TAIPEI (Reuters) -TSMC , the world’s largest contract chipmaker, said on Tuesday that its board had recommended that current CEO and Vice Chairman C.C. Wei succeed Mark Liu who will be retiring next year as chairman. Company veteran Liu became Taiwan Semiconductor Manufacturing Co’s chairman in 2018 after founder Morris Chang, who remains the senior …
TSMC to promote from within after chairman retires next year Read More »
BEIJING (Reuters) – Japan’s Nippon Steel clinched a deal on Monday to buy U.S. Steel for $14.9 billion in cash. Below is a list of the world’s top 10 steelmakers and their annual output, according to 2022 data from the World Steel Association. 1. China Baowu Steel Group Corporation Chinese state-owned Baowu is by far …
SHANGHAI (Reuters) – ByteDance said on Tuesday that it is not in talks with Alibaba to acquire its Ele.me food delivery business. A spokesperson said the tech firm also “does not have plans to talk with Alibaba” about an Ele.me takeover following reports of a potential deal in Chinese media. (Reporting by Casey Hall; Editing …
ByteDance denies reports it plans to acquire Alibaba’s food delivery business Read More »
By Marius Zaharia HONG KONG (Reuters) – China’s disappointing post-COVID recovery has raised significant doubts about the foundations of its decades of stunning growth and presented Beijing with a tough choice for 2024 and beyond: take on more debt or grow less. The expectations were that once China ditched its draconian COVID rules, consumers would …
Can China get its economic miracle back on track in 2024? Read More »
(Reuters) -New York-listed e-commerce giant Coupang plans to buy Farfetch Holdings in a deal that will provide the struggling online luxury fashion retailer with $500 million in capital to stay in operation, the companies said in a joint statement. Trading in shares of Farfetch, which has a market capitalization of $226.7 million, were halted, while …
E-commerce giant Coupang to buy online luxury firm Farfetch Read More »
By Shivansh Tiwary and Anirban Sen (Reuters) -Japan’s Nippon Steel clinched a deal on Monday to buy U.S. Steel for $14.9 billion in cash, prevailing in an auction for the 122-year-old iconic steelmaker over rivals including Cleveland-Cliffs, ArcelorMittal and Nucor. The deal price of $55 per share represents a whopping 142% premium to Aug. 11, …
Japan’s Nippon Steel to acquire U.S. Steel for $14.9 billion Read More »
(Reuters) – Japan’s Nippon Steel’s $14.9-billion acquisition of U.S. Steel, finalized at auction on Monday, is the culmination of multiple bids by a range of suitors for the 122-year-old company, once the largest corporation in the world. Several quarters of falling revenue and profit made the Pittsburgh-based firm, which was also the first company ever …
Road to Nippon’s $14.9-billion acquisition of U.S. Steel Read More »
By Ayushman Ojha and Yantoultra Ngui (Reuters) -The Monetary Authority of Singapore (MAS) on Monday issued a notice directing cross-border money transfer service providers to suspend the use of non-bank and non-card channels to transfer money to individuals in China for the next three months starting January. The Singapore central bank directed remittance firms to …
Singapore’s central bank suspends remittances to China via non-bank channels Read More »
By Fanny Potkin and Yantoultra Ngui SINGAPORE (Reuters) – A growing number of Chinese semiconductor design companies are tapping Malaysian firms to assemble a portion of their high-end chips, keen to hedge risks in case the U.S. expands sanctions on China’s chip industry, sources said. The companies are asking Malaysian chip packaging firms to assemble …
Chinese firms look to Malaysia for assembly of high-end chips, sources say Read More »
BEIJING (Reuters) -China’s finance ministry has allocated a first batch of 237.9 billion yuan ($33.38 billion) of funds from sovereign bonds as of Monday, in an effort to support the renovation of infrastructure in areas hit by natural disasters, state media CCTV reported. The funds were part of a plan unveiled in October when China …
