LONDON—The British and Irish arm of German discount supermarket group Aldi will invest 1.3 billion pounds ($1.8 billion) in its business over the next two years as it attempts to accelerate its growth in market share, it said on Monday. The retailer plans to open another 100 new stores in Britain, expand its logistics infrastructure,…
Japan’s September Manufacturing Activity Growth Slows: Flash PMI
TOKYO—Japan’s factory activity grew at the slowest pace in eight months in September as output and orders contracted, while that of the services sector remained in its downturn, underscoring the protracted impact of the coronavirus pandemic. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) slipped to a seasonally adjusted 51.2 in September…
Mexico’s Kavak Says New Funds Make It Second-Most Valuable Startup in Latin America
MEXICO CITY—Mexican used-car platform Kavak said it has more than doubled its valuation to $8.7 billion based on its latest funding round, making it the second-most valuable startup in Latin America as it eyes further expansion beyond its home market. Kavak’s chief executive, Carlos Garcia, told Reuters the Mexico City-based firm netted $700 million in…
Germany’s Ifo Institute Slashes 2021 GDP Growth Forecast to 2.5 Percent
BERLIN—Germany’s Ifo economic institute has cut its growth forecast for Europe’s largest economy for this year as supply chain disruptions and a scarcity of chips and other intermediate goods are slowing down the recovery from the COVID-19 pandemic. The institute now sees Germany’s gross domestic product (GDP) growing 2.5 percent this year, down 0.8 percentage…
Delta Darkens US Third-Quarter Growth Views, Fed Taper Announcement Expected in November: Poll
BENGALURU—The U.S. economic rebound has been dented in Q3, partly on the spread of the Delta coronavirus variant, with economists in a Reuters poll also pushing their expectations back to November for when the Federal Reserve announces an impending policy shift. Like in most countries, the U.S. economy is facing global supply chain disruptions due…
Japan’s Hot Exports Growth Cools as COVID-19 Hits Supply Chains
TOKYO—Japan’s exports extended double-digit gains in August, led by strong shipments of chip manufacturing equipment, although the pace of growth weakened as COVID-19 hit key Asian supply chains and slowed factory production. The trade growth is unlikely to dispel worries about the outlook for Japan’s economy, which has not yet recovered to pre-pandemic levels after…
Cisco Forecasts Growth From Software Shift, but Chip Prices Pressure Profits
Cisco Systems Inc. on Wednesday forecast that within four years, about half its revenue will come from software and other recurring sales, but its chief financial officer told Reuters high chip prices in its hardware business will keep pressuring overall profits. Cisco is the biggest maker of networking gear for data centers and corporate campuses,…
SoftBank CEO Son Says Smart Robots Can Revitalise Japan Growth, Competitiveness
September 15, 2021
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TOKYO—SoftBank Group Corp Chief Executive Masayoshi Son on Wednesday said so-called smart robots can revitalise Japan’s economy and competitiveness, doubling down on robotics just as the company’s much-hyped “Pepper” robot prepares to bow out. Son, at the online SoftBank World 2021 conference, said the firm’s Vision Fund is involved with 18 companies developing machines enhanced…
BP Names Dotzenrath to Lead Renewables Growth After Sanyal Departure
LONDON—BP named Anja-Isabel Dotzenrath, a former chief executive of RWE Renewables, to oversee the British company’s rapid expansion into renewable energy following the unexpected departure of BP’s head of low carbon and natural gas Dev Sanyal. Dotzenrath’s appointment comes at a time when BP, under the leadership of CEO Bernard Looney, seeks to rapidly grow…
US Equity Funds Face Outflows on Growth Concerns: Lipper
U.S. equity funds faced an outflow in the week to Sept. 8, on concerns the spread of the Delta coronavirus variant could slow economic growth and uncertainty over the timeline for the Federal Reserve to pull back its accommodative policies. Data from Lipper showed U.S. equity funds faced an outflow of $1.85 billion in the…
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