BUSINESS - Page 40

The United States has called on the World Bank to bolster its investments in projects that promote climate adaptation and mitigation, highlighting the successful expansion of India’s solar industry as a prime example. In a letter to the World Bank, the US emphasized the urgency of increasing funding for initiatives aligned with climate goals. We urged the institution to provide transparent metrics regarding its funded projects. This move underscores the critical need for global financial institutions to support sustainable development

Chinese authorities are expected to announce a fine of at least 8 billion yuan ($1.1 billion) on Ant Group as soon as Friday, sources with direct knowledge of the matter said, ending the fintech company’s years-long regulatory overhaul. The Peoples Bank of China (PBOC), which has been driving the revamp at Ant after its $37 billion IPO was scuttled in late 2020, is set to disclose the fine in the coming days, the sources told Reuters. The move will mark

Ultra-low-cost e-commerce platform Temu has started selling to Japan, marking its first foray into the Asian market. The marketplace, the sister site of the Chinese discount e-commerce platform Pinduoduo, ships everything from clothing to electronics and home goods, mainly from merchants in China to customers overseas, at rock-bottom prices. Temu has been a massive success since its launch in the US last year, where it has topped app download charts and created a shopping frenzy among consumers struggling with inflation

Lamborghini’s combustion engine models are sold out until the end of production, its chief executive was quoted as saying in the WELT newspaper on Wednesday, as the luxury carmaker transitions towards a pure hybrid lineup. Order books for the Hurucan and Urus models are full, marking the end of combustion engine vehicle production for the company, Stephan Winkelmann, head of the Volkswagen (VOWG_p.DE) subsidiary, said. He added that Lamborghini’s plan to “transition to a fully electric car from a gasoline-powered

Shares in K Pop agencies fell on Wednesday after a report of an antitrust probe into power abuse by large entertainment companies. According to local media Yonhap, South Korea’s Fair Trade Commission began investigating any potential infractions of subcontracting rules when outsourcing the production of albums and merchandise. It sent investigators to the offices of HYBE (352820. KS), SM Entertainment (041510. KQ), and YG Entertainment (122870. KQ) on Tuesday, Yonhap news agency reported citing unnamed industry sources. The report said

The latest Federal Reserve stress tests showed significant banks have enough money to weather a severe economic downturn, clearing the way for them to pay dividends and buyback shares. But investors still need more clarity about what it all means. The Fed’s test subjects big banks to a hypothetical market shock that considers operational risk and then spits out a “stress capital buffer” requirement tailored to each firm. It must be at least as significant as Basel’s static “capital conservation

Local TV stations in 107 markets, including WEHT-ABC25 here in Evansville, have been removed by satellite provider DirecTV as the companies failed to reach a distribution agreement on new retransmission consent fees. Those fees are the amount broadcasters request to be carried on pay-TV platforms such as satellite, cable, and streaming. The dispute began July 2 and went into its second week and left about 10 million subscribers without access to Nexstar’s local news programming. That includes local weather updates,

The U.S. Federal Reserve announced that 57 firms had been certified to utilize its “FedNow” instant payments system after it launched in late July. The Fed did not provide a specific date for the launch, but 41 banks and 15 service providers, including large firms like JPMorgan Chase (JPM.N), Bank of New York Mellon (BK.N), U.S. Bancorp (USB.N) and Wells Fargo (WFC.N), have completed formal testing and will be ready to provide instant payments after the new service is live.

The world’s largest contract electronics maker and assembler, Foxconn (2354. TW), has received approval from Vietnam to invest $246 million in two new projects in its northern province of Quang Ninh. The projects, by its unit Foxconn Singapore, will raise total investments by Foxconn in Vietnam to about $3 billion and will center on the manufacture and assembly of telecom and electric vehicle (EV) parts, the provincial government said. Of the new investment, $200 million will go into a factory