An obscure furniture maker has come under the spotlight in China’s stock market, after authorities launched a probe into a shareholder transaction, in a key test of official resolve to revive investor confidence.
Andrew Carnie spotted a curious anomaly in the three New York outposts of his membership club Soho House last year. In August, well-heeled members disappeared to Europe — partly due to companies introducing “work from anywhere August.” This year, the exodus was even greater. “It’s a new trend, especially on the east coast,” he says.
The onshore yuan dropped to a 16-year low against the dollar, as pessimism grew toward China’s economy and financial markets.
Hong Kong’s largest developer Sun Hung Kai Properties Ltd. reported a 17% drop in full-year profit as the city’s property market continued to struggle amid interest rate hikes.
Lawmakers urged Bank Indonesia to take “bold but measured steps” to ease borrowing costs in the face of the Federal Reserve’s higher-for-longer interest rate path.
Xiamen Airlines Co. will start flying to Qatar in late October, strengthening aviation ties between China and the Middle East as air travel rebounds from the Covid crisis.
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Prime Minister Rishi Sunak gave the go-ahead for the UK to rejoin the European Union’s €95.5 billion ($103 billion) Horizon science program, allowing closer ties between Europe’s top research hubs following a two-year gap because of post-Brexit political wrangling.
SK Hynix Inc. has opened an investigation into the use of its chips in the latest phone from Huawei Technologies Co., after a teardown of the device revealed its memory and flash storage inside.
Packaging companies WestRock Co. and Smurfit Kappa Group Plc are in talks to merge, potentially creating an industry giant with a market value of about $20 billion.
