Author: Press Room
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.WeWork has filed for bankruptcy, a humbling fall for the once high-flying desk-renting start-up co-founded by Adam Neumann and backed by billions of dollars from Japan’s SoftBank.The company that set out to revolutionise office real estate could not escape the combined forces of pricey leases it had signed before the Covid-19 pandemic and weak occupancy rates as hybrid working gained popularity.WeWork said late on Monday it had struck an agreement with nearly all of its creditors to convert $3bn of existing loans…
The People’s Bank of China’s (PBOC) Zhang Qingsong emphasized the resilience of China’s economy and the country’s government debt levels, which are within international norms. Speaking at a financial summit in Hong Kong today, Zhang addressed concerns regarding China’s slow economic recovery and its troubled property market. Despite recognizing structural issues with local debts, Zhang expressed confidence in the eastern and central provinces’ ability to manage their financial obligations. He proposed that market forces should be allowed to play out and intervention should only occur when there is a significant deviation from long-term trends. Zhang also addressed the issue of…
© Reuters. Motorola Solutions (NYSE:) is embarking on a strategic project to expand its Terrestrial Trunked Radio (TETRA) network across Poland, in collaboration with Tauron Dystrybucja SA, the country’s leading energy provider. The expansion aims to cover 20% of Poland, serving over 5.8 million customers, marking a significant increase from its current operations. The project involves expanding the TETRA network from three regions to eleven, erecting more than 200 base stations, and providing approximately 4000 users with vehicle terminals and desk modems for Supervisory Control and Data Acquisition (SCADA) signals support. This enhancement is expected to improve facility management and…
Justin Sullivan/Getty Images News General Motors (NYSE:GM) is suspending production of the autonomous Cruise Origin van, Forbes reported, just two weeks after its subsidiary Cruise paused all operations nationwide. “Because a lot of this is in flux, we did make the decision with GM (GM) to pause production of the Origin,” Cruise CEO Kyle Vogt told employees at an all hands meeting on Monday. The executive noted that Cruise already produced hundreds of Origin vans, saying this would be “more than enough” for the near term. “We are finishing production on a small number of pre-commercial vehicles and after that,…
© Reuters. Investing.com – The U.S. dollar rose in early European trade Tuesday, rebounding from recent lows, while the Australian dollar slumped after the RBA hinted at the end of its cycle of rate hikes.. At 03:25 ET (08:25 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, climbed 0.2% to 105.285, above the near two-month low of 104.84 seen on Monday. Dollar climbs on hawkish Fed speak The slumped 1.3% last week, its steepest decline since mid-July, after the Federal Reserve offered up dovish signals on the likelihood for more interest rate hikes…
Voters in Ohio, Kentucky, Virginia, Mississippi and elsewhere head to the polls on Tuesday for off-year elections that will offer clues to the continued potency of abortion against the drag of President Biden’s low approval ratings as politicians prepare for the coming presidential election year.The results may determine whether Democrats find some reassurances on their approach to key issues like abortion, which was a bright spot for the party in a new New York Times/Siena poll that showed Donald J. Trump leading Mr. Biden in five critical swing states one year out.Here is what to watch:Abortion access vs. Biden’s unpopularity…
Q3 revenue rose 4.5% year-over-year to $1.00 billion. Partly due to an unfavorable contract mix and the recognition of non-recurring deliverables, the adjusted […]
This article is an on-site version of our Unhedged newsletter. Sign up here to get the newsletter sent straight to your inbox every weekdayGood morning. Bonds can’t make up their minds. In just the past few weeks, 10-year yields brushed 5 per cent, then fell almost 50 basis points. One story on Wall Street is that shorting Treasuries, a high-conviction trade for a while, went too far, and last week was the correction. Confusingly, though, 10-year yields rallied 10bp yesterday, on no discernible news. If you’ve looked deep into the bond market’s eyes and seen its soul, email us: robert.armstrong@ft.com…
© Reuters. People wait to board trains at the Shanghai Hongqiao railway station ahead of the National Day holiday, in Shanghai, China September 28, 2023. REUTERS/Aly Song/File Photo BEIJING (Reuters) -The International Monetary Fund on Tuesday upgraded its 2023 gross domestic product growth forecast for China to 5.4% from 5%, citing a “strong” post-COVID-19 recovery, but said the fund still expected the world’s second-biggest economy to slow next year. GDP growth could slow to 4.6% in 2024 because of continued weakness in China’s property sector and subdued external demand, the IMF said in a press release, albeit better than its…
© Reuters. FILE PHOTO: People walk past the headquarters of Swiss bank UBS in Zurich April 30, 2013. REUTERS/Arnd Wiegmann/File Photo By Noele Illien ZURICH (Reuters) -UBS Group reported a $785 million loss in the third quarter after expenses tied to the Swiss bank’s takeover of Credit Suisse while signalling that its core wealth business is stabilising. The loss was worse than the $444 million loss attributed to shareholders that analysts had expected in a UBS poll, but inflows from customers exceeded analysts’ expectations. “We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability…