BEIJING (Reuters) – China’s market regulator on Wednesday approved 20 merger and acquisition transactions without conditions, including INEOS Co.’s acquisition of Shanghai SECCO Petrochemical’s stake, according to a statement on its website. In July, China’s Sinopec Corp announced a string of deals with UK-based chemicals and energy group INEOS, including the sale of a 50% stake…
By Chen Lin SINGAPORE (Reuters) -Singapore on Wednesday forecast its economic growth would slow in 2023 amid persistent inflation and global pressures that would hit demand for the city-state’s outward-oriented industries like trade and finance. Gross domestic product (GDP) is expected to rise by 0.5% to 2.5% next year, the Ministry of Trade and Industry…
NEW YORK (AP) — Donald Trump reported losses on his tax returns every year for a decade, including nearly $700 million in 2009 and $200 million in 2010, his longtime accountant testified Tuesday, confirming long-held suspicions about the former president’s tax practices. Donald Bender, a partner at Mazars USA LLP who spent years preparing Trump’s…
By Uday Sampath Kumar and Hilary Russ (Reuters) -High-end iPhones will be in short supply at stores this holiday season, Best Buy Co Inc said on Tuesday, following a warning from Apple Inc this month that China’s zero-COVID policy was squeezing production at a key factory. The supply issues are expected to significantly hurt the…
By Dietrich Knauth, Tom Hals and Tom Wilson NEW YORK/LONDON (Reuters) – FTX was run as a “personal fiefdom” of former CEO Sam Bankman-Fried, attorneys for the collapsed crypto exchange said in its first bankruptcy hearing as they detailed ongoing challenges such as hacks and substantial missing assets. In the highest-profile crypto blowup to date,…
By Timothy Gardner, Daphne Psaledakis and David Lawder WASHINGTON (Reuters) -The Group of Seven nations should soon announce the price cap on Russian oil exports and the coalition will probably adjust the level a few times a year rather than monthly, a senior U.S. Treasury official said on Tuesday. The G7, including the United States,…
(Reuters) -HP Inc said on Tuesday it expects to reduce its global headcount by about 4,000 to 6,000 by the end of fiscal 2025. The PC maker estimates it will incur about $1.0 billion in labor and non-labor costs related to restructuring and other charges, with nearly $0.6 billion in fiscal 2023 and the rest…
(Reuters) – The Federal Reserve may need to raise interest rates to a higher level and hold them there for longer in order to successfully moderate consumer demand and bring down high inflation given the amount of spare savings households still hold since the pandemic, Kansas City Fed President Esther George said on Tuesday. “The…
By Diane Bartz WASHINGTON (Reuters) -A U.S. Senate antitrust panel will hold a hearing on the lack of competition in the ticketing industry after Ticketmaster’s problems last week managing the sale of Taylor Swift tickets, Senator Amy Klobuchar, chair of the panel, said on Tuesday. Senators Klobuchar and Mike Lee, the top Republican on the…
NEW YORK (AP) — Lawyers for FTX disclosed Tuesday that a “substantial amount” of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back. The admission came during FTX’s first court appearance since the company filed for bankruptcy protection on…
