Category: Business

U.S. fund KKR’s (KKR.N) proposal to buy Telecom Italia (TIM) (TLIT.MI) includes a letter of commitment by JPMorgan (JPM.N) to support the 45 billion euros ($51 billion) financing needed for the deal, Italian daily Il Messaggero reported. JPMorgan said in the letter it was ready to lift its commitment above 45 billion euros if necessary, […]

China’s banking and insurance regulator on Tuesday issued new rules governing the risk management of insurance groups, which will step up supervision, limit holdings of non-core units and regulate their investments in other companies. The move is aimed at curbing risk in the sector and pushing insurance groups “to focus on the core business, strengthen […]

Shares of Malaysia’s ATA IMS (ATAI.KL) extended losses on Tuesday after a decision last week by appliance maker Dyson to cut ties over accusations of forced labour, while a research house raised doubts about its ability to add new customers. ATA, which gets 80% of its revenue from Dyson, reiterated on Monday that it took […]

Sweden’s Ericsson (ERICb.ST) on Tuesday raised its global forecast for 5G mobile subscriptions to 660 million by the end of this year, citing stronger than expected demand in China and North America. The telecom equipment maker, which had previously forecast 580 million subscriptions, said it expected 4.4 billion 5G subscriptions by the end of 2027, […]

China’s factory activity unexpectedly picked up in November, growing for the first time in three months as the crippling surge in raw material prices and power rationing eased, taking some pressure off the manufacturing sector. The official manufacturing Purchasing Managers’ Index (PMI) rose to 50.1 in November from 49.2 in October, data from the National […]

Westpac Banking Corp (WBC.AX) said on Tuesday it will likely be fined A$113 million ($80.8 million) for alleged compliance failures across its business over many years, including charging financial advice fees to thousands of dead customers. Australia’s No.3 lender admitted to six civil penalty proceedings filed by the country’s securities regulator, including allegations against its […]

Ingka Group, the owner of most IKEA stores world-wide, reported on Tuesday a jump in annual profit on the back of record demand for home furnishing as people stay at home more due to the pandemic. Despite more temporary store closures due to pandemic related restrictions than the year before, and product shortages due to […]