Business

Saudi Aramco raises $25.6 billion in biggest-ever IPO

by Anuj Chopra with Luc Olinga in New York RIYADH, Saudi Arabia (AFP) — Saudi Aramco on Thursday priced its long-awaited IPO at the high end of the target range, raising $25.6 billion and giving the energy giant a valuation of $1.7 trillion in the world’s biggest stock sale. Aramco priced its initial public offering at 32 riyals ($8.53) per share, surpassing the $25 billion raised by Chinese retail giant Alibaba when it debuted on […]

Tokyo stocks open lower on faded hopes for US-China deal

TOKYO, Japan (AFP) — Tokyo stocks opened lower on Wednesday, dragged down by diminished hopes for an imminent US-China trade deal, and a stronger yen. The benchmark Nikkei 225 index fell 0.75 percent or 176.04 points to 23,203.77 in early trade while the broader Topix index was down 0.59 percent or 10.06 points at 1,696.67. Optimism that Beijing and Washington would eventually hammer out a partial agreement as part of a wider deal had supported […]

Asian markets rattled by fresh trade concerns

HONG KONG, China (AFP) — Asian markets tumbled on Tuesday as global trade uncertainty returned to the fore after the United States reimposed tariffs on Argentina and Brazil, threatened steep levies against France and warned China of new measures if ongoing talks are not successful. Optimism that Beijing and Washington will eventually hammer out a partial agreement as part of a wider deal has provided support to equities for weeks, helping Wall Street to numerous […]

Aramco says, IPO oversubscribed for individual investors

RIYADH, Saudi Arabia (AFP) — Saudi oil giant Aramco said on Friday that applications from private investors for its planned stock market offering had been oversubscribed. The much-delayed initial public offering, first announced in 2016, is a cornerstone of Saudi Crown Prince Mohammed bin Salman’s ambitious plan to diversify the Gulf state’s oil-reliant economy. The IPO could exceed the world’s biggest to date — the $25 billion float of Chinese retail giant Alibaba in 2014. […]

Asian markets rally following China data, eyes on trade talks

HONG KONG, China (AFP) — Asian markets rose Monday as investors cheered data showing a surprise jump in Chinese factory activity, while oil prices bounced from last week’s sharp losses after Iraq said top producers could announce a cut in output this week. But while the week started on a positive note, worries about the trade talks were revived by China’s Global Times newspaper saying Beijing wanted all US tariffs rolled back as part of […]

Hong Kong Airlines delays salaries as protests hit tourism

HONG KONG, China (AFP) — Low-cost carrier Hong Kong Airlines said Friday it will delay salary payments to some staff, warning its business has been “severely affected” by the political unrest in the city. Nearly six months of protests in the international finance hub have dealt with its tourism sector a massive blow, and airlines serving the city have struggled. “Hong Kong Airlines’ business is severely affected by the social unrest in Hong Kong and […]

Asian markets lifted by growing trade optimism

HONG KONG, China (AFP) — Rising expectations that China and the United States will soon reach an interim trade deal provided fresh impetus to Asian markets on Wednesday, with Donald Trump saying the talks were “in the final throes”. However, observers said that while the broad consensus is that the two will tie up something soon, there is an underlying unease at the lack of detail that is brewing uncertainty. “We’re getting to the point […]

Tesla suffers broken glass mishap during chaotic launch

LOS ANGELES, United States (AFP) — The big reveal of Tesla’s electric pick-up went embarrassingly wrong when the supposedly impact-proof windows smashed, leaving a flustered Elon Musk to flounder through the rest of his presentation in front of a badly damaged vehicle. The Tesla co-founder unveiled the all-electric battery-powered Tesla Cybertruck in California on Thursday, daring staff to hit the vehicle with sledgehammers and showing a video of it withstanding bullets shot from a 9mm […]

Asia markets plunge on trade fears after US passes HK rights bill

HONG KONG, China (AFP) — Hong Kong led losses as Asian markets tanked on Thursday after US lawmakers passed a bill supporting the city’s civil rights, sparking fears it could derail delicate China-US trade talks. Investors already nervous about the progress of negotiations were sent running for the hills after both houses of Congress overwhelmingly agreed to the bill and sent it to be signed off by Donald Trump. The Hong Kong Human Rights and […]

Mario mugs, Zelda tote bags as Nintendo opens first Tokyo store

  TOKYO, Japan (AFP) — Nintendo this week throws open the doors to its first bricks-and-mortar store in Tokyo, offering everything from Super Mario mugs to Zelda handbags as part of a new gaming complex in the heart of the city. Set in a refashioned department store on one floor just minutes from the famed “scramble crossing” in Shibuya district, the giant retail space also includes shops selling merchandise from some of the biggest names […]

Asian markets mixed as dealers eye trade talks, Hong Kong rallies

HONG KONG, China (AFP) — Asian markets were mixed Monday on broad optimism that China and the United States are close to a mini trade deal, while Hong Kong rallied after last week’s hefty losses but investors remain on edge over violent protests that have wracked the city. US traders sent the Dow above 28,000 for the first time on Friday after top White House officials played up the progress of negotiations with Beijing. Donald […]

Asian markets boosted by fresh China-US trade optimism

HONG KONG, China (AFP) — Asian markets rose Friday as trade hopes were given a boost by Donald Trump’s economic aide saying “enormous progress” had been made in talks with China, easing recent concerns that they were stumbling. Hong Kong enjoyed a much-needed leg-up after a bruising week but sentiment remained fragile after the city endured another night of violent protest, with the transport network partially shut down and many businesses closed for the fifth […]