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Banks are distancing themselves from one of China’s most acquisitive companies. Several of the Chinese firms that funded HNA Group's $40 billion acquisition spree are halting new loans, according to people familiar with the matter. HNA took on at least $73 billion of debt as it transformed from an obscure regional airline into a worldwide conglomerate with multi-billion dollar stakes in Hilton and Deutsche Bank. A dearth of fresh credit could further restrain the company’s ambitions as Chinese regulators clamp down on the offshore deals to stem capital outflows and shore up the yuan. Lenders in China aren’t the only ones distancing themselves from HNA. Bank of America Corp. has told investment bankers to stop working on transactions with the company for now amid growing concerns about the group’s debt levels and ownership structure.
Stock's 500% surge hasn't changed this bear's mind. Robin Zhu's got a strong stomach when it comes to being bearish on Geely Automobile Holdings. Since August 2015 he's been advising investors to avoid the company, during which time the share price has soared more than 500 percent. And he's not backing down. Despite the company being the world's best-performing auto stock this year, Zhu sees a 57 percent stock drop in the next 12 months.
Grab raises $2 billion in Southeast Asia's largest venture fundraising. The money, from Didi Chuxing and SoftBank Group, allows Grab to join forces with the two companies in an effort to drive Uber Technologies out of China. The Singapore-based ride-hailing company said Monday it expects to close another $500 million from unspecified new and existing backers. That would take its valuation north of $6 billion, a person familiar with the matter said.
Elderly drivers are wreaking havoc on Japan's roads. As Japan’s population continues to age — meaning more and more older drivers are behind the wheel — an accident problem is getting worse: Drivers aged 75 and over were connected to 459 fatal accidents last year, 13 percent of Japan’s total, up from 7.4 percent a decade earlier, National Police Agency data show.
This startup is taking bitcoin into the real world. A recurring challenge for bitcoin and other cryptocurrencies is how to make them work in the real world. A Singapore-based startup says the answer is its Visa card. TenX is pitching its debit card as an instant converter of multiple digital currencies into fiat money: the dollars, yen and euros that power most everyday commerce.
Chinese investor snaps up Bordeaux wine estate Chateau Fauchey. The estate, sold for an undisclosed sum, comprises the 15th century chateau along with 25 hectares (62 acres) of land. Investors from China have bought more than 100 Bordeaux wine estates since starting to focus on the area in 2010, seeking both access to supplies of wine for the growing Chinese domestic market and also historic properties which can be used to expand wine tourism.
Cash handouts for farmers as Najib battles for votes. Malaysian Prime Minister Najib Razak raised the stakes in his efforts to secure the votes of palm oil farmers, announcing hundreds of millions of dollars in aid ahead of an election that could come within months. Najib needs those farming votes if his coalition is to extend its 60-year grip on power.
Tokyo tries to work from home to ease congestion. With 920,000 spectators expected to visit Japan's capital each day of the 2020 Olympic Games, Tokyo is facing a huge logistical challenge — how to get everyone in and out of the city center. One method, that was trialed today for the first time, is to ask commuters to work from home. Some 750 companies and organizations were expected to take part. The government hopes "Telework Day" will prove so successful that it leads to more flexible work practices.