Author Archives
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Debt pile of China’s Evergrande Group poses systemic risk to China’s social and economic fabric
Over burdened with a pile of debt, China’s second biggest property developer, Evergrande Group, is desperate for government support for a restructuring plan that has been waiting for four years, and has warned that it faces a cash crunch that… Read More ›
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World Bank’s International Finance Corporation adopts climate change specific financing, aims to reduce financing for coal to zero by 2030
In a significant development, the World Bank’s private-sector arm has introduced new climate change specific conditions, which encourages commercial banks and other financial lenders to wind down support for coal projects in Asia and Africa. The International Finance Corporation (IFC),… Read More ›
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Chinese state investors want to privatize BMW’s Chinese JV partner Brilliance China Automotive Holdings Ltd
Chinese state-backed investors are weighing options, which includes taking BMW’s main Chinese joint-venture partner Brilliance private, said five sources with knowledge of the matter at hand. The development is the latest in such deals aimed at uplifting down-beaten Hong Kong-listed… Read More ›
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Gilead Science settles DoJ probe over U.S. kickbacks for Medicare patients with $97M
In a statement, the U.S. Department of Justice stated, Gilead Sciences Inc has agreed to settle allegations that it improperly used the Caring Voice Coalition as a conduit to cover thousands of patients’ co-payment obligations and has agreed to pay… Read More ›
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United Airlines will avail U.S. Treasury loans: CEO
During a news conference on Capitol Hill, Scott Kirby, the CEO of United Airlines stated, the airlines intends to avail U.S. Treasury loans, which have been available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Speaking to the… Read More ›
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Online prescription drug platform GoodRx sell shares above IPO target range
According to a source familiar with the matter at hand, GoodRx Holdings Inc has priced its initial public offering (IPO) at $33 per share, above its target range. The U.S.-based online prescription drug platform had planned to sell 34.6 million… Read More ›
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Huawei cuts investments and jobs in Australia
In a statement embattled Chinese telecom network maker Huawei Technologies Co Ltd said, it will be cutting more staff from its Australian operations midst strained relations between Canberra and Beijing. Huawei will also trim its investments in the country. In… Read More ›
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France’s Societe Generale to divest stake in asset management arm Lyxor: sources
According to two sources familiar with the matter at hand, Societe Generale is gearing up to launch the sale of its asset management arm Lyxor with the French lender aiming to shore up its finances following two consecutive quarterly losses…. Read More ›
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China’s Guolian Securities Co acquires Sinolink Securities for undisclosed sum
In a move that marks the acceleration of consolidation in Chinese brokerage firms, China’s Guolian Securities Co said it will acquire Sinolink Securities Co through a share swap and stake purchase. The development comes at a time when financial conglomerates… Read More ›
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U.S. auto parts maker Garrett Motion Inc files for Chapter 11 bankruptcy
In a statement, U.S. auto parts maker Garrett Motion Inc said, it has filed for Chapter 11 bankruptcy protection, as its struggles with its heavy debt due to a payment settlement dispute with its former parent Honeywell International Inc. In… Read More ›
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