Money 

Deal to take Sotheby’s private will throw handy cloak of secrecy over sales, earnings, China art players say

Art collectors and dealers in China reacted positively on Tuesday to news of French-Israeli telecoms billionaire Patrick Drahi’s offer to buy auctioneer Sotheby’s, which would see it become a privately held company for the first time in more than 30 years.Chen Dongsheng, the Chinese businessman who owns the biggest single stake in Sotheby’s through his Taikang Insurance company, has yet to comment on Drahi’s US$3.7 billion deal to privatise the 275-year-old auction house.“For me, the art… Source link

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Stocks Blog: Tencent, Alibaba report strong earnings, while Trump turns up heat on Huawei

Good day traders — Lots of overnight news for our markets to digest.  Strong earnings from Tencent (700 HK) and Alibaba (BABA US) last night, though a mix in reaction in US markets afterwards. Alibaba closed up 1.6 per cent, while Tencent ADRs (traded under TCEHY) ended down 1.2 per cent. Meanwhile, US President Donald Trump took aim at the battle over the future of 5G, issuing an executive order that means Huawei can’t do business with American companies without special permission.  So,… Source link

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Alibaba, Tencent earnings to be watched for clues on consumer sentiment in China as trade war swirls

Alibaba Group Holding and Tencent Holdings will both report quarterly earnings on May 15, followed by Baidu on May 16, which will be closely scrutinised for any indication that growing trade tensions between the world’s two-biggest economies are impacting consumer sentiment in China. Alibaba China’s largest e-commerce operator blew past profit estimates in the previous quarter on growth in gross merchandise volume (GMV) and its cloud services business despite a slowing domestic economy. … Source link

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Singapore 

Blind tissue seller allegedly robbed of earnings in Yishun underpass, police investigating, Singapore News

The police are investigating an incident where a visually-impaired woman was allegedly robbed in Yishun on Tuesday evening (April 30), they told Stomp in response to queries. Facebook user Jessica Vincent posted about the incident, which occurred in the underpass linking Yishun MRT Station and Northpoint City shopping mall at around 7.20pm. In her post on Wednesday (May 1), Jessica alleged that a blind woman was robbed by another woman, who reportedly “snatched” a bag containing the victim’s “whole day’s collection” and then ran off. The blind woman is believed…

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From starving pigs to disappearing chairmen: Chinese companies offer some bizarre excuses for plunging profits, missed deadlines amid worst earnings season on record

Earlier this week Kangmei Pharmaceutical, one of China’s biggest drugmakers, blamed an “accounting error” for overstating its cash holdings by an eyewatering 30 billion yuan (US$4.5 billion), making headlines around the world.The staggering blunder, amid China’s worst corporate earnings season on record, sent the firm’s stocks and bonds plummeting and sounded alarm bells about the quality of auditing in one of the world’s fastest-growing markets.But Kangmei is by no means alone in offering up… Source link

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Corporate China hit by worst earnings on record in 2018, as trade war bites

This is the worst annual earnings season ever for China’s corporate sector, with a record 452 out of 3,602 public companies incurring annual losses, as the effects of the year-long US-China trade war seep into corporate earnings.By the end of April, the number of loss-making companies had doubled from 2017, while the proportion of such companies also hit an all-time high of 12.5 per cent, according to data provider Wind. The combined net profit of companies listed on the Shanghai and Shenzhen… Source link

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Vietnam 

VN stocks fall on disappointing Q1 earnings – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Engineers run the firework system at a PetroVietnam Gas’ plant in Cà Mau Province. PetroVietnam Gas Corporation’s shares advanced on Monday to help the benchmark VN-Index pared some losses caused by disappointing brokerages’ Q1 earnings. – Photo petrovietnam.petrotimes.vn HÀ NỘI — Vietnamese shares pared early losses on Monday as oil and gas stocks moved higher to buoyed investor confidence from disappointing Q1 corporate earnings. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange inched down 0.04 per cent to close at 965.86 points. The VN-Index was down as much as 0.71 per…

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Stocks Blog: China traders braced for more earnings, Politburo signals

Welcome back, traders, after what hopefully was a splendid weekend. Hong Kong’s stock market and the connects with the mainland are closed for the Easter holiday. But China markets are definitely  open. We will cover all the action for you. And we’ll keep you posted on what’s ahead as earnings season gets into full swing. — Zhang Shidong in Shanghai and Deb Price in Hong Kong Source link

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