October, 2019

• 23 October

  Merkel’s successor splits coalition with Syria plan

  

  Bloomberg Chancellor Angela Merkel’s designated successor is causing trouble in Berlin with her efforts to assert authority. Annegret Kramp-Karrenbauer has been undermined by a series of errors since she was chosen to follow Merkel as leader of the Christian Democratic Union last year. Just two months after also taking the job as defense minister, she sprang a proposal for an ...

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• 23 October

  Indian tech firm flirts with crisis after whistle-blowers attack CEO

  

  Bloomberg The dust had barely settled at Infosys Ltd when Asia’s No. 2 software services firm once more found itself grappling with a potential leadership crisis. For the second time in about as many years, the Indian icon synonymous with the country’s technological ascendancy is being forced to answer accusations of impropriety. In the most recent of a stream of ...

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• 23 October

  JSW beats estimate on one-time tax gain

  

  Bloomberg JSW Steel Ltd’s quarterly profit rose 20% from a year earlier as India’s most valuable steelmaker benefited from a one-off tax gain and boosted exports to offset a slowdown in domestic demand. Group net income at the Sajjan Jindal owned mill climbed to 25.6 billion rupees ($361 million) in the July to September quarter, it said on Wednesday in ...

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• 23 October

  Singapore growth to remain weak amid global risks: IMF

  

  Bloomberg Singapore’s economic growth will likely remain weak, weighed down by subdued global demand and a downturn in the electronics cycle, according to the International Monetary Fund (IMF). Across the region, uncertainty about US-China trade tensions and oil prices remain the biggest risks, Jonathan Ostry, deputy director of the Asia Pacific department, said at a joint conference hosted by the ...

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• 23 October

  Wild Hong Kong IPO turns 188% gain to instant loss

  Bloomberg Investors in a snack maker’s initial public offering in Hong Kong were sitting on losses just minutes after watching the shares almost triple. Shares in Singapore-based Snack Empire Holdings Ltd surged as high as 188% on their debut on Wednesday, before sinking into the red 45 minutes later. The retail portion of the $16.6 million IPO was almost 14 ...

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• 23 October

  Tencent shares risk losing support level dangerously as losses accelerate

  

  Bloomberg Tencent Holdings Ltd’s shares are dangerously close to losing a key support level. The biggest stock in Asia fell 2.3% in Hong Kong despite no immediately apparent trigger. Theories circulating round some trading floors included souring sentiment from investors in China, as well as concern that Tencent’s decision to air National Basketball Association (NBA) games may backfire. The stock ...

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• 23 October

  Chinese buyers return to market for US soy

  

  Bloomberg Chinese buyers are back in the market for American soybeans after crushers in the Asian nation were granted a new round of tariff waivers, according to people familiar with the matter. Soybean processors in China were granted permission to buy another 10 million metric tons of US supplies without retaliatory duties, said the people, who asked not to be ...

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• 23 October

  Oil falls amid swelling stockpiles

  

  Bloomberg Oil fell as Russia sounded a cautious note on whether Opec and its partners may cut production further, while industry data showed US crude inventories were expanding. Futures fell as much as 1.3% in New York, erasing some of Tuesday’s gains as Russia’s Energy Minister Alexander Novak said no countries in the Opec+ coalition had proposed changing the current ...

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• 23 October

  Ghana loses $190m grant after canceling power deal with PDS

  Bloomberg Ghana will no longer have access to $190 million in grants from the Millennium Challenge Corp. after terminating a private consortium’s contract to operate the country’s electricity distribution network. Ghana annulled agreement reached under US agency’s aid program as it questioned legitimacy of payment guarantees supplied by Power Distribution Services Ltd. to secure assets of Electricity Co. of Ghana ...

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• 23 October

  Peugeot maker weathers auto industry slump in Q3

  

  Bloomberg The maker of Peugeot cars weathered a slump in the auto industry in the third quarter, helped by demand for popular models like the Peugeot 508 and Citroen C5 Aircross. PSA Group’s revenue grew 1% from a year earlier, the French company said on Wednesday, just ahead of the average estimate of analysts. Automotive revenue was stable. The carmaker, ...

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