Hong Kong car park sells for record $3 bln (Video)

A prized commercial property site in Hong Kong, currently being used as a public car park, has been sold to Henderson Land Development for a record HK$23.3 billion ($3 billion). As Sonia Legg reports, it outbid eight other developers including local giants Cheung Kong Property Holdings and Sun Hung Kai Properties to take ownership of […]

Wall St higher as oil, defense stocks gain

Wall Street gained in early trading on Monday, helped by higher oil prices and as defense stocks rose after a $110 billion arms deal between the United States and Saudi Arabia. Oil prices were up about 0.6 percent, bolstered by confidence that top exporters will this week agree to extend supply curbs, with suggestions that […]

Euro rebounds to six-month high on Merkel while dollar steadies

The euro climbed to a six-month high, rebounding from an early decline, after Chancellor Angela Merkel said the common currency was “too weak.” The dollar stabilized in a narrow range following the biggest weekly slump since July. Europe’s common currency rose as much as 0.3 percent to $1.1236, its strongest level since Nov. 9, after […]

Shareholders take Akzo Nobel to court to oust Chairman Burgmans

Akzo Nobel (AKZO.AS) shareholders angered by the Dulux owner’s rejection of a 26.3 billion euro ($29.5 billion) takeover offer from U.S. rival PPG Industries (PPG.N) took their fight to an Amsterdam court on Monday. Activist hedge fund Elliott Advisors, supported by several long-term institutional investors, asked the Amsterdam Enterprise Chamber to order an investigation into […]

Ford set to fire CEO Mark Fields as shares founder: source

Ford Motor Co is expected to announce the departure of Chief Executive Mark Fields in a broad management shake-up, a company source said – a move that reflects growing investor unease over the company’s stock market performance and outlook. Forbes and the New York Times reported that James Hackett, 62 and chairman of the Ford […]

CIBN received N27.6bn claims from bank customers in 2016

*Rakes in N439.6m from corporate subscriptions, levies The Ethics and Professionalism Division, of the Chartered Institute of Bankers of Nigeria (CIBN) says its received 136 petitions with claims that amounted to N27.6 billion from bank customers in 2016. The institute disclosed this in its 2016 Annual Reports and Accounts released on Saturday in Lagos. It […]

Softbank-Saudi tech fund becomes world’s biggest with $93 billion of capital

The world’s largest private equity fund, backed by Japan’s Softbank Group and Saudi Arabia’s main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics. “The next stage of the Information Revolution is under way, and building the businesses that will make […]

A decade after debt forgiveness, Africa still hooked on dollars

When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies. Over a decade later, most sub-Saharan African countries still rely on U.S. dollar-denominated debt to finance their economies. Some investors say this is sowing the seeds of future debt […]