By Clare Jim, Jonathan Stempel and Dietrich Knauth HONG KONG/NEW YORK (Reuters) – Embattled developer China Evergrande Group has filed for U.S. bankruptcy protection as part of one of the world’s biggest debt restructurings, as anxiety grows over China’s worsening property crisis and its impact on the weakening economy. China unexpectedly lowered several key interest …
By Medha Singh (Reuters) -VinFast shares slumped for a third straight session on Friday, with the Vietnamese electric automaker now losing more than half of its market value since its blowout Nasdaq listing this week. The cash-burning company was last valued at $35 billion, down from $85 billion in its Wall Street debut on Tuesday. …
Vietnam’s EV firm skids for third straight US stock session after debut boom Read More »
By Anirban Sen and Manya Saini (Reuters) – SoftBank Group Corp’s Arm Ltd is expected to report a revenue decline of about 1% in the year ended March, when the chip designer reveals its initial public offering (IPO) filing on Monday, according to a person familiar with the matter. Arm’s sales fell to $2.68 billion …
Arm’s full-year revenue fell 1% ahead of IPO – source Read More »
By Amy-Jo Crowley, Emma-Victoria Farr and Milana Vinn LONDON/FRANKFURT/NEW YORK (Reuters) -Dalian Wanda Group, owned by China’s once-richest man Wang Jianlin, is seeking to sell its sports marketing unit Infront as financial pressure mounts on the property developer to shore up its finances, four people familiar with the matter told Reuters. China’s largest commercial property …
Exclusive-Dalian Wanda weighs sale of Olympics media rights manager Infront -sources Read More »
By Ariba Shahid KARACHI, Pakistan (Reuters) -A Cayman Islands court ordered minority investors in Pakistan utility K-Electric to drop a case in Pakistan seeking to block the company’s majority shareholder from naming directors, the shareholder said on Friday, but a minority investor gave a conflicting account. Infrastructure and Growth Capital Fund SPV21 (IGCF) told Reuters …
Pakistan’s K-Electric shareholder says court backs it in board dispute Read More »
By Granth Vanaik and Ananya Mariam Rajesh (Reuters) -Estee Lauder forecast annual sales and profit below estimates on Friday, indicating a slower-than-expected rebound in its travel retail business, mainly in Asia, and waning demand in the United States, sending its shares down about 3%. Major global companies have taken a cautious stance on their China …
Estee Lauder sees weak annual profit on slow recovery in Asia travel retail Read More »
By Nichola Groom (Reuters) -The United States on Friday finalized a decision to impose import duties on solar panel makers who finished their products in Southeast Asian nations to avoid tariffs on Chinese-made goods, according to a senior Commerce Department official. The decision, which largely mirrors a preliminary finding the agency made in December, was …
US places tariffs on some big solar companies for dodging China duties Read More »
By Anirban Sen NEW YORK (Reuters) – SoftBank Group Corp has acquired the 25% stake in Arm Ltd it does not directly own from its Vision Fund unit in a deal that values the chip designer at $64 billion, according to people familiar with the matter. Details of the transaction will be unveiled on Monday …
SoftBank buys Vision Fund’s stake in Arm at valuation of $64 billion-sources Read More »
By Praveen Menon SYDNEY (Reuters) – Australia’s wine industry faces severe oversupply problems that will need years to resolve, experts say, pointing to Chinese tariffs, high production and export bottlenecks during the COVID-19 pandemic. Vineyards nationwide have enough wine in domestic storage to fill 859 Olympic swimming pools, Rabobank said this week in its third-quarter …
Australian wine industry faces hangover from China’s high tariffs Read More »
BEIJING (Reuters) – Net profits of China’s commercial banks grew 2.6% year-on-year in the first half of this year, the National Financial Regulatory Administration said in a statement on its website on Friday. The growth rate was 4.5 percentage points lower than the same period last year, the regulator said. Commercial banks’ non-performing loan ratio …
China commercial banks net profits grew 2.6% in H1 – regulator Read More »
