Business

Nokia to allow employees to work remotely for three days a week

Nokia (NOKIA.HE)said its employees can choose to work up to three days a week remotely with increased support for flexible working hours from January after its current work from home policy comes to an end in December. The Finnish telecom equipment maker conducted a survey of its employees at the end of last year and […]

Business

Low rates to persist, drive quest for yield

U.S. interest rates likely will stay relatively low with ample cash in the financial system for the foreseeable future, the head of Allianz Life said, despite Federal Reserve comments that sent stock prices tumbling last week. A gradual rate rise and slow withdrawal of excess liquidity would put emphasis on alternative assets, which are a […]

Business

IMF’s SDR cash will still leave poorest nations short, S&P says

The world’s poorest countries will still require nearly $200 billion to restock depleted reserves after an imminent injection of new money from the International Monetary Fund, credit rating agency S&P Global has estimated. Because the IMF’s cash gets divided between all its countries, including rich ones, only 7% or $42 billion will go to the […]

Business

Reality check for VW in China after sluggish start for electric car series

Volkswagen AG’s ID series – the backbone of its electric vehicle ambitions – is off to what even company sources call a worryingly slow start in China. Sales in May of two ID.4 electric SUV models, launched only two months earlier, came to a mere 1,213 combined. And that was about 200 fewer than in […]

Business

GameStop raises more than $1 bln in latest share offer

Videogame retailer GameStop Corp said on Tuesday it had raised about $1.13 billion in its latest share offering, cashing in further on a social-media-driven surge in its stock price. The company, whose shares are up more than 960% this year, was the spark in January for a battle casting hedge fund short-sellers against a pack […]

Business

Fed’s Mester says framework needs to be more explicit on financial stability

Cleveland Federal Reserve bank president Loretta Mester said Tuesday the Fed’s new approach to monetary policy needed to more explicitly account for the risks to financial stability from ultra-low interest rates, ongoing asset purchases, and promises to keep borrowing conditions easy. Mester did not make a specific call in remarks at a Norwegian central bank […]

Business

Record-high U.S. house prices, tight supply weigh on sales

U.S. home sales fell for a fourth straight month in May as record-high prices amid low inventory frustrated potential buyers, a trend that could persist for a while, with builders unable to deliver more houses because of expensive lumber. Sales are retreating back to their pre-pandemic levels, indicating that the tailwind from the virus is […]