Rout eases as China keeps yuan on a leash
A rout in global markets eased on Tuesday as China kept the yuan on a tight leash after its landmark drop past 7 to the dollar led the United States to label Beijing a currency manipulator.
Vivendi turns to Tencent to gain Universal foothold in China
Vivendi is in talks to sell up to 20% of Universal Music Group (UMG) to Tencent , valuing its prized asset at around 30 billion euros ($34 billion), in an attempt to break into China’s growing but tightly-controlled music market.
Exclusive: China’s Huawei seeks compensation from Flex over withheld goods
Huawei Technologies said it was seeking compensation from its contract manufacturer Flex Ltd for illegally withholding some 400 million yuan ($57 million) worth of its goods in the wake of a U.S. trade ban on the Chinese firm.
China to unveil special tax policy in Shanghai Free Trade Zone
China said on Tuesday it will implement a special tax policy in the newly expanded Shanghai Free Trade Zone, in a bid to promote free trade as Beijing’s year-long trade dispute with Washington threatened to escalate into a full-blown economic war.
Diabetes drug maker Novo Nordisk buys pill factory in North Carolina
Novo Nordisk said on Tuesday it had bought a factory in North Carolina that would assist in manufacturing and packaging its new once-daily pill for treating type 2 diabetes.
For J.C. Penney CEO, debt haunts turnaround bid
J.C. Penney Co Inc’s stock has plunged more than 70% over the past year and now trades under $1. Its first-quarter financial loss nearly doubled to $154 million.
Oil hovers around $60 as U.S.-China trade tensions weigh
Oil prices rebounded slightly on Tuesday from big falls in recent sessions, but Brent crude remained near seven-month lows around $60 a barrel due to escalating trade tensions between China and the United States.
Factbox: What’s in and what’s out at J.C. Penney
J.C. Penney Co Inc has been struggling to reassure investors it can lure shoppers back into its stores amid fierce competition from online giants like Amazon.com Inc and discount retailers like TJX Cos Inc’s Marshalls and T.J. Maxx chains.
Factbox: J.C. Penney’s revolving door of CEOs
J.C. Penney Co Inc late last year tapped Jill Soltau as chief executive officer to stem the decline in sales, the fifth leadership change at the department store operator in 15 years.
Apple, Goldman Sachs start issuing Apple Cards to consumers
Apple Inc and Goldman Sachs Group Inc rolled out a virtual credit card on Tuesday, which will help the iPhone maker diversify from device sales and also build out the Wall Street bank’s new consumer business.
