Today: September 23, 2024
Today: September 23, 2024

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Chinese carmaker BYD to buy US firm Jabil's mobility business for $2.2 billion

Electric vehicle maker BYD Co Ltd said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc’s Singaporean division to buy its mobility business in China for 15.8 billion yuan ($2.17 billion). The deal will expand BYD Electronic (International) Co’s (BE) customer base, product portfolio, and its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector. BYD’s Hong Kong-listed shares were trading 2.5% higher at HK$229.2, while those in Shanghai were up 3.1% at 239.8 yuan, as of 0328 GMT. Jabil’s shares on the NYSE ended

August 28, 2023
Chinese carmaker BYD to buy US firm Jabil's mobility business for $2.2 billion
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China Evergrande loses $2.4 billion in value as trade resumes after 17 months

Shares of China Evergrande Group fell as much as 87% early on Monday when trading resumed following a 17 month suspension, wiping out almost $2.4 billion of its value, after saying it had “adequately” fulfilled all guidance issued by the Hong Kong Stock Exchange. Evergrande, the world’s most-indebted property developer, is at the centre of a crisis in China’s property sector that has seen a string of debt defaults since late 2021. Next month, courts will decide on Evergrande’s plan to restructure almost $32 billion worth of offshore debt obligations. Shares listed in Hong

August 28, 2023
China Evergrande loses $2.4 billion in value as trade resumes after 17 months
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China Evergrande loses $2.4 billion in value as trade resumes after 17 months

Shares of China Evergrande Group fell as much as 87% early on Monday when trading resumed following a 17 month suspension, wiping out almost $2.4 billion of its value, after saying it had “adequately” fulfilled all guidance issued by the Hong Kong Stock Exchange. Evergrande, the world’s most-indebted property developer, is at the centre of a crisis in China’s property sector that has seen a string of debt defaults since late 2021. Next month, courts will decide on Evergrande’s plan to restructure almost $32 billion worth of offshore debt obligations. Shares listed in Hong

August 28, 2023
China Evergrande loses $2.4 billion in value as trade resumes after 17 months
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Chinese carmaker BYD to buy US firm Jabil's mobility business for $2.2 billion

– Electric vehicle maker BYD Co Ltd said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc’s Singaporean division to buy its mobility business in China for 15.8 billion yuan ($2.17 billion). The deal will expand BYD Electronic (International) Co’s (BE) customer base, product portfolio, and its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector. BYD’s Hong Kong-listed shares were trading 2.5% higher at HK$229.2, while those in Shanghai were up 3.1% at 239.8 yuan, as of 0328 GMT. Jabil’s shares on the NYSE

August 28, 2023
Chinese carmaker BYD to buy US firm Jabil's mobility business for $2.2 billion
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Malaysia offers new incentives for Country Garden's $100 billion project

– Malaysia will create a “special financial zone” in embattled Chinese developer Country Garden’s $100 billion project in the Southeast Asian nation and offer incentives to attract investments, Prime Minister Anwar Ibrahim said. The massive Forest City project is being build across four reclaimed islands in Malaysia’s Johor state near Singapore, and aims to house 700,000 people by 2035. It will include office towers, malls and schools in addition to residential buildings. The planned incentives for Forest City come at a time when Country Garden is facing deep financial woes. Forest City is its largest overseas development,

August 28, 2023
Malaysia offers new incentives for Country Garden's $100 billion project
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Singapore's OCBC restores some services after channel disruption

– Singapore’s second-biggest bank, Oversea-Chinese Banking Corp (OCBC), restored ATM, branch and card services on Monday after grappling with technical problems that disrupted various banking channels. OCBC, which is also Southeast Asia’s second biggest lender by assets, had taken to its social media accounts earlier to warn of the issues that began at 8.33 a.m. Internet banking, mobile banking and Velocity arrangements were still affected, an OCBC spokesperson said in a response to Reuters. “We are on standby to deploy additional resources at branches and extend branch banking hours,” the spokesperson added.

August 28, 2023
Singapore's OCBC restores some services after channel disruption
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Oil marginally lower as global economic concerns loom

Oil prices were marginally lower on Monday as investors stayed fretful over the pace of economic growth in China, and the prospect of further U.S. interest rate hikes that could dampen fuel demand. Brent crude fell 8 cents, or 0.1%, to $84.40 a barrel by 0330 GMT, while U.S. West Texas Intermediate crude was at $79.78 a barrel, down 5 cents, also 0.1%. Brent and WTI posted a second week of losses on Friday after Fed Chair Jerome Powell said the U.S. central bank may need to raise rates further to cool

August 28, 2023
Oil marginally lower as global economic concerns loom
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China's Xpeng to acquire Didi's smart EV unit in deal worth up to $744 million

Chinese electric car company Xpeng said it will acquire ride-hailing giant Didi’s smart electric vehicle (EV) unit in a deal worth as much as $744 million and the two companies will form a strategic partnership. Xpeng’s shares surged around 13% in Monday trade. As part of the deal, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment with the car to be priced in the $20,000 price tier. “Project ‘MONA’ will accelerate the Company’s production and sales growth and help achieve

August 28, 2023
China's Xpeng to acquire Didi's smart EV unit in deal worth up to $744 million
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Chinese carmaker BYD to buy US firm Jabil's mobility business for $2.2 billion

– Electric vehicle maker BYD Co Ltd said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc’s Singaporean division to buy its mobility business in China for 15.8 billion yuan ($2.17 billion). The deal will expand BYD Electronic (International) Co’s (BE) customer base, product portfolio, and its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector. BYD’s Hong Kong-listed shares were trading 2.5% higher at HK$229.2, while those in Shanghai were up 3.1% at 239.8 yuan, as of 0328 GMT. Jabil’s shares on the NYSE

August 28, 2023
Chinese carmaker BYD to buy US firm Jabil's mobility business for $2.2 billion
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China's Sinopec plans steady refinery output on fuel recovery

Chinese refining giant Sinopec Corp plans to maintain steady refinery output during the second half of 2023 as domestic fuel demand recovers, after reporting a 20% decline in interim profit because of lower crude oil prices. Sinopec, the world’s largest refiner by capacity, plans 127 million metric tons of crude throughput, about 5.04 million barrels per day, between July and December, versus 126.54 million tons during the first six months, the company said in a stock filing on Sunday. “The Chinese economy is seen extending its recovery. Domestic refined fuel demand is looking

August 28, 2023
China's Sinopec plans steady refinery output on fuel recovery
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Thailand's Siam Cement puts chemical unit's IPO on hold

– Thailand’s largest industrial conglomerate Siam Cement said on Monday it has decided not to proceed with the initial public offering (IPO) of its unit SCG Chemicals due to unfavorable market conditions. Siam Cement said in a stock exchange filing that “it may not be appropriate to proceed with the IPO at this time”. (Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman)

August 28, 2023
Thailand's Siam Cement puts chemical unit's IPO on hold
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Marketmind: Beijing tries new ways to lift moribund markets

A look at the day ahead in European and global markets from Wayne Cole Chinese blue chips were enjoying a rare rally on Monday after Beijing rolled out more measures to support the market. These included halving the stamp duty on stock trading, slowing the pace of new offerings and approving the launch of 37 retail funds to invest in stocks. All of which followed Friday’s steps to support housing. While hardly the sort of massive fiscal stimulus investors crave, it was welcome that Beijing at least understood that assistance was needed, and stocks gained around 2.5%. If sustained that

August 28, 2023
Marketmind: Beijing tries new ways to lift moribund markets
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Singapore's OCBC restores all banking services after channel disruption

Singapore’s second-biggest bank, Oversea-Chinese Banking Corp (OCBC), said it had restored all its banking services on Monday after grappling with technical problems that disrupted various banking channels. OCBC, which is also Southeast Asia’s second-biggest lender by assets, had taken to its social media accounts earlier to warn of the issues that began at 8.33 a.m. “We want to assure them that their monies remained safe and customer data was secured throughout,” an OCBC spokesperson said. “We are investigating the cause of the technical problem and will provide an update as soon as

August 28, 2023
Singapore's OCBC restores all banking services after channel disruption
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Country Garden says $100 billion Malaysia project on track

Embattled Chinese developer Country Garden said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, amid concerns over its financial strength. The comment by China’s largest private developer came after it missed two dollar coupon payments this month totaling $22.5 million, fuelling fears that the country’s growing property debt crisis could hamper a broader economic recovery. “Our company’s projects in Malaysia are operating normally and the sales performance is strong,” the developer’s Singapore and Malaysia unit said in a statement, adding that its overall operation in the region was “safe

August 28, 2023
Country Garden says $100 billion Malaysia project on track
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South Korea clears path for Hyundai Motor strike -union

– Hyundai Motor’s unionised workers have won permission to go on strike, the union said on Monday, raising the probability of the company’s first wage-related industrial action in five years. The National Labor Relations Commission, a South Korean government organisation that handles labour disputes, cleared the way for strike action at the country’s top car maker, the Hyundai Motor union said in a statement. The commission recognised large differences in positions between the company’s management and union, Yonhap News Agency said on Monday. A commission spokesperson was not available for comment. The union said it would gather on

August 28, 2023
South Korea clears path for Hyundai Motor strike -union
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Raimondo: crucial US, China have stable economic relationship

– U.S. Commerce Secretary Gina Raimondo opened talks with Chinese government officials on Monday, saying it is “profoundly important” for the world’s two largest economies to have a stable economic relationship. Raimondo is looking to boost business ties as U.S. firms have reported increasing challenges with operating in China, while China has sharply criticized U.S. efforts to block its access to advanced semiconductors. Raimondo said the entire world expects the United States and China will have a stable economic relationship; the two countries share more than $700 billion in annual trade. “It’s a complicated relationship.

August 28, 2023
Raimondo: crucial US, China have stable economic relationship
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Head of France's Medef business lobby: seeing some signs of business slowdown

– There are signs of a slowdown in business activity in France and interest rates are also weighing on businesses, Patrick Martin, the head of France’s Medef business lobby group, said on Monday. France’s economic growth was resilient in the second quarter, Martin told France 2 TV, but he added that there were nevertheless indications of slower activity. “But we see things are slowing down, investment is slowing down, consumption is slowing down” he said. “The issue of high interest rates is also weighing on business activity”, he added. Recent business surveys showed that the euro zone’s second-largest

August 28, 2023
Head of France's Medef business lobby: seeing some signs of business slowdown
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China new home prices growth likely flat in 2023, dragging on economy - Reuters poll

– China’s new home prices will likely show no growth this year, according to a Reuters poll, highlighting the intense pressure in the crisis-hit property sector that has put a choke-hold on the economy and left policymakers in a scramble to restore confidence. The expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. Confidence in the real estate sector, which accounts for a quarter of China’s economy, suffered last year after

August 28, 2023
China new home prices growth likely flat in 2023, dragging on economy - Reuters poll
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China's Country Garden says $100 billion Malaysia project on track

Embattled Chinese developer Country Garden said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns over its financial strength. The comment by China’s largest private developer came after it missed two dollar coupon payments this month totaling $22.5 million, fuelling fears that the country’s property debt crisis could hamper a broader economic recovery and spill overseas. “Our company’s projects in Malaysia are operating normally and the sales performance is strong,” the developer’s Singapore and Malaysia unit said in a statement, adding that its overall operation

August 28, 2023
China's Country Garden says $100 billion Malaysia project on track
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Oil inches up after China moves to support flagging economy

Oil prices ticked higher on Monday after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand. Brent crude rose 19 cents, or 0.2%, to $84.67 a barrel by 0627 GMT, while U.S. West Texas Intermediate crude was at $80.09 a barrel, up 26 cents, or 0.3%. Brent and WTI posted a second week of losses on Friday after Fed Chair Jerome Powell said the U.S. central bank may need to raise

August 28, 2023
Oil inches up after China moves to support flagging economy
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Malaysia's domestic banks have limited exposure to Country Garden -cbank

– Malaysia’s central bank said on Monday that banks incorporated in the Southeast Asian nation faced limited financial stability risk arising from exposure to China’s largest property developer, Country Garden. Such banks’ exposure to Country Garden Real Estate Sdn Bhd (CGRE), the developer’s wholly-owned subsidiary in Malaysia, amounted to less than 0.1% of total banking system loans and bonds by June 2023, the bank told Reuters in an email. “CGRE is servicing their loans promptly and the local group of companies have adequate funds to meet their payment obligations,” Bank Negara Malaysia added. On Monday, the Chinese firm

August 28, 2023
Malaysia's domestic banks have limited exposure to Country Garden -cbank
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US-Sino tensions help spawn China card game craze

– China’s bankers and business executives have become increasingly reliant on domestic capital in recent years as foreign funding has dried up, but a popular way to unlock that cash may very well involve “throwing eggs”. The term refers to Guandan, a poker-like card game that has been around for decades, but has gained fresh life among venture capitalists a few years ago as they awoke to its popularity among wealthy local government officials in eastern regions. “Officials like this game, so we play along,” said Yang Yiming, an investment banker whose job involves

August 28, 2023
US-Sino tensions help spawn China card game craze
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China's Country Garden says $100 billion Malaysia project on track

Embattled Chinese developer Country Garden said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns about its financial strength amid debt woes. The comment by China’s largest private developer came after it missed two dollar coupon payments this month totaling $22.5 million, fuelling fears that the country’s property debt crisis could hamper a broader economic recovery and spill overseas. “Our company’s projects in Malaysia are operating normally and the sales performance is strong,” the developer’s Singapore and Malaysia unit said in a

August 28, 2023
China's Country Garden says $100 billion Malaysia project on track
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Trustar plans to raise fund to manage McDonald’s China stake -sources

– Chinese private equity firm Trustar Capital is planning to raise a so-called continuation fund that would allow it to sell down its stake in McDonald’s China, two sources with knowledge of the matter said. The new fund would also allow investors in Trustar’s existing fund tied to McDonald’s China unit cash in on their investments, said the people, who declined to be named as the information was confidential. That plan would be achieved by Trustar, formerly known as CITIC Capital, transferring some equity interest in McDonald’s China from its private equity (PE) fund

August 28, 2023
Trustar plans to raise fund to manage McDonald’s China stake -sources
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China's Country Garden says $100 billion Malaysia project on track

Embattled Chinese developer Country Garden said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns about its financial strength amid debt woes. The comment by China’s largest private developer came after it missed two dollar coupon payments this month totaling $22.5 million, fuelling fears that the country’s property debt crisis could hamper a broader economic recovery and spill overseas. “Our company’s projects in Malaysia are operating normally and the sales performance is strong,” the developer’s Singapore and Malaysia unit said in a

August 28, 2023
China's Country Garden says $100 billion Malaysia project on track

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