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(Bloomberg) -- Billionaire Jack Ma’s Ant Group is kicking off its much-anticipated initial public offering, with plans to list simultaneously in Hong Kong and on China’s new tech bourse in Shanghai.The parent of China’s largest mobile payment company is marching toward what could be one of the largest listings seen in years. It was valued at $150 billion in its last funding round. Ant will pursue a dual-listing in Hong Kong and the Shanghai stock exchange’s STAR board, the Hangzhou-based company said in an emailed statement. It’s seeking a valuation of at least $200 billion, people familiar with the matter said, asking not to be identified talking about a private deal.The crown jewel of the sprawling Alibaba empire, Ant has been accelerating its evolution into an online mall for everything from loans and travel services to food delivery, in a bid to claw back shoppers lost to Tencent Holdings Ltd. The...
Amazon.com Inc's total exports from small and medium sellers in India, part of a company programme to export products to global markets, have crossed the $2 billion mark, two company executives said on Monday. Amazon's "Global Selling" programme was launched in India, a key growth market for the company, in 2015. The programme, also operational in other markets, has helped more than 60,000 Indian sellers export products to 15 Amazon websites, the company said....
(Bloomberg) -- Apple Inc. will soon invite a mainland Chinese company into the exclusive club of global iPhone assemblers, marking the biggest change to a decade-old production model just as Washington-Beijing tensions escalate.Luxshare Precision Industry Co. struck a deal to acquire Wistron Corp.’s iPhone unit and become the first mainland company to assemble Apple’s marquee device. It’s another win for a company that went from making cables and antennas to AirPods, sending its shares higher by as much as 7% Monday while Wistron fell up to 10%.The introduction of a homegrown Chinese star helps Apple scores points with Beijing, at a time Washington officials have accused it of kow-towing to the Chinese government. It also shakes up Apple’s supply chain by threatening to wrest business away from longstanding partners Hon Hai Precision Industry Co. and Pegatron Corp. Pegatron fell almost 4% while Hon Hai, known also as Foxconn, closed 1.4% lower.“Apple...
Tesla Inc. (NASDAQ: TSLA) has started offering its Model Y electric sports utility vehicle for leasing, the automaker's website suggests. What Happened The launch of Model Y leases has begun relatively early, as the Elon Musk-led company didn't launch leases for its Model 3 vehicle until two years after it went into production, Electrek reported earlier.The leasing option is said to be the cheapest way to drive the Model Y with a downpayment of $4,500, and a monthly outlay of $499.Tesla has kept the duration of the lease at 36 months with a 10,000-mile allotment.Why It Matters The leases are likely to drive demand higher for the electric SUV, although it is not an indicator of declining demand itself, Electrek noted.Last week, Tesla announced the temporary shutdown of its Fremont factory for carrying out upgrades to vehicle assembly lines.The automaker is reportedly putting in a new assembly line at the California...
Jul.20 -- Things could be looking up for EU leaders in search of a deal on the recovery fund. Overnight, talks failed to produce an agreement on how to structure the 750 billion-euro package, but now officials have told Bloomberg the four countries who have been holding back in negotiations are ready to agree on a compromise. Bloomberg’s Maria Tadeo reports on “Bloomberg Markets: European Open.”...
Jul.20 -- Philipp Rickenbacher, chief executive officer at Julius Baer Group Ltd., discusses client activity throughout the pandemic, his business outlook and how the bank was impacted by Covid-19. He speaks on “Bloomberg Markets: European Open.”...
Jul.20 -- Frans van Houten, chief executive officer at Koninklijke Philips NV, discusses his outlook for business in the covid-19 era, earnings in the second half and ventilator production. He speaks on “Bloomberg Daybreak: Europe.”...
