Business

Honda and Hitachi Are Forming an Electric Vehicle Motor Company

In addition to setting up this joint venture, Honda is also planning to set up sales and manufacturing facilities in China and the US. According to a statement released by the companies, Hitachi will own 51 percent stake in the new company, while Honda will control the remaining 49 percent, and the new venture will have an initial capital of 5 billion yen (over $44.5 million).

Business

Higher Interest Rates May Be Required — BoE Forbes

The fall in inflation has given enough room for the RBI to cut the rates. That time, the analysts were expecting a rate cut, but the RBI Governor Urjit Patel gave "surprise" buy not reducing the rates. The Nikkei Services Purchasing Managers' Index (PMI) survey showed that input cost inflation slowed since December, while average selling prices contracted again, which may prompt the RBI to be "accommodative" at its forthcoming monetary policy review.

Business

Commodities Round-up: Oil slides to three-week low on shale revival sentiment

PVM Oil Associates London brokerage analyst Tamas Varga was quoted by the news agency as saying: "The general perception is that OPEC is cutting production, which is supporting prices, but high stock levels, rising rig counts and growing U.S.

Business

Michael Kors' profit forecast disappoints as promotions weigh

That was down from its November forecast and trailed analysts' average projection. Michael Kors ( KORS ) indicated on this morning's earnings call that it will consider big acquisitions as its second priority for driving growth, renewing speculation that it might purchase luxury brand Kate Spade (KATE).

Business

BP faces challenging pricing environment

Underlying replacement cost profit per share was 2.11 cents, compared to 1.06 cents a year ago. The group posted replacement cost losses of 999 million United States dollars (£803 million) for 2016 as it said oil prices remained " challenging ", with the average for Brent crude standing at 44 U.S.

Business

Greek public debt is highly unsustainable — International Monetary Fund report

Berlin has opposed large-scale debt relief unless Greece completes wide-ranging reforms and keeps running budget surpluses of 3.5 percent in the medium-term following the end of the bailout program in 2018. Eurogroup President Jeroen Dijsselbloem said: "It's surprising because Greece is already doing better than that report describes". But he ruled out any relief on principal debt.