By Clare Jim HONG KONG (Reuters) -Shares of Evergrande Property Services Group shed 50% of their value on Thursday when trading resumed after 16 months, following the release of its financial results and the end of an investigation into misused funds involving its parent. The property services firm was dragged into financial troubles after its…
(Reuters) – Bayer AG and some of its subsidiaries agreed to pay $40 million to settle claims over its alleged use of kickbacks and false statements related to the drugs Trasylol, Avelox and Baycol, the U.S. Department of Justice said on Friday. The settlement arose from two whistleblower lawsuits filed by Laurie Simpson, a former…
SINGAPORE (Reuters) -GoTo Group, Indonesia’s biggest tech firm, said on Thursday it plans to raise $1.1 billion in an initial public offering (IPO), pricing the offer in the top half of its indicative range after receiving regulatory approval. GoTo, formed last year by the merger of ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia, surprised some…
(Reuters) -Cineworld expects to emerge from Chapter 11 bankruptcy protection in July, the British cinema chain operator said on Thursday, adding that its proposed debt restructuring has the backing of most of its lenders. The world’s second largest movie theatre chain operator after AMC Entertainment filed for U.S. bankruptcy protection in September hoping to restructure…
By Victoria Waldersee STUTTGART (Reuters) -Mercedes-Benz Group on Friday warned of lower earnings this year amid economic uncertainty, and said it would look to sell more vehicles directly in major markets such as Britain and Germany as it continues to target high margins on flat volume. The premium automaker expects a lower adjusted return of…
SHANGHAI (Reuters) – Chinese smartphone maker Xiaomi Corp on Wednesday reported quarterly revenue of 70.17 billion yuan, a 9.7% fall year-on-year and a touch below analyst expectations. Net income reached 2.12 billion yuan, down 59.1% year-on-year and slightly above analyst expectations. (Reporting by Josh Horwitz, Editing by Louise Heavens)
MADRID (AP) — Spain’s government is readying a package of emergency economic measures worth 6 billion euros ($6.6 billion) in direct aid and tax breaks and 10 billion euros ($11 billion) in loans for families and businesses affected by the fallout from Russia’s invasion of Ukraine, Prime Minister Pedro Sánchez said Monday. The emergency plan…
BERLIN (Reuters) -Germany’s cabinet approved the first draft of its 2024 budget and financial plans through 2027, the finance ministry said on Wednesday, as Europe’s biggest economic power curbs spending that surged in response to COVID-19 and the Ukraine war. “Today we have adopted a budget proposal aligned with fiscal realities,” Finance Minister Christian Lindner…
By Marianna Parraga and Deisy Buitrago HOUSTON/CARACAS (Reuters) – Chevron Corp’s renewed oil operations in Venezuela begin a new phase next month that will boost production with the goal of accelerating a plan to recover all of the $3 billion of debt owed by the OPEC member by the end of 2025, four people close…
By Stephen Nellis and Jane Lanhee Lee (Reuters) -Companies around the world on Friday began to wrestle with the impact of wide-ranging U.S. curbs on selling chips and chip manufacturing equipment to China. The sweeping rules have hit chip stocks, with the Philadelphia Semiconductor Index (.SOX) falling nearly 6% by the end of the day….
