News

Bloomberg Saudi International Petrochemical Co. signed a non-binding agreement to acquire Sahara Petrochemical Co. in an all-share deal valued at just over $2 billion. Saudi International Petrochemical Co., or Sipchem, will issue each Sahara shareholder with 0.8356 new Sipchem shares, the companies said in statements on Wednesday. The deal is valued at about $2.2 billion, according to Tuesday’s closing price. ...

Bloomberg Indonesia is weighing proposals to cut the levy on gains from its sovereign bonds and extend tax breaks to exporters who will park their dollar earnings in local banks for a longer period as part of measures to shore up a weakening currency. Lower bond taxes could attract more inflows and help “deepen domestic financial markets,” Robert Pakpahan, director ...

Bloomberg Tencent Music Entertainment Group, the online-music arm of China’s largest social-media company, filed for an initial public offering (IPO) in a continuing surge of US listings by Chinese companies. The music-streaming site listed its offering size as $1 billion in a filing with the US Securities and Exchange Commission. The amount is a placeholder and may change. Tencent Music ...

Bloomberg China ordered one of its top actresses and her associated companies to pay about 884 million yuan ($129 million) in taxes and fines, capping a months-long tax evasion probe that shook the nation’s blossoming entertainment industry. Fan Bingbing was personally fined about $70 million, with the remainder involving back taxes and fines against companies affiliated with the star, reports ...

Bloomberg Zimbabwe’s cabinet agreed to cut government jobs as part of a program to stabilise the economy, the Information Ministry said. The measures will help Finance Minister Mthuli Ncube reduce a state wage bill that the International Monetary Fund estimates consumes more than 90 percent of government revenue. Ncube is implementing a series of reforms to steady an economy impaired ...

Bloomberg Nothing seems to be helping India’s sovereign bond market. The optimism spurred by the government’s decision to cut its borrowing plan proved fleeting as tax collections failed to meet the target for a fifth straight month. Revenue from the goods and services tax, or GST, totaled 944.4 billion rupees ($12.9 billion) in September, falling short of the 1-trillion rupee ...

Bloomberg Comcast Corp sold bonds to finance its $39 billion acquisition of Sky Plc in one of the biggest corporate debt sales ever in the US. The Philadelphia-based cable giant sold $27 billion of unsecured bonds in 12 parts. The longest portion of the offering, a 40-year security, yields 1.75 percentage points above Treasuries, less than an initially discussed range ...

Bloomberg General Electric Co. may have to pay a little more the next time it wants to make payroll. The manufacturing giant lost the near-top credit ratings on its short-term debt. That downgrade will likely force the company to pay more to borrow in at least one credit market, namely the market for bonds known as commercial paper. GE relies ...

Bloomberg Suddenly, a no-deal Brexit is just one of the many unknowns pound traders need to contend with. Now the risk of a second referendum or even another UK election needs to be taken on board by investors. The biggest worry is still that Britain will crash out of the European Union without an economic agreement, with talks deadlocked and ...

Bloomberg Tesla Inc. shares dropped as much as 3.7 percent after the company reported third-quarter delivery and production figures that analysts described as solid, yet firmly within expectations. “Even bears expected an unusually strong third-quarter delivery result given extraordinary measures to produce, sell and deliver units,” according to Morgan Stanley analyst Adam Jonas. Tesla shares closed down 3.1 percent, after ...