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By Adwitiya Srivastava and Rishav Chatterjee (Reuters) -National Australia Bank Chief Financial Officer Nathan Goonan will leave the lender later this year to join rival Westpac, the Australian banks said in separate statements on Monday. NAB announced the exit of its finance chief along with a number of other senior executive changes, after which Westpac disclosed Goonan’s appointment in the same role effective later this year. Goonan became the chief financial officer of National Australia Bank in July 2023 and previously served as executive general manager of group strategy and development. NAB’s share price has jumped about 26% from July…
FRANKFURT (Reuters) – Porsche SE, Volkswagen’s biggest shareholder, is not considering selling voting shares in Europe’s largest carmaker, the holding firm said on Sunday following a newspaper report that it was weighing such a move. German tabloid Bild, citing people familiar with the matter, said the Porsche and Piech families that jointly control Porsche SE were considering divesting shares in Volkswagen to free up capital for other investments. Bild’s report said possible scenarios include reducing the stake in Volkswagen’s ordinary shares to 45%-50%, from 53.3% at present. According to Reuters calculations, that would raise 1.07 billion to 2.69 billion euros…
SHANGHAI ((Reuters)) – China should choose the right timing and force in easing monetary policy, state media said on Saturday in the latest signal that further easing to boost the world’s second-largest economy may not be imminent. Days before the article in the official Shanghai Securities News, the central bank pledged to adjust monetary policy at the appropriate time to support an economy facing escalating trade tensions with the U.S. On Friday, the central bank-owned Financial News called for finding the right tempo in adjusting monetary policies. The series of comments could further dampen expectations for an imminent cut in…
SHANGHAI ((Reuters)) – China’s securities watchdog will step up monitoring fake information in the stock market and work with the police and cyberspace regulators to crack down on those who disseminate false news, which is being made easier by AI, official media reported on Saturday. Regulators will “hit early, hit hard, and hit at the heart” of the issue, the Securities Times said. Artificial intelligence has become a new tool for creating and spreading misleading information to con investors or manipulate stocks, luring investors with the prospect of getting rich quickly, the Shanghai Securities News said in a separate article.…
By Praveen Paramasivam CHENNAI (Reuters) – India’s Zetwerk is considering a stock market listing within 24 months, at a time when the contract manufacturer is ramping up electronics production, its CEO and co-founder said on Saturday. “Global companies are moving production to India. This is happening today; this will happen once in our lives probably,” Amrit Acharya, CEO and co-founder of Zetwerk, told reporters. Electronics manufacturing has gained momentum in India over the last few years as global technology giants, including Alphabet’s Google and Apple diversify their supply chain away from China. “India is going to be a long-term bet…
(Reuters) -All drug manufacturers, including Novo Nordisk and Teva Pharmaceuticals, whose medicines are part of the second round of price talks have agreed to participate in the negotiation process, a federal health agency said on Friday. The price negotiation process was established under former President Joe Biden’s signature Inflation Reduction Act in 2022. The second cycle of negotiations will take place under President Donald Trump’s administration. The U.S. government has said that it plans to aim for “greater transparency” in Medicare drug price negotiations under Trump, following criticism from the pharmaceutical industry for the Biden-era law. The Centers for Medicare…
(Reuters) – Kohl’s on Friday changed the title of its chief DEI officer and broadened its supplier diversity program in response to President Donald Trump’s push to dismantle the practice in the federal government and private sector. “We have evolved our framework to focus on inclusion and belonging,” said Michelle Banks, whose title changed from chief DEI officer to chief inclusion and belonging officer. The department store is the latest U.S. company to join the likes of Target and Pfizer to take steps in changing policies related to DEI program after Trump urged the private sector to end “illegal DEI…
(Reuters) – SpaceX has urged the U.S. to address trade barriers affecting its Starlink satellite communications service in foreign countries, arguing that competitors from abroad face no import costs in the country. The Elon Musk-owned company said that it has to pay foreign governments for access to spectrum, import duties on Starlink equipment and other regulatory fees, which “artificially” inflate operating costs abroad. Starlink operates in more than 120 markets worldwide, though in some countries, SpaceX must coordinate spectrum sharing with domestic satellite operators before activating service. The company described the requirements as a “protectionist non-tariff trade barrier,” in a…
By Jonathan Stempel (Reuters) – Berkshire Hathaway said on Friday longtime Director Ronald Olson will be leaving its board because of a policy change requiring directors, except for Warren Buffett, to step down after turning 80. In a proxy statement for its May 3 annual meeting in Omaha, Nebraska, Berkshire also said its board unanimously urged the rejection of seven shareholder proposals, including three on its subsidiaries’ diversity and anti-discrimination efforts. Berkshire also said Buffett’s compensation was $405,111 in 2024, comprising his usual $100,000 salary plus personal and home security. Vice Chairman Greg Abel, who is expected to succeed Buffett…
SHANGHAI (Reuters) -Tesla (TSLA) will make a lower-cost version of its best-selling Model Y in Shanghai, three people with knowledge of the matter said, aiming to regain ground lost during a price war in its second-largest market. The U.S. electric vehicle maker is developing the model under a project codenamed “E41” and will build it using existing production lines, the people said. Mass production will begin at its biggest factory by output in 2026, said two of the people. The car will be smaller and cost at least 20% less to produce than the refreshed Model Y launched late last…