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Adani Group’s ambitious share sale exceeded its subscription targets Tuesday in a relief for the Indian conglomerate, which is reeling from allegations of “brazen” corporate fraud that wiped more than $65 billion off its value. The success of India’s biggest follow-on public offer (FPO) is the first reprieve in a horror week for the sprawling business empire of Gautam Adani — still Asia’s richest man despite a bruising $36 billion hit to his personal […]
Singapore, Singapore (AFP) A Malaysian businessman convicted of masterminding a stock scam that wiped US$5.8 billion off Singapore’s exchange was sentenced on Wednesday to 36 years in jail by a court in the city-state. John Soh Chee Wen orchestrated the scheme, according to court documents, and his accomplice, Singaporean Quah Su-Ling, was also given a 20-year jail term. Both were convicted in May of using more than 180 trading accounts to inflate the share prices […]
Beijing, China | AFP | Five major Chinese companies including two of the country’s largest oil producers will delist from the New York Stock Exchange, the firms said in filings on Friday. Sinopec and PetroChina — two of the world’s biggest energy firms — will apply for “voluntary delisting” of their American depositary shares, the companies said in separate statements. The Aluminum Corporation of China, also known as Chalco, as well as China Life Insurance […]
NEW YORK, United States (AFP) — Wall Street stocks ended lower again Thursday as markets weighed better employment data against uncertainty over US monetary policy and President Joe Biden’s infrastructure package. US jobless claims dropped for a second straight week, hitting a new pandemic low and getting closer to their level before Covid-19 broke out. Meanwhile, the European Central Bank (ECB) said it would slow the pace of its massive monthly bond purchases and lifted […]
NEW YORK, United States (AFP) — Global stocks powered higher Tuesday as strong US retail sales data bolstered confidence in the economic recovery, even as China further tightened restrictions to try to limit a fresh coronavirus outbreak in Beijing. Major indices in Europe and the United States gained following a surprisingly big rebound in retail sales in May, which came after an April marred by widespread coronavirus shutdowns. Analysts also pointed to a boost from […]
NEW YORK, United States (AFP) — Global stocks mostly rose Tuesday as markets embraced better coronavirus case counts in some hotspots, while oil prices slumped amid skepticism over an historic agreement by petroleum producers. Major US indices gained more than two percent, the latest positive day for stocks since officials in New York and some other hotspots pointed to progress in cutting the number of new coronavirus cases. Some countries, including Italy and Austria, have […]
HONG KONG, China (AFP) — Asian markets rebounded on Tuesday spurred by fresh Wall Street records but investors remained jittery about the global economic impact of the coronavirus outbreak in China. Eyes are on China as the world’s second-largest economy sputters back up after a forced extension to the Lunar New Year holiday because of the outbreak, which has killed more than 1,000 people and disrupted major global supply chains. After a nervous start to […]
NEW YORK, United States (AFP) — Major US stock indices finished at fresh records Monday, shrugging off worries about the coronavirus that pressured other equity markets and drove oil prices lower. As the outbreak continued, Chinese President Xi Jinping donned a face mask while visiting medical workers and patients affected by the deadly coronavirus that has killed more than 900 people. Although parts of China remain shut down, roads in Beijing and the financial hub […]
NEW YORK, United States (AFP) — Global stocks were range-bound on Tuesday while the yuan advanced against the dollar after Washington said it no longer considered China a currency manipulator and tensions eased between the economic titans. New York was also rattled by news reports on Tuesday that US President Donald Trump intended to keep most punitive US tariffs on Chinese imports until after the 2020 presidential election. US stocks finished lower, pulling back from […]
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 […]
by John BIERS NEW YORK, United States (AFP) — Wall Street stocks rallied Wednesday following upbeat comments from Donald Trump on China trade talks, while US investors largely shrugged off the just-announced impeachment investigation of the US president. Among other markets, the British pound retreated on Brexit uncertainty, while oil prices fell after a report showed higher US oil inventories. Trump’s strident remarks on China at the United Nations had been among the factors that […]
NEW YORK, United States (AFP) — Stocks floated higher on Thursday, lifted by positive sentiment surrounding the US-China trade war, while the pound steadied after a Brexit-fueled slump. China’s Commerce Ministry hinted Beijing could break the cycle of tit-for-tat retaliation in the trade war with the United States, while in Washington US President Donald Trump said the two sides continued to talk. Hope the countries could avoid catastrophe sent Wall Street higher for a second […]
