SoftBank Gives Up a Third of Alibaba Stake for a $34 Billion Profit
SoftBank Group Corp. expects to post a profit of more than $34 billion from the sale of its stake in Alibaba Group Holding Ltd. leveraging its most historic investment to shore up finances as global markets deteriorate. The investment giant’s board on Wednesday approved the early physical settlement. The settlement, of prepaid forward contracts for […]
Two Islamic Savings Schemes Launched
ISLAMABAD: The Central Directorate of National Savings (CDNS) will launch two Shariah-compliant schemes. Sarwa Islamic Savings Account (SISA) and the Sarwa Islamic Term Account (SITA). It is starting next month. The CDNS has established an Islamic window called Rafa National Savings (RNS). Their role is to provide different Sharia-compliant investment accounts. This account will be under […]
Google Sued Early Adopters for Nixing Free Workspace Software
Alphabet Inc.’s Google has been sued by an early adopter of its Workplace cloud productivity software. This software claims that the company reneged on a promise to provide it with free access to the program for life. Google Workplace, known as Google Apps and G Suite, offers a host of services. These services include Gmail, […]
Crypto Has No Place in Private Banking Right Now, Pictet Says
Pictet Group and the Swiss wealth manager is warning against cryptocurrency investments. Which amid recent industry turmoil. “Crypto will be an asset class we can’t ignore. Today there’s a place for private bankers and private bank portfolios,” Tee Fong Seng. Tee Fong Seng chief is the executive of the Geneva-based firm’s Asia wealth management arm. […]
Toyota Shares Fall After Sticking to Conservative Earnings Outlook
Toyota Motor Corp. maintained its profit outlook for the current year. Toyota Motor Corp underscores the automaker’s concerns about its ability to produce vehicles amid parts shortages. Shortage rising material costs, and pandemic disruptions in China, even as a weaker yen boosts revenue in its local currency. Toyota shares fell as much as 3.9%. The […]
The Government Plans the Price of Oil Over the Daily Exchange Rate
ISLAMABAD: The government has decided in principle to change the pricing mechanism. The pricing mechanism is for petroleum products. To reduce its period to cater to the exchange rate of the changing currency and cut the losses of oil trading companies (WTO) and refineries. The government has also committed to the WTO to increase its […]
Asian Unicorns Trade 40% Cheaper on Private Markets
Asia’s best-known startups are trading 40% cheaper than six months ago in private transactions amid a defeat triggered by headwinds from Chinese regulation and a global economic slowdown. The multibillion-dollar companies affected range from financial technology and e-commerce to mobility and the consumer, according to AJ Patel, a senior member of the second venture capital […]
Corolla, City and Fortuner: How expensive have cars become after the latest price increase?
Automakers, beset by exchange rate volatility, rising taxes, and dwindling parts supply, have recently given their consumers a major shock by raising prices. Some of the companies that have revised their rates are Indus Motor Corporation (IMC), Kia Lucky Motor Corporation (KLMC), Honda Atlas Cars Limited (HACL), and Hyundai Nishat Motors. Indus Motor Corporation According […]
India to Restart Ukraine Sunflower Oil Imports as Trade is Facilitated
India, the world’s largest importer of edible oil, will likely receive its first shipments of sunflower oil from Ukraine starting in September after a five-month gap, according to Sunvin Group. Around 50,000 to 60,000 tons may arrive as Ukraine is ready to open some Black Sea corridors for agricultural exports, said Sandeep Bajoria. Sandeep Bajoria […]
US Crude Exports Gain 21% to Hit Record, EIA Says
U.S. crude exports set a new record as Europe struggles to replace Russian oil supplies amid the superpower’s war against Ukraine. Exports rose 21% to 4.55 million barrels per day during the week ending July 22, according to Energy Information Administration data released Wednesday. Total shipments of crude oil and petroleum products also rose to […]