BUSINESS

Volkswagen plans to invest in mines to bring down the cost of battery cells, meet half of its own demand and sell to third-party customers, the carmaker's board member in charge of technology said.

The global cryptocurrency industry has been slammed by setbacks, scandals and high-profile failures in recent months, sparking a regulatory rush to protect consumers from fraud and scams.

British banks are seeing a pick-up in enquiries to switch cash between institutions after the collapse of U.S.

Goldman Sachs, Morgan Stanley and at least two other banks expect the European Central Bank to deliver a smaller quarter-point hike in May, as it grapples with stress in the banking sector and high core inflation.

The Bank of England must decide next week whether to halt its long run of interest rate hikes or push them up again, probably for one last time, despite investor alarm over how banks in the United States and Europe are coping with higher borrowing costs.

A federal judge in Manhattan on Thursday said Grubhub, Uber Eats and Postmates cannot force diners who have used their platforms into binding arbitration over claims they conspired to drive up prices for restaurant meals during the COVID-19 pandemic.

Microsoft Corp on Thursday trumpeted its latest plans to put artificial intelligence into the hands of more users, answering a spate of unveilings this week by its rival Google with upgrades to its own widely used office software.

General Motors CEO Mary Barra met with two key senators on Thursday as the Detroit automaker pushes for legislation to speed deployment of self-driving vehicles on U.S. roads.

A group of technicians at Nissan Motor Co's Smyrna, Tennessee, factory voted overwhelmingly against joining a union on Thursday, marking yet another defeat for organized labor in the U.S. South.

FedEx Corp on Thursday raised its fiscal 2023 profit forecast despite weak market conditions, citing progress on its plan to shave $3.7 billion in costs from its global delivery business, sending its shares up more than 11%.

Prime Minister Rishi Sunak hailed the agreement as "affordable for the taxpayer" and allowing his government "to deliver on my promise to halve inflation".

Australia employment rebounded strongly in February after two months of declines, while the jobless rate fell back to near 50-year lows, suggesting the country's labour market remained tight amid a slew of interest rate hikes by the central bank.

A rebound in Europe's battered banking shares was beginning to wane on Thursday, as a 50 billion Swiss franc ($53.94 billion) lifeline for beleaguered lender Credit Suisse teed up a pivotal European Central Bank interest rate decision.

Credit Suisse shares jumped over 20% on Thursday after the company secured a lifeline from the Swiss central bank to shore up investor confidence, though some analysts said the market relief could be shortlived.

An EU decision ordering Amazon to pay about 250 million euros ($265 million) in back taxes to Luxembourg relies on "atmospherics" and is without merit, the company said on Thursday, as it sought to convince Europe's top court to throw out an appeal by EU regulators.

European corporate treasurers were on alert on Thursday, with a German industry association warning against complacency and major companies saying they were closely monitoring developments in the global banking system.

The U.S. Copyright Office issued new guidance on Wednesday to clarify when artistic works created with the help of artificial intelligence are copyright eligible.

Large U.S. banks have managed their exposure to Credit Suisse in recent months and view risks from the lender as contained so far, according to three industry sources on Wednesday who declined to be identified because of the sensitivity of the situation.

A federal appeals court on Wednesday upheld a $5.6 billion antitrust class-action settlement with more than 12 million retailers that accused Visa Inc and MasterCard Inc of improperly fixing credit and debit card fees.

European Central Bank policymakers are meeting on Thursday amidst turmoil in financial markets that could force it to divert from plans for another hefty interest rate hike even though inflation remains too high.

Short sellers had amassed bearish positions worth more than $15.7 billion against European banks by Tuesday, after the collapse of Silicon Valley Bank sparked contagion fears and sent shares plunging, according to S&P Global Market Intelligence.

Britain is trying to limit the burden on bond dealers as it prepares to sell the highest volume of government debt since the COVID-19 pandemic against a backdrop of turbulent markets, the head of the UK Debt Management Office (DMO) said on Wednesday.

From nurses to lawyers, staff hit by a cost-of-living crisis have been striking across the economy.

Finance minister Jeremy Hunt presented less gloomy forecasts for Britain's economy at his Spring Budget on Wednesday.

Microsoft signed a 10-year licensing deal to bring Activision's Call of Duty franchise to Japanese cloud gaming provider Ubitus on Wednesday, the latest move by the company to address regulatory worries about its bid for the games maker.

In the wake of the collapse of Silicon Valley Bank that has shaken world markets, Nobel economics prize laureate Joseph Stiglitz told AFP that US authorities "did the right thing" to protect deposits but said the financial system needs a rethink.

Europe's stock markets and the euro slumped Wednesday on renewed fears of contagion following the collapse of Silicon Valley Bank.

Britain on Wednesday unveils a new cost-of-living budget, including more help on soaring energy bills, but the government is set to stand firm on rising public sector pay demands as the country endures a fresh wave of strikes.

Hundreds of Google employees staged a walkout on Wednesday at the company's office in Zurich, Switzerland, after more than 200 workers were laid off.