Month: September 2024
7-Eleven’s parent company rejects takeover proposal, says offer ‘grossly undervalues’ company
Key Points The company said the proposal was “opportunistically timed and grossly undervalues our standalone path and the additional actionable avenues we see to realize and unlock shareholder value in the near- to medium-term.” Even if Couche-Tard increases its offer “very significantly,” Seven & i said the proposal does not consider the “multiple and significant […]
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‘Economic refugees’ flee from New Zealand as cost-of-living crisis deepens
Once recognized by the world as a picturesque and progressive safe haven, New Zealand’s frail economy has pushed many of its citizens to leave the country. Amid high prices, steep interest rates and elevated unemployment, the government recently estimated that 131,200 people fled the country in the past 12 months through June, a record high. […]
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U.S. warns against Nippon merger with U.S. Steel, citing China steel glut
This picture taken on Feb. 16, 2024 shows a logo of Nippon Steel Corp. at the company’s Kyushu manufacturing base in Kitakyushu city of Fukuoka Prefecture. U.S. President Joe Biden plans to express concern over Nippon Steel’s proposed $14.9 billion purchase of U.S. Steel, a person familiar with the matter said on Wednesday, pushing the […]
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China’s wealthy are increasingly looking overseas for business investment opportunities
Instead of high-net-worth individuals, C-suite executives in China are increasingly using business jets, said Paul Desgrosseilliers, general manager at ExecuJet Haite General Aviation Services. The company opened a new service center at Beijing Daxing International Airport on Aug. 27, 2024. ExecuJet Haite BEIJING — China’s wealthy are increasingly looking for ways to move capital outside […]
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Asia-Pacific markets mostly fall as Japan household spending comes in lower than expected
Office workers cross the street at lunch time near Tokyo Station on Oct. 20, 2022. Stanislav Kogiku | SOPA Images | LightRocket | Getty Images Asia-Pacific markets mostly fell on Friday as investors brace for a crucial jobs report from the U.S. and digest household spending data from Japan. Japan’s household spending data for July […]
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China, India and more: Veteran investor shares his take on emerging markets right now
Emerging markets have been making headlines this year, with growing economies, populations and consumer demand all garnering the attention of investors — but not all EMs are created equal. China in particular has been of concern, given uncertainty over how its economy will perform looking ahead. George Boubouras, managing director for research, investment and advisory […]
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Broadcom says it will sell $12 billion in AI parts and custom chips this year
Broadcom CEO Hock Tan. Lucas Jackson | Reuters Broadcom reported fiscal third-quarter results on Thursday that beat Wall Street expectations for revenue and earnings. Broadcom shares fell 7% in extended trading after guidance was in-line with expectations. Here is how the chipmaking conglomerate did versus LSEG consensus estimates for the quarter that ended Aug. 4: […]
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Salesforce to acquire startup Own for $1.9 billion in cash
Marc Benioff, CEO of Salesforce.com, speaks during a keynote at the Dreamforce 2023 conference in San Francisco on Sept. 12, 2023. Marlena Sloss | Bloomberg | Getty Images Salesforce announced Thursday that it would pay $1.9 billion in cash for Own Co., a startup specializing in tools for backing up data in cloud-based applications. Salesforce […]
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Stocks making the biggest moves after hours: Broadcom, DocuSign, UiPath and more
Check out the companies making headlines in after-hours trading: DocuSign — The e-signature software company ticked up nearly 1% after posting a top- and bottom-line beat. DocuSign’s adjusted earnings of 97 cents per share for the second quarter exceeded analysts’ expectations of 80 cents per share, according to LSEG. DocuSign’s revenue of $736 million also […]
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Red Lobster cleared to exit Chapter 11 bankruptcy
The exterior of a Red Lobster restaurant on May 20, 2024 in Austin, Texas. Brandon Bell | Getty Images A bankruptcy court approved Red Lobster’s plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy. The company, known for its seafood offerings and cheddar biscuits, filed for bankruptcy protection in […]
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