By Joyce Lee SEOUL (Reuters) – Samsung Electronics Co Ltd is likely to post a record fourth-quarter profit thanks to solid demand for server memory chips and higher margins in contract manufacturing, analysts’ estimates showed. Operating profit for the world’s biggest memory chip and smartphone maker likely hit 15.2 trillion won ($12.7 billion) in the…
HONG KONG (Reuters) – HSBC Holdings PLC’s China securities brokerage joint venture partner is selling most of its equity ownership, an exchange filing showed, and a source with knowledge of the matter said the bank was expected to bid for the stake. State-owned Qianhai Financial Holding, which owns 49% of HSBC Qianhai Securities, is auctioning…
LONDON (Reuters) – The optimism with which markets started the year showed signs of waning on Wednesday, with European stock indexes mixed following a weaker Asian session that saw higher U.S. Treasury yields hurt technology stocks. With investors expecting the Federal Reserve to begin hiking interest rates as early as March, U.S. Treasury yields jumped…
HONG KONG (Reuters) – Standard Chartered Plc has started operating in split teams in Hong Kong, a bank spokesperson said on Wednesday, as the Asian financial hub announced tough new restrictions after an increase in new COVID-19 cases. Critical teams of the London-headquartered bank, which has about 6,000 staff in Hong Kong, has implemented a…
STOCKHOLM (Reuters) – Volvo Car Group’s monthly sales fell 18.1% in December from a year ago, the Sweden-based automaker said on Wednesday. The company, which is majority owned by China’s Geely Holding, listed on Nasdaq Stockholm in October after wrapping up Europe’s biggest IPO of the year. (Reporting by Helena Soderpalm; Editing by Simon Johnson)
A look at the day ahead from Dhara Ranasinghe. The euphoria seen in world stock markets in the first two trading days of the year already appears to be fading. Asian stocks outside Japan are down 1%, U.S. stock futures point to a weak open and European futures are mixed. The culprit — rising U.S….
SHANGHAI (Reuters) -China’s cyber regulatory body issued on Wednesday draft rules governing mobile apps, including a requirement for security reviews of apps whose functions could influence public opinion. The proposed regulations are part of a campaign run by the Cyberspace Administration of China (CAC) over the past year to increase oversight of the country’s tech…
SHANGHAI (Reuters) – China’s top market regulator said on Wednesday it has fined units of Alibaba Group Holding Ltd, Tencent Holdings Ltd, and Bilibili Inc for failing to properly report about a dozen deals. (Reporting by Josh Horwitz; Editing by Kim Coghill)
By Alun John HONG KONG (Reuters) – Asian stocks slipped on Wednesday following a mixed Wall Street session as higher U.S. Treasury yields weighed on global tech firms and pushed the dollar to a five-year high against Japan’s yen. U.S. yields rose on Tuesday as bond investors geared up for interest rate hikes from the…
HONG KONG (Reuters) -Shares of China Huarong Asset Management Co Ltd plunged as much as 50% in Hong Kong on Wednesday to a record low, as trading resumed after a nine-month suspension, giving investors the chance to revalue the embattled company. Shares were last trading at HK$0.52 ($0.067), the lowest since the company debuted in…
