By Julie Zhu, Yingzhi Yang and Yew Lun Tian (Reuters) – Alibaba Group and Tencent Holdings are preparing to cut tens of thousands of jobs combined this year in one of their biggest layoff rounds as the internet firms try to cope with China’s sweeping regulatory crackdown, sources said. While Alibaba is yet to specify…
BEIJING (AP) — China’s government tried Wednesday to reassure jittery investors by promising support for real estate and technology companies after regulatory crackdowns caused stock prices to plunge. Regulators should issue market-friendly policies to “invigorate the economy,” officials said at a Cabinet meeting led by Vice Premier Liu He, President Xi Jinping’s top economic adviser,…
(Reuters) -U.S. cybersecurity firm NortonLifeLock Inc’s $8.6 billion purchase of rival Avast Plc will face an in-depth probe by Britain if competition concerns are not addressed, the UK anti-trust regulator said on Wednesday. The Competition and Markets Authority (CMA) said the deal could lead to British customers getting a worse deal when looking for cyber…
BEIJING (AP) — Asian stock prices surged for a second day Thursday after the Federal Reserve announced its first interest rate hike since 2008 and China promised support for its real estate and internet industries. Hong Kong’s benchmark jumped 5.8% and Tokyo gained 3%. Shanghai, Seoul and Sydney advanced more than 1%. Oil prices gained…
MADRID (Reuters) -Zara owner Inditex reported on Wednesday its net profit more than doubled in 2021 to 3.2 billion euros ($3.51 billion) after its sales almost recovered from the pandemic as many countries eased the restrictions imposed to fight coronavirus. Most of Inditex’s 6,657 stores worldwide were reopened from mid-2021 and the world’s biggest fashion…
(Reuters) -The Ever Forward container ship is currently grounded in the Chesapeake Bay near Baltimore, according to the U.S. Coast Guard, nearly a year after another ship run by the same company blocked the Suez Canal for six days. The container ship is operated by Evergreen Marine Corp Taiwan Ltd, the same Taiwanese transportation company…
TAIPEI (Reuters) -Taiwan’s Foxconn, the world’s largest contract electronics maker which counts technology giants such as Apple Inc among its major clients, reported a fourth-quarter profit on Wednesday that slightly beat market estimates. Foxconn reported a net profit of T$44.4 billion ($1.55 billion) for October-December, down 3.4% compared with the year ago period. That compared…
By Naveen Thukral SINGAPORE (Reuters) – A surge in wheat and corn prices is boosting demand for low-grade rice in animal rations across Asia, pushing up prices of the world’s most important staple at a time when global food inflation is already hovering near record highs. Global crop importers are scrambling for supplies after Russia’s…
By Saqib Iqbal Ahmed NEW YORK (Reuters) – Days before Thanksgiving, Kris Sidial, a co-founder at volatility arbitrage fund The Ambrus Group, told investors the firm was betting that extreme price moves in some volatility-tracking exchange traded notes were likely to get worse. The firm bought deep out-of-the-money call options on the iPath Series B…
BEIJING (Reuters) -China’s new home prices stalled in February after eking out a small gain a month earlier, official data on Wednesday showed, pointing to still fragile demand despite a gradual easing in property curbs by authorities to boost buying sentiment. Average new home prices in China’s 70 major cities were flat at 0.00% month-on-month,…
