By Ritsuko Shimizu TOKYO (Reuters) -Seven & i will sell department store unit Sogo & Seibu on Sept. 1, a source with direct knowledge of the matter said on Wednesday, triggering a plan for a walk-out at a flagship store in what would be Japan’s first major strike in decades. Japan-based Seven & i, operator …
Sogo & Seibu sale to go ahead, triggering rare workers’ strike in Japan Read More »
SHANGHAI (Reuters) – China has announced a series of regulatory measures in a fresh attempt to boost the struggling stock market, including a further clampdown on share reductions or sales by major investors. The new rules tighten conditions on large shareholders’ selling shares when the traded price is lower than its IPO price or net …
Factbox-Chinese companies scrapping share reduction plans to boost investor sentiment Read More »
By Svea Herbst-Bayliss NEW YORK(Reuters) – Shareholders in China’s Hollysys Automation Technologies owning a total 32.2% of the automation control system maker’s shares asked the board of directors to set a special shareholder meeting, according to a letter seen by Reuters. Asking for a special meeting is a highly unusual step and signals shareholders’ mounting …
Shareholders ask China’s Hollysys to set special meeting amid takeover frustration Read More »
By Xie Yu HONG KONG (Reuters) – Some offshore creditors of embattled Chinese developer Country Garden are in talks with a New York-based law firm and are considering options including legal ones, by forming a group if the company seeks to restructure its debt, a representative for the law firm said. While Country Garden is …
Some offshore creditors of Country Garden consider forming group for debt revamp talks Read More »
BEIJING (Reuters) -An official at China’s central bank urged banks to step up lending to private companies during a meeting on Wednesday with financial regulators, corporations and lenders, the state-owned Securities Times reported. Relevant financial departments are formulating policy documents with this goal in mind, the newspaper quoted Ma Jianyang, deputy head of the financial …
Chinese banks should step up lending to private sector, central bank official quoted Read More »
KUALA LUMPUR (Reuters) – Malaysia’s state oil firm Petroliam Nasional Berhad on Wednesday reported a 29% drop in second-quarter profit from the same period last year as energy prices fell sharply. Petronas, as the company is known, said profit for the April-June period totalled 16.4 billion ringgit ($3.53 billion), compared with 23 billion ringgit in …
Malaysia’s Petronas posts lower profit as energy prices drop Read More »
By Katie Paul NEW YORK (Reuters) -Facebook parent company Meta said on Tuesday it had uncovered links between people associated with Chinese law enforcement and a long-running but largely ineffectual operation to positively influence people on social media about China. The social media giant removed around 7,700 Facebook accounts and hundreds of other pages, groups …
Meta pins pro-China influence campaign on Chinese law enforcement Read More »
By David Shepardson and Andrea Shalal SHANGHAI/WASHINGTON (Reuters) -China has defended its business practices after U.S. Commerce Secretary Gina Raimondo said American firms had told her it had become “uninvestible,” highlighting a trend of global investors turning away from assets in the world’s second-largest economy. The commerce secretary is the latest Biden administration official to …
China says open for business, sidesteps US ‘uninvestible’ comment Read More »
By Satoshi Sugiyama TOKYO (Reuters) -Toyota Motor will restart operations at its assembly plants in Japan on Wednesday, after a production system malfunction brought domestic output to a halt at the world’s biggest-selling automaker. Toyota will resume operations at 25 production lines of a dozen plants in its home market from Wednesday morning and add …
Toyota to restart Japan production on Wednesday after system failure Read More »
BEIJING (Reuters) – Industrial and Commercial Bank of China Ltd (ICBC), the country’s biggest lender, said on Wednesday net profit grew 1.2% year-on-year in the first half of this year. Profit was 173.74 billion yuan ($23.83 billion) for the first half of this year, compared with the restated 171.67 billion yuan in the same period …
