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Ola raises US$1.1 billion in Tencent, SoftBank-led round, seeks another US$1 billion

Ola raises US$1.1 billion in Tencent, SoftBank-led round, seeks another US$1 billion

Ola raises US$1.1 billion in Tencent, SoftBank-led round, seeks another US$1 billion Reuters NEW DELHI: Indian ride-hailing firm Ola has raised $1.1 billion from investors led by China’s Tencent Holdings and Japan’s SoftBank Group and is in advanced talks with other investors for another US$1 billion. The funds will give a leg up to Ola […]

October 11, 2017 | By | Reply More
Hong Kong leader says Asian financial hub faces ‘grave’ challenges

Hong Kong leader says Asian financial hub faces ‘grave’ challenges

Hong Kong Chief Executive Carrie Lam delivers her policy speech at the Legislative Council in Hong Kong. HONG KONG: In her maiden policy speech Hong Kong’s Chief Executive Carrie Lam on Wednesday warned the city faced “grave” challenges and must develop a diversified and high value economy, unveiling a mix of housing and tax relief […]

October 11, 2017 | By | Reply More
Alibaba launches US$15 billion overseas R&D drive

Alibaba launches US$15 billion overseas R&D drive

BEIJING: China’s top e-commerce firm, Alibaba Group Holding Ltd, is launching a US$15 billion drive to build overseas research hubs as the deep-pocketed firm looks to compete with global leaders in e-commerce, logistics and cloud technology. The Alibaba ‘Damo’ academy would launch eight research bases in China, Israel, the United States, Russia and Singapore and […]

October 11, 2017 | By | Reply More
Oil up on signs of tighter market, but 2018 looks more uncertain

Oil up on signs of tighter market, but 2018 looks more uncertain

SINGAPORE: Oil prices edged up on Wednesday, extending 2 percent gains recorded the previous day, on signs that markets are gradually tightening after years of oversupply, although the outlook for 2018 remained less certain. US West Texas Intermediate (WTI) crude futures CLc1 were trading at US$51.07 per barrel at 0127 GMT, up 15 cents, or […]

October 11, 2017 | By | Reply More
Indonesia aims to finish first phase of key Java rail line by 2019

Indonesia aims to finish first phase of key Java rail line by 2019

JAKARTA: Indonesia aims to finish the first phase of construction of a multi-billion dollar rail project linking the capital Jakarta to the country’s second-biggest city of Surabaya by 2019, transport minister Budi Karya Sumadi said. In a message on his Twitter account, Sumadi said the government wanted construction of the “semi-fast” rail link connecting Jakarta […]

October 11, 2017 | By | Reply More
Japan steel scandal grows as more carmakers hit, says report

Japan steel scandal grows as more carmakers hit, says report

TOKYO: Six of Japan’s best-known carmakers including Nissan and Honda used products from Kobe Steel, a report said Wednesday, after the firm admitted to falsifying quality data in a growing scandal. Business daily Nikkei said Mitsubishi Motors, Subaru and Mazda had also used products from Kobe Steel in their vehicles. Auto giant Toyota has already […]

October 11, 2017 | By | Reply More
Some US businesses urge caution in China intellectual property trade push

Some US businesses urge caution in China intellectual property trade push

Some US businesses urge caution in China intellectual property trade push Reuters WASHINGTON: US businesses and trade groups are split over how forcefully to crack down on China over intellectual property theft, with some arguing the country is making progress on its own in enforcing protections and urging the Trump administration to use negotiation instead […]

October 11, 2017 | By | Reply More
Pfizer weighs US$15 billion sale of consumer healthcare business

Pfizer weighs US$15 billion sale of consumer healthcare business

NEW YORK: Pfizer said on Tuesday it was considering the sale or spin-off of its consumer healthcare business, shaking up the industry and potentially putting a headache pill to lip balm operation worth some US$15 billion up for grabs. The move comes as Germany’s Merck KGaA is also looking to divest its non-prescription products, including […]

October 10, 2017 | By | Reply More
VW to reduce size of dealer network, launch online sales

VW to reduce size of dealer network, launch online sales

MUNICH: Volkswagen plans to reduce the size of its European dealer network and introduce online sales as it adjusts to changing buying habits, the German carmaker said on Tuesday. VW is pushing to cut costs across all of its 12 brands in the wake of the emissions scandal as it faces having to invest heavily […]

October 10, 2017 | By | Reply More
JPMorgan, Temasek lead US$100m investment in payments company Bill.com

JPMorgan, Temasek lead US$100m investment in payments company Bill.com

NEW YORK: JPMorgan Chase & Co and Temasek Holdings have led a US$100 million investment in Bill.com, a Palo Alto, California-based company that helps business digitize their payments. The round, which included participation from existing investors, will be used by the company to expand its distribution, Bill.com said on Tuesday. The investment comes after the […]

October 10, 2017 | By | Reply More