HONG KONG (Reuters) -Shares of Chinese property developers climbed on Friday, following media reports that the sector is gaining easier access to presale proceeds from residential projects – the latest move by authorities to ease the industry’s severe cash crunch. Regulatory curbs on borrowing have driven China’s property sector into a liquidity crisis, highlighted by…
By Helena Soderpalm STOCKHOLM (Reuters) – Volvo Cars on Friday posted fourth-quarter earnings below expectations pressured by global supply shortages despite strong demand for its vehicles. Profits at the carmaker, which listed on Nasdaq Stockholm in October, were also dented by raw material costs and accounting changes at EV venture Polestar, in which it owns…
By Foo Yun Chee BRUSSELS (Reuters) – Alphabet unit Google on Friday became the target of an antitrust complaint by the European Publishers Council over its digital advertising business, which could potentially strengthen EU antitrust chief Margrethe Vestager’s investigation into the issue. Google made $147 billion in revenue from online ads in 2020, more than…
A look at the day ahead in markets from Dhara Ranasinghe. An aggressive 50 basis point U.S. interest rate hike to contain inflation now appears like a no-brainer after the hottest inflation reading in nearly 40 years. St. Louis Federal Reserve President James Bullard said Thursday’s data, with its 7.5% headline inflation print, made him…
LONDON (Reuters) – British American Tobacco on Wednesday reported a 7% rise in fourth-quarter adjusted revenue to $25.7 billion as as more people shifted over to e-cigarettes and oral nicotine amid health concerns during the pandemic. The world’s second-largest tobacco company also announced a dividend increase of 1.0% to 217.8 pence and a £2 billion…
STOCKHOLM (Reuters) – Volvo Cars reported on Friday quarterly earnings below expectations, and said it expected to continue growing sales volume in 2022. The Swedish carmaker’s fourth-quarter operating profit fell to 3.7 billion Swedish crowns ($396.4 million) from 4.9 billion a year ago, compared to a 4.77 billion mean forecast in a Refinitiv poll. ($1…
(Reuters) – Amazon.com Inc on Thursday informed staff at its U.S. warehouses and logistics sites that they must report being fully vaccinated by March 18 if they wish to receive paid leave due to COVID-19. The company also said fully vaccinated operations staff could work without a face covering starting on Friday as local regulations…
KUALA LUMPUR (Reuters) -Capital A Bhd , which owns Malaysia’s flagship budget airline AirAsia, is forming an independent board for its aviation arm while mulling a separate listing of the business as the market recovers, its chief said on Friday. Capital A Chief Executive Tony Fernandes told reporters in a virtual briefing that all companies…
By Byron Kaye and Scott Murdoch SYDNEY (Reuters) -Australia on Friday withdrew a cartel lawsuit against Citigroup Inc, Deutsche Bank AG and several former executives over a $1.8 billion share issue, a stunning retreat from what would have been the country’s biggest white-collar criminal trial. After nearly four years of pre-trial hearings in packed courtrooms,…
By Anshuman Daga SINGAPORE (Reuters) -Activist investor Quarz Capital Management said it is opposed to the terms of a proposed S$4.2 billion ($3.1 billion) merger of two Temasek-linked Singapore real estate investment trusts, saying the target firm was significantly undervalued. It is urging Mapletree North Asia Commercial Trust (MNACT) to negotiate an improved offer from…
