly Auction
The Central Bank of Egypt (CBE) kept the Egyptian pound steady against the dollar at Tuesday’s weekly auction of foreign currency, quelling speculation of a devaluation for the second week in a row. The central bank said it sold $120 million at the weekly sale, with the cut off price stable at the official rate…
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Kenya:Civil society says oil export rush will cost country Sh4 billion
Kenya’s rush to start exporting crude oil in the middle of an election year could cost the country more than Sh4 billion loss, a civil society group said yesterday. The Kenya Civil Society Platform on Oil and Gas described the plan as questionable given the costs involved and the prevailing global crude prices. The lobby…
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MTN appoints new head of regulatory affairs after Nigeria fine
South Africa’s MTN has appointed a new regulatory affairs chief, a spokesman said on Monday, after a large fine in Nigeria dragged Africa’s biggest mobile operator by users to its first-ever half-yearly loss. The firm, which had been fined $1 billion by Nigeria for missing a deadline to disconnect inactive SIM cards, was last month…
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S.A: Banking Association South Africa concerned at timing of Gordhan summons
The Banking Association South Africa (BASA) notes the announcement by the National Prosecuting Authority regarding the allegations against the Minister of Finance Pravin Gordhan and its decision to issue a summons to Minister Gordhan, former Sars commissioner Oupa Magashula and former deputy Sars Commissioner Ivan Pillay. BASA is fundamentally concerned with the timing of this…