Billionaire Lakshmi Mittal-controlled ArcelorMittal is selling three of its US steel operations to Black Diamond Capital Management. As part of the sale deal, ArcelorMittal will offload three units at LaPlace in Louisiana, Harriman in Tennessee and El Paso in Texas. Both companies denied to provide terms of the deal.
Tags: China
China's eight largest bank defaults on ‘dim sum’ bond
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.
McDonald’s Expands More New Restaurants in Asia
McDonald’s is planning to extend its fast food empire to Asia by opening additional restaurants in Hong Kong, South Korea and China. It is also seeking strategic partnership in Japan and Taiwan.
Prime Minister Li Keqiang is Optimist for China's Economic Recovery
In the annual Boao Forum for Asia (BFA) last Thursday, Premier Li Keqiang deliver keynote speech. He pledged the government will refrain to intervene in economic and market.
US Seeks to Strengthen Economic Relationship with ASEAN to Counter China
As China has increased its influence in Southeast Asia, U.S. stepped in. United States plan to match China in rebalancing Asia by increasing partnership with ASEAN.
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El Niño is hitting on cane productions especially in Asia, leading to a global shortage and the rise in prices. This would be the first year of sugar shortage after years of surplus. The shortage is projected to be prolonged to at least next year.
Price of iron ore rallies as China's property market showed further sign of recovery. Surge in the price of iron ore also correlated with increase in steel futures.
Starwood is about to dump Marriott's offer in favor of Anbang's more than $13 billion bid for the acquisition. If the deal pushes through, Starwood will pay Marriott a breakup fee of $400 million. Marriott has been given five days to counterbid.
China and U.S. has been competing for a place in the economy and politics of Cuba. China has been doing business with Cuba for several years and the U.S. is just making a start. The edge that Washington sees is the proximity as being Cuba's neighbor.
Samsonite saw strong sales in Asia, particularly China, in 2015. The company is not sure about 2016 outlook due to potential challenges, as it moves forward to boost presence in Asian markets.
The strengthening of Yen is eroding the value of Japan's exports to the US. Its overall exports volume was flat, while the value declined over four percent owing to rising Yen.
China will try to draw up rules to regulate ride hailing service as the market has grown very big. Meanwhile Indonesia transportation minister plan to ban Uber and GrabTaxi.
A two-day policy meeting of US Federal Reserve will conclude on Wednesday. US Fed Chair Janet Yellen is expected to keep short-term interest rate unchanged for now and may go for a hike in June.
China’s property market keeps on growing even amid the country’s economic slowdown and weak exports. The surge in the real estate sector is contributing positively to the country’s economy as a new economic driver.
