Category: Business

SoftBank to borrow $4.5 billion pledging domestic telco’s shares

SoftBank Group Corp (9984.T) said on Wednesday it plans to borrow up to 500 billion yen ($4.5 billion) from 16 domestic and foreign financial institutions using almost a third of its stake in telco SoftBank Corp (9434.T) as collateral. The loan, which a company spokeswoman said will be used to boost the group’s cash on […]

China’s virus-hit industrial cities start to ease curbs, restore production

Big manufacturing hubs on the Chinese coast are starting to loosen curbs on the movement of people and traffic while local governments prod factories to restart production, following weeks of stoppages due to the coronavirus outbreak. In their early efforts to contain the virus, authorities extended a week-long Lunar New Year holiday in late January […]

Oil up more than 2% on slowing coronavirus cases, U.S. move on Venezuela

Brent crude LCOc1 settled at $59.12 a barrel, rising $1.37, or 2.4%. U.S. oil CLc1 settled at $53.29, gaining $1.24, or 2.4%. Official data showed new coronavirus cases in China fell for a second day, although the World Health Organization said there was not enough data to know if the epidemic was being contained. Wall […]

GFG Alliance to invest 2 billion euros in European steel operations

The investment is a leap of faith in a sector that is grappling with issues of over-supply and falling demand, expected to be made worse by the impact of the coronavirus. But it is also under pressure from investors worried about climate change when steel is responsible for an estimated 7% of all greenhouse gas […]

Germany faces sluggish growth in 2020: DIHK

Germany’s DIHK Chambers of Industry and Commerce said on Wednesday it expected Europe’s largest economy to grow by 0.7% this year, up slightly from 0.6% in 2019, with export growth stagnant in the face of trade conflicts and Brexit. A large part of the expected growth is due to four additional working days this year, […]

CLSA counters Jefferies’ bold forum move with revamped conference

Hong Kong-based broker CLSA has countered an audacious bid by rival Jefferies Group to commandeer its famous annual forum space with a revamped conference of its own that promises access to China’s movers and shakers. Earlier this month Jefferies [JGLL.UL], part of Jefferies Financial Group (JEF.N), announced plans to host a new, week-long investor “forum” […]

HSBC eyes $600 million in losses if Coronavirus persists

HSBC could be forced to take $600 million in additional provisions against loan losses if the Coronavirus outbreak persists into the second half of this year, Chief Financial Officer Ewan Stevenson said on Tuesday. He said HSBC has modelled several scenarios for the impact of the virus on its business, and in the more extreme […]