On Monday SoftBank Group Corp stated, it will repurchase up to $1.9 billion (200 billion yen) of its domestic unsecured corporate bonds, from June 30 to July 17, as part of a plan to pare down its debt. SoftBank’s CEO… Read More ›
Entrepreneurship
Profits drop by 50% at China’s state-owned firms during Jan to May period: Finance Ministry
On Monday, in a statement China’s Finance Ministry said, profits of its state-owned firms fell by 52.7% year on year for the period of January 2020 to May 2020, to $93.67 billion (663.1 billion yuan). ($1 = 7.0794 yuan)
U.S. Shale giant Chesapeake Energy Corp files for Chapter 11 bankruptcy protection
In a development that marks the biggest U.S. oil and gas producer seeking bankruptcy protection following heavy debts whose effects were compounded by the Wuhan coronavirus, Chesapeake Energy Corp has filed for Chapter 11 bankruptcy protection bringing an end to… Read More ›
Bipartisan bill punishing China over draconian Hong Kong security law sails through U.S. Senate
In yet another significant development, the U.S. Senate has passed a bipartisan bill that imposes mandatory sanctions on companies and people that back China’s effort to restrict Hong Kong’s autonomy. The bill also includes secondary sanctions on banks that do… Read More ›
Novartis settles criminal and civil charges, agrees to pay $346M fine: DoJ
In a statement, the U.S. Department of Justice stated, Novartis AG along with Novartis Hellas, a Greece-based unit of the Swiss drugmaker, has entered a deferred prosecution agreement wherein it has agreed to pay $225 million as a criminal fine…. Read More ›
UAE and Israeli companies to work together to fight coronavirus pandemic
According to a report from WAM, UAE’s state-run news agency, two private companies from the country will collaborate with two Israeli companies on medical projects. The collaboration will include creating drugs to combat coronavirus which emerged from Wuhan, China. The… Read More ›
Major U.S. airlines to hold White House meeting today
According to three sources briefed on the matter at hand, th CEOs of major U.S. airlines are set to hold a meeting later today at the White House to convince the federal government to mandate temperature checks for passengers. The… Read More ›
Huawei and Hikvisionare among 20 Chinese companies owned / controlled by Chinese military: DoD
Basing itself on documentary evidence, the U.S. administration has come to the conclusion that Huawei Technologies and Hikvisionare either owned or controlled by the Chinese military. The determination lays the groundwork for further U.S. financial sanctions on the duo. Confirming… Read More ›
U.S. President Donald Trump signs memorandum to protect lobster industry, vows tariffs on China
In a development that could add more barbs to the ever increasing U.S.-China trade tensions, U.S. President Donald Trump has signed a memorandum aimed at protecting American lobster fishermen who have found export markets drying up. “If those purchase commitments… Read More ›
SoftBank plans on selling T-Mobile US Inc at $103 per share
According to a source familiar with the matter at hand, SoftBank Group Corp is set to sell a portion of its stake in U.S. wireless carrier T-Mobile US Inc at $103 per share to raise $13.76 billion. On Monday, SoftBank… Read More ›
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