25 June

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Steelmakers HBIS, POSCO to invest $600 million in China auto plates venture By Reuters

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SEOUL (Reuters) - Steelmakers HBIS Group of China and South Korea's POSCO have agreed to invest $600 million to set up a joint venture for the production and sale of automotive steel plates in China, POSCO said on Friday. With this, POSCO seeks to establish a stable supply chain for automotive steel plates in China, the world's No. 1 auto-producing nation, the Korean steelmaker said. The steelmakers will each invest $300 million and take a 50% stake in the joint venture, which plans to start construction of a steel plate plant in Tangshan...

25 June

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‘Sadness and torment’: Apple Daily interns reflect on final days at HK paper By Reuters

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By Sharon Abratique HONG KONG (Reuters) - For a group of interns, Hong Kong's pro-democracy newspaper Apple (NASDAQ:AAPL) Daily proved to be a work experience they will never forget. When the interns were less than three weeks into the job, 500 police officers raided their newsroom and arrested five executives as part of a national security investigation that has intensified fears over press freedom in the global financial hub. On Thursday, the popular newspaper ended its nearly three-decade run, forced to close with its owner in jail and company assets frozen, leaving it unable to pay...

25 June

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European shares near record high as industrials jump By Reuters

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(Reuters) - European shares inched towards a record high on Friday as construction-related stocks tracked a jump on Wall Street on the back of an infrastructure bill, while Credit Suisse (SIX:CSGN) rose after a Reuters report it was considering a potential merger with UBS. The scandal-hit Swiss bank was up 2.0% and among the biggest boosts to the STOXX 600 as the report said Credit Suisse's management was under pressure to come up with an overhaul plan. UBS shares were down 0.1%. The pan-European STOXX 600 rose 0.1% and was set to end a...

25 June

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China’s ban forces some bitcoin miners to flee overseas, others sell out By Reuters

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By Samuel Shen and Andrew Galbraith SHANGHAI (Reuters) - China's sweeping ban on cryptocurrency mining has paralysed an industry that accounts for over half of global bitcoin production, as miners dump machines in despair or seek refuge in places such as Texas or Kazakhstan. "Many miners are exiting the business to comply with government policies," said Mike Huang, operator of a cryptomining farm in the southwest province of Sichuan. "Mining machines are selling like scrap metal." The local government of Sichuan, China's No.2 bitcoin mining centre after Xinjiang, issued a ban on cryptomining a week...

25 June

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Chinese ride-hailing giant Didi targets over $60 billion valuation in NYSE debut By Reuters

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By Anirban Sen and Niket Nishant (Reuters) - Didi Global Inc, China's largest ride-hailing company, is aiming for a valuation of more than $60 billion in its New York Stock Exchange (NYSE) debut, setting it up for what is likely to be the biggest U.S. initial public offering (IPO) this year. But the terms of the deal suggest a conservative approach for Didi that, according to sources, had earlier been eyeing a valuation of at least $100 billion. Its valuation exceeded $60 billion a year after its 2017 fundraising, sources have said. Didi has...

25 June

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Dye & Durham appoints JPMorgan, Scotiabank as advisers for strategic review By Reuters

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(Reuters) -Dye & Durham Ltd said on Thursday a special committee of its board has appointed JPMorgan (NYSE:JPM) and Scotiabank as its financial advisers for a strategic review in response to a buyout offer worth about C$3.4 billion ($2.76 billion). The special committee is still reviewing the proposal of the management-led shareholder group, the Canadian cloud-based software maker said, adding that it has not made decisions on specific strategic alternatives as yet. Last month, Dye & Durham had said a newly formed special committee of independent directors would explore and evaluate potential strategic alternatives, including a...

25 June

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Malaysian palm giant IOI says to assist if U.S. probes alleged forced labour By Reuters

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KUALA LUMPUR (Reuters) - Malaysian palm oil company IOI Corporation said on Friday it had been made aware of a letter from the U.S. Customs and Border Protection (CBP) about opening an investigation into allegations of labour abuses at the company. According to IOI, CBP in the letter to a labour activist acknowledged the receipt of a petition providing information on alleged forced labour conditions at the company and found it sufficient to open an investigation. IOI said while it had been made aware of the letter, it had not been notified directly by the...

25 June

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Dollar firm as traders brace for U.S. inflation data By Reuters

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By Tom Westbrook SINGAPORE (Reuters) - The U.S. dollar held near multi-month highs on Friday as investors warily awaited U.S. inflation data, while the pound nursed modest losses after Bank of England (BoE) policymakers leaned away from flagging rate rises. Early Asia trade was steady, with the euro pinned below its 200-day moving average at $1.1930 and the yen just short of a 15-month low at 110.955 per dollar. The dollar vaulted to its highest levels since March against the euro last week - and to its highest since March 2020 on the yen - after...

25 June

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Asian shares up as U.S. infrastructure bill lifts S&P to a record By Reuters

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By Andrew Galbraith SHANGHAI (Reuters) - Asian shares rose on Friday, tracking gains on Wall Street overnight that lifted the Nasdaq and the S&P 500 indexes to record highs after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal. Investors have been looking to an infrastructure agreement to extend the recovery in the world's largest economy after massive fiscal stimulus helped the U.S. economy grow at a 6.4% annualized rate in the first quarter. In morning trade, MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.58%. "The positive market tone recognizes the potential growth...

25 June

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FedEx Delivers Q4 Earnings Beat; Sees Ongoing Momentum By Investing.com

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By Yasin Ebrahim FedEx (NYSE:FDX) reported Thursday fourth-quarter results that beat analysts' forecasts, driven by strong package services demand and the delivery firm painted a rosy picture about ongoing momentum into its new fiscal year. FedEx shares lost 1.93% in after-hours trade following the report. FedEx announced earnings per share of $5.01 on revenue of $22.6 billion. Analysts polled by Investing.com anticipated EPS of $4.97 on revenue of $21.46 billion. Volume growth and disciplined revenue and portfolio management were partially offset by costs to support strong demand, increased variable compensation expense, and higher labor rates. Looking...

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Steelmakers HBIS, POSCO to invest $600 million in China auto plates venture By Reuters

‘Sadness and torment’: Apple Daily interns reflect on final days at HK paper By Reuters

European shares near record high as industrials jump By Reuters

China’s ban forces some bitcoin miners to flee overseas, others sell out By Reuters

Chinese ride-hailing giant Didi targets over $60 billion valuation in NYSE debut By Reuters

Dye & Durham appoints JPMorgan, Scotiabank as advisers for strategic review By Reuters

Malaysian palm giant IOI says to assist if U.S. probes alleged forced labour By Reuters

Dollar firm as traders brace for U.S. inflation data By Reuters

Asian shares up as U.S. infrastructure bill lifts S&P to a record By Reuters

FedEx Delivers Q4 Earnings Beat; Sees Ongoing Momentum By Investing.com

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