Italy signed a preliminary accord with China on Saturday that makes it the first country of the Group of Seven industrialised nation to join the Chinese Belt and Road infrastructure project. Around 30 parallel deals were signed on the sidelines of the visit to Rome by Chinese President Xi Jinping, including 10 with Italian companies and others with ministries and public bodies.
A fierce struggle over automation has erupted at the Port of Los Angeles (LA), as local union officials representing some 12,000 dockworkers demand that one of the world’s largest shipping firms abandon a plan to introduce driverless electric cargo trucks. The struggle comes as Los Angeles (LA) and Long Beach, the busiest ports in the nation, are enjoying record cargo traffic,
NEW YORK: Luxury retailer Tiffany & Co said it expected earnings growth to resume in the second half of the year, helped by a healthy e-commerce business, a forecast that allowed investors to look past slightly disappointing quarterly sales. The New York-based company also stuck to its fiscal 2019 revenue and profit targets, and its shares were up 3.6 per cent in afternoon trade.
US home sales surged in February to their highest level in 11 months, a sign that a pause in interest rate hikes by the Federal Reserve was starting to boost the US economy. The National Association of Realtors (NAR) said existing home sales jumped 11.8 per cent to a seasonally adjusted annual rate of 5.51 million units last month. That was the highest since March 2018 and well above analysts’ expectations of a rate of 5.1 million units.
SNC Lavalin Group’s chief executive said on Friday the company is looking at ways to protect its business in the event it loses a corruption trial that has created a political crisis for Canadian Prime Minister Justin Trudeau. An SNC-Lavalin board subcommittee is weighing the construction and engineering company’s options as it takes “steps to minimize the effect of any potential sort of bad outcome in a few years’ time,”
China can speed up the opening of its financial sector if the United States is unhappy with the pace because it will be good for both countries, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said on Saturday. “If the US side complains that we have opened up too slowly, we can speed it up. We are fully convinced it’s good for both countries - it’s good for China and good for the United States,”
The share of affordable housing to total new launches in Chennai almost doubled from 25 per cent in 2017 to 50 per cent in 2018. As regards affordable housing supply and unit sizes by budget segmentation in Chennai, an estimated 12 per cent was in the price range of Rs 10-20 lakh, 34 per cent in the price range of Rs 20-30 lakh and 54 per cent in Rs30-40 lakh.
FRANKFURT: Signs of a weak first quarter for the eurozone mounted on Friday as a closely-watched survey pointed to March output being dragged further down by manufacturing weakness, especially in Germany, Europe’s largest economy. Data company IHS Markit said in a first estimate for the month that while services firms proved “resilient”, manufacturers in the 19-nation single currency bloc
Fitch Ratings on Friday cut India’s GDP growth rate projection for the next financial year to 6.8 per cent, from its previous estimate of 7 per cent, on account of weaker-than-expected growth momentum.
Hyundai Motor Group companies’ shareholders rejected on Friday Elliott Management’s demands for a massive special dividend and board seats, dealing a blow to the US hedge fund’s campaign to shake up South Korea’s second-biggest family-run conglomerate. Its demand for 7 trillion won ($6.2 billion) in dividend - more than six times what Hyundai had offered — was rejected by other minority shareholders
TOKYO: Japan’s annual core consumer inflation slowed in February as gasoline costs fell for the first time in more than two years, keeping the central bank under pressure to maintain, or even ramp up, stimulus to accelerate price growth to its 2 per cent target. The data adds to growing signs that Sino-US trade tensions and slowing global demand are hurting Japan’s economic expansion and business sentiment.