Business

EXCLUSIVE U.S. funding tapped for Pacific undersea cable after China rebuffed

The Federated States of Micronesia will tap a U.S. funding facility to construct a Pacific undersea communications cable, two sources said, after rejecting a Chinese company-led proposal that was deemed a security threat by U.S. officials. The United States has taken great interest in several plans in recent years to lay optic fibre cables across […]

Business

Cargill opens new Brazil pectin factory, first outside Europe

The Brazilian unit of U.S. commodities trader Cargill has finished building a new facility to produce pectin, a fruit by-product used in jams, beverages, dairy products and confectionery, the company said on Friday. The plant is Cargill’s only pectin facility outside of Europe, where it owns three such units. It will make Cargill the world’s […]

Business

China’s August services activity slumps into contraction

Activity in China’s services sector slumped into sharp contraction in August, a private survey showed on Friday, as restrictions to curb the COVID-19 Delta variant threatened to derail the recovery in the world’s second-biggest economy. The Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 46.7 in August from 54.9 in July, plunging to the lowest […]

Business

Australia c.bank to stick with tapering plans, or maybe not

Analysts are split on whether the Reserve Bank of Australia (RBA) will delay tapering plans at its September policy meeting next week, as a faster roll out of coronavirus vaccines offsets a harder-than-expected economic blow from lockdowns. Some 36 of 37 analysts polled by Reuters expect the cash rate to stay at 0.1%, where it […]

Business

Renaissance executives agree to pay around $7 bln to settle tax dispute with IRS

Executives of hedge fund Renaissance Technologies LLC could pay as much as $7 billion to U.S. tax authorities after agreeing to settle a dispute over whether they improperly reduced their tax liability from trading profits, according to a letter reviewed by Reuters and a source familiar with the matter. James Simons, the founder of one […]

Business

Analysis: Apple’s App Store concessions fail to address top concerns of regulators, lawmakers

In the space of a week, Apple Inc (AAPL.O) made two sets of changes to its App Store rules, which are the subject of lawsuits, regulatory probes and legislation around the world, but the tweaks do not address the biggest concerns raised. Lawmakers and regulators are considering dismantling the App Store business model, an outcome […]

Business

Hyundai’s luxury brand Genesis to be all-electric by 2030

Hyundai Motors’ (005380.KS) Genesis said on Thursday it would phase out all gas-powered cars by the end of the decade and that its luxury vehicles debuting 2025 onwards will run on fuel cells and batteries. Genesis, which was launched as Hyundai’s standalone luxury division in 2015 to compete with premium brands such as BMW, Mercedes […]