News

  Sydney / AP Australia’s central bank held interest rates steady at the all-time low of 1.75 percent on Tuesday following strong growth figures, while keeping an eye on low inflation. The Reserve Bank of Australia cut the official cash rate from 2.0 percent last month to spur the economy, but gave little indication of further easing in a statement ...

Seoul / AFP South Korea has called for car giant Nissan to face criminal charges for allegedly manipulating emissions data on a popular sports utility vehicle, weeks after Seoul slapped the firm with a fine over the issue. The environment ministry called on state prosecutors to probe Nissan Korea after saying tests had shown an emission defeat system on the ...

  Shanghai / Bloomberg China’s cities need about 6.6 trillion yuan ($1 trillion) of green financing over the next five years to reach its pollution-reduction targets, according to a report. Financial markets will need to cover as much as 90 percent of investment funding for clean transportation, energy-efficient buildings and renewable power through 2020, according to the executive summary of ...

  Bloomberg U.K. stocks are posting their best performance in eight years, even as polls are increasingly pointing to a potential exit from the European Union. The weakening of the pound and a surge in miners have helped the FTSE All-Share Index erase its annual loss, making it outrun the Stoxx Europe 600 Index by the most since 2008. British ...

  Bloomberg German industrial production rebounded in April in a sign that Europe’s largest economy is benefiting from a pick-up in investment. Output, adjusted for seasonal swings, rose 0.8 percent from March, when it dropped a revised 1.1 percent, data from the Economy Ministry in Berlin showed on Tuesday. In Spain, industrial production was unchanged in April from the previous ...

  Bloomberg Royal Dutch Shell Plc cut spending plans further and promised increased savings following its record purchase of BG Group Plc as it continues to adjust to the slump in oil prices. Europe’s biggest energy company will spend $29 billion this year, it said on Tuesday. That compares with a May forecast for capital expenditure “trending toward” $30 billion, ...

  Bloomberg Michelin & Cie. plans to accelerate cost savings through 2020 in a bid to match rival tyre manufacturers’ profitability, Chief Financial Officer Marc Henry said. Michelin is targeting spending reductions of €1.2 billion ($1.36 billion) from 2017 through 2020 with job cuts, shifting production outside of Europe, reducing the amount of raw materials used per tyre and introducing ...

  Bloomberg Japan Inc. has $59 billion at stake on the June 23 referendum in the U.K., when Britons vote to either leave or stay in the European Union. That’s the amount Japanese companies have invested in the U.K., which benefits more from the Asian nation than any other country outside Europe apart from the U.S., according to figures compiled ...

Bloomberg   Saudi Arabia plans to cut the public-sector wage bill as well as subsidies by 2020, scaling back the state largess that helped ensure political loyalty in the largest Arab economy. The reductions are a pillar of the National Transformation Program the Saudi cabinet approved on Monday. A major component of the Vision 2030 plan unveiled by Deputy Crown ...

  Bloomberg Saudi Arabia is scaling back renewable power targets as the world’s biggest oil exporter plans to use more natural gas, backing away from goals set when crude prices were triple their current level, according to Energy Minister Khalid Al-Falih. The kingdom aims to have power generation from renewable resources like the sun make up 10 percent of the ...