Business

SoftBank shares rise 5% on news of trimming Alibaba stake

Shares in SoftBank Group Corp (9984.T) rose 5% in morning trading in Tokyo on Friday after the Japanese conglomerate said it would book a $34.1 billion gain by trimming its stake in Alibaba Group Holding (9988.HK), . SoftBank Chief Executive Masayoshi Son is moving to shore up his group’s cash reserves and accelerating asset sales […]

Business

EU, South Korea say U.S. plan for EV tax breaks may breach WTO rules

The European Union and South Korea have raised concerns about proposed U.S. tax credits for purchases of electric vehicles, saying they may discriminate against foreign-made vehicles and breach World Trade Organization (WTO) rules. Under the $430 billion climate and energy bill passed by the U.S. Senate on Sunday, Congress would lift the cap on the […]

Business

Brazil’s Petrobras puts potash mining rights up for sale

Brazil’s Petrobras (PETR4.SA) said on Thursday it has begun the process of looking for bidders for its potassium mining rights in the Amazon basin. The asset is composed of eight mining concessions, four mining requests already granted and 22 requests for research which are still pending authorization. Interest in potash mines in Brazil is growing […]

Business

Glencore cuts ties with Chinese trader caught up in scandal over missing copper

Switzerland-based Glencore Plc (GLEN.L) and other major traders have stopped supplying Chinese metals merchant Huludao Ruisheng over a brewing scandal about missing copper inventories in the port of Qinhuangdao, the Financial Times reported on Friday. Glencore and Geneva-based commodity trader IXM SA have stopped supplying the Hebei-based metals group, the report said, citing people familiar […]

Business

Stock market bulls eye technical signal for further gains

Some stock market bulls are watching a technical indicator for clues on whether a summer rebound in U.S. equities will roll on. The S&P 500 (.SPX) is up 15% from its mid-June low, a rally that gained even more momentum after Wednesday’s U.S. inflation data showed consumer prices unchanged for July. This bolstered the case […]

Business

SK Hynix to break ground on new U.S. chip packaging plant early next year

South Korea’s SK Hynix aims to select a U.S. site for its advanced chip packaging plant and break ground there around the first quarter of next year, two people familiar with the matter said, helping the United States to compete as China pours money into the burgeoning sector. The plant, whose estimated cost would be […]

Business

Europe set to sour the U.S. sugar high

A look at the day ahead in markets from Alun John European economic data takes centre stage on Friday, with investors in risk assets fearing old world doom and gloom will darken the mood after the recent U.S. double whammy of higher than expected employment and cooler than expected inflation. British second quarter GDP data […]