Profit at Geely Automobile Holdings, China’s second-largest carmaker, more than tripled last year on the back of a surge in electric vehicle (EVs) sales and an investment gain from asset disposals. The company’s 2024 profit jumped 213 per cent from a year earlier to 16.6 billion yuan (US$2.3 billion), with sales increasing 34 per cent […]
The dollar climbed on Friday against major peers, including the euro, which was set for its first weekly drop this month, as a busy week for central banks wrapped up and caution remained about the impact of a global trade war. The U.S. dollar index, measured against a basket of six counterparts, was 0.19% higher […]
India’s Manappuram Finance (MNFL.NS) said on Thursday Bain Capital would invest 43.85 billion rupees ($508 million) to acquire an 18% stake in the gold loan provider at a time record prices of the precious metal has made its mortgaging appealing. The asset manager will subscribe to Manappuram’s shares and warrants at 236 rupees apiece, implying […]
Ollie’s Bargain Outlet Holdings (NASDAQ: OLLI) has announced a new $300 million share repurchase authorization effective through March 31, 2029. The company can execute the buyback through open market or privately negotiated transactions. Since initiating its first share buyback in 2019, Ollie’s has repurchased approximately 5.5 million shares worth $414 million. The company maintains a […]
Citigroup paid top executives smaller bonuses last year tied to results of the bank’s turnaround and risk management fixes required by regulators, the bank’s proxy filing on Tuesday showed. The bonuses went to executive management committee members and 250 senior managers considered critical to execute changes required in 2020 by the Federal Reserve and the […]
Bankrupt drugmaker Purdue Pharma filed a new bankruptcy plan on Tuesday, a major step towards finalizing a proposed opioid settlement of at least $7.4 billion after a setback in the U.S. Supreme Court last year. The payments are aimed at resolving thousands of lawsuits alleging that the company’s pain medication OxyContin caused a widespread opioid […]
Chinese data center operator GDS Holdings Ltd. is seeking a $3.4 billion-equivalent loan for its data center operations in Malaysia. The borrowing would be its biggest ever loan. It would also be among the largest financings for the sector by any borrower in Asia. The company’s international arm, DayOne, formerly known as GDS International, is […]
Oil prices traded higher on Monday after the United States vowed to keep attacking Yemen’s Houthis until the Iran-aligned group ends its assaults on shipping. Brent futures rose 41 cents or 0.6%, to stand at $70.99 a barrel by 0336 GMT, while U.S. West Texas Intermediate crude futures rose 40 cents, or 0.6%, to $67.58 […]
British finance minister Rachel Reeves’ headroom for meeting her budget rules has probably turned into a 4.4 billion-pound ($5.7 billion) deficit, requiring tough measures next week to get her back on track, a think tank said on Monday. The Resolution Foundation called on Reeves to tread carefully with any reductions to welfare spending – which […]
Australia will provide ANZ with a decade-long loan guarantee of A$2 billion ($1.26 billion), to ensure the bank maintains the branch network across the Pacific, a move seen as a diplomatic win amid growing regional competition with China. The federal government considers the likelihood of the guarantee being called is “very low”, and the agreement […]