China's oil giant reported a 67% drop in profit. PetroChina reported its worst profit in 15 years which brought liability to $162 billion.
Asia/Pacific
WowBox Lifestyle Wows Almost 5M Users
WoxBox users has increased to 5 million users. The youth has been fond of it because of its extra-ordinary features. The app has become the most used app in Bangladesh.
Japan Jolts With 6.0 Magnitude Earthquake Causing Death, Building-Collapse, Road And Rail Block
An earthquake with at least 6.0 magnitude has hit the southwestern part of Japan causing nine deaths and injuring more than 800. Though no Tsunami warning has been served, but more than 100 aftershocks have created panic among the residents of the most hit town Mashiki. Japanese Prime Minister has vowed to do everything in life-saving and rescue operations.
China and Hong Kong Indexes Retracted Following Latest Economic Data
China's stock market slipped on Friday, as the country reported the economic growth is in accordance with analysts prediction. While investors expected a stronger result.
Alibaba Gets $1 Billion Stake Investment In Lazada
Alibaba is about to acquire Singaporean start-up Lazada for about $1 billion that was established by the German technology Rocket Internet. Existing shareholders including Tesco, AB Kinnevik and Rocket Internet will sell a portion of their shares to Alibaba.
Latest News
Investments in Chinese tech companies had a 50% surge in the first quarter of 2016. Nevertheless, many of the investments were spent in the big startups.
Verizon Communications Inc will bid for Yahoo's web business, while Alphabet Inc's Google unit is also exploring options on bidding for it. Additionally, Verizon may also make an offer for stake in Yahoo's Japan subsidiary.
Oil price, Asian stocks and bond yields were trading marginally higher on Friday ending the week on positive mode. Japanese currency Yen continued to rise against US dollar and this also further aided Asian stocks.
Google will provide seed funding in Asia's renewable energy that will start off in Taiwan. Through the Center for Resource Solutions, the funds will be used to set up renewable energy certification programs.
Sprint has announced on Wednesday raising $2.2 billion fund through selling and leasing back of network assets. The complex transaction structure has been facilitated by the internet carrier’s parent company SoftBank Group. Sprint chooses this deal out of other available options to remain solvent for more than 2 years.
One of India's largest highway and road developers prepared to recover after a massive loss in Wednesday. The company's stock slumped following the raid of tax officials.
The Japanese yen has reached the top hitting a 17-month high on Tuesday. The appreciation takes place following advice from Japanese Prime Minister for cautious market intervention by authorities. Addition of value to yen cause downward trend in Nikkei average index on the same day leading towards a 18% drop during this year.
Tracking sell-off on Wall Street, Asian markets turned weaker. Renewed growth concerns and effectiveness of central bank policy have worsened the investor sentiment.
Competition Heats Up In China Between Uber And Didi Which Raised Funding Target to Over $1.5 Billion
Didi's target for funding has raised to $1.5 billion to compete with Uber in China. Didi operates in 400 cities and is expected to accelerate to about 10 million at the end of the year.
