Investors
China Resources to offload stake in Wal-Mart China for $525mn
China Resources SZITIC Trust Co Ltd, a unit of China Resources Corp, is planning to divest minority stake in Wal-Mart Stores Inc. The state-backed China Resources Trust has a minority stake in the US retailer's operations in China. Wal-Mart Stores Inc has 21 Wal-Mart outlets in China. China Resources has listed its stake for sale at Yuan3.3billion ($525million). It's estimated that China Resources has 35 percent stake in the Wal-Mart outlets in China. Wal-Mart believes the transfer of minority stake doesn't impact the operations in China.
Major US banks account for 20% of debts in Glencore
The major banks from the US have exposure to the debt of ailing commodity giant Glencore Plc. Bank of America, Citigroup, JPMorgan Chase and Morgan Stanley have reportedly lent $350million apiece to Glencore. North American banks contributed 20percent of the total loan exposure of Glencore. The ongoing slump in commodities market adversely impacted the Swiss-based Glencore's performance. This indicates potential alarming situation for the American banks if embattled Glencore slips into a liquidity crisis. Glencore is engaged in commodity trading and mining activities.
Wall Street gains propel Asian indices up; China markets reopen on positive note
Taking cues from the overnight gains on Wall Street, Asian markets moved upwards marginally on Thursday. The reopening of trading in Chinese markets after a long-week holiday streak also infused fresh interest into the market.
Herbalife shares tumble on Nu Skin's lower forecast; Ackman continues his allegations
Tracking to the steep drop of over 25 percent in competitor Nu Skin shares, Nutrition company Herbalife Ltd's stock also plunged over seven percent.