FILE PHOTO: A logo of Toyota is pictured at Bangkok Auto Salon 2019 in Bangkok, Thailand, July 4, 2019. REUTERS/Athit Perawongmetha/File Photo BEIJING/TOKYO (Reuters) - Japanese automaker Toyota plans to build a new electric vehicle plant in the Chinese city of Tianjin with its local partner FAW Group, a document from the local authorities showed. The joint venture between Toyota and FAW plans to invest around 8.5 billion yuan ($1.22 billion) in the planned car plant in Tianjin, according to a document issued by authorities of the China-Singapore Tianjin Eco-city. The plant will have manufacturing capacity of 200,000 new energy vehicles a year, the document showed. In China, new energy vehicles include battery-only, plug-in hybrid and fuel-cell vehicles. Toyota declined to comment on th...
In light of the tumultuous move in global stocks this week, I found it comforting, in that it-could-be-worse sense, to think about some excessively priced assets I've watched up close, as well as from a distance.One day within the dot.com bubble stands out very clearly. In December 1999, I sat in my mother-in-law's room at the Massachusetts General Hospital in Boston, and my father-in-law asked me how work had been that day. The market, particularly the tech and biotech stocks, had climbed so much that day that any normal response would be been an understatement.I pulled out a sheet from the printout of the top holdings in the diversified mutual fund I managed at the time. I said it was probably my best performance day ever, since almost all of my top names were up about 10%. That seemed ...
MUMBAI: The dedicated bankruptcy court has approved the request of lenders to Lavasa Corporation to consolidate the township developer and its wholly owned subsidiaries Warasgaon Assets Maintenance and Dasve Convention Centre as one. A consolidated entity will get better valuation when they are liquidated under the corporate insolvency resolution process (CIRP), the lenders had told the Mumbai bench of National Company Law Tribunal (NCLT). “Any standalone resolution does not seem to be possible and would therefore defeat the objective of the code (Insolvency and Bankruptcy Code), which is to maximise the value of the company,” NCLT division bench of Suchitra Kanuparthi and Chandra Bhan Singh said in its order issued on Wednesday. WAML was incorporated to design, develop, construct, operat
WASHINGTON (Reuters) - The Trump administration on Friday said it would focus on concluding new trade agreements with Britain, the European Union and Kenya over the coming year, while strictly enforcing trade laws and pushing for reforms of the World Trade Organization. FILE PHOTO: U.S. and European Union flags are pictured during the visit of Vice President Mike Pence to the European Commission headquarters in Brussels, Belgium February 20, 2017. REUTERS/Francois LenoirIn its annual report to the U.S. Congress, the U.S. Trade Representative’s office said members of the global trade body needed to fundamentally rethink what it called “an outdated tariff framework” that no longer reflected economic realities. USTR delivered a scathing indictment of the WTO in the 338-page document, callin
MUMBAI: Credit growth decelerated sharply in January posting a growth of only 8.5 per cent compared 13.1 per cent, a year ago as loans to services sector grew at less than half the pace it grew last year, while retail loan growth was flat. Credit growth to the services sector decelerated to 8.9 per cent in January 2020 from 23.9 per cent in January 2019, according to the data released in Reserve Bank’s monthly bulletin. Retail loans, which still remained the fastest growing segment, grew by 16.9 per cent in January 2020, the same rate as in January 2019. Among services, loans to shipping industry slowed down sharply, while loans NBFCs and retail trade too decelerated, data showed. But interestingly loans to the service sector picked up. The overall credit growth is expected to be in the r
NEW YORK (Reuters) - Bernard Madoff’s former customers will soon see their total recovery approach $14 billion, a court-appointed trustee said on Friday, as the dying swindler awaits a decision on whether the U.S. government will support his request to leave prison early. FILE PHOTO: Bernard Madoff exits the Manhattan federal court house in New York on January 14, 2009. REUTERS/Brendan McDermid/File PhotoIrving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC, said he has begun distributing $369 million to holders of 854 accounts, bringing the total payout to all eligible customers to $13.93 billion. The payout, including money committed by the Securities Investor Protection Corp, represents 80% of the $17.5 billion that Picard has said customers lost in Madoff’
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., February 28, 2020.Brendan McDermid | ReutersAmid the wreckage in global stock markets this week as panic over the spread of coronavirus wiped out $6 trillion in value, one corner of Wall Street has been making a mint.Equity derivatives desks at JPMorgan Chase and Goldman Sachs have thrived as a furious correction in U.S. stocks took hold in the past six days, according to people with knowledge of the situation. The desks sell options and futures to trading clients as protection against losses or to allow them to speculate on price movements.Banks positioned themselves to be long volatility – in other words, to benefit if volatility spiked – by snapping up options contracts ahead of the market rout, accordin
LONDON (Reuters) - British budget airline easyJet (EZJ.L) said on Friday it would cancel flights and cut costs across its business after the coronavirus outbreak hit demand for travel to Italy and other European markets. FILE PHOTO: An Easyjet plane takes off from Manchester Airport in Manchester, Britain, January 20, 2020. REUTERS/Phil Noble/File PhotoThe short-haul airline, which operates predominantly in Europe, said it was too early to determine what the impact of the outbreak would be on its outlook for the current year nor its guidance for either the airline or its holidays business. Its shares fell 4.6% in early trading, extending losses for the year to 26% and underperforming the broader market. EasyJet said it had seen a “significant” softening of demand into and out of its nort
Mumbai: Real estate loans worth Rs 20,000 crore may come up for restructuring after new Reserve Bank of India rules that allowed banks and housing finance companies to defer the classification of troubled builder loans as bad for one year giving the industry more time to restructure its loans. This measure, coupled with the set-up of Rs 25,000 crore real estate alternative investment fund, should help ease the asset quality pain at least in the near term. “We have received several requests from real estate developers to restructure their loans, we should expect to standardise a bulk of these loans in cases where the projects have been delayed for reasons beyond the control of promoters,” said a banker involved in couple of restructuring proposals. Data analysed by Propstack — real estate
Jack Dorsey, chief executive officer of Square Inc., second right, tours the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Thursday, Nov. 19, 2015. Yana Paskova | Bloomberg | Getty ImagesSquare has been an outlier in this week's payment stock wreckage.Shares of Mastercard, Visa, American Express and Paypal were battered as companies warned of a slowdown in spending and travel due to the quickly-spreading coronavirus.Meanwhile, Square surged as much as 10% a day after reporting better-than expected fourth-quarter results and upbeat guidance. Jack Dorsey's payment company generates roughly 90% of its revenue inside of the U.S., and is significantly less exposed to travel and leisure than some of its competitors.Square CFO Amrita Ahuja said coronavirus hasn't had a materi