Alibaba Group will carry out Hong Kong’s first paper-less stock market listing with its $13.4 billion share sale, according to a source with knowledge of the matter, ending the long-held tradition of Hong Kong investors queuing in bank branches to place stock orders.
As dollars dry up, global finance is growing increasingly dependent on opaque currency trading to keep cash flowing.
From the dominant reserve currency for central banks to the main conduit for global trade and borrowing, U.S. dollars are the lifeblood for banks and markets around the world.
Foreign exchange swap volumes have risen in the past three years to account for nearly half of the entire FX market, Bank for International Settlements (BIS) data shows.
Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support.
Daimler shares fell sharply on Thursday after the German carmaker said tougher emissions rules will hit earnings in 2020 and 2021 forcing it to seek more than 1 billion euros in personnel cuts at Mercedes-Benz Cars by end of 2022.
Tougher emissions rules will hit Daimler's profits in 2020 and 2021, prompting the German carmaker to seek more than 1 billion euros ($1.1 billion) in savings from cutting staff costs at its Mercedes-Benz business by the end of 2022, it said on Thursday.
World stocks nudged down on Thursday as Chinese economic data slowed in October and Germany only narrowly avoided a recession in the third quarter, adding to worries about the global growth fallout from the U.S.-China trade war.
Boeing Co has abandoned a key automation system used to make fuselage sections for its 777 jetliners amid reports of reliability issues, and will instead partially switch back to mechanics, the planemaker said on Thursday.
Singapore said on Thursday it had levied an S$11.2 million ($8 million) fine on Swiss bank UBS after investigations showed its advisors deceived clients over prices for bonds and structured products.
SoftBank's Yahoo Japan is in talks to merge with messaging app operator Line Corp to create a $27 billion tech giant and help the Japanese conglomerate expand e-commerce and payments services.
Alibaba's planned $13.4 billion share sale will be Hong Kong's first paperless stock market listing, a source with knowledge of the matter said, breaking with a long-held tradition of investors placing stock orders in bank branches.
Alibaba's Hong Kong listing will not only land it $13.4 billion, it will also garner goodwill from Beijing to help the Chinese e-commerce giant weather the fallout of a damaging trade war.
Ford Motor Co will start taking reservations for its electric sport utility vehicle, Mustang Mach-E, starting Nov. 17, when the U.S. automaker unveils the vehicle at an event in Los Angeles, the company said on Thursday.
Advertising group WPP will consider making acquisitions to bolster its capabilities in faster growing segments such as technology and commerce after selling a majority stake in its research arm Kantar, Chief Executive Mark Read said on Thursday.