Date
19 January 2020

Business

  • The proposal values WeWork China at around US$1 billion. Photo: Reuters

    Temasek, Trustbridge eye majority stake in WeWork China: report

    Jan 17, 2020 12:01pm
    Temasek Holdings and Trustbridge Partners have held talks with WeWork China over increasing their stake in the China branch of the troubled co-working startup to take majority ownership, three people familiar with the matter told Reuters....
  • The Peacock, NBC’s longtime logo, stands outside the NBC headquarters at the Rockefeller Center in New York City on Thursday. Photo: Reuters

    Comcast set to launch Peacock streaming service

    Jan 17, 2020 11:55am
    NBCUniversal’s new Peacock streaming service will offer free and US$5-per-month options with advertising to try to win customers for its belated entry into the online video wars, the company announced on Thursday. NBCUniversal parent Comcast Corp....
  • The lawsuit accuses Facebook of inappropriately revoking developer access to its platform in order to harm prospective competitors. Photo: Bloomberg

    Facebook sued in US federal court over anti-competitive conduct

    Jan 17, 2020 11:27am
    Four companies sued Facebook Inc. in US federal court for alleged anti-competitive conduct, saying the social network inappropriately revoked developer access to its platform in order to harm prospective competitors, Reuters reports. The plaintiffs sought class-action...
  • Real estate investment in China grew 9.9 percent last year from the year-earlier period, outpacing a 9.5 percent gain in 2018. Photo: CNSA

    China property investment grows at solid pace

    Jan 17, 2020 11:21am
    China’s property investment hit a two-year low in December even as it grew at a solid pace in 2019, adding to recent signs of a slackening in the sector, Reuters reports. Real estate investment, which mainly...
  • The South Korean state bet on several family-based conglomerates, known as chaebol, to develop the country’s automotive industry. Photo: Bloomberg

    How developing countries create industrial champions

    For many firms in emerging and developing economies, emulating the success of the likes of Samsung and Hyundai may seem like an impossible dream. But the rapid economic growth of Japan, South Korea, and other Asian...
  • India's economy could easily achieve annual growth in the range of 8 to 10 percent if the government adopts the right mix of growth-enhancing reforms, says the author. Photo: AFP

    Has the world economy reached peak growth?

    - Jan 17, 2020 11:04am
    At the start of a new decade, many commentators are understandably focused on the health of the global economy. Gross domestic product growth this decade most likely will be lower than during the teens, barring a...
  • China's gross domestic product rose 6.1 percent last year, the slowest annual rate of expansion it has seen since 1990. Photo: Reuters

    China posts weakest growth in 29 years amid trade tensions

    Jan 17, 2020 11:02am
    China’s economic growth slowed to its weakest in nearly 30 years in 2019 amid a bruising trade war with the United States and sputtering investment, and more stimulus steps are expected this year to help avert...
  • A file picture shows Google's closing price displayed on a marquee in Times Square, New York on the first day of public trading for the company on Aug 19, 2004. Photo: Bloomberg.

    Google parent Alphabet tops US$1 trillion market cap

    Jan 17, 2020 10:13am
    Google’s parent Alphabet became the fourth US company to top a market value of more than US$1 trillion, joining a lofty club that includes Microsoft, Amazon and Apple. Alphabet entered the trillion-dollar league as its shares closed...
  • Microsoft plans to create a Climate Innovation Fund, which will invest US$1 billion over the next four years to speed up the development of carbon removal technology. Photo: Reuters

    Microsoft vows to erase its carbon footprint in climate push

    Jan 17, 2020 9:57am
    Microsoft Corp. has set a new ambition among Fortune 500 companies in addressing climate change, pledging to remove as much carbon as it has emitted in its 45-year history, Reuters reports. The focus on clearing carbon...
  • The trade agreement includes tougher rules on labor and automotive content. Photo: Reuters

    US Senate passes North America trade deal

    Jan 17, 2020 8:19am
    The US Senate approved a revamp of the 26-year-old North American Free Trade Agreement that includes tougher rules on labor and automotive content but leaves US$1.2 trillion in annual US-Mexico-Canada trade flows largely unchanged.  The legislation...
  • The People's Bank of China has cut the reserve requirement ratio eight times since early 2018 to help shore up the cooling economy. Photo: Bloomberg

    Room limited for further RRR cuts, says PBoC official

    Jan 16, 2020 4:33pm
    China’s reserve requirement ratio (RRR) is at an appropriate level and there is limited room for further cuts, a central bank official said on Thursday. China will make timely adjustments to benchmark deposit rates, and should...
  • US soybean suppliers will continue to face stiff competition for sales to China from a likely record-large Brazilian crop. Photo: Reuters

    China says pledge on US farm goods based on ‘market conditions’

    Jan 16, 2020 2:42pm
    China’s pledge to buy US farm goods based on “market conditions” during the Phase 1 trade deal signing ceremony on Wednesday added to doubts among farmers and commodity traders over Beijing’s lingering tariffs on US exports....
  • The deal aims to address a number of long-standing US complaints regarding investment barriers to China’s financial sector. Photo: AFP

    Trade deal promises to improve access to China financial sector

    Jan 16, 2020 2:35pm
    The long-awaited US-China trade deal touted new wins for US companies looking to access China’s US$40 trillion financial sector, but many of the changes were already in the works with Beijing stepping up the pace of...
  • Junichiro Hironaka, lead lawyer of ousted Nissan chairman Carlos Ghosn, said everyone involved in the case at his practice has resigned. Photo: Reuters

    Ghosn’s Japanese lawyers quit

    Jan 16, 2020 1:42pm
    Japanese attorneys representing Carlos Ghosn, including lead lawyer Junichiro Hironaka, quit on Thursday following the former Nissan chief’s flight to Lebanon from Japan, where he had been fighting financial misconduct charges, Reuters reports. In an emailed...
  • Amazon founder Jeff Bezos attends a company event in New Delhi on Wednesday. Photo: Reuters

    Amazon offers US$1 billion to help small businesses in India

    Jan 16, 2020 12:09pm
    Amazon.com Inc.’s chief executive Jeff Bezos said his company will invest US$1 billion to bring small businesses online in India, reaching out to some of his fiercest critics in a goodwill visit, Reuters reports. Amazon and...
  • Many analysts are forecasting a further slowdown in China's property market this year. Photo: Reuters

    China home prices grow at slowest pace in 17 months

    Jan 16, 2020 11:56am
    China’s new home prices grew at their weakest pace in 17 months in December, with broader curbs on the sector continuing to cool the market, Reuters reports. Average new home prices in China’s 70 major cities...
  • The railway project will link Xining, capital city of northwestern Qinghai province, and Chengdu, capital city of southwestern Sichuan province. Photo: Xinhua

    China approves US$11.8 billion Xining-Chengdu railway project

    Jan 16, 2020 11:31am
    China’s state planner said on Thursday it has approved a railway project with a total investment of 81.49 billion yuan ($11.84 billion), Reuters reports. The railway project will link Xining, capital city of northwestern Qinghai province,...
  • ZTE plans to issue 381.098 million A shares to independent third-party investors. Photo: AFP

    ZTE plans to raise US$1.7 billion from A-share sale for 5G push

    Jan 16, 2020 10:48am
    ZTE Corp. (00763.HK, 000063.CN) said it was looking to raise 11.51 billion yuan (US$1.7 billion) from a private placement of A shares and use the proceeds for research and development (R&D) of 5G networks as well...
  • Bank of America expects net interest income to decline through the first half of 2020 before picking up. Photo: Bloomberg

    Bank of America quarterly profit falls 4% on lower rates

    Jan 16, 2020 10:04am
    Bank of America reported a 4 percent decline in profit for the fourth quarter, a result attributed to lower interest rates that crimped the net interest income. The earnings — at nearly US$6.8 billion — were...
  • BlackRock has benefited from a rally in global equity markets and strong inflows across business segments. Photo: Bloomberg

    BlackRock profit beats estimates as assets top US$7 trillion

    Jan 16, 2020 9:40am
    BlackRock Inc., the world’s largest asset manager, beat analysts’ estimates for quarterly profit on Wednesday, helped by strong flows into its exchange-traded fund business that boosted overall assets under management to a record US$7.43 trillion, Reuters...