Reported 4 days ago
Norinchukin Bank, a major Japanese lender, has reported an expected annual loss of over ¥1.5 trillion ($9.7 billion) as it aggressively sells off unprofitable foreign bonds due to rising global interest rates. The bank aims to offload more than ¥10 trillion in US and European sovereign bonds this fiscal year, following significant losses from its international investments. With net losses reaching ¥893.9 billion in the first half of the fiscal year, Norinchukin is under scrutiny as it seeks to realign its $304 billion investment portfolio amidst concerns over potential inflation and interest rate changes under a future Donald Trump presidency.
Source: YAHOO
Reported 4 days ago
Apple Inc. has dramatically increased its investment proposal to nearly $100 million to persuade the Indonesian government to lift a ban on selling the iPhone 16, which was imposed due to the company's failure to meet local content requirements. The Indonesian Ministry of Industry is now requesting that Apple adjust its plans to focus more on research and development in the country. This situation highlights Indonesia's strategy to pressure foreign companies to enhance local manufacturing while raising concerns about deterring investment from other firms.
Source: YAHOO
Reported 4 days ago
Xiaomi has increased its electric vehicle (EV) delivery target for the third time this year, now aiming for 130,000 units by the end of 2024, following a notable 30.5% rise in Q3 revenue. The company's first EV, the SU7 sedan, surpassed its original goal of 76,000 units, with total deliveries reaching 67,157 by September 30. The demand for EVs continues to grow in China, prompting Xiaomi to enhance production capabilities and expand its sales network, which now includes 127 smart EV centers across 38 cities.
Source: YAHOO
Reported 4 days ago
Palantir Technologies' stock has skyrocketed by over 250% in 2024, driven by strong demand for its AI platform and the company’s impending move from the New York Stock Exchange to the Nasdaq. As it aims for inclusion in the Nasdaq-100 index, historical trends suggest that stocks typically see an 11% to 17% increase in value after being added to the index. Despite the hype, investors are advised to focus on the company's financial health rather than speculative trading, as Palantir's high valuation may pose a risk.
Source: YAHOO
Reported 4 days ago
Bayer has secured a partnership with Cytokinetics to obtain rights for an experimental heart medication in Japan, further enhancing its cardiovascular business. The agreement includes an upfront payment of 50 million euros and potential contingent payments totaling up to 490 million euros based on development and sales milestones. This move comes as Bayer aims to strengthen its drug development pipeline amid various financial pressures.
Source: YAHOO
Reported 4 days ago
MicroStrategy has significantly boosted its Bitcoin holdings by acquiring 51,780 BTC for approximately $4.6 billion, bringing its total to 331,200 BTC. The company plans to raise $1.75 billion through zero-interest convertible notes to continue expanding its Bitcoin investments, with a long-term goal of raising $42 billion as part of its '21/21' initiative. MicroStrategy has invested a total of $16.5 billion in Bitcoin since 2020, and currently holds over 1% of the total Bitcoin supply, with its market valuation around $69 billion.
Source: YAHOO
Reported 4 days ago
Jupiter Fund Management Plc is strengthening its European equities division by hiring three fund managers from Swiss firm GAM Holding AG. Niall Gallagher, Chris Sellers, and Chris Legg, who manage over £1.4 billion in European equity strategies at GAM, are expected to join Jupiter by next year. This move aims to counteract significant client outflows and diversify Jupiter's investment offerings amid ongoing challenges in the asset management industry.
Source: YAHOO
Reported 4 days ago
Source: WSJ
Reported 4 days ago
Nestle, under new CEO Laurent Freixe, aims to cut costs by at least $2.8 billion by 2027 while significantly boosting its advertising and marketing budget. Following disappointing sales growth during the previous leadership, the company plans to carve out its water and premium drinks businesses, and will invest up to 9% of total sales in marketing by 2025 to enhance revenue. The strategy focuses on improving efficiency and supporting core brands like Nescafe and Maggi.
Source: YAHOO
Reported 4 days ago
Major Taiwanese banks, including Mega Financial Holding Co., are suspending their advertisements on Facebook due to rising concerns over financial scams on the platform. With reports indicating that the bulk of online investment scams target victims through fraudulent Facebook ads, these banks are withdrawing their spending to pressure Meta Platforms Inc. for better regulation. This decision is a response to the alarming increase in scams, especially impacting the elderly population in Taiwan.
Source: YAHOO
Reported 4 days ago
Aluminum prices are climbing due to fears of tighter global supplies after China eliminated its export tax rebate, contributing to trade tensions. The weaker dollar has also made commodities cheaper for buyers, with aluminum increasing 0.7% to $2,626.50 per ton on the London Metal Exchange. This surge is a result of the substantial impact on Chinese aluminum exports, while other metals like copper, nickel, and zinc have also shown gains.
Source: YAHOO
Reported 4 days ago
The Thai government's second phase of the digital wallet initiative is set to support 4 million individuals, with a budget of 40 billion baht ($1.16 billion), according to Finance Minister Pichai Chunhavajira. This follows the first phase, which provided assistance to about 14.5 million people, with the aim of ultimately reaching around 45 million residents.
Source: YAHOO
Reported 4 days ago
Swiss prosecutors accuse Trafigura Group of orchestrating bribe payments to an Angolan official, Paulo Gouveia Junior, through a network of former employees, including a key figure dubbed 'Mr. Non-Compliant.' The impending court case, which starts on December 2, implicates high-ranking officers, including the company's late founder, Claude Dauphin. If convicted, Trafigura could face substantial fines and reputation damage as it contends with a history of corruption cases in the commodity trading sector.
Source: YAHOO
Reported 4 days ago
Colombia is urgently seeking a deal with the US to access funding for a $40 billion climate investment plan before Donald Trump assumes office, with China as a potential backup if talks fail. Colombian climate minister Susana Muhamad plans to visit Washington soon to secure funding, aiming to transition the economy from fossil fuels to green investments. With Colombian elections approaching in 2026, the urgency is heightened as the nation seeks to replace declining fossil fuel revenues after halting new oil and gas exploration two years ago.
Source: YAHOO
Reported 4 days ago
Asmodee, the tabletop games publisher set to split from Swedish gaming group Embracer, has announced mid-term targets including a projected organic sales growth of mid-single digits and an EBITDA margin exceeding 18%. In preparation for its upcoming Stockholm listing, Asmodee plans to refinance €900 million in debt and will receive a €400 million equity boost, which will improve its net debt and leverage ratios. The company, acquired by Embracer for $3 billion, aims to return excess liquidity to shareholders through dividends once it reaches its long-term financial goals.
Source: YAHOO
Reported 4 days ago
Dubai's ruler-owned investment conglomerate, Dubai Holding, is planning to separately list its commercial and residential real estate assets in 2025 to capitalize on the city's booming property market. With ongoing discussions about structuring the listings, the residential real estate investment trust is anticipated to debut on the emirate's bourse early next year, followed by a commercial entity. This move comes as home values have risen for 17 consecutive quarters, spurred by an influx of affluent individuals and favorable business conditions.
Source: YAHOO
Reported 4 days ago
Zomato, a leading Indian food delivery service, forecasts a 30% annual growth in its meal delivery business over the next five years, spurred by increased demand from the country's affluent and middle-class consumers. The food delivery sector is still emerging, and Zomato holds a majority market share of 58%. The company seeks to further innovate and expand its offerings, despite challenges such as high turnover rates among delivery drivers.
Source: YAHOO
Reported 4 days ago
Japan's ruling Liberal Democratic Party has appointed Daishiro Yamagiwa as the new chairman of its semiconductor promotion group, following a commitment by Prime Minister Shigeru Ishiba to allocate over ¥10 trillion ($65 billion) in public funding to support the semiconductor and AI sectors. Yamagiwa, who previously served as the economic revitalization minister, takes over from Akira Amari and emphasizes the need for Japan to succeed in semiconductor production, particularly through firms like Rapidus Corp. The government plans to introduce new legislation to facilitate this funding in the next parliamentary session.
Source: YAHOO
Reported 4 days ago
During the Global Financial Leaders' Investment Summit, CEOs of Morgan Stanley and Goldman Sachs emphasized the need for greater transparency in China's regulations and policies to restore global investor confidence. They noted some positive signals in the Chinese economy but highlighted ongoing challenges that hinder capital movement, urging policymakers to enhance openness and innovation to attract foreign investment.
Source: YAHOO
Reported 4 days ago
Asian stock markets showed gains on Tuesday, following a recovery in U.S. equities, although Chinese shares faced pressure from tariff concerns and economic stimulus doubts. The Nikkei in Japan and India's Sensex saw notable increases, while oil prices dipped slightly. Investors remained cautious amid fears of a potential global trade war, even as some companies reported strong stock performance.
Source: YAHOO
Reported 4 days ago
Source: WSJ
Reported 4 days ago
At the COP29 climate talks in Baku, rich nations aim to leverage financial resources to support poorer countries in addressing climate change. The discussions center around raising sufficient funds, involving grants, loans, and private investments, with a target much higher than the previous goal of $100 billion annually. Developing nations express concerns over accumulating more debt, advocating for a larger portion of funding to be in the form of grants instead. Climate finance experts estimate a need for $1.3 trillion, highlighting the disparity between pledges from wealthier nations and the actual financial requirements for effective climate action.
Source: YAHOO
Reported 4 days ago
Sony is currently in talks to acquire Kadokawa, the Japanese media company known for the hit game 'Elden Ring', as part of its strategy to enhance its entertainment portfolio. If successful, the deal could be finalized in the coming weeks. Kadokawa's stock surged 23% following the news, reflecting investor optimism about the potential acquisition. In addition to owning a 2% stake in Kadokawa, Sony is looking to capitalize on Kadokawa's extensive franchises and its expansion into various entertainment sectors.
Source: YAHOO
Reported 4 days ago
Goldman Sachs has announced its expectation that the S&P 500 index will reach 6,500 by the end of 2025, driven by ongoing U.S. economic growth and corporate earnings improvements. This forecast aligns with a similar prediction from Morgan Stanley. Goldman identified the 'Magnificent 7' stocks—Amazon, Apple, Alphabet, Meta Platforms, Microsoft, Nvidia, and Tesla—as likely outperformers in the index, though their advantage may be the smallest in seven years. The brokerage acknowledged potential risks such as tariffs and rising bond yields ahead of 2025.
Source: YAHOO
Reported 4 days ago
The Vietnam International Defence Expo in December will feature military companies from Iran, Israel, China, Russia, and the U.S., highlighting a rare collaboration of geopolitical rivals. Vietnam aims to diversify its military suppliers beyond Russia while enhancing partnerships with various nations. The expo, scheduled for December 19-22 in Hanoi, has attracted nearly 200 exhibitors from 27 countries, including companies previously absent from Vietnam's military fairs. This event reflects Vietnam's flexible diplomatic approach, often referred to as 'bamboo diplomacy.'
Source: YAHOO