(Reuters) -Credit Suisse continues to help ultra-wealthy Americans evade taxes and had concealed more than $700 million from tax authorities in violation of a 2014 plea agreement, the U.S. Senate Finance Committee said on Wednesday. After concluding a two-year investigation into Credit Suisse, the committee said it had uncovered “major violations” of the 2014 agreement…
By Yantoultra Ngui, Phuong Nguyen and Anshuman Daga SINGAPORE/HANOI (Reuters) – Vietnam’s largest conglomerate, Vingroup, is in discussions to sell a stake in its shopping mall arm as it seeks to bring in strategic investors, five sources told Reuters on Wednesday. Vincom Retail, Vietnam’s biggest shopping mall operator, which is nearly 60% controlled by Vingroup,…
By Josh Horwitz SHANGHAI (Reuters) – China is ramping up efforts to develop home-grown semiconductor talent as it seeks to rapidly fill a shortage of expertise that has been made worse by U.S. efforts to limit Beijing’s access to advanced chip technology. Enrolments for undergraduate and post-graduate courses have surged over the past five…
By Blake Brittain (Reuters) -Sportswear maker Adidas AG on Wednesday reversed course 48 hours after asking the U.S. Trademark Office to reject a Black Lives Matter application for a trademark featuring three parallel stripes. “Adidas will withdraw its opposition to the Black Lives Matter Global Network Foundation’s trademark application as soon as possible,” the company…
By John Revill ZURICH (Reuters) -UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse – a surprise move that seeks to take advantage of his experience in rebuilding the bank after the global financial crisis. The trader turned corporate problem fixer faces the tough challenge of…
By Yantoultra Ngui and Anshuman Daga SINGAPORE (Reuters) – Australia’s largest private hospital operator Ramsay Health Care and Malaysian conglomerate Sime Darby plan to revive the sale of their Asia-focused healthcare joint venture in a deal that could value the business at some 6 billion ringgit ($1.36 billion), two sources with knowledge of the matter…
By Jyoti Narayan and Krystal Hu (Reuters) -Elon Musk and a group of artificial intelligence experts and industry executives are calling for a six-month pause in training systems more powerful than OpenAI’s newly launched model GPT-4, they said in an open letter, citing potential risks to society and humanity. The letter, issued by the non-profit…
A look at the day ahead in European and global markets from Anshuman Daga Just as investor angst over U.S. and European banking troubles eases, the potential end of China’s multi-year regulatory crackdown on the tech sector is also cheering up markets. An unprecedented revamp of Chinese tech conglomerate Alibaba Group, which analysts believe to…
(Reuters) -Shares in Alibaba Group and other leading Chinese tech firms jumped on Wednesday, as investors cheered an unprecedented revamp of the Jack Ma-founded company as heralding the beginning of the end to Beijing’s crackdown on the sector. Alibaba said on Tuesday it was planning to split into six units and explore fundraisings or listings…
By Ankur Banerjee SINGAPORE (Reuters) – Asian shares rose sharply on Wednesday while the dollar was on the defensive as easing concerns over the banking sector revived risk appetite, while Alibaba’s stock soared on the internet behemoth’s plans to split into six units. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.82% higher, while…
