Business

Factbox: How will EU ban on Russian crude affect oil flows?

Russian oil imports into the European Union fell to 1.4 million barrels per day (bpd) in October from 2.5 million bpd in January, according to the International Energy Agency (IEA). India, China and Turkey have more than made up for that drop in demand for Russian crude, ramping up their purchases by about 1.2 million […]

Business

Redwood Materials to supply cathode material to Panasonic U.S. battery plant

Panasonic Corp (6752.T) will buy remanufactured battery cathode material from Redwood Materials, beginning in 2025, for the Japanese battery maker’s new Kansas plant, the companies said on Tuesday. The multi-year deal, valued at several billion dollars, is the latest industry move aimed at shortening global supply lines and reducing U.S. manufacturing dependence on China, which […]

Business

Buffett’s Berkshire Hathaway discloses $4.1 billion TSMC stake

Berkshire Hathaway Inc (BRKa.N) said it bought more than $4.1 billion of stock in Taiwan Semiconductor Manufacturing (2330.TW), , a rare significant foray into the technology sector by billionaire Warren Buffett’s conglomerate. The news sent shares in TSMC soaring, closing up 7.9% in Taiwan on Tuesday, as it boosted investor sentiment for the world’s largest […]

Business

Designer labels for 15-year-olds? New generation splashes on luxury-Bain

Luxury shoppers are getting younger and younger, forming a group that’s expected to buoy growth in the sector in the coming years with purchases being made from the age of 15, according to industry forecasts from consultancy Bain released Tuesday. Concern has risen in recent months that appetite from financially stretched Gen Z consumers for […]

Business

India’s cenbank likely to go for smaller rate hikes as inflation eases -analysts

The Reserve Bank of India is likely to opt for a 35 basis points (bps) rate hike at its policy meeting in December, after three consecutive 50 bps increases, as inflation eased in October and is likely to dip further, analysts said. The RBI has already raised rates by 190 bps since May, to 5.90%, […]

Business

Wall Street bonuses to plunge as much as 45% for bankers – study

Wall Street investment bankers can expect much smaller bonuses this year as the economy slows, according to projections published on Tuesday by Johnson Associates Inc, a compensation consultant in New York. Bankers who underwrite equity or debt offerings are forecast to receive payouts that are 40% to 45% lower than in 2021, while their counterparts […]

Business

FTX’s new CEO helped bolster Enron victims’ recovery

FTX Trading’s new CEO John J. Ray III, a lawyer tapped to lead the collapsed crypto exchange’s restructuring, previously oversaw the $23 billion bankruptcy of energy firm Enron Corp and has a reputation for boosting creditor recoveries. Ray took over from founder Sam Bankman-Fried as FTX’s chief executive after a disastrous week for the company […]