Category: Asia
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Stocks steady, oil in flux, sterling suffers ‘hard’ Brexit fears
Asian stock markets rose on Tuesday while crude oil prices languished near three-week lows, with investors uncertain whether output cuts by some major exporters would be enough to offset increasing supplies from other producers. Sterling extended losses following its lowest close in three months on renewed concerns about a “hard” Brexit. European markets were poised…
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McDonald’s sells most of China, HK business to CITIC, Carlyle for $2.1 billion
McDonald’s Corp (MCD.N) has agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd (0267.HK) and Carlyle Group LP (CG.O) for up to $2.1 billion, seeking to expand rapidly without using much of its own capital. The 20-year deal caps months of negotiations between the fast-food chain, private…
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Asian stocks cut gains as caution grows; dollar eyed
Asian stocks cut early gains as investor caution grew before a news conference by President-elect Donald Trump on Wednesday, where his views on global trade and China will be carefully scrutinized for future policy implications. The dollar stood tall against rivals on Monday after the latest U.S. payrolls data indicated strong underlying wage growth, strengthening…
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Initial Samsung production target is 10 million Galaxy S8 phones
Samsung Electronics Co Ltd (005930.KS) has set an initial production target of 10 million Galaxy S8 smartphones, South Korea’s Electronic Times reported on Thursday, citing unnamed sources. Samsung is counting on the S8 to rejuvenate sales after it scrapped the Galaxy Note 7 smartphones last year in one of the biggest product safety failures in…
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Asian stocks rise for 8th day on PMIs; yuan soars ahead of inauguration
Asian stocks climbed for an eighth consecutive day on Thursday, buoyed by further gains on Wall Street and an overnight bounce in oil prices that bolstered energy and resource shares. Also underpinning the cautious streak of optimism has been a steady stream of upbeat factory and service sector surveys out of the U.S., Europe and…
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IMF chief Christine Lagarde convicted over payout
A French court has found International Monetary Fund chief Christine Lagarde guilty of negligence but did not hand down any punishment. As French finance minister in 2008, she approved an award of €404m ($429m; £340m) to businessman Bernard Tapie for the disputed sale of a firm. Lagarde, who always denied wrongdoing, was not present in…
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Oil prices rise in anticipation of tighter 2017 market
Oil prices rose on Monday in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut output to prop up prices. Brent crude futures, the international benchmark for oil prices, were trading at $55.41 per barrel at 0756 GMT, up 20 cents from their last close. U.S.…
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Samsung Electronics likely to procure phone batteries from LG Chem: Chosun Ilbo
Samsung Electronics Co Ltd is in talks with LG Chem Ltd to make it one of its smartphone battery suppliers, the Chosun Ilbo newspaper said on Monday – a move that would diversify its supplier base after the failure of its Galaxy Note 7. Samsung Electronics, the world’s top smartphone maker, currently procures Note batteries…
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As yuan weakens, Chinese rush to open foreign currency accounts
Zhang Yuting lives and works in Shanghai, has only visited the United States once, and rarely needs to use foreign currency. But that hasn’t stopped the 29-year-old accountant from putting a slice of her bank savings into the greenback. She is not alone. In the first 11 months of 2016, official figures show that foreign currency…
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Asia stocks, currencies wobble as Fed flags more hikes
Asian shares and currencies softened on Thursday after the Federal Reserve raised rates for the first time in a year and hinted at the risk of a faster pace of tightening than investors were positioned for. Yields on short-term U.S. debt surged to the highest since 2009, sending the dollar to peaks not seen in…