CWT International defaults on $179 million loan, parent HNA sees no impact on business
CWT International Ltd, a unit of China’s indebted HNA Group Co Ltd, said on Tuesday it defaulted on a HK$1.4 billion ($179 million) loan, and that it has less than 24 hours to pay funds due or lose assets pledged as collateral.
Oil prices rise for a second day on China demand, U.S. stockpile drop
Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly.
Asia relieved as China data point to recovery
Asian share markets swung higher on Wednesday as a raft of Chinese data easily beat expectations in a sign Beijing’s policy stimulus may finally be gaining traction in the world’s second-largest economy.
Brent nears $72 amid tightening supplies; surprise draw in U.S. crude stocks
Oil prices rose on Wednesday, supported by concerns over tightening global supply due to U.S. sanctions and fighting in Libya, as well as an unexpected fall in U.S. crude inventories.
Qualcomm stock jumps 23 percent on surprise settlement with Apple
Qualcomm Inc on Tuesday won a major victory in its wide-ranging legal dispute with Apple Inc as the companies reached a surprise settlement that called for the iPhone to once again use Qualcomm modem chips.
Asia holds breath for China data dump, NZ dollar slides
Asian share markets got off to a guarded start on Wednesday as investors waited anxiously for a raft of Chinese data that might show policy stimulus is finally gaining traction in the world’s second-largest economy.
U.S. Justice Department tells T-Mobile, Sprint it has concerns about merger deal: sources
The U.S. Justice Department has told T-Mobile US Inc and Sprint Corp it has concerns about their proposed $26 billion merger in its current structure, sources familiar with the matter said on Tuesday, although no final decision has been made.
IBM quarterly revenue misses on weak mainframe computer business
International Business Machines Corp reported a bigger-than-expected drop in first-quarter revenue on Tuesday, hurt by tapering demand for its mainframe computers and a stronger dollar, sending its shares down about 3 percent.
Intel says to exit 5G smartphone modem business
Intel Corp said on Tuesday it was exiting the 5G smartphone modem business, while assessing opportunities for 4G and 5G modems in PCs, internet of things devices and other data-centric devices.
No-frills no longer: GM’s China brand Baojun attempts a major makeover
By many measures, General Motors’ China brand Baojun has been an exceptional success story, growing at breakneck speed by selling low-cost no-frills vehicles in smaller cities and rural areas.
