Alibaba Group will carry out Hong Kong’s first paper-less stock market listing with its $13.4 billion share sale, according to a source with knowledge of the matter, ending the long-held tradition of Hong Kong investors queuing in bank branches to place stock orders.
As dollars dry up, global finance is growing increasingly dependent on opaque currency trading to keep cash flowing.
From the dominant reserve currency for central banks to the main conduit for global trade and borrowing, U.S. dollars are the lifeblood for banks and markets around the world.
Alibaba Group will carry out Hong Kong’s first paper-less stock market listing with its $13.4 billion share sale, according to a source with knowledge of the matter, ending the long-held tradition of Hong Kong investors queuing in bank branches to place stock orders. The decision to fully automate the retail subscription component of the deal comes as Hong Kong is gripped by increasingly violent civil unrest. Alibaba does not plan to print a paper copy of its 661-page prospectus, lodged with the Hong Kong Stock Exchange on Wednesday night. …read more […]
Daimler shares fell sharply on Thursday after the German carmaker said tougher emissions rules will hit earnings in 2020 and 2021 forcing it to seek more than 1 billion euros in personnel cuts at Mercedes-Benz Cars by end of 2022.
European shares dipped lower in early trade on Thursday, as a drop in Daimler shares and lackluster economic data from Asia as well as Europe, checked any gains from a handful of positive corporate updates. Daimler slumped more than 3% after the German carmaker said tougher emissions rules will hit earnings in 2020 and 2021, forcing it to seek more than 1 billion euros in personnel cuts at Mercedes-Benz Cars by end of 2022. Earlier, data showed Germany’s output grew 0.1% in the third quarter compared with the previous three months, defying investors expectation that Europe’s economic powerhouse …read more […]
Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support.
China and the United States are holding in-depth discussions on a “phase one” trade agreement, and cancelling tariffs is an important condition to reach such a deal, the Chinese commerce ministry said on Thursday.
(Bloomberg) — Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.The engines of China’s economy are spluttering, with exports falling, factory output slowing, investment growth at a record low and consumption coming off the boil.Industrial output rose 4.7% from a year earlier, versus a median estimate of 5.4%, data showed Thursday.Retail sales expanded 7.2%, compared to a projected 7.8% increase.Fixed-asset investment slowed to 5.2% in the first ten months. That was the lowest reading in comparable data back to 1998.The soft data underscored the need for a …read more […]
Calm and considered, incoming BHP Group Ltd chief executive Mike Henry is seen as a safe pair of hands to steer the world’s largest mining company through what he says are uncertain times.
To unclog bottlenecks last year at his Tesla Inc plant in California, Elon Musk flew in six planeloads of new robots and equipment from Germany to speed up battery production for its Model 3.
To unclog bottlenecks last year at his Tesla Inc plant in California, Elon Musk flew in six planeloads of new robots and equipment from Germany to speed up battery production for its Model 3. Now the Tesla CEO is trying to tap that German automation ecosystem directly with Tuesday’s announcement that the electric carmaker will build a European car and battery factory near Berlin. The new German factory is designed to help change all that. …read more […]
Hong Kong’s Cathay Pacific Airways Ltd said on Thursday it would defer the delivery of four Airbus SE narrowbodies in 2020 as it cuts capacity to deal with falling demand due to anti-government protests in its home city. In addition to delaying the arrival of three A321neos at regional arm Cathay Dragon and one A320neo at budget carrier HK Express, it said it would retire one Boeing Co 777-300ER and one Cathay Dragon A320 earlier than expected. …read more […]
Activist investor Carl Icahn has bought a $1.2 billion stake in HP Inc and is pushing for the personal computer maker’s merger with printer maker Xerox Corp , arguing that a union could yield big profits for investors, the Wall Street Journal reported on Wednesday.
China’s securities regulator is investigating one of the country’s richest men for alleged violation of disclosure rules as a director of U.S.-blacklisted surveillance camera giant Hikvision , the company said.
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