Business

China’s auto sales fell 3% in May, first drop in 14 months

Vehicle sales in China fell 3% in May from the same month a year earlier, snapping a streak of 13 consecutive months of gains since April 2020, industry data showed on Friday. Overall sales in the world’s biggest car market totaled2.13 million vehicles in May, data from the China Association of Automobile Manufacturers showed. China […]

Business

UK’s Domino’s CFO to join pub chain Fuller, Smith & Turner

Domino’s Pizza Group’s Chief Financial Officer Neil Smith will leave the company to join pubs and hotels chain Fuller, Smith & Turner as its finance director, the two companies said in separate statements on Friday. Smith is expected to join by Dec. 1, 2021, the company said. “While I was not looking to leave Domino’s, […]

Business

Glass Lewis recommends against re-appointment of Toshiba board chairman, 4 others

U.S. proxy advisory firm Glass Lewis has urged shareholders to vote against the re-appointment of Toshiba Corp’s board chairman Osamu Nagayama and four others nominated to the board by the company, the Nikkei business daily reported on Friday. Glass Lewis recommended opposing the re-appointment of Junji Ota, chairman of Toshiba’s audit committee, the Nikkei said. […]

Business

BlackRock becomes first to operate wholly owned China mutual fund biz

BlackRock Inc has become the first global asset manager licensed to start a wholly owned onshore mutual fund business in China, as the government opens up the country’s $3.5 trillion mutual fund industry. BlackRock, the world’s biggest asset manager, on Friday said the China Securities Regulatory Commission had given its Chinese fund management unit approval […]

Business

Lufthansa’s low-cost airline Eurowings to open Prague base

German airline Lufthansa’s said on Friday its budget carrier Eurowings would open a new base in Prague with two aircraft in October. Eurowings will station two Airbus A320 aircraft in the Czech capital from Oct. 31 and offer low-cost direct flights to major European cities like Barcelona, Milan and Copenhagen and holiday destinations such as […]

Business

China’s ride-hailing giant Didi sets stage for mega New York float

Didi Chuxing, China’s biggest ride-hailing firm, on Thursday made public the filing for its long-anticipated U.S. stock market listing, setting the stage for what is expected to be the world’s biggest initial public offering this year. The company – backed by Asia’s largest technology investment firms, SoftBank , Alibaba and Tencent – did not reveal […]

Business

China’s watchdog tightens rules for $1 trillion cash management market

China’s banking and insurance regulator issued rules on Tuesday on wealth management products for cash, tightening oversight of the $1 trillion market. China Banking and Insurance Regulatory Commission banned such products from investing in stocks and convertible bonds and said the leverage level of each product should not exceed 120% normally, according to a statement […]