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HSBC targets $1.5 bn in annual cost savings after revamp
Banking giant HSBC said Wednesday that CEO Georges Elhedery's plan since October to simplify the company's structure and geographic setup will yield $1.5 billion in annual cost savings by the end of 2026.
Vietnam parliament approves $8 billion rail link to China
Vietnam's parliament on Wednesday approved plans for an $8 billion rail link from its largest northern port city to the border with China, boosting links between the two communist-ruled countries and making trade easier.
Asian markets swing as traders assess latest tariffs volley
Asian markets were mixed Wednesday after President Donald Trump broadened his tariff threats, while traders were also assessing the geopolitical outlook after the first high-level official US-Russia talks since the invasion of Ukraine. Traders are keeping tabs on talks between Washington and Moscow after their top diplomats met in Saudi Arabia.
US tariffs threat a 'shock' to Canadian businesses
Donald Trump's threats of import tariffs have sent shockwaves through Canada, forcing businesses to question their dependence on the United States -- a reassessment that is creating headaches for many sectors. Internal Trade Minister Anita Anand, who wants to see these barriers abolished as soon as possible, believes that "in the face of Donald Trump's repeated threats, we must choose Canada."
US lawmakers confirm Howard Lutnick as commerce secretary
The US Senate voted Tuesday to confirm Wall Street billionaire Howard Lutnick as commerce secretary, a key step towards the rollout of President Donald Trump's "America First" trade policy, which uses tariffs as a broad negotiation tool. The commerce secretary has a broad agenda to implement, and negotiations with some of the United States' biggest trading partners to contend with.
China condemns US 'tariff shocks' at WTO
The sweeping tariffs threatened or already imposed by US President Donald Trump risk triggering inflation, market distortions, and even a global recession, China said Tuesday at the World Trade Organization. "These tariff shocks heighten economic uncertainty, disrupt global trade, and risk domestic inflation, market distortion, or even global recession."
Meta plans undersea cable to link five continents
Facebook and Instagram parent company Meta has said it will lay an undersea cable stretching across five continents to carry data, including for developing artificial intelligence.
US lawmakers due to confirm Howard Lutnick as commerce secretary
The US Senate is expected to confirm Wall Street billionaire Howard Lutnick as commerce secretary Tuesday, a key step towards the rollout of President Donald Trump's "America First" trade policy with tariffs used as a broad negotiation tool. Already, the commerce secretary has a broad agenda to implement and negotiations with some of the United States' biggest trading partners to contend with.
German auto supplier Continental to cut 3,000 more jobs
German auto supplier Continental said Tuesday it will cut a further 3,000 jobs by the end of 2026, the latest sign of weakness for the country's auto sector. Sports car maker Porsche announced 1,900 layoffs last week, citing weak demand for its electric cars, and Volkswagen last December reached an agreement with unions to cut 35,000 jobs across its German locations by 2030.
AFP
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