Year: 2019

People in more than 180,000 homes and businesses in California could find themselves in the dark as Pacific Gas & Electric again plans to shut off power in parts of 17 counties for up to two days, as a preventive measure against wildfires. The company said it was tracking a “dry, offshore wind event” that might impact its service area on Wednesday and Thursday and needed to turn off the electricity as a safety measure. Hot, dry winds from California’s mountains, called the Santa Ana winds, are expected to pack a 40 mph punch, with gusts up to …read more […]

Japan’s SoftBank Group Corp is leading a 190 million reais ($46.65 million) third financing round for Brazilian marketplace integrator Olist, according to a joint statement on Wednesday. Olist Chief Executive and founder Tiago Dalvi said the company plans to use part of the proceeds to expand the number of sellers it serves to 100,000 in two years from the current 7,000. The deal is the latest in a series by SoftBank, which is investing the proceeds of its $5 billion Latin America fund, launched in March. …read more […]

(Bloomberg) — The risks of contagion are rising in the Indian financial sector and any failure of a large shadow lender could lead to a “solvency shock” to banks, S&P Global Ratings said Wednesday.India’s shadow lenders get a substantial part of their funding from banks, and the weaker ones have seen a sharp rise in their borrowing costs and a big drop in their equity values, the ratings firm said in a report.That could have knock on effects on India’s banks, especially if they are perceived to have governance issues.“The credit profile of a bank could deteriorate sharply due to …read more […]

Swedish bank Swedbank reported a bigger-than-expected fall in third-quarter earnings on Wednesday as the costs to handle the fall-out of a money-laundering scandal in its Baltic business weighed. Net profit fell to 4.66 billion Swedish crowns ($482 million) compared to 5.53 billion crowns in the third quarter of last year and falling short of the mean forecast of 4.81 billion crowns in a Refinitiv poll of analysts. “We have spent more to manage the ongoing government investigations and to take measures to strengthen our AML processes,” newly appointed Chief Executive Officer Jens Henriksson said in the report, …read more […]

(Bloomberg Opinion) — Masayoshi Son just pulled off a deal that gives him the best of both worlds. He’s found a way to keep a foot in WeWork without getting it stuck in the company’s quicksand of cash.On Wednesday, SoftBank Group Corp.’s chairman announced that he’s increasing the company’s stake in WeWork to 80% ( from 29%). And yet, the parent isn’t welcoming the co-working space operator as a son; rather, it would be more like a nephew. This is the kind of accounting gymnastics, and hair-splitting, Son is becoming famous for.Here’s what SoftBank said in a statement Wednesday announcing …read more […]

The broader NSE Nifty was down 0.03% at 11,584.85 by 0412 GMT, while the benchmark BSE Sensex was stronger by 0.05% at 38,981.20. Broader Asian shares inched lower as revenue warnings from Texas Instruments raised worries about the global tech sector and after Britain’s government halted the latest Brexit deal. In domestic markets, Tata Motors slipped nearly 3% and was among the top three percentage losers on the NSE Nifty. …read more […]

(Bloomberg) — For anyone wondering why Tencent Holdings Ltd.’s shares are so weak on Wednesday, look at the charts for signs of support.The biggest stock in Asia lost as much as 2% in Hong Kong despite no immediately apparent trigger. Theories circulating round some trading floors included souring sentiment from investors in China, as well as concern that Tencent’s decision to air National Basketball Association games may backfire.The good news is the price is nearing HK$320, which has already provided a floor for declines on three occasions this year. Holding above that support would be a positive sign for investors, …read more […]