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Chinese ride-hailing giant Didi Chuxing’s plans to conquer Uber in South America are revealed

Chinese ride-hailing giant Didi Chuxing is planning to take on US rival Uber in some of Latin America’s fastest-growing markets, recruiting managers in Chile, Peru and Colombia, according to job postings and a company official. Didi has moved senior executives from China to lead its expansion in markets like Chile and Peru, and began in recent weeks advertising for driver operations, crisis management, marketing and business development personnel in those countries, an analysis of LinkedIn postings show. Didi’s widening expansion, if successful, could make for a bumpier ride for San…

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As Foxconn changes US manufacturing plans, job promises fall short

It has been 18 months since Foxconn Technology Group, the world’s largest electronics contract manufacturer, announced to great fanfare that it was building a US$10 billion factory to make television screens on farmland in southeastern Wisconsin in the United States. The plan was as big as it was audacious: Fuelled with billions in taxpayers subsidies, the Taiwanese company, formally known as Hon Hai Precision Industry, would build a 22 million square-foot campus, filled with 13,000 highly paid workers. In the process, it would transform the sleepy village of Mount Pleasant,…

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Sony plans 100 billion Yen share buy-back, hot on the heels of Softbank repurchase plan

Sony Corp. is buying back as much as 100 billion yen (US$910 million) of its own stock, the electronics maker’s first-ever large scale repurchase. The shares rose in early trading in Tokyo on Friday after the company announced the buy-back, which starts Tuesday and will last through March 22. The repurchase makes up 2.4 per cent of the stock, and comes days after Japanese telecoms and technology giant SoftBank Group Corp. announced a 600 billion yen buy-back, it’s biggest-ever. Sony has been seeking to strengthen its financial footing under Chief…

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Ecommerce 

China’s PDD plans to raise more than US$1 billion in secondary offering

China’s upstart e-commerce company Pinduoduo Inc. and its shareholders filed to sell more than 50 million shares in a secondary offering that could raise about US$1.5 billion after the company’s public debut last year. The Shanghai-based company plans to sell 37 million American depository shares, while investors market 14.8 million, according to a securities filing. Its shares closed at US$30.33 in US trading, then dipped after hours to about US$29. The lock-up period for PDD’s shares expired last month and the selling shareholders include Banyan Partners, Sequoia, Sun Vantage Investment…

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Message platform Slack moves ahead with direct listing plans in the US

Slack Technologies Inc. has filed with regulators to go public in the US without disclosing details of its share-sale plans. The messaging platform company, previously reported to be pursuing a direct listing of its stock, said in a statement Monday that it had submitted a confidential filing with the Securities and Exchange Commission. Slack is working with Goldman Sachs Group Inc., Morgan Stanley and Allen & Co. on the share sale, according to a person familiar with the matter who asked not to be identified because the matter wasn’t public.…

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American Airlines CEO says ‘no plans’ to raise its stake in China Southern, even as rivals do

American Airlines has ruled out making a larger investment in China Southern Airlines, saying it will maintain its holding unchanged at less than 3 per cent, even as a rival firm recently bought a 5 per cent stake in the mainland’s biggest carrier by ­passengers. Doug Parker, the chief executive of American Airlines, said “no, we’re happy with our existing stake”, when asked by the Post of the need to adjust its 2.76 per cent stake in the Guangzhou-based carrier. Doha-based Qatar Airways announced in January that it had acquired…

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Singapore 

Grab plans to build a new HQ building in Singapore for $181.2 million, Singapore, Business News

Grab plans to build a new HQ building in Singapore for S$181.2 million. The new building will design and built in partnership with Ascendas Reit. The new headquarters will be located within the one-north business park, a hotbed for many biomedical sciences, infocommunications technology and media companies. This move will allow Grab to house all of the company’s employees based in Singapore. This will create its first dedicated physical facility for Grab. According to Grab, its largest R&D centre will also be located at the new HQ. Ascendas Reits and…

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Vietnam 

Vinaconex plans 10 per cent dividend payout – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A Vinaconex building on Láng Hạ Street. The company has announced it will make a 10 per cent dividend payout in cash for worth VNĐ441.7 billion (US$19 million). — VNS Photo Viet Nam News HÀ NỘI — Vietnam Construction and Import-Export Corp (Vinaconex) plans to make a 10 per cent advance dividend payout in cash for 2018. The company will pay VNĐ1,000 (US$0.043) per share to shareholders. Vinaconex has more than 441.7 million shares listed on the Hà Nội Stock Exchange under the code VCG. Vinaconex is expected…

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Vietnam 

Petroleum firms set out cautious plans for 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Plummeting oil prices in the fourth quarter of 2018 have negatively affected the production and business efficiency of enterprises. This has increased caution and forced them to set prudent plans for this year. PetroVietnam Oil Corporation (PV Oil), the second-largest petrol dealer in the country, plans to earn revenue of VNĐ49 trillion (US$2.1 billion), equivalent to 86 per cent of last year’s target. Profit is expected to be VNĐ440 billion, equal to 78 per cent compared to 2018. Cao Hoài…

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Chinese cryptocurrency exchanges seek reverse mergers in Hong Kong as IPO plans of bitcoin mining rig makers falter

The world’s biggest cryptocurrency exchanges are looking at reverse mergers in Hong Kong, as hopes dim for bitcoin mining rig makers’ plans to go public in the city. The back-door listing efforts have come to light amid the reluctance of the Hong Kong stock exchange to approve the initial public offering (IPO) applications of companies involved in the underregulated cryptocurrency industry, according to people with knowledge of the matter. Charles Li Xiaojia, chief executive of the Hong Kong Exchanges and Clearing, said on Wednesday that companies seeking to go public…

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