Posts by Yurie Miyazawa
Commerzbank preps defence for possible uniCredit takeover
COMMERZBANK’s executive board is reviewing its defence strategy as it prepares for a potential takeover approach by UniCredit. The German bank, which was surprised by UniCredit’s disclosure of a 9 per cent stake, is taking the precautionary move ahead of its engagement with its Italian rival, according to sources familiar with the matter. Labour representatives…
Read MoreUS banks extend fall as investors assess executives’ sobering forecasts
US BANK stocks fell in early trading on Wednesday (Sep 11), extending declines sparked by warnings of a slower-than-anticipated recovery in investment banking and an expected hit to interest income from looming rate cuts. Bank executives this week softened investor hopes ahead of a widely expected interest rate cut by the Federal Reserve, as well…
Read MoreFood Empire to invest US$80 million in new coffee manufacturing facility in Vietnam
The move is part of the group’s diversification strategy to grow its ingredients business FOOD and beverage company Food Empire is investing US$80 million in a new freeze-dried soluble coffee manufacturing facility in Vietnam. Located in Binh Dinh province in central Vietnam, the facility will be Food Empire’s second freeze-dried soluble coffee manufacturing facility. It…
Read MoreGIC, Hillhouse in talks to invest in Midea’s Hong Kong IPO, sources say
State investor Temasek is among the company’s potential stockholders as it holds discussions to buy shares SINGAPORE sovereign wealth fund GIC and alternative asset manager Hillhouse Investment are considering investing in appliance maker Midea Group’s Hong Kong listing, sources said. GIC is weighing a subscription of about US$500 million in the offering, while Hillhouse is…
Read MoreChina’s CATL says plans to adjust lithium production in Jiangxi
CHINESE battery giant CATL plans to adjust its lithium production in the southern province of Jiangxi, the company said on Wednesday (Sep 11). A slump of prices of the metal used mainly for electric vehicle and solar batteries has forced many global lithium producers to scale back production and cut jobs. The huge CATL-owned lithium…
Read MoreZara owner Inditex sees early autumn sales perk up after summer slowdown
ZARA owner Inditex reported a jump in sales of its autumn/winter collection on Wednesday (Sep 11), boosting its share price as the world’s largest listed fashion retailer recovered from a summer marred by poor weather. Shares in Spain’s Inditex were up 4.6 per cent by 0855 GMT, outperforming the IBEX35 which was up 1.1 per…
Read MoreHuawei’s tri-foldable phone stirs Chinese pride but US$2,800 price tag panned
HUAWEI’S new tri-foldable smartphone has ignited nationalistic pride in China with social media abuzz with what supporters see as its ability to out-innovate Apple despite US sanctions – even if many are balking at the phone’s US$2,800 price tag. The Chinese technology giant unveiled its Mate XT, the industry’s first tri-foldable phone, on Tuesday (Sep…
Read MoreVisa aims for 10-fold rise in Pakistani use of digital payments
VISA plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years, the payments giant’s general manager for Pakistan, North Africa and Levant told Reuters. The comments from Leila Serhan came as Visa announced a strategic partnership with 1Link, Pakistan’s largest payment service provider, aimed at streamlining remittances…
Read MoreJapan plans driverless bullet trains
SHINKANSEN bullet trains could be whizzing around Japan without drivers from the mid 2030s, one of its main rail operators said, motivated in part by the country’s demographic crisis. East Japan Railway (JR East) will first introduce trains where many of the driver’s tasks are automated – but they will remain in the cab –…
Read MoreAsia: Markets drop on economy worries, yen rallies
EQUITIES slipped on Wednesday following a mixed day on Wall Street, as worries about the world’s top two economies offset optimism that the Federal Reserve will start cutting interest rates next week. Meanwhile, the yen hit its highest level in nine months after a Bank of Japan official said decision-makers would stick to their tightening…
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