Business News

Alibaba suffers rare ‘down round’ investment as Babytree’s HK IPO prices low: sources

HONG KONG (Reuters) – China’s Babytree Group, a parenting website operator, has priced its Hong Kong IPO at the bottom of a marketing range, people close to the deal said, reducing its valuation and implying a ‘down round’ for investor Alibaba Group Holding Ltd (BABA.N). Babytree will sell shares in the initial public offering (IPO) at HK$6.80 each – the low end of a range that reached HK$8.80 – to...

21 Nov 9:29 AM 0 Read More...

EU should copy U.S. laws to prevent money laundering scandals: whistleblower’s lawyer

COPENHAGEN (Reuters) – The European Union should harmonize whistleblower protection with the United States to avoid major money laundering scandals like the one in which Danske Bank (DANSKE.CO) is embroiled, the lawyer for the main whistleblower in the case said on Wednesday. In the widening scandal, authorities in Denmark, Estonia, Britain and the United States are investigating payments totaling 200 billio...

21 Nov 9:29 AM 0 Read More...

EU should copy U.S. laws to prevent money laundering scandals: whistleblower's lawyer

COPENHAGEN (Reuters) - The European Union should harmonize whistleblower protection with the United States to avoid major money laundering scandals like the one in which Danske Bank (DANSKE.CO) is embroiled, the lawyer for the main whistleblower in the case said on Wednesday. In the widening scandal, authorities in Denmark, Estonia, Britain and the United States are investigating payments totaling 200 billion euros (...

21 Nov 7:14 AM 0 Read More...

Harvesting in a trade war: U.S. crops rot as storage costs soar

(Reuters) - U.S. farmers finishing their harvests are facing a big problem - where to put the mountain of grain they cannot sell to Chinese buyers. For Louisiana farmer Richard Fontenot and his neighbors, the solution was a costly one: Let the crops rot. Fontenot plowed under 1,000 of his 1,700 soybean acres this fall, chopping plants into the dirt instead of harvesting more than $300,000 worth of beans. His beans we...

21 Nov 7:14 AM 0 Read More...

Holiday wish list: U.S. states count on extra online sales tax to boost budget

NEW YORK (Reuters) - Illinois, the U.S. state with the lowest credit rating on Wall Street, has often been chastised for using gimmicks to balance its budget. Take, for instance, its overly optimistic assumptions about savings, such as a voluntary pension benefit buyout that retirement systems have yet to actually start. For fiscal 2019, which began July 1, Illinois is counting on an additional $150 million from exp...

21 Nov 7:14 AM 0 Read More...

Japan says ready to work for stability of Nissan-Renault alliance

TOKYO (Reuters) - Japan said on Wednesday it is ready to work for the stability of the Nissan-Renault global alliance following the stunning arrest of common Chairman Carlos Ghosn, as the Asahi newspaper reported prosecutors are weighing bringing a case against the Japanese automaker. Nissan Motor Co has portrayed itself as a victim of Ghosn, one of the global car industry’s best-known leaders, who it accused...

21 Nov 7:14 AM 0 Read More...

Asia stocks slip as growth worries grip global markets

TOKYO (Reuters) - Asian stocks slipped on Wednesday as intensifying concerns about global economic growth gripped financial markets, sending Wall Street shares tumbling and driving the safe haven dollar up from a two-week low. Spreadbetters expected European stocks to open slightly higher on bargain hunting after several days of losses, with Britain’s FTSE edging up 0.15 percent, Germany’s DAX gaining 0.3 percent...

21 Nov 7:14 AM 0 Read More...

Crunch time for Tencent Music’s 2018 $2 billion IPO hopes

HONG KONG (Reuters) – Tencent Music Entertainment (TME) – China’s answer to Spotify (SPOT.N) – is facing crunch time on its hotly anticipated U.S. $2 billion mega IPO this year. The streaming music giant, which has more than 800 million monthly users, had initially pencilled in an October launch for a U.S. initial public offering (IPO) of up to $2 billion, but decided last month to delay until November...

21 Nov 4:24 AM 0 Read More...

Renault names Ghosn stand-ins amid tension over Nissan probe

PARIS/TOKYO (Reuters) - French carmaker Renault tapped its chief operating officer and a senior board member to fill in for embattled boss Carlos Ghosn, after an investigation by alliance partner Nissan led to his arrest on suspicion of financial misconduct. Thierry Bollore, Ghosn’s operational second-in-command, will become deputy chief executive, while lead independent director Philippe Lagayette assumes the func...

21 Nov 2:09 AM 0 Read More...

NASA to review workplace safety culture at SpaceX, Boeing

(Reuters) - U.S. space agency NASA said on Tuesday it would review the workplace safety culture at SpaceX and Boeing Co, as the two companies gear up to fly astronauts to the International Space Station. The National Aeronautics and Space Administration said it would conduct a “cultural assessment study” of the companies, “including the adherence to a drug-free environment,” prior to crew test flights schedul...

21 Nov 2:09 AM 0 Read More...