Philips is seeking to invest in healthcare technology start-ups in India, following other Fortune 500 firms in the world in empowering India's steadily growing start-up economy.
China
PetroChina Reported $162 Billion Liability As Oil Price Continues to Plunge
China's oil giant reported a 67% drop in profit. PetroChina reported its worst profit in 15 years which brought liability to $162 billion.
Venture Capital Investment in China Surged Amidst Global Slowdown
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.
Weakening steel demand in China will improve prices within 2018
The steel industry of China is expected to shrink rapidly, stopping global price fall. The steel industry across the world is fighting the problem of over production as demand weakens in China.
Las Vegas to pay $9 million to settle SEC's allegation over a bribery case
Las Vegas Sands will pay a settlement charge of $9 million in order to clear the corruption case over operations in China.
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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.
International Monetary Fund (IMF) has warned that slower growth rates among emerging markets are causing cash outflows and could cause another bout of crisis. Narrowing differential in growth prospects between advanced and emerging economies may add to the crisis situation again.
Alibaba Group has completed acquisition of South China Morning Post. To put a footstep with revealing the acquisition, readers have got free access to the once subscribed online newspaper. The move allows the 113-year-old newspaper to approach towards becoming a global leader in news arena.
Stock prices in the Asian markets gained on Wednesday following a steep decline in the past session. Asia-Pacific shares excluding Japan in MSCI increased 0.1% during the early trading session after a 1.6% fall in the previous day.
Lumber Liquidators won a civil case, which had alleged the company for violating a state law in California that urges companies to report warnings regarding the possible harmful substances in their products.
Xiaomi’s partnership with India’s Hungama will make it easier, more accessible and more affordable for locals to access the company’s service that will soon be integrated together with themes and ringtones.
China's eighth largest investment bank, Guosen Securities, has clarified on behalf of its unit that there's no default on its offshore debt. The trustee of the offshore bond Bank of New York Mellon (BNY) had earlier warned bondholders of a possible default.
A unit of China's Guosen Securities in Hong Kong have defaulted on a dim sum bond. However, analysts doubted the default as the brokerage is in a strong cash balance.
