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Bloomberg Tesla Inc plans to lower production at its Shanghai factory, according to people familiar with the matter, in the latest sign demand in China isn’t living up to expectations. The output cuts will take effect as soon as this week, said the people, who asked not to be identified because the information isn’t public. They estimate the move could ...

  Bloomberg Oyo Hotels said it’s cutting 600 jobs in its corporate and technology departments, or about a sixth of its total workforce. An Oyo spokesman provided the numbers but wouldn’t elaborate on future cuts or restructuring. The company had 3,700 employees before the reduction. SoftBank Group Corp is the largest shareholder in the hotel-booking firm. Oyo last month reported ...

Bloomberg A key motivation for Russian President Vladimir Putin’s invasion of Ukraine was to sow turmoil more broadly in Europe, and he’s now seeking to make the entire continent suffer, according to Albanian Prime Minister Edi Rama. Speaking in an interview at his office in the capital, Tirana, Rama described Ukraine as “the tool to fulfill the ambition of Vladimir ...

  Bloomberg Malaysia’s lawmakers are expected to discuss the budget of Prime Minister Anwar Ibrahim in one or two months, his economy minister said. Under Anwar, the Southeast Asia nation will seek to strengthen industries that will enable it to become a high-income nation over the medium term, Economy Minister Rafizi Ramli said in Kuala Lumpur. Anwar named himself finance ...

  Bloomberg Finland took a step towards the national ratification of its entry into Nato even as Turkey and Hungary are yet to approve the step. The government in Helsinki submitted the accession proposal to the parliament in a bid to ensure it can complete the process swiftly once the remaining ratifications are received. “We have to be ready with ...

Bloomberg The European Central Bank (ECB) will probably lift borrowing costs by a half-point this month, according to Governing Council member Gabriel Makhlouf, slowing the pace of its increases after inflation moderated for the first time in 1 1/2 years. A rise of 50 basis points “is about where we’ll end up,” Makhlouf told reporters in Dublin, saying that if ...

Bloomberg A group of about 100 Russians and businesses reported nearly $50 billion in Swiss deposits, the government said in its most detailed disclosure yet of Russian wealth stashed in the country’s banks. Following Russia’s invasion of Ukraine, Switzerland banned banks from taking more than 100,000 Swiss francs ($106,000) from Russians and said all existing deposits must be reported to ...

  Bloomberg Bank of France Governor Francois Villeroy de Galhau urged commercial banks to exercise caution on share buybacks — raising the pressure on lenders as they prepare their shareholder-payout plans for 2022. Addressing a conference in Paris, Villeroy reiterated that while French banks remain solid and should benefit from rising interest rates, heightened volatility and slower economy growth in ...

  Bloomberg Speculators cleaving to the view that the crypto rout is mostly over are at risk of a rude awakening in 2023, according to Standard Chartered. A further Bitcoin plunge of about 70% to $5,000 next year is among the “surprise” scenarios that markets may be “under-pricing,” the bank’s Global Head of Research Eric Robertsen wrote in a note. ...

  Bloomberg Prime Minister Pham Minh Chinh directed the central bank and credit organisations to immediately raise loan limits for banks and to businesses in good health to boost economic growth, job creation and inflation control, the government website reported. The State Bank of Vietnam, which currently limits the credit growth of the banking system to 14% and has said ...