Business

KKR invests $2 bln in South Korean energy firm SK E&S

Investment firm KKR & Co Inc (KKR.N) said on Friday it had bought 2.4 trillion won ($2 billion) worth of newly issued redeemable convertible preferred shares of South Korean energy company SK E&S Co Ltd. SK Group conglomerate member SK E&S will use the funding to accelerate its growth, KKR said, adding the investment was […]

Business

South Korean chip firms to omit detailed data in response to U.S. request

Samsung Electronics (005930.KS) and SK Hynix (000660.KS) plan to leave out detailed information when supplying Washington with data related to the global chip shortage as they want to protect trade secrets, two sources briefed on the matter said. The South Korean firms – the world’s two biggest makers of memory chips – are among companies […]

Business

What are China’s wealth management products?

China’s property sector woes have shed light on a unique off-balance-sheet funding source used by the industry called wealth management products (WMPs) and often sold to retail investors. This week, property developer Kaisa Group Holdings (1638.HK) said its finance unit had missed a payment on a WMP. Missed WMP payments by cash-strapped developer China Evergrande […]

Business

MTN to sell shares in Nigeria unit via public offer

MTN Group Ltd (MTNJ.J) will begin book-building this month for a public offer to sell up to 575 million shares in its Nigeria business, South Africa’s biggest telecoms operator said on Thursday, as it reported higher third-quarter revenue and core profit. The company, which has been exiting or reducing its stakes in some areas including […]

Business

Company climate disclosure proposals need Asian adoption to succeed – Hong Kong regulator

Proposed new climate disclosure rules for companies announced this week will only work if they are adopted in Asia, Ashley Alder, the CEO of Hong Kong’s markets watchdog and chair of the umbrella body for global securities regulators said on Friday. A newly created organisation, the International Sustainability Standards Board (ISSB), was unveiled at the […]

Business

Airbus shares fall 1% after lower Oct deliveries

Airbus (AIR.PA) shares slipped on Friday after the planemaker reported that October deliveries were down 10% from the previous month. Airbus delivered 36 planes in October, down from 40 in each of the two previous months and a monthly peak of 77 in June. For the year to date, Airbus has delivered 460 planes, leaving […]

Business

Porsche, Piech families still backing Volkswagen CEO Diess

The Porsche and Piech families, which control Volkswagen’s (VOWG_p.DE) largest shareholder Porsche SE (PSHG_p.DE), continue to support the carmaker’s CEO Herbert Diess, a spokesperson for Porsche SE said on Friday. “The families continue to back Mr. Diess. There has been no change in their position,” the spokesperson said. The comments come after Diess’ relationship with […]