June 10 (Reuters) – Southwest Airlines’ (LUV.N), opens new tab shares rose about 7% in premarket trade on Monday after the Wall Street Journal reported that activist investor Elliott Investment Management had built a nearly $2 billion stake in the U.S. carrier. According to the Journal’s report on Sunday, Elliott is one of Southwest’s largest investors and plans to […]
NEW YORK, June 7 (Reuters) – A former Allianz (ALVG.DE), opens new tab fund manager pleaded guilty on Friday over his role in a meltdown of private investment funds sparked by the pandemic that caused an estimated $7 billion of investor losses. Gregoire Tournant, 57, of Basalt, Colorado,to two counts of investment adviser fraud at a hearing […]
CHINA’S exports grew more quickly and for a second month in May, suggesting factory owners are managing to find buyers overseas and providing some relief to the economy as it battles to mount a durable recovery. The jury is still out, however, on whether the export sales are sustainable while a protracted property crisis has […]
President Joe Biden announced a new $225 million aid package for Ukraine during a meeting with his counterpart, Volodymyr Zelenskiy, and pledged continued US support as Kyiv looks to turn the tide in the war with Russia. Biden said Friday part of the aid package would help Ukraine rebuild its electrical grid, which has been decimated by Russian […]
Chinese state-backed developer Poly Property saw sales fall by almost a fifth in May, adding to a mixed picture of the impact so far of Beijing’s historic measures to rescue its crisis-hit real estate segment. Poly Property booked sales worth 4.6 billion yuan (US$634 million) for projects spanning about 218,000 square metres (2.35 million square feet) at an […]
China’s securities watchdog said its moves to raise the bar for initial public offerings (IPOs), expel unqualified firms from stock exchanges and exercise greater scrutiny over high-frequency trading are ensuring the “survival of the fittest” although it does not expect delistings to “increase significantly in the short term”. Since the beginning of this year, a […]
Taiwan Semiconductor Manufacturing Co.-backed Vanguard International Semiconductor Corporation and Dutch chip designer and manufacturer NXP Semiconductors will build a $7.8 billion wafer manufacturing plant in Singapore. Vanguard will have 60% stake in the joint venture — VisionPower Semiconductor Manufacturing Company — while NXP will hold 40%, according to a joint statement released Wednesday. The VSMC plant will produce wafers for […]
FRANKFURT, June 6 (Reuters) – European Central Bank governors see a further interest-rate cut in July as unlikely after some stronger-than-expected economic data, with the focus now on their September meeting, five sources told Reuters. An ECB spokesperson declined to comment for this story. The ECB went ahead with its first reduction in borrowing costs since 2019 […]
CHICAGO, June 5 (Reuters) – The Association of Professional Flight Attendants (APFA), which represents over 23,000 American flight attendants, said on Wednesday that it unanimously rejects the latest proposal from American Airlines (AAL.O), opens new tab. The airline had offered its flights attendants immediate wage increases of 17% and a new formula for higher profit sharing […]
June 6 (Reuters) – Dolby Laboratories (DLB.N), opens new tab said on Thursday it was acquiring GE Licensing, an intellectual property business targeting the consumer digital media and electronics sectors, in a $429 million deal. The takeover, which aims to further Dolby’s existing licensing businesses, comprises over 5,000 GE patents. However, it excludes aerospace and defense IPs […]