Russia to revive Moskvich brand using Chinese platform – sources
(Reuters) – Production of Russia‘s Soviet-era car brand the Moskvich could resume using a Chinese platform in partnership with truckmaker Kamaz, two sources told Reuters on Thursday, with the model to be built at Renault’s former Moscow factory.
Renault unveils hydrogen-powered prototype SUV in race to cleaner driving
PARIS (Reuters) – Renault unveiled on Thursday a prototype hydrogen fuel cell-powered sports utility vehicle (SUV), as the French carmaker scrambles to catch up with rivals in the race to cleaner driving.
Fed nominee Barr says hes committed to bringing down inflation
By Lindsay Dunsmuir and Pete Schroeder (Reuters) – U.S. Federal Reserve nominee Michael Barr, nominated by Democratic President Joe Biden to be the central banks Wall Street cop, said on Wednesday that he is committed to bringing inflation back down to 2%.
Russias TCS says first quarter net profit fell, without giving figures
(Reuters) – TCS Group Holding, which runs online bank Tinkoff, Russias second-largest credit card issuer, said on Wednesday its net profit had fallen year-on-year and quarter-on-quarter, but declined to disclose figures.
How Turkey spoiled NATOs historic moment with Finland, Sweden
By Jonathan Spicer, Humeyra Pamuk and Robin Emmott
Mastercard to cover employee travel, lodging for out-of-state abortions
(Reuters) – Mastercard Inc on Wednesday said it will fund travel and lodging for employees seeking abortions outside their home states from June, according to an internal memo seen by Reuters.
Frances Societe Generale closes Rosbank sale
PARIS (Reuters) – Societe Generale said on Wednesday it had closed the sale of its Russian business Rosbank to the Interros group, a firm linked to Russian oligarch Vladimir Potanin, which will result in the bank taking a 3.2 billion-euro ($3.35 billion) net income hit.
Vallourec to close sites in Germany, France and Scotland
(Reuters) – Vallourec is starting a process to close its German manufacturing sites as it had failed to find a “credible” buyer for the assets, the French steel pipe maker said on Wednesday.
Brazilians take on Braskem in Dutch court over city of cracks
By Kirstin Ridley LONDON (Reuters) – A group of Brazilians seeking to sue petrochemicals giant Braskem SA in the Netherlands, after tremors and gaping cracks forced thousands to abandon their homes, will hear in September whether the test case can proceed.
Nigeria‘s Lagos bans ’nuisance motorbike taxis from most roads
LAGOS (Reuters) – Nigerias commercial capital Lagos said on Wednesday it will ban motorcycle taxis from operating in most of the traffic-clogged city, removing a popular mode of transport for residents.
Czech central banks Nidetzky: June rate hike coming -Seznam Zpravy
PRAGUE (Reuters) – The Czech central bank is likely to deliver another interest rate hike in June as long as nothing economically significant happens before then, although to what extent will depend on the current situation, Vice-Governor Tomas Nidetzky said.
Chiles congress approves minimum wage hike
SANTIAGO (Reuters) – Chiles congress voted to approve an increase in the minimum wage on Wednesday as the Andean country struggles with soaring inflation.
Instant View-S&P 500 tumbles 3% on Target, tightening concerns
(Reuters) – Wall Streets stock indexes tumbled as much as 3% on Wednesday as a growth share rally reversed amid concerns about economic growth highlighted by a 26% plunge in Target Corp shares after the retailer became the latest victim of surging prices.
Spains BBVA pays $1.4 billion for additional 36.12% stake in Turkish lender Garanti
ISTANBUL/MADRID (Reuters) – Spains BBVA said on Wednesday it had paid 22.76 billion Turkish lira ($1.43 billion) for an additional 36.12% stake in Turkish lender Garanti following its voluntary takeover offer.
U.S. extends application deadline for nuclear power rescue program
WASHINGTON (Reuters) – The U.S. Department of Energy said on Wednesday it has extended a deadline by 47 days, to July 5, for nuclear power plants to apply for federal funding to keep them running.
Mediobancas stake in Generali drops back to just under 13% after AGM win
MILAN (Reuters) – Mediobancas stake in Generali is down to just under 13% after the investment bank returned shares it had borrowed to have a greater say at a shareholder meeting of the insurer last month, a regulatory filing showed on Wednesday.
Treasurys Yellen says U.S. committed to market-determined exchange rate
BONN, Germany (Reuters) – U.S. Treasury Secretary Janet Yellen said on Wednesday the United States was committed to a market-determined exchange rate, after being asked by reporters about recent strengthening of the dollar.
Finnish finance veteran, Sampo chair Wahlroos to step down
HELSINKI (Reuters) – The chairman of Finnish insurer Sampo Bjorn Wahlroos, a veteran of the Nordic countrys financial industry, said on Wednesday he would step down in 2023.
Russian weekly inflation eases further after recent spike
(Reuters) – Russias weekly inflation rate eased further in May, data from statistics service Rosstat showed on Wednesday, after spiking sharply soon after Russia began what it calls a “special military operation” in Ukraine on Feb. 24.
Carvanas license to sell vehicles in Illinois suspended – state official
(Reuters) – Online used-car retailer Carvana Cos license to sell vehicles in Illinois was suspended on May 10 over the mishandling of paperwork related to its vehicle sales, a state official said on Wednesday.