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BEIJING (Reuters) -Chinese car maker BYD will make its largest recall yet of more than 115,000 Tang series and Yuan Pro vehicles produced between 2015 and 2022 due to design defects and battery-related safety risks, China's market regulator said on Friday. BYD has filed a plan with the State Administration for Market Regulation to recall 44,535 Tang series vehicles produced between March 2015 and July 2017 in which certain component design flaws may cause abnormal function. It also sought to recall 71,248 Yuan Pro electric vehicles made between February 2021 and August 2022 due to manufacturing issues affecting battery installation. In January, the company made a recall of 6,843 Fangchengbao Bao 5 plug-in hybrid off-road SUVs citing fire risks. Before that, the automaker had recalled nearly 97,000 Dolphin and Yuan Plus EVs due to a manufacturing fault involving a steering control unit that posed risks of fire in September 2024. (Reporting by Liz Lee and Qiaoyi Li; Editing by Jacqueline Wong and Stephen Coates)

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By Casey Hall SHANGHAI (Reuters) -OTB Group, the parent of Italian denim specialist Diesel and owner of luxury brands including Maison Margiela, is positive on the Chinese market and is investing more in it, founder and chairman Renzo Rosso said. Rosso, in China to mark Diesel's 20 years in that market, said he is continuing to invest in China in a down market, rejigging OTB's retail footprint by closing some stores, but continuing to open in new and better locations. "I am positive. I think if the market is going like this, it can be an opportunity because we can have a better space available for a better price that wasn't available before," he said. "My vision right now is to invest in the country. I believe in the country; it is so big, so important." Rosso was speaking to Reuters on Thursday ahead of a dinner for around 100 people with a view of Shanghai's famous skyline. "This year, we are doing well compared with the market. Everybody is minus, we are a little plus, so we are quite happy," he added. China's consumer appetite has been in focus for global brands, especially in the high-end and luxury sectors which count on Chinese nationals for around one-third of global purchases. In recent years, consumer demand in the world's second-largest economy has been dampened by a prolonged property market crisis and concerns about job security and wage growth in an economy buffeted by factors including slowing growth and a trade war with the U.S. In an indication of how vital China is to luxury, reports from industry bellwether LVMH earlier this week that Chinese demand is improving sparked an $80 billion stock market rally for the sector. OTB, or Only the Brave, is also home to luxury brand Jil Sander, and as a group reported turnover of 1.8 billion euros ($2.11 billion) in 2024, a fall of 4.4%. In 2024, OTB postponed plans for a public listing originally slated for this year, saying it would probably delay it until 2026. Rosso remains in no hurry to go public. "First of all, I don't need the money, I am cash positive," he said. "There's no rush, it can be one year, two years, I don't care. If I feel good, then yes." ($1 = 0.8551 euros) (Reporting by Casey Hall; Editing by Muralikumar Anantharaman)

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NEW DELHI/SINGAPORE (Reuters) -Two Indian refiners have bought 4 million barrels of Guyanese crude oil from U.S. major Exxon Mobil to be delivered at end-2025 or in early 2026, in their first imports from the South American producer, trade sources said on Friday. Indian Oil Corp, the country's largest refiner by capacity, has bought 2 million barrels of Golden Arrowhead crude which will arrive in late December or in early January, they said, speaking on condition of anonymity. Another refiner, Hindustan Petroleum Corp, has bought 2 million barrels of Liza and Unity Gold crude also for delivery during the same period, the sources said. (Reporting by Nidhi Verma in New Delhi and Florence Tan in Singapore; Editing by Clarence Fernandez)

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By Casey Hall SHANGHAI (Reuters) -OTB Group, the parent of Italian denim specialist Diesel and owner of luxury brands including Maison Margiela, is positive on the Chinese market and is investing more in it, founder and chairman Renzo Rosso said. Rosso, in China to mark Diesel's 20 years in that market, said he is continuing to invest in China in a down market, rejigging OTB's retail footprint by closing some stores, but continuing to open in new and better locations. "I am positive. I think if the market is going like this, it can be an opportunity because we can have a better space available for a better price that wasn't available before," he said. "My vision right now is to invest in the country. I believe in the country; it is so big, so important." Rosso was speaking to Reuters on Thursday ahead of a dinner for around 100 people with a view of Shanghai's famous skyline. "This year, we are doing well compared with the market. Everybody is minus, we are a little plus, so we are quite happy," he added. China's consumer appetite has been in focus for global brands, especially in the high-end and luxury sectors which count on Chinese nationals for around one-third of global purchases. In recent years, consumer demand in the world's second-largest economy has been dampened by a prolonged property market crisis and concerns about job security and wage growth in an economy buffeted by factors including slowing growth and a trade war with the U.S. In an indication of how vital China is to luxury, reports from industry bellwether LVMH earlier this week that Chinese demand is improving sparked an $80 billion stock market rally for the sector. OTB, or Only the Brave, is also home to luxury brand Jil Sander, and as a group reported turnover of 1.8 billion euros ($2.11 billion) in 2024, a fall of 4.4%. In 2024, OTB postponed plans for a public listing originally slated for this year, saying it would probably delay it until 2026. Rosso remains in no hurry to go public. "First of all, I don't need the money, I am cash positive," he said. "There's no rush, it can be one year, two years, I don't care. If I feel good, then yes." ($1 = 0.8551 euros) (Reporting by Casey Hall; Editing by Muralikumar Anantharaman)

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By Stella Qiu SYDNEY (Reuters) -Asian shares tracked Wall Street lower, bonds extended gains and gold hit a fresh record on Friday, with signs of credit stress at U.S. regional banks putting investors on edge. Overnight, Zions sank 13% after disclosing it would take a $50 million loss in the third quarter on two loans from its California division. Western Alliance's stock slumped 11% after it initiated a lawsuit alleging fraud by Cantor Group V, LLC. "While the recent issues of the two lenders seems well contained, where there is smoke there is often fire and the remedy of the 2023 crisis has created a tinderbox for another banking flare-up," said Tony Sycamore, analyst at IG. The two developments pummelled U.S. banking stocks and weighed on the U.S. dollar to the benefit of the yen and the Swiss franc. Two-year Treasury yields hit a fresh three-year trough of 3.4040% on Friday as investors priced in at least two more quarter-point rate cuts from the Federal Reserve this year. The flight to safety saw gold hit a record of $4,378 per ounce, although it ran into some profit-taking and was last flat. Even so, the bullion is set for a weekly gain of 7.6%, its biggest since early 2020. Silver also hit a new peak. Both S&P 500 futures and Nasdaq futures lost 0.3% ahead of more earnings from U.S. regional banks later in the day. European stock futures fell 0.7%, while FTSE futures dropped 0.9%. Sentiment in equities has also taken a hit due to rising trade tensions between China and the United States. China on Thursday accused the U.S. of stoking panic over its rare earth controls, rejecting a White House call to roll back the curbs. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.9%, taking the week to negative territory. Japan's Nikkei lost 1% as its banking index tumbled. Taiwan's shares fell 0.9% even after chipmaker TSMC posted a record quarterly profit and issued a rosy forecast for spending on artificial intelligence. Both Chinese blue chips and Hong Kong's Hang Seng tumbled 1.4%. The credit worries and rate cut bets undermined the U.S. dollar, which was on track for a weekly loss of 0.6% against its major peers to 98.24, the lowest in ten days. [FRX/] The yen and the Swiss franc gained most, up 0.7% and 0.9% for the week. Bank of Japan Governor Kazuo Ueda said that the central bank would scrutinise various data in deciding whether or not to raise interest rates this month. Liberal Democratic Party (LDP) leader Sanae Takaichi is still wooing allies to help clinch a prime ministerial vote expected next week. Treasuries are set for a third straight week of gains. Two-year Treasury yields slipped 2 basis points on Friday to 3.4040%, a fresh three-year low, and were headed for a third straight week of declines. Ten-year Treasury yields also eased 2 bps to 3.959% and were down 10 bps for the week. Oil prices extended losses, after falling 1% overnight as U.S. President Donald Trump said he and Russian President Vladimir Putin agreed to meet in Hungary soon to discuss ending the war in Ukraine. U.S. crude fell 0.7% to $57.04 a barrel, while Brent was also off 0.7% to $60.63. (Editing by Edwina Gibbs)

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