HSBC eyes bumper dividend from $10 bln sale of Canada unit to RBC

HSBC eyes bumper dividend from  bln sale of Canada unit to RBC

Deal comes amid pressure from Chinese shareholder Analysts hail ‘sensible’ transaction Bank could return deal proceeds to shareholders LONDON/TORONTO/NEW YORK, Nov 29 (Reuters) – HSBC (HSBA.L) has agreed to sell its business in Canada to Royal Bank of Canada (RY.TO) for C$13.5 billion ($10 billion) in cash, paving the way for a potential bumper payout … Read more

Vietnam’s VinFast ships first electric vehicles to U.S. customers

Vietnam’s VinFast ships first electric vehicles to U.S. customers

HAI PHONG, Vietnam, Nov 25 (Reuters) – Vietnam’s electric vehicle maker VinFast said on Friday it had shipped its first batch of 999 cars to the United States, capping a five-year bid to develop an auto production hub in the Southeast Asian country for markets in North America and Europe. The first cars are expected … Read more

Crypto lender Genesis says no immediate plans to file for bankruptcy

Crypto lender Genesis says no immediate plans to file for bankruptcy

Nov 21 (Reuters) – Cryptocurrency lender Genesis said on Monday it has no immediate plans to file for bankruptcy, days after the collapse of crypto exchange FTX forced it to suspend customer redemptions. “We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any … Read more

SoftBank shares tumble after Vision Fund reports another big loss

SoftBank shares tumble after Vision Fund reports another big loss

TOKYO, Nov 14 (Reuters) – Shares in Japan’s SoftBank Group Corp (9984.T) plunged on Monday after the company reported a heavy loss at its Vision Fund investment arm for a third consecutive quarter. The shares sank 13% in early afternoon trade – heading for their biggest one-day loss in more than two and a half … Read more

Musk sells Tesla shares worth $3.95 bln days after Twitter takeover

Musk sells Tesla shares worth .95 bln days after Twitter takeover

Nov 8 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk has sold 19.5 million shares of the electric vehicle maker worth $3.95 billion on Tuesday, according to U.S. securities filings, days after he completed the $44 billion takeover of Twitter Inc. Musk, the world’s richest man, had about $20 billion in cash after … Read more

Philip Morris clinches Swedish Match after smoking out opposition

Philip Morris clinches Swedish Match after smoking out opposition

PMI needs 90% stake for compulsory buyout of minorities PMI believes that target can eventually be reached PMI says top 10 Swedish Match investors tendered shares Nov 7 (Reuters) – Marlboro maker Philip Morris International (PMI) (PM.N) overcame some opposition to clinch 83% of Swedish Match (SWMA.ST), short of the 90% it wanted but enough … Read more

Berkshire Hathaway posts quarterly loss as stock holdings fall

Berkshire Hathaway posts quarterly loss as stock holdings fall

Nov 5 (Reuters) – Berkshire Hathaway Inc (BRKa.N) on Saturday posted a third-quarter loss, as the conglomerate run by billionaire Warren Buffett said it lost money on its stock investments and from insurance underwriting. The net loss of $2.69 billion, or $1,832 per Class A share, compared with a profit of $10.34 billion, or $6,882 … Read more

Exxon’s record-smashing Q3 profit nearly matches Apple’s

Exxon’s record-smashing Q3 profit nearly matches Apple’s

Oil firm smashes Wall Street forecasts with $19.7 billion profit Exxon’s fossil-fuel bets eclipse rivals Shell, TotalEnergies Company projects flat oil output this year on Russia losses HOUSTON, Oct 28 (Reuters) – Exxon Mobil Corp (XOM.N) on Friday smashed expectations as soaring energy prices fueled a record-breaking quarterly profit, nearly matching that of tech giant … Read more

Shanghai food supplier’s books reveal big profits under COVID lockdown

Shanghai food supplier’s books reveal big profits under COVID lockdown

SHANGHAI, Oct 28 (Reuters) – The profitability surge of a Shanghai food supplier seeking a Hong Kong listing, disclosed in an exchange filing, gives a rare peep under the hood into a cohort of Chinese companies that have benefited from President Xi Jinping’s zero-COVID policy. Pang Pang Xiang (China) Company Ltd saw its gross profit … Read more

Credit Suisse seeks billions from investors in make-or-break overhaul

Credit Suisse seeks billions from investors in make-or-break overhaul

ZURICH, Oct 27 (Reuters) – Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients, as the bank attempts to put years of scandals behind it. The Swiss lender outlined on Thursday what its chairman Axel Lehmann … Read more