MARKETS - Page 29

The company said that a $14 billion tender offer to take Toshiba private is set to succeed on Wednesday, clearing the way for Japan’s most significant deal this year. The buyout, led by private equity firm Japan Industrial Partners (JIP), would end Toshiba’s 74-year history as a listed firm and put the electronics-to-power stations maker firmly in domestic hands after years of battles with overseas activist shareholders. JIP’s tender offer, which ends on Sept. 20, requires two-thirds of Toshiba shares

Kioxias banks plan to refinance 2 trillion yen ($13.5 billion) in loans to support its potential merger with Western Digital’s flash memory business. The lenders will likely submit a commitment letter for the refinancing next month, Bloomberg News reported on Wednesday, citing unnamed sources. Part of the loan will be used to pay special dividends to Kioxias shareholders. The combined company would rank third in the global NAND market and come within a few percentage points of Samsung, the top

China’s electric vehicle giant BYD (002594. SZ) has been on a tear in Southeast Asia, shooting past rivals, including Tesla Inc (TSLA.O), to take over a quarter of the share of EVs sold in the region. The Shenzhen-based carmaker has built its sales network in several ASEAN nations by investing in local businesses and establishing regional manufacturing plants. BYD, which also produces batteries for EVs, expects 2022 net profit to be more than five times the amount it booked a

The merger of investment banking franchises UBS and Credit Suisse offers a compelling vision of a global bank with no apparent gaps and impressive combined league-table heft – assuming the deal goes through. But a big if remains. Among the obstacles cited in an internal UBS review document seen by Reuters, South Korea and India were deemed as having “slow” regulatory approvals. The Swiss banking giant also highlighted Ireland and Saudi Arabia as “slow jurisdictions” in granting licenses, according to

Futures tracking Wall Street’s main indexes edged higher on Monday after taking a beating in the prior session as investors waited for a widely expected pause in U.S. interest rate hikes by the Federal Reserve later this week. A slump in chipmakers on concerns over weak demand and a slide in mega-cap growth stocks due to rising Treasury yields had pushed the S&P 500 (.SPX), the Nasdaq (.IXIC), and the Dow (.DJI) to their worst single-day fall on Friday since

The company, a household name in China known for its massive city-size developments of mass-market apartment towers, has been in a deep liquidity crisis in recent months as home sales slump. Default for such a high-profile builder would shatter what little confidence remains in the property sector and could spur a domino effect of creditor repayments. Its troubles have prompted a spate of support measures from Beijing, including lowering mortgage down payments and loosening loan rules. But it is still

The European Central Bank raised interest rates for the 10th meeting on Thursday but signaled that it is likely done tightening policy. Annual inflation in the 20 countries that use the euro remains well above the ECB’s target, depriving consumers of purchasing power and contributing to economic stagnation. “The Governing Council remains determined to ensure that inflation returns to its 2% target promptly,” the central bank said. It raised its deposit rate to 4% from 3.75%, taking it to an

Sterling and the Euro fell against a strengthening dollar as traders raised bets that price pressures will force the European Central Bank to hike interest rates on Thursday. Investors have been raising their expectations for a rate hike since the start of the week, with most market participants expecting the ECB to increase its central rates by at least 0.25%. A stronger-than-expected inflation report on Wednesday could further boost expectations for a rate rise, although analysts are divided on the

Although the EV industry has focused much on supply concerns for lithium, nickel, and cobalt, graphite is another critical material that may be just as challenging. The anode material accounts for a third of total demand and currently costs about a tenth of what lithium does. It’s also more challenging to secure since it is mined only in a handful of countries and is used by many other industries, including steel-making, electronics, and electric power generation. As a result, it

Asian stocks edged up on Tuesday while comments from central banks in China and Japan interrupted the dollar’s ascent, giving traders a breather ahead of U.S. inflation data that could influence when or if the Federal Reserve raises rates further. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.12%, while Tokyo’s Nikkei index rose 0.61%. The yen notched its best day against the dollar in two months overnight after Bank of Japan Governor Kazuo Ueda said policymakers might have