COLOMBO (Reuters) -Sri Lanka’s cabinet has approved a proposal to downgrade the island nation’s economic status to “low income country”, in order to get access to concessional funding from international organisations, the cabinet spokesman said on Tuesday. Sri Lanka’s economy is in a deep slump, shrinking at an annual 8.4% in the June quarter in…
By Shankar Ramakrishnan and Krystal Hu (Reuters) – Elon Musk’s banks, faced with huge losses on their commitment to finance the $44 billion buyout of Twitter Inc, may not be able to back out of the deal easily but they might have a way to minimize the hit they take. Morgan Stanley, Bank of America…
SHANGHAI (Reuters) – CATL, a Chinese electric vehicle (EV) battery giant, forecast its net profit in the July-September quarter to nearly triple from a year-ago period, buoyed by rapid expansion in production to power the growth of EVs worldwide. The company is the world’s biggest battery maker and accounts for more than a third of…
(Reuters) – Israeli-Russian billionaire Yuri Milner said on Monday he has renounced his Russian citizenship after leaving the country in 2014. Milner is the founder of internet investment firm DST Global, and made a fortune by betting on Chinese tech companies like e-commerce platforms Alibaba and JD.com. “My family and I left Russia for good…
SYDNEY (Reuters) – Two Australian regulators said on Tuesday they have opened investigations into Optus, the country’s No. 2 telecoms provider, after a breach of its systems resulted in the theft of personal data from up to 10 million accounts. The probes only add to headaches for Optus, which disclosed the breach on Sept. 22…
WELLINGTON, New Zealand (AP) — New Zealand’s government on Tuesday proposed taxing the greenhouse gasses that farm animals make from burping and peeing as part of a plan to tackle climate change. The government said the farm levy would be a world first, and that farmers should be able to recoup the cost by charging…
SINGAPORE (Reuters) – Morgan Stanley has named Rikhit Badalia, a member of its Asia Pacific mergers and acquisitions team, as the M&A head for Southeast Asia with immediate effect, according to a memo seen by Reuters. Hong Kong-based Badalia takes over from Jonathan Pflug, who is joining U.S. investment bank Raine Group to lead its…
By Summer Zhen HONG KONG (Reuters) – The hedge funds that have managed to weather and outperform China’s bumpy stock markets so far this year say betting on big-picture macroeconomic changes have helped them. One such fund is Stanley Tao’s $230 million Golden Nest Greater China Fund. The hedge fund posted approximately a 2.4% net…
(Reuters) -Starbucks Corp said on Monday it has sent dates and locations covering 79 stores for contract bargaining sessions to Workers United, the union which represents employees of the world’s largest coffee chain at about 200 cafes. Workers United, however, said Starbucks had originally suggested dates in October – which were also accepted by the…
BEIJING/SYDNEY (Reuters) -A Boeing 737 MAX flight by MIAT Mongolian Airlines that landed in Guangzhou on Monday morning was the first commercial flight by the model to China since the country grounded the plane in March 2019, flight tracking website FlightRadar24 said. Chinese airlines have not returned the 737 MAX to commercial service and Boeing…
