May, 2018

• 5 May

  Flipkart board approves selling 75% stake to Walmart for $15bn

  

  Bloomberg The board of Flipkart Online Services Pvt has approved an agreement to sell about 75 percent of the company to a Walmart Inc.-led group for approximately $15 billion, according to people familiar with the matter, an enormous bet by the American retailer on international expansion. Under the proposed deal, SoftBank Group Corp. will sell all of the 20-plus percent ...

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• 5 May

  Toyota bets $1.1bn on SUVs in Canada with Trudeau help

  

  Bloomberg Toyota Motor Corp. is investing C$1.4 billion ($1.1 billion) in its Canadian operations to build traditional and hybrid RAV4 sport utility vehicles, banking on the nation’s manufacturing sector amid a cloud of uncertainty from Nafta talks. The Japanese automaker’s Canadian unit made the announcement at its plant in Cambridge, Ontario, alongside Prime Minister Justin Trudeau and Ontario Premier Kathleen ...

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• 5 May

  Shares gift to family helps wipe $2.6 billion off PC Jeweller value

  

  Bloomberg An Indian jeweller that saw its market worth reach $3.6 billion at the start of the year is now floundering at about a quarter of that value after one of its founders gifted some shares to family members, raising concern about the company’s governance. PC Jeweller Ltd. slumped about 40 percent in the past week after the company said ...

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• 5 May

  Ant Financial profit up 65% ahead of ‘IPO’

  Bloomberg Ant Financial, the Chinese online finance behemoth that’s expected to seek an initial public offering, posted a 65 percent jump in profit in fiscal 2018 as it expanded its footprint in wealth management, consumer lending and overseas markets. The company controlled by Alibaba Group Holding Ltd.’s billionaire co-founder Jack Ma posted $1.4 billion in pretax profit in the year ...

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• 5 May

  Hong Kong sees weakest technology IPO since 2014

  

  Bloomberg Frenzied demand for Ping An Healthcare and Technology Co.’s initial public offering failed to translate into a strong debut. The company, known as Good Doctor, closed unchanged in the worst first-day performance by a technology company on the city’s main board since October 2014. That’s after the company drew HK$373 billion ($47.5 billion) of retail money for a $1.1 ...

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• 5 May

  Costly lessons for leaders eyeing China’s Belt-and-Road billions

  

  Bloomberg In the middle of a brand-new four-lane highway cutting through southern Sri Lanka’s jungle, Vijitha Gamage and his family left large piles of freshly harvested rice paddy to dry on the baking asphalt. They didn’t need to dodge traffic. On a recent afternoon, the barely used highway built with Chinese money through a rural stretch of the island nation ...

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• 5 May

  US-China trade talks end in discord

  

  Bloomberg Two days of US-China trade discussions ended in Beijing with an agreement to keep on talking, and little else. China’s official Xinhua News Agency reported that both sides reached a consensus on some trade issues while acknowledging major disagreements on some matters. It said they would continue discussions, without providing specifics for when they would start again. Neither side ...

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• 5 May

  CBS, Viacom gain over hopes of merger deal

  Bloomberg Shares of CBS Corp. and Viacom Inc. surged on speculation that a long-awaited merger between the two companies may finally be close. CBS Chief Executive Officer Leslie Moonves helped kick off the rally with stronger-than-expected results, signaling that his management team should stay in control in the event of a Viacom deal. The upswing gained additional momentum afternoon, when ...

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• 5 May

  EU mulls settling US metal levies row with quotas

  

  Bloomberg The European Union is leaving open the option of a settlement with President Donald Trump over his controversial metal tariffs on the basis of US import quotas, according to officials from the bloc. An EU condition for such a deal would be that any US limits on steel and aluminum from the 28-nation bloc be set at levels no ...

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• 5 May

  Apple shares hit record after Buffett increases investment

  Bloomberg Apple Inc. shares hit a record after Warren Buffett told CNBC he bought an additional 75 million shares of the iPhone maker in the first quarter. The Apple purchase, costing between $11 billion and $14 billion, adds to the almost 170 million shares that Buffett-run Berkshire Hathaway Inc. owned at the end of 2017, when it was already his ...

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