HONG KONG (Reuters) -Embattled property developer China Evergrande Group aims to win creditors' approval for its debt restructuring proposals by as early as the end of February, the company's lawyers said on Monday. Once China's top-selling developer, Evergrande is now at the centre of the country's property crisis. With few fresh funding options and slowing property sales, Evergrande, which has $300 billion in total liabilities, began one of China's biggest debt-restructuring processes this year.
BRUSSELS (AP) — The head of the European Central Bank said Monday she does not believe inflation has peaked after reaching the highest levels on record. ECB President Christine Lagarde also told European lawmakers that the bank isn't through raising interest rates to combat those price spikes. There is too much uncertainty to know whether inflation, which hit 10.6% in October, would come down soon in the 19 countries that use the euro currency, Lagarde said. When looking at what is driving infla
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TORONTO — Royal Bank of Canada has signed a deal to acquire HSBC Bank Canada for $13.5 billion in cash. RBC chief executive Dave McKay said the deal offers the opportunity to add a complementary business and client base. "This also positions us as the bank of choice for commercial clients with international needs, newcomers to Canada and affluent clients who need global banking and wealth management capabilities," MacKay said in a statement Tuesday. "It will help us better serve global clients l
OPEN Health, a leading global provider of scientific communication and market access services helping pharmaceutical companies to unlock the full potential of their clinical and commercial assets, majority owned by Astorg, has announced additions to its board of directors, appointing David P. King as non-executive chairman and Paul Carter as an independent board member.
OTTAWA (Reuters) -Canada's economy grew at an annualized rate of 2.9% in the third quarter, above expectations, while real GDP most likely was unchanged in October after a 0.1% gain in September, Statistics Canada data showed on Tuesday. Quarterly growth was driven by a rise in exports, non-residential structures, and business investment in inventories, Statscan said, adding that declines in housing investment and household spending were moderating factors.
The European Union will take action on new U.S. subsidies to protect European competitiveness, the commissioner for the bloc's internal market told an industry conference in Berlin on Tuesday. "We can't stay inactive and will not," Thierry Breton said. The European Union and the United States have launched a task force to discuss Washington's Inflation Reduction Act, a $430-billion bill to support industry while fighting climate change.
Produce8, a startup SaaS company aiming to reduce distractions and increase productivity for distributed and digital-first teams, is pleased to announce $6M in funding to support strategic growth.
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Risk-sensitive sterling and euro rose on Tuesday against the weakening safe haven U.S. dollar amid hopes of a potential easing in China's strict pandemic restrictions following an unprecedented episode of unrest in the country. News that China will speed up COVID-19 vaccinations for elderly people aiming to overcome a key stumbling block in efforts to ease unpopular "zero-COVID" curbs supported the yuan, while weakening the U.S. dollar against major currencies. "People are getting quite excited about some sort of reopening," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.
The bankruptcy of Stellantis' Jeep joint venture in China could spell trouble for other global automakers whose output has plunged over the last five years in the world's largest car market, as domestic players rapidly overtake. The first joint venture failure by a foreign brand in the electric vehicle (EV) era, the Oct. 31 bankruptcy filing marks a turning point in that Chinese carmakers are beginning to surpass the long-dominant international brands in giving consumers what they want. "I do not expect Stellantis to be an isolated case," said Marco Santino, a partner at management consultants Oliver Wyman.
South Korea's Hyundai Motor Co and LG Energy Solution Ltd (LGES) are considering building two joint venture battery plants in the United States, a local online news outlet reported on Monday. LGES declined to comment. Hyundai Motor was not immediately available for comment when contacted by Reuters.
Royal Bank of Canada (TSX: RY) (NYSE: RY) today announced it has entered into an agreement to acquire HSBC Bank Canada ("HSBC Canada"), a premier Canadian personal and commercial bank focused on globally connected clients.
DOVER, Del. (AP) — A Delaware judge on Monday halted a lawsuit filed by basketball legend Julius Erving against a brand-development and marketing company, ruling that the dispute must go to arbitration. The lawsuit by the Hall of Fame player known as “Dr. J” stems from a 2016 agreement to sell a majority interest in his trademark and other intellectual property to Authentic Brands Group LLC. According to court records, ABG and its controlling member and CEO, James Salter, promised to grow Erving
According to the official news, the Rugby League World Cup 2021 (RLWC2021) drew to a successful close on November 19, 2022. Over the last month or so, this peak event presented global rugby fans with many brilliant moments. Meanwhile, CoinEx, the Exclusive Cryptocurrency Trading Platform Partner of the RLWC2021, also witnessed all the big moments of the athletes throughout the tournament.
Frost & Sullivan recently assessed the water technology industry and, based on its findings, recognizes Evoqua Water Technologies with the 2022 Global Company of the Year Award. The company is a leading provider of mission-critical water and wastewater treatment solutions that support its customers' complete water lifecycle needs. It leverages more than 100 years of continual innovation, an ever-expanding solutions portfolio, and market-leading industry expertise to deliver high-quality, reliabl
(Reuters) -Elon Musk accused Apple Inc of threatening to block Twitter Inc from its app store without saying why in a series of tweets on Monday that also said the iPhone maker had stopped advertising on the social media platform. The billionaire CEO of Twitter and Tesla said Apple was pressuring Twitter over content moderation demands. The action, unconfirmed by Apple, would not be unusual as the company has routinely enforced its rules and previously removed apps such as Gab and Parler.
BERLIN (AP) — It is time for China to move away from massive lockdowns and toward a more targeted approach to COVID-19, the head of the International Monetary Fund said days after widespread protests broke out, a change that would ease the impact to a world economy already struggling with high inflation, an energy crisis and disrupted food supply. IMF Managing Director Kristalina Georgieva urged a “recalibration” of China's tough “zero-COVID" approach aimed at isolating every case “exactly becau
RIV Capital Inc. ("RIV Capital" or the "Company") (CSE: RIV) (OTC: CNPOF), an acquisition and investment firm with a focus on building a leading multistate platform with one of the strongest portfolios of brands in key strategic U.S. markets, today released its financial results for the three and six months ended September 30, 2022 ("FQ2 2023").