Reuters

By Sarah Wu

BEIJING/SHANGHAI (Reuters) - Shares in Chinese electric vehicle maker Xpeng jumped on Wednesday driven by revenue growth from research and development services offered to Volkswagen as well as upbeat comments about its goals for gains in self-driving tech.

Xpeng, which deepened its partnership with VW in April to co-develop EV architecture, said that those R&D services were primarily responsible for its revenue from services... (continue reading...)

LONDON (Reuters) - Britain's banking and financial regulators said on Wednesday they had fined U.S. bank Citigroup more than 61.6 million pounds ($78.54 million) for failures in its trading systems and controls.

The fine is one of the largest for controls breaches in the UK since the global financial crisis in 2008-2009.

The Prudential Regulation Authority said it fined Citigroup Global Markets Limited 33.88 million pounds for failings in... (continue reading...)

LONDON (Reuters) - Britain's consumer price inflation fell by less-than-expected in April, raising fresh doubt about the Bank of England's plans to cut interest rates in the coming months which would give a boost to embattled Prime Minister Rishi Sunak.

British consumer prices rose by an annual 2.3%, down from a 3.2% increase in March and its lowest since July 2021 when it stood at 2.0%, the Office for National Statistics said.

The BoE -... (continue reading...)

DUBAI (Reuters) - Saudi Arabian fintech firm Rasan Information Technology has priced its initial public offering on the local bourse at 37 riyals per share, at the top of its indicative price range, according to adviser Banque Saudi Fransi.

The company is offering 22.74 mln shares, representing a 30% stake. The final offer price implies a market value of around 2.8 billion riyals ($746.67 million) for Rasan, with the offering raising gross proceeds of... (continue reading...)

By Mike Dolan

LONDON (Reuters) - Even as consensus builds inside and outside the Bank of England on UK interest rate cuts this summer, the thorny issue for banks and bond markets of when it stops its steep balance sheet rundown seems a bit murkier.

Rising take-up of a key BoE short-term lending facility launched in October 2022 following severe budget-related bond market turmoil that month has raised questions this year about whether... (continue reading...)