Company news in brief
Evergrande braces for debt deadline
After lurching from deadline to deadline, China Evergrande Group is again on the brink of default, with pessimistic comments from the property developer raising expectations of direct state involvement and a managed debt restructuring.
Having made three 11th-hour coupon payments in the past two months, Evergrande again faced the end of a 30-day grace period yesterday, with dues this time at US$82.5 million.
But a statement late on Friday saying creditors had demanded US$260 million and that it could not guarantee enough funds for coupon repayment prompted authorities to summon its chairman - and wiped over a sixth off its stock's market value yesterday.
Evergrande was once China's top-selling developer but is now grappling with more than US$300 billion in liabilities, meaning a collapse could ripple through the property sector and beyond.
The central bank, banking and insurance regulator and securities regulator released statements, saying risk to the broader property sector could be contained. - Reuters
Alibaba overhauls e-commerce
Alibaba Group Holding Ltd said it will reorganise its international and domestic e-commerce businesses and replace its CFO - changes that come as the tech giant grapples with an onslaught of competition, a slowing economy and a regulatory crackdown.
It will form two new units - international digital commerce and China digital commerce which it said was part of efforts to become more agile and accelerate growth.
The international digital commerce unit will include AliExpress which sells to retail buyers particularly in Europe and South America, its Southeast Asian e-commerce business Lazada and Alibaba.com which is more focused on selling to overseas business customers.
It will be headed by Jiang Fan, who had been in charge of its main Chinese retail marketplaces, and the change is seen in line with Alibaba's aim to make 'globalisation' a key focus area in addition to cloud computing and domestic consumer spending.
The e-commerce giant's Hong Kong-listed shares slid 6% in early morning trade, tracking Friday declines made in the United States. - Reuters
Renault plans fewer job cuts
French carmaker Renault has concluded its talks with labour unions, business daily Les Echos reported yesterday, saying that the company now plans for 1,700 new job cuts over the next three years.
Renault said in September would cut up to 2 000 engineering and support jobs in France as it shifts into electric cars and hires in different positions.
The loss-making group, which has already announced around 4 600 job cuts in the country as part of a broad restructuring, said in a statement it was opening talks with unions about the latest plans.
Like rivals, Renault is trying to bulk up its electric car offering, and it said the new hires would be in areas such as data sciences or chemistry specialists, as it looks to build its expertise in batteries for example. - Reuters
Vingroup plans US IPO
Vingroup JSC, Vietnam's largest conglomerate, said on Saturday it is planning to list its car unit on the US stock market in the second half of next year, in an offering expected to raise at least US$3 billion.
Just last month, an official said the listing may happen within the next couple of years, as the company joins a growing list of electric vehicle startups taking advantage of investor excitement to raise funds.
VinFast, Vingroup's automaking arm, had flagged in April it was seeking an IPO slated for the second quarter of this year, eyeing a US$60 billion valuation with expectation to raise at least US$3 billion.
In Saturday's statement, Vingroup said it had set up a Singapore-based holding company owning a stake in Vinfast's operations in Vietnam to fuel the IPO process.
"The new company, VinFast Singapore, is a step to turn VinFast into a global company and prepare for its US IPO," the company said in the statement. "Vingroup will be a major shareholder of VinFast Singapore." - Reuters
Infinity to assess green hydrogen potential
Australia's Infinity Lithium Corp Ltd said yesterday it will collaborate with a unit of Germany's Thyssenkrupp AG to explore the use of green hydrogen in producing lithium.
Green hydrogen is produced by splitting water molecules with renewable electricity and is seen as a way for heavy-emission industries such as mining and aviation to decarbonise.
The collaboration comes as lithium, an essential component of electric vehicles (EVs), is becoming an increasingly important metal, with EV demand surging globally as countries race to meet emission targets and move towards cleaner modes of transportation.
The firms will begin a pilot at a Thyssenkrupp facility in Germany, with potential for the technology to be integrated into Infinity's San José lithium project in Spain, the Australian company said.
The company signed a supply agreement in June with South Korea's LG Energy Solution to supply battery-grade lithium hydroxide from the same project. - Reuters
After lurching from deadline to deadline, China Evergrande Group is again on the brink of default, with pessimistic comments from the property developer raising expectations of direct state involvement and a managed debt restructuring.
Having made three 11th-hour coupon payments in the past two months, Evergrande again faced the end of a 30-day grace period yesterday, with dues this time at US$82.5 million.
But a statement late on Friday saying creditors had demanded US$260 million and that it could not guarantee enough funds for coupon repayment prompted authorities to summon its chairman - and wiped over a sixth off its stock's market value yesterday.
Evergrande was once China's top-selling developer but is now grappling with more than US$300 billion in liabilities, meaning a collapse could ripple through the property sector and beyond.
The central bank, banking and insurance regulator and securities regulator released statements, saying risk to the broader property sector could be contained. - Reuters
Alibaba overhauls e-commerce
Alibaba Group Holding Ltd said it will reorganise its international and domestic e-commerce businesses and replace its CFO - changes that come as the tech giant grapples with an onslaught of competition, a slowing economy and a regulatory crackdown.
It will form two new units - international digital commerce and China digital commerce which it said was part of efforts to become more agile and accelerate growth.
The international digital commerce unit will include AliExpress which sells to retail buyers particularly in Europe and South America, its Southeast Asian e-commerce business Lazada and Alibaba.com which is more focused on selling to overseas business customers.
It will be headed by Jiang Fan, who had been in charge of its main Chinese retail marketplaces, and the change is seen in line with Alibaba's aim to make 'globalisation' a key focus area in addition to cloud computing and domestic consumer spending.
The e-commerce giant's Hong Kong-listed shares slid 6% in early morning trade, tracking Friday declines made in the United States. - Reuters
Renault plans fewer job cuts
French carmaker Renault has concluded its talks with labour unions, business daily Les Echos reported yesterday, saying that the company now plans for 1,700 new job cuts over the next three years.
Renault said in September would cut up to 2 000 engineering and support jobs in France as it shifts into electric cars and hires in different positions.
The loss-making group, which has already announced around 4 600 job cuts in the country as part of a broad restructuring, said in a statement it was opening talks with unions about the latest plans.
Like rivals, Renault is trying to bulk up its electric car offering, and it said the new hires would be in areas such as data sciences or chemistry specialists, as it looks to build its expertise in batteries for example. - Reuters
Vingroup plans US IPO
Vingroup JSC, Vietnam's largest conglomerate, said on Saturday it is planning to list its car unit on the US stock market in the second half of next year, in an offering expected to raise at least US$3 billion.
Just last month, an official said the listing may happen within the next couple of years, as the company joins a growing list of electric vehicle startups taking advantage of investor excitement to raise funds.
VinFast, Vingroup's automaking arm, had flagged in April it was seeking an IPO slated for the second quarter of this year, eyeing a US$60 billion valuation with expectation to raise at least US$3 billion.
In Saturday's statement, Vingroup said it had set up a Singapore-based holding company owning a stake in Vinfast's operations in Vietnam to fuel the IPO process.
"The new company, VinFast Singapore, is a step to turn VinFast into a global company and prepare for its US IPO," the company said in the statement. "Vingroup will be a major shareholder of VinFast Singapore." - Reuters
Infinity to assess green hydrogen potential
Australia's Infinity Lithium Corp Ltd said yesterday it will collaborate with a unit of Germany's Thyssenkrupp AG to explore the use of green hydrogen in producing lithium.
Green hydrogen is produced by splitting water molecules with renewable electricity and is seen as a way for heavy-emission industries such as mining and aviation to decarbonise.
The collaboration comes as lithium, an essential component of electric vehicles (EVs), is becoming an increasingly important metal, with EV demand surging globally as countries race to meet emission targets and move towards cleaner modes of transportation.
The firms will begin a pilot at a Thyssenkrupp facility in Germany, with potential for the technology to be integrated into Infinity's San José lithium project in Spain, the Australian company said.
The company signed a supply agreement in June with South Korea's LG Energy Solution to supply battery-grade lithium hydroxide from the same project. - Reuters
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