Asian Shares Rise, Oil Extends Gains After OPEC+ Deal {Asian Shares Rise, Oil Extends Gains After OPEC+ Deal} – English

Asian Shares Rise, Oil Extends Gains After OPEC+ Deal {Asian Shares Rise, Oil Extends Gains After OPEC+ Deal} – English

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Asian shares were cautiously higher on Thursday, while the dollar eased ahead of U.S. non-farm payrolls data, and oil prices gained for a fourth day after deep production cuts pledged by OPEC+ members.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.4% in early Asia trade, as U.S. futures gained. The index is up 4% this week after faling 13% in September.

Japan’s Nikkei stock index (.N225) climbed 0.7% to its highest level since September, South Korea (.KS11) advanced 1.2% and Australia (.AXJO) edged 0.1% higher. Hong Kong’s Hang Seng index (.HSI), on the other hand, fell 0.5%.

Read the full story on Reuters here.

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Apollo, Sixth Street No Longer In Talks To finance Twitter Deal {Apollo, Sixth Street No Longer In Talks To finance Twitter Deal} – English

Apollo, Sixth Street No Longer In Talks To finance Twitter Deal {Apollo, Sixth Street No Longer In Talks To finance Twitter Deal} – English

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Apollo Global Management Inc (APO.N) and Sixth Street Partners, which were looking to provide financing to Elon Musk earlier this year for his proposed $44 billion buyout of Twitter Inc (TWTR.N), are no longer in talks with the billionaire entrepreneur, according to two sources familiar with the matter.

Earlier this year, Apollo was in talks to provide preferred equity financing for the deal, alongside Sixth Street, sources had previously told Reuters.

Apollo, Sixth Street and other investors were looking to commit over $1 billion in financing for the deal at the time.

Those talks ended months ago around the time Musk started having second thoughts about going through with the deal, the sources cited above said. Musk initially proposed the buyout in April before backtracking in July, and then changing course again this week.

Read the full story on Reuters here.

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Toyota To Invest Up To $5.3 Billion In Battery Production {Toyota To Invest Up To $5.3 Billion In Battery Production} – English

Toyota To Invest Up To $5.3 Billion In Battery Production {Toyota To Invest Up To $5.3 Billion In Battery Production} – English

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Toyota will spend up to ¥730bn ($5.3bn) in the US and Japan to accelerate its production of batteries, the latest in a series of investments by Asian carmakers in electric vehicles.

The announcement on Wednesday by the world’s largest carmaker came just two days after rival Honda and South Korean battery maker LG Energy Solution said they would spend $4.4bn to build a battery plant in the US.

While many carmakers have signed deals with battery manufacturers, Toyota has focused its efforts on producing batteries internally, believing this can provide a critical competitive advantage in the electric vehicle era.

Read the full story on the Financial Times here.

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Adani Becomes World’s Third Richest Trailing Only Musk, Bezos {Adani Becomes World’s Third Richest Trailing Only Musk, Bezos} – English

Adani Becomes World’s Third Richest Trailing Only Musk, Bezos {Adani Becomes World’s Third Richest Trailing Only Musk, Bezos} – English

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Few outside of India had heard of Gautam Adani just a few years ago. Now the Indian businessman, a college dropout who first tried his luck as a diamond trader before turning to coal, has become the world’s third-richest person.

It’s the first time an Asian person has broken into the top three of the Bloomberg Billionaires Index — fellow citizen Mukesh Ambani and China’s Jack Ma never made it that far. With a $137.4 billion fortune, Adani has overtaken France’s Bernard Arnault and now trails just Elon Musk and Jeff Bezos of the US in the ranking.

Adani, 60, has spent the past few years expanding his coal-to-ports conglomerate, venturing into everything from data centers to cement, media and alumina. The group now owns India’s largest private-sector port and airport operator, city-gas distributor and coal miner.

Read the full story on Bloomberg here.

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BYD Chief Loses $2 Billion After Berkshire Hathaway Cuts Stake {BYD Chief Loses $2 Billion After Berkshire Hathaway Cuts Stake} – English

BYD Chief Loses $2 Billion After Berkshire Hathaway Cuts Stake {BYD Chief Loses $2 Billion After Berkshire Hathaway Cuts Stake} – English

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Wang Chuanfu, the cofounder and chief executive of BYD, saw his wealth tumble by $1.9 billion after Warren Buffett’s Berkshire Hathaway trimmed its stake in the Chinese electric car maker for the first time since investing in the Shenzhen-based company in 2008. Shares of BYD tanked amid speculation that more stock sales could be on the way.

The Hong Kong-listed BYD plunged almost 12% on Wednesday after a regulatory filing to the city’s stock exchange showed that Berkshire Hathaway has reduced its ownership to 19.92% from 20.04%.

The Omaha-based investment firm gained $47 million when it sold 1.33 million shares on August 24 at an average price of HK$277 apiece, according to the filing.

Read the full story on Forbes here.

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Norwegian Billionaire Pushes Salmon Production Into New Offshore Waters {Norwegian Billionaire Pushes Salmon Production Into New Offshore Waters} – English

Norwegian Billionaire Pushes Salmon Production Into New Offshore Waters {Norwegian Billionaire Pushes Salmon Production Into New Offshore Waters} – English

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Billionaire Kjell Inge Rokke’s Aker ASA and SalMar ASA will create an offshore fish farming company to open new waters for producing salmon.

Aker will contribute as much as 1.65 billion kroner ($190 million) in cash in three tranches to SalMar Aker Ocean, which will comprise SalMar’s interests in its semi-offshore and offshore farming operations, the companies said in a statement on Thursday.

SalMar will eventually own 66.6% of the joint company, while Aker will own 33.4% through Aker Capital AS.

Read the full story on Bloomberg here.

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Britain Bans Binance’s UK Ops In Latest Cryptocurrency Crackdown {Britain Bans Binance’s UK Ops In Latest Cryptocurrency Crackdown} – English

Britain Bans Binance’s UK Ops In Latest Cryptocurrency Crackdown {Britain Bans Binance’s UK Ops In Latest Cryptocurrency Crackdown} – English

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Britain’s financial regulator has said Binance, one of the world’s largest cryptocurrency exchanges, cannot conduct any regulated activity and issued a warning to consumers about the platform, which is coming under growing scrutiny globally.

In a notice dated June 25, the Financial Conduct Authority (FCA) said Binance Markets Ltd, Binance’s only regulated UK entity, “must not, without the prior written consent of the FCA, carry out any regulated activities… with immediate effect”.

It also issued a warning to consumers about Binance Markets and the wider Binance group.

Read the full story on Reuters here.

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Bosch Picks Hartung As New CEO To Tackle Industry Transformation {Bosch Picks Hartung As New CEO To Tackle Industry Transformation} – English

Bosch Picks Hartung As New CEO To Tackle Industry Transformation {Bosch Picks Hartung As New CEO To Tackle Industry Transformation} – English

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Robert Bosch chief executive officer Volkmar Denner will hand over the reins to automotive unit head Stefan Hartung at the end of the year after running the German engineering giant for almost a decade.

Denner, 64, will become a scientific adviser focused on the company’s research into quantum technology, Bosch said Thursday in an emailed statement. The CEO changeover and additional management appointments take effect on January 1, 2022.

Denner navigated the world’s largest maker of vehicle components through the fallout of Volkswagen AG’s diesel-emissions scandal and the dramatic industry slump triggered by the Covid-19 pandemic. He transformed Bosch’s sprawling operations to focus on technology for the so-called Internet of things that connects products from car parts to refrigerators and power tools to the web.

Read the full story on Gulf Business here.

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China Tech Listings Drop Sharply As Beijing Cracks Down On Sector {China Tech Listings Drop Sharply As Beijing Cracks Down On Sector} – English

China Tech Listings Drop Sharply As Beijing Cracks Down On Sector {China Tech Listings Drop Sharply As Beijing Cracks Down On Sector} – English

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The value of stock market listings by Chinese technology companies dropped more than 60 per cent in the second quarter, as regulators in Beijing broadened their crackdown on the sector.

Since the start of April, initial public offerings by China’s tech groups on exchanges worldwide have raised just $6bn, down almost two-thirds from the first quarter, according to data from Dealogic.

The share of tech listings as a proportion of all Chinese IPOs also fell to the lowest level in two years, at just 21 per cent of the more than $28bn raised during the period.

The decline comes as Chinese tech groups have faced pressure from Beijing, which in recent months has stepped up regulatory scrutiny of some of the biggest names in the sector.

Read the full story on the Financial Times here.

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World’s Largest Superyacht To Offer Apartments For Sale {World’s Largest Superyacht To Offer Apartments For Sale} – English

World’s Largest Superyacht To Offer Apartments For Sale {World’s Largest Superyacht To Offer Apartments For Sale} – English

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With prices starting at €9.5m, backers of what will be the world’s largest superyacht are offering 39 apartments for sale as they bet on resilient demand for exclusive luxury travel.

The 220-metre vessel is due to launch in 2024 and will provide buyers with “the intimacy of a private yacht alongside the chance to network in a vibrant community of like-minded owners”, its investors said as they announced the €500m project on Monday.

Somnio will be more than 40 metres longer than the current record holder Azzam, owned by the Abu Dhabi royal family. The project has been spearheaded by Carl Le Souef, a US millionaire who founded Private Formula International, a skincare company, and now runs Somnio Global, a sustainable technology group.

Read the full story on the Financial Times here.

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