Global miner Rio Tinto on Wednesday reported its first-half profit more than doubled from a year earlier following a rebound in iron ore prices and announced an additional $1 billion share buyback. Underlying earnings for the six months to June 30 rose to $3.94 billion from $1.56 billion a year earlier, missing Thomson Reuters analysts’ […]
Read moreCommerzbank swung to a net loss in the second quarter amid weak markets and after booking job-related restructuring charges of about 807 million euros. The 637 million euro net loss at Germany’s second-largest lender after Deutsche Bank was greater than analysts’ expectations for a loss of 584 million euros, according to a Reuters poll of […]
Read moreContinued pain at Societe Generale‘s domestic retail division and a decline in the profitability of its global banking arm during the second quarter was partially mitigated by strong growth in the French lender’s overseas retail banking operations. Here are the highlights from the earnings release: Net income down to 1.06 billion euros ($1.25 billion), slumping […]
Read moreThe Reserve Bank of India was widely expected to cut its main policy rate to the lowest in the more than six years on Wednesday to battle low inflation — a common sticking point for policymakers globally. A Reuters poll found that 40 out of 56 economists expected the RBI to cut its repo rate […]
Read moreChinese peer-to-peer lending platform Dianrong said on Wednesday it raised $220 million from a group of investors led by Singapore sovereign wealth fund GIC, looking to step up research of new technology as it expands across China and explores ventures in other countries in the region. Other investors in the funding round included CMIG Leasing, […]
Read moreApple CEO Tim Cook defended the iPhone maker’s decision last weekend to remove several virtual private network (VPN) services from the local App Store in China — a move that was slammed by multiple VPN service providers and observers online. In Tuesday’s earnings call, Cook reiterated that Apple removed the apps because they did not […]
Read moreA local firm here made good today on its vow to embed employees with microchips. Sporting “I Got Chipped” T-shirts, some 40 workers at Three Square Market, a firm that makes cafeteria kiosks aimed at replacing vending machines, got tiny rice-sized microchips embedded in their hands. Company officials said it was for convenience, a way […]
Read morePresident Donald Trump is “wrong” when he says China can resolve the ongoing North Korea nuclear crisis on its own, Chinese state media said on Wednesday morning. “Trump is wrong in his assumption that Beijing can single-handedly handle the matter. As Beijing has said, repeatedly, it does not have the kind of ‘control’ over Pyongyang […]
Read moreAbu Dhabi’s sovereign wealth fund has given 1Malaysia Development Berhad’s (1MDB) five days to make a $600 million payment, which the troubled Malaysian state fund failed to pay on Tuesday, further complicating a dispute hanging over Southeast Asia’s third-biggest economy. The 1MDB fund said in a statement it was committed to meeting its obligations to […]
Read moreU.S. President Donald Trump is close to a decision on how to respond to what he considers China’s unfair trade practices, a senior Trump administration official said on Tuesday. Trump is considering encouraging U.S. Trade Representative Robert Lighthizer to initiate an investigation of Chinese trade practices under the 1974 Trade Act’s section 301, the official […]
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