HSBC has decided to buy out its joint venture partner in China’s fund management business as the Asia-focused bank continues to grow in the second-largest economy in the world, according to a report by Reuters quoting information from sources. According to the sources, HSBC and Shanxi Trust have signed a contract under which the Chinese…
On Saturday, Warren Buffett’s Berkshire Hathaway Inc reported a $35.5 billion first-quarter profit, including gains from stocks such as Apple Inc, as well as greater investment income and a resurgence at car insurer Geico. Berkshire also increased its stock repurchases by $4.4 billion, while reducing its holdings in other equities such as Chevron Corp, which…
Singapore state investor Temasek Holdings is considering investing $100 million in Indian jewellers BlueStone for a 20% share, claimed a report by the news agency Reuters citing information from two sources with direct knowledge of the matter. According to one of the people, who declined to be identified because the topic is private, the investment…
UBS is considering options for Credit Suisse’s Swiss bank, including potentially preserving the unit’s investment banking activities while selling the remainder, said a report from Reuters quoting information from According to people who spoke on the condition of anonymity, UBS is considering selling Credit Suisse’s Swiss banking sector in an initial public offering (IPO) after…
Kellogg Co has a steady supply of a critical component used in its Pop Tarts breakfast pastries that it sources from war-torn Sudan, according to CEO Steve Cahillane in an interview with Reuters on Thursday. Cahillane stated that the US food maker saw no risk to its “safety stock” of the binding ingredient gum arabic…
Since it would take longer for the smartphone industry to use up excess chips before new orders started coming in, Qualcomm Inc. predicted third-quarter revenue and profit would be lower than Wall Street expectations. After the chip designer said its forecast also took into account macroeconomic headwinds and weaker global sales of handsets, shares of…
The CEO of Go Airlines (India) said that the company’s owner had no intentions to sell the budget airline after engine problems led it into bankruptcy. Frustrated passengers had been complaining about sudden flight cancellations. On Tuesday, the third-largest airline in India, which had just changed its name to Go First, filed for bankruptcy, citing…
Starbucks Corp. exceeded Wall Street projections for quarterly profits on Tuesday because to a rapid improvement in operations in China, but shares plummeted in after-hours trading by around 6% after the company decided not to raise its 2023 guidance. Since the majority of China’s COVID-19 restrictions have been lifted, consumer mobility and spending in the…
The chipmaker Advanced Micro Devices estimated quarterly revenues below projections due to a sluggish PC market on Tuesday, overshadowing the company’s hope that the chip industry would start to recover in the second half of 2023. Sales of PC and data centre chips for the first quarter were again below analyst expectations, and the company’s…
Few bankers and investors could have predicted that regulators would permit the biggest lender in the United States to acquire another bank and grow much larger. Then, on Monday, Jamie Dimon defied all odds to close a deal to acquire First Republic Bank. The CEO of JPMorgan Chase & Co. now anticipates that the sector…
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