Author: Deal Street Asia Online News

Saudi sovereign wealth fund PIF reduces majority stake in stock exchange operatorPIF sold a 10% stake in Saudi Tadawul Group through a secondary share…

Saudi Arabia’s Public Investment Fund has sold a 10% stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising 2.3 billion riyals ($612 million), it said in a statement on Sunday. The sovereign wealth fund with over $600 billion in assets said it sold 12 million shares through an… Continue reading Saudi sovereign wealth fund PIF reduces majority stake in stock exchange operatorPIF sold a 10% stake in Saudi Tadawul Group through a secondary share…

Germany’s Olaf Scholz visits Vietnam as manufacturers eye shift from China

German Chancellor Olaf Scholz discussed energy and trade ties with Vietnam‘s Prime Minister Pham Minh Chinh during a visit to Hanoi on Sunday, the first for a German leader in more than a decade. Scholz‘s stop in Vietnam on his way to the G20 leaders’ summit in Indonesia, highlights Vietnam‘s growing role in global supply chains as many German firms consider… Continue reading Germany’s Olaf Scholz visits Vietnam as manufacturers eye shift from China

Tesla mulls exporting made-in-China EVs to US, Canada

Tesla has considered plans for exporting made-in-China electric vehicles to the United States and Canada, two people with knowledge of the planning told Reuters, a step that would connect its largest factory to North America, its largest market. Tesla has been evaluating whether Model 3 and Model Y electric vehicles made in Gigafactory Shanghai could be sold in North America as soon as next year,… Continue reading Tesla mulls exporting made-in-China EVs to US, Canada

Indonesia’s Adaro signs MoU with Hyundai for aluminium supply

Indonesian metals company PT Adaro Minerals Indonesia Tbk has signed a memorandum of understanding (MoU) with South Korea’s Hyundai Motor Company on aluminium supply for automobile manufacturing, Adaro said in a statement on Sunday. The MoU was signed on the sidelines of the G20 summit in Bali, Indonesia. Under the MoU, Hyundai would secure the right to purchase aluminium produced by Adaro‘s subsidiary PT Kalimantan Aluminum Industry at an early stage of… Continue reading Indonesia’s Adaro signs MoU with Hyundai for aluminium supply

Blackrock shelves China bond ETF amid growing political tensionThe first Blackrock ETF product was reportedly scheduled for the fourth quarter.

Blackrock Inc has put off the launch of an exchange traded fund (ETF) that invests in Chinese bonds, amid growing tension between Washington and Beijing, the Financial Times said on Saturday. The world’s largest money manager has “indefinitely” shelved the ETF, the newspaper said, citing people familiar with the decision. According to one of the people, the move… Continue reading Blackrock shelves China bond ETF amid growing political tensionThe first Blackrock ETF product was reportedly scheduled for the fourth quarter.

Alameda, FTX execs knew crypto firm was using customer funds, per report

FTX-affiliated crypto trading firm Alameda Research’s Chief Executive Officer Caroline Ellison and senior FTX officials knew that the crypto exchange had lent Alameda its customer funds to help meet liabilities, the Wall Street Journal reported on Saturday. Reuters reported Friday that FTX founder and former CEO Sam Bankman-Fried had secretly transferred $10 billion of customer funds from FTX to Alameda. Ellison told employees in a video meeting on Wednesday that she, Bankman-Fried, and two other executives, Nishad Singh and Gary… Continue reading Alameda, FTX execs knew crypto firm was using customer funds, per report

Chinese regulators urge more financing support for embattled property firms

Chinese regulators have asked financial institutions to extend more support to property developers to shore up the country’s struggling real estate sector, two sources with direct knowledge of the matter said on Sunday. A notice to the institutions from the People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, in a major push to… Continue reading Chinese regulators urge more financing support for embattled property firms

Binance halts FTX’s FTT deposits, urges rivals to follow

Cryptocurrency exchange Binance has stopped accepting deposits of FTX’s FTT token on its platform, its chief executive Changpeng Zhao said on Sunday, urging other rival exchanges to do the same. FTX, which filed for bankruptcy on Friday, was engulfed in more chaos on Saturday when the crypto exchange said it had detected unauthorized access and analysts said hundreds of millions of… Continue reading Binance halts FTX’s FTT deposits, urges rivals to follow

Indonesia’s INA, China’s SRF pick 40% in Kimia Farma Apotek for $120m

Indonesia’s sovereign wealth fund (SWF) INA and China’s Silk Road Fund (SRF) are picking up a 40% stake in Indonesian state-owned pharmaceutical company PT Kimia Farma’s subsidiary, Kimia Farma Apotek, for 1.86 trillion rupiah ($120 million), according to a statement on Sunday. Kimia Farma Apotek will use the money for business expansion and working capital,… Continue reading Indonesia’s INA, China’s SRF pick 40% in Kimia Farma Apotek for $120m