HONG KONG (Reuters) -China Evergrande Group said it expects to announce its preliminary restructuring plan before the end of July, sticking to its original deadline as the world’s most indebted property developer struggles to emerge from its financial crisis. Reeling under more than $300 billion in liabilities, the firm’s offshore debt is deemed to be…
By Selena Li HONG KONG (Reuters) – Asian stocks and U.S. share futures turned higher on Tuesday as the market took stock after a recent steep selloff, but concerns remain that aggressive central bank rate hikes to curtail inflation could spark a global recession. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.85% in…
By Alun John HONG KONG (Reuters) – The Australian dollar rose on Tuesday after the central bank flagged more rate hikes were on the way, but the uptick was restrained by lower commodity prices, while the Japanese yen languished near a 24-year low. The Aussie was 0.3% higher at $0.69675, extending the previous day’s small…
By Sonali Paul MELBOURNE (Reuters) – Oil prices rose 1% in early trade on Tuesday, clawing back more of last week’s losses as the focus returned to tight supply of crude and fuel products versus concerns about a recession hitting demand down the track. Brent crude futures rose $1.32, or 1.2%, to $115.45 a barrel…
By Akriti Sharma and Hyunjoo Jin (Reuters) – Former Tesla Inc employees have filed a lawsuit against the U.S. electric car company alleging its decision to carry out a “mass layoff” violated federal law as the company did not provide advance notice of the job cuts. The lawsuit was filed late Sunday in Texas by…
SACRAMENTO, Calif. (AP) — With California drivers paying more than $6 for a gallon of gas and state officials deadlocked for months over how to provide relief, lawmakers in the state Assembly on Monday announced they would investigate oil companies they say are “abusing a historic situation to suck profits from Californians’ wallets.” Assembly Speaker…
NEW YORK (AP) — JetBlue Airways on Monday increased its offer to buy Spirit Airlines, raising the stakes again in a battle over the nation’s biggest budget airline. New York-based JetBlue said it increased its cash offer to $33.50 per share, or more than $3.6 billion. That is an increase per share of $2 over…
By David Shepardson WASHINGTON (Reuters) -JetBlue Airways said Monday it had sweetened its takeover offer for Spirit Airlines to $33.50 per share in a bid to convince the ultra-low cost carrier to accept its offer over rival Frontier Airlines’ proposal. The move is the latest salvo in a tussle to create the fifth-largest U.S. airline,…
(Reuters) -Mondelez International Inc said on Monday it will buy energy bar maker Clif Bar & Company for $2.9 billion to expand its global snack bar business. The Cadbury maker will also pay additional amounts to the sellers depending upon its earnings from Clif Bar, Mondelez said. The company said it will get the Clif,…
By David Lawder TORONTO (Reuters) -The United States is in talks with Canada and other allies to further restrict Moscow’s energy revenue by imposing a price cap on Russian oil, Treasury Secretary Janet Yellen said on Monday. “We are talking about price caps or a price exception that would enhance and strengthen recent and proposed…
