Category: Business

EXCLUSIVE Ping An seeks to sell $2.1 bln stake in Autohome

Financial conglomerate Ping An Insurance Group of China (601318.SS) is seeking to offload its 44% stake in auto services portal Autohome (2518.HK), three people familiar with the situation said. Ping An, which is currently the biggest shareholder of Beijing-based Autohome via an offshore entity, has held talks with several strategic and private equity investors for […]

Japan’s SBI to weigh Shinsei majority stake if tender offer succeeds

SBI Holdings Inc (8473.T) on Friday said it would consider taking a majority stake in Shinsei Bank Ltd (8303.T) if it succeeds in its $1.1 billion tender offer to raise its stake in the mid-sized lender to 48% from about 20%. However, SBI will retract its offer if Shinsei Bank pursues a poison pill defence, […]

Hangzhou latest Chinese city to pledge land for affordable rental homes

China’s eastern city of Hangzhou, known for its high cost of living, has pledged to allocate at least 10% of new residential land for affordable rental housing each year, joining Guangzhou and Shenzhen to meet rising demand as their populations grow. China has stepped up efforts to address housing issues faced by young people particularly […]

Alibaba’s Singles Day sales grow just 8.5%, slowest pace ever

Alibaba Group Holding Ltd (9988.HK) said on Friday that sales during its annual Singles’ Day shopping frenzy grew 8.5%, the slowest rate ever, underscoring strong regulatory and supply chain headwinds for China’s tech firms. The Chinese e-commerce juggernaut said sales, or “gross merchandise value” (GMV), over its 11-day Singles’ Day event that ended on Thursday […]

Momentum grows for green hydrogen projects in Tasmania

Woodside Petroleum (WPL.AX) said on Friday it has acquired land for a proposed hydrogen plant in Tasmania, one of three proposed hydrogen projects the island state is promoting to take advantage of its abundant hydropower and wind power. The aim is to use the available renewable energy to power electrolysers to split water and produce […]

Lawsuit over Subway tuna now says chicken, pork, cattle DNA were detected

A new version of a lawsuit accusing Subway of deceiving the public about its tuna products said lab testing shows they contain animal proteins such as chicken, pork and cattle, and not the advertised “100% tuna.” Karen Dhanowa and Nilima Amin filed a third version of their proposed class action this week in the federal […]

Toyota says it will start making up for lost production in December

Toyota Motor Corp (7203.T), the world’s top-selling automaker, said on Friday it would begin making up for production lost from supply shortages in December, with factories at home in Japan returning to normal for the first time in seven months. Toyota said it plans to produce about 800,000 vehicles globally in December, up from about […]