Indian agents have raided the home of the country’s former finance minister as part of an investigation into alleged violations of strict foreign investment rules. India’s Central Bureau of Investigation said it had visited locations in the southern city of Chennai on Tuesday morning, including the home of Karti Chidambaram, which he shares with his father P Chidambaram, a Congress party politician whose most recent cabinet post […]
By Ami Miyazaki and Taiga Uranaka | TOKYO TOKYO Japan’s government said on Tuesday it wanted Toshiba Corp (6502.T) and partner Western Digital Corp (WDC.O) to cooperate, expressing concern about an escalating dispute between the two that threatens to upend the sale of Toshiba’s chip unit. Western Digital sought international arbitration this week to stop Toshiba from selling the unit without its consent, arguing that the Japanese […]
By Dustin Volz and Jim Finkle | WASHINGTON/TORONTO WASHINGTON/TORONTO Cyber security researchers have found technical evidence they said could link North Korea with the global WannaCry “ransomware” cyber attack that has infected more than 300,000 computers in 150 countries since Friday. Symantec (SYMC.O) and Kaspersky Lab said on Monday that some code in an earlier version of the WannaCry software had also appeared in programs used by […]
There is much going against South Korea right now, including an anaemic economy, a series of failures in the country’s shipbuilding sector, Chinese boycotts and North Korean belligerence. And yet the country’s stock market keeps hitting records. The Kospi, the Korea’s main equities benchmark, set a record high last week and is up 13 per cent in the year to date, making it one of Asia’s best-performing major markets of 2017. […]
By Jonathan Stempel | NEW YORK NEW YORK Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) on Monday said it added to its sizable investments in American Airlines Group Inc (AAL.O) and Southwest Airlines Co (LUV.N), and shed its stake in Twenty-First Century Fox Inc (FOXA.O). In a regulatory filing, Berkshire said that in the first quarter its American stake grew 8 percent to 49.3 million shares worth $2.08 […]
Companies hoping to go public are often accused of over-promising would-be investors — especially those that listed in and around the dotcom bubble — but the pledge of one that listed 20 years ago on Monday seems almost positively euphemistic. “Amazon.com intends to use technology to deliver an outstanding service offering and to achieve the significant economies inherent in the online store model,” the company said in […]
By Guy Faulconbridge and Dustin Volz | LONDON/WASHINGTON LONDON/WASHINGTON The global WannaCry “ransomware” cyber attack spread more slowly on Monday with no major infections reported, as attention shifted to investment and government policy implications of lax cyber security. There were 213,000 infected machines in 112 countries as of 1000 GMT on Monday, according to Czech security firm Avast, making it one of the largest coordinated attacks to […]
U.S. stocks opened higher on Monday as a rise in oil prices boosted energy stocks, soothing some nerves following a massive cyber attack that locked up 200,000 computers in more than 150 countries. Oil hit a three-week high after top exporters Saudi Arabia and Russia said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally […]
Italy’s Atlantia has launched a bid to buy its Spanish rival Abertis in a deal that values the target at €16.3bn and would create one of the world’s largest toll road and infrastructure companies. Atlantia announced its bid on Monday even though it did not have the full backing of the Abertis cornerstone shareholder Criteria, the Barcelona-based holding of the powerful Caixa foundation. The offer is structured […]
SYDNEY U.S. buyout firm TPG Capital Management on Monday raised its cash bid for Fairfax Media Ltd (FXJ.AX), offering A$2.76 billion ($2.04 billion) for the struggling Australian publisher and sending its shares to a six-year high. The fresh offer from TPG [TPG.UL] and partner Ontario Teachers’ Pension Plan Board (OTPP) would allow shareholders to cash out completely rather than leaving them with scrip in a piecemeal collection […]
Having single-handedly hounded Home Capital Group – the company which we predicted in 2015 would be “ground zero” for any potential Canadian financial crisis, and has emerged as the Canada’s equivalent to the infamous New Century which in 2007 presaged the upcoming global financial crisis – into near oblivion, noted chicken-farmer and short-seller, Marc Cohodes, over the weekend revealed the full details behind his latest short thesis: […]
India’s $1.6tn stock market broke new ground last week, with the benchmark index hitting an all-time high as confidence builds that the government’s reform agenda will strengthen growth and corporate earnings. But the stock market’s 14.9 per cent rally since January 1 has divided opinion among fund managers who disagree over whether Indian equities can make further gains. “The most common question that I am asked by […]
(This version of the story corrects paragraph 10 to show quote was by Interim CFO Bob Blowes, not Robert Morton as previously stated) By Matt Scuffham TORONTO Home Capital Group Inc (HCG.TO) confirmed on Friday it is considering asset disposals to enable it to refinance more quickly and pay off an emergency loan provided by the Healthcare of Ontario Pension Plan. Shares in Canada’s biggest non-bank lender […]
BEIJING British finance minister Philip Hammond said on Sunday Britain is a natural partner for China’s new Silk Road programme, and as it leaves the European Union (EU) it wants more trade with the world not less. China is one of the countries Britain hopes to sign a free trade agreement with once it leaves the EU, and London and Beijing have been keen to show that […]
Paul IS THAT YOU!?Image: paul mccartney/instagram By Nicole Gallucci2017-05-13 22:26:20 UTC Yo ho yo ho, it’s apparently going to be a pirate’s life for McCartney! Paul McCartney — yes, Sir Paul McCartney from The Beatles, that’s the guy — on Sunday posted a photo of his Pirates of the Caribbean: Dead Men Tell No Tales character, which was announced last March. McCartney will be starring in the […]
“The hope that consumer and business spending will surge is probably just that, hope.” – Joel Naroff, President of Naroff Economic Advisors and TDn2K Economist So another chain restaurant is “preparing” to bite the dust. Ignite Restaurant Group, which operates the Joe’s Crab Shack chain with 113 locations and the Brick House Tavern chain with 25 locations, and used to operate the Romano’s Macaroni Grill […]
Good morning. Here’s our morning roundup of all the media news you need to know. Want to get this briefing in your inbox every morning? Subscribe here. Washington was convulsed last night by icy nastiness, harsh language and people crying foul. Oh, that was the deciding game in a hockey playoff between the historically hard-luck Washington Capitals and Pittsburgh Penguins, just one of three major sports distractions […]
Elon Musk has an ambitious goal to decongest traffic through underground tunnels and he’s now shared footage of the project, but tread lightly. The video comes with a warning that it might trigger seizures or cause motion sickness. It shows a test run of an electric sled that would swiftly move cars through the tunnels at 125 mph (200 km/h), automatically shifting from one tunnel to another. […]
By Gul Yusufzai | QUETTA, Pakistan QUETTA, Pakistan A bomb exploded next to a convoy of the deputy chairman of the Pakistan Senate on Friday in the violence-plagued province of Baluchistan, killing at least 25 people, officials said. Islamic State claimed responsibility for the bombing. The group’s Amaq news agency said a bomber wearing an explosive vest carried out the attack, which was condemned by a former […]
Will you light my candle?Image: Carol Rosegg/Broadway Across America via Getty Image By Sasha Lekach2017-05-13 02:07:46 UTC Five-hundred twenty-five thousand six-hundred minutes, how do you measure a — live musical television event? The latest live event for the small screen on Fox is the long-running Broadway musical Rent, Variety reported Friday. You might know the musical, created by the deceased Jonathan Larson, for its earworm “Seasons of […]
NEW YORK/BOSTON Some of the biggest U.S. mutual and hedge funds, including Daniel Loeb’s Third Point and Daniel Och’s Och-Ziff Capital Management (OZM.N), owned stakes in Snap Inc (SNAP.N), parent of the wildly popular Snapchat messaging app, at the end of March, regulatory filings on Friday showed. The filings provide the first definitive snapshot on who bought Snap shares when it went public in early March, in […]
Dana Gas profit nearly doubled in the first quarter as the UAE-based natural gas producer boosted output. Net income rose to 40 million dirhams ($11 million) from 22 million dirhams a year earlier, the company said Thursday in a statement to the Abu Dhabi stock exchange. Sales climbed 44 percent to 432 million dirhams. Dana Gas, which pumps most of its gas at fields in Egypt and […]
May 12, 2017 by: Mark Robinson and Emma Powell, Investors Chronicle Shares in Anglo American have risen 84 per cent base-to-apex within the past 12 months, a reflection of improved commodity pricing combined with cumulative rationalisation measures. Earlier this year, it was announced that the miner’s chairman, Sir John Parker, had decided to call it a day after an eight-year tenure in which he oversaw the sale […]
By Yashaswini Swamynathan The S&P 500 and the Dow edged lower on Friday as financial stocks fell, but losses on the Nasdaq were kept in check by a rise in technology shares. With the first-quarter earnings season coming to an end, investors are looking to the Federal Reserve, Trump administration and economic data for fresh trading catalysts. A risk-off sentiment has dominated trading this week after President […]
