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Shares in one of China’s largest dairy groups plunged more than 90 per cent on the Hong Kong stock exchange on Friday, knocking $4.1bn from its market capitalisation.  China Huishan Dairy Holdings was granted a trading suspension after its shares saw one of the biggest drops in the exchange’s history, cutting its market capitalisation from $4.85bn to $750m and likely causing paper losses for investors including BlackRock and Vanguard. Hong Kong’s bourse […]

Last year, Donald Trump won the election for president by bemoaning the disappearance of the American factory and pledging to bring back manufacturing from other countries. Now in power, he might have to start worrying about the decline of another traditional pillar of the US economy — the American shopping mall. Fears that the rise of online shopping will lead to substantial dislocation in the retail sector […]

Chinese oil companies are turning their focus to overseas retail and services markets, as slowing growth in domestic fuel demand makes their traditional home market less attractive. Sinopec this week agreed to buy Chevron’s 75 per cent stake in a Cape Town refinery, affiliated service stations and convenience stores in South Africa and Botswana for $900m. It was the only remaining bidder after a year-long tender process. […]

Actor Shah Rukh Khan is not under investigation in the Panama Papers leak case, an Income Tax department source has revealed to India Today. “The information was factually incorrect as Shah Rukh Khan was not named in the Panama Papers leak case,” an Income Tax department source told India Today. However, the actor is under the department scanner for his other investments in offshore destinations. In the […]

Done betting, Alibaba is getting down to work in Southeast Asia as it bids to lead the region’s promising e-commerce space and maximize its early mover advantage over Amazon. Alibaba became the first major international player to enter Southeast Asia, a region with more than 600 million cumulative consumers, when it bought a majority stake in Lazada, the Rocket Internet-backed venture, nearly one year ago. Amazon, Alibaba’s key foe in India, is […]

Gold ETFs or gold bars? Bars including one kilo gold bar at bullion dealers Goldcore, in London, U.K. (March 11, 2010). Photographer: Chris Ratcliffe/Bloomberg Considering the public’s waning trust in the banking system, many investors find themselves wondering how GLD stacks up to owning the real thing. When you look at both assets more closely, it’s clear that gold ETFs and gold bullion are very different investments. […]

China-based Zhonghong Zhuoye Group Co Ltd will buy Blackstone Group LP’s (BX.N) 21 percent stake in SeaWorld Entertainment Inc (SEAS.N), the embattled U.S.-based marine park operator said on Friday. SeaWorld said Zhonghong Group would buy the stake for $23 per share, a premium of nearly 33 percent to the stock’s close on Thursday. Zhonghong Group – a diversified holding company for investments in real estate, leisure and […]

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Ford said that slowing new car demand in the US and rising costs could halve its first-quarter earnings per share compared with last year’s record first quarter. The Detroit carmaker’s shares slipped in New York on Thursday after the company said in a statement that it now expects pre-tax profits of $9bn in 2017, down from $10.4bn last year. It expects profits to rise again in 2018. […]

Not everything is Donald Trump’s fault. And by the same token, not everything that goes right in the world can be attributed to him. It can be difficult to remember this, particularly in the US where domestic politics is crowding out almost everything else from the news, and where most people are inclined to view the news through stridently pro- or anti-Trump lenses. Mr Trump seems so […]

Abu Dhabi investment firm Waha Capital is in talks with potential partners in Saudi Arabia as it looks to diversify investment in some key sectors outside the United Arab Emirates (UAE), its chairman said. Saudi Arabia is opening its economy to foreign investment as part of its 2030 vision whereby the Middle Eastern country will rely less on oil and create more jobs for its citizens. Waha […]

By Sumeet Chatterjee | HONG KONG HONG KONG HSBC (HSBA.L) plans to add as many as 1,000 new employees to its Chinese retail banking and wealth management arm this year, the business’s regional head said, most of them in the Pearl River Delta, the heart of the bank’s growth strategy in China. If that target is hit, the new additions will mean HSBC will have hired twice […]

President Trump’s proposed budget for 2018 isn’t following public sentiment, a new survey finds. The survey, by the University of Maryland’s Program for Public Consultation (PPC), found that while Trump has proposed a $54 billion boost to federal spending for the military, a majority of Americans prefer a cut of $41 billion. While Trump has proposed a $2.8 billion increase for homeland security, a majority of Americans […]

US stock funds suffered their largest redemptions since the Brexit vote in June as Donald Trump’s push to reform healthcare floundered ahead of an expected vote in Congress in the biggest test yet of his young presidency. The quarrel among Republicans over the politically charged healthcare legislation has increased market volatility and flamed investor fears that the US president may struggle to pass tax reforms later this […]

Chartbeat and CrowdTangle today announced a major expansion of a tool for measuring how stories are performing on social platforms. The two companies began a beta version of the Offsite Social service in September 2016. Two months later Facebook acquired CrowdTangle. The announcement says that Facebook is now making a “robust” (but unspecified) additional investment in expanding what’s measured and taking the service global including to European […]

The pound turned in the best performance among major currencies on Thursday, gearing up for next week’s Article 50 activation by rallying to its highest level for a month following buoyant retail data. Having momentarily regained the $1.25 level on Wednesday, sterling climbed a third of a per cent against the dollar after a 3.7 per cent rise in February retail sales, well above analysts’ forecasts. Sterling […]

One of the brightest lights in local journalism suffered a setback late last year when Raleigh Agenda, the sister site of Charlotte Agenda, closed its doors after failing to find a sustainable business model. But the closure of the site didn’t prevent the parent company from banking a comfortable profit in 2016, said Ted Williams, Charlotte Agenda’s cofounder and publisher. The company brought in about $875,000 in […]

The company committed to deliver more than 45,000 training hours for Ghanaian personnel over the next five years, as it seeks to build a world-class team locally TAKORADI, Ghana, March 22, 2017/ — Takoradi service facility underlines GE’s commitment to bring global expertise and build local capabilities in Africa. Investment to include training of Ghanaian workforce and partnerships with educational institutions. New facility will directly support Eni’s […]

To vote, or not to vote, that is the only question on the minds of Trump’s White House and House Republicans this morning.  If everything proceeds as planned, the Obamacare vote is currently scheduled for 7pm tonight.  That said, the further we press into today without confirmation that Republicans have narrowed the opposition votes from their own party down to 22 or less (as of last night […]

The optimistic but eerie calm that had settled over the US stock market since the US election ended abruptly this week, as the longest streak of trading days without a 1 per cent decline in more than two decades finally snapped. Equities clawed back some of their losses on Wednesday but investors remain on edge. The post-election stock market rally has been largely powered by hopes the […]

By Tommy Wilkes and Ismail Sameem | KABUL/KANDAHAR, Afghanistan KABUL/KANDAHAR, Afghanistan Afghanistan’s progress in educating its children is under threat, as growing insecurity and corruption shut more schools and reduced international funding undermines a system struggling to cope. Rising school attendance, up from fewer than a million when the Taliban were ousted from power in 2001 to more than seven million today, has been held up as […]

By Henning Gloystein | SINGAPORE SINGAPORE Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production. Brent crude futures, the international benchmark for oil, were at $50.82 per barrel at 0807 GMT, up 18 cents, or 0.4 percent, from their last close. That came […]

Newfound volatility and jitters ahead of a key healthcare vote in Washington have sapped enthusiasm for corporate bonds, forcing several companies to pay up to borrow through debt capital markets and sending others to the sidelines to await market calm. Goldman Sachs and Santander were forced to offer more attractive new issue premiums to draw investors amid the subdued market conditions, as several recent bond offerings sold […]

March 23, 2017 by: Peter Wells in Hong Kong Thursday 02.15 GMT Overview Asian markets were in a more subdued mood and making a tentative recovery from a midweek sell-off in which many global stock markets suffered their worst session since the US presidential election. A terror attack in London on Wednesday also kept investors in a cautious mood. Hot topic A jolt to global financial markets […]

The company committed to deliver more than 45,000 training hours for Ghanaian personnel over the next five years, as it seeks to build a world-class team locally TAKORADI, Ghana, March 22, 2017/ — Takoradi service facility underlines GE’s commitment to bring global expertise and build local capabilities in Africa. Investment to include training of Ghanaian workforce and partnerships with educational institutions. New facility will directly support Eni’s […]

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