Category: Business

China is minting new billionaires at a record pace despite an economy bruised by the coronavirus pandemic, thanks to booming share prices and a spate of new stock listings, according to a list released on Tuesday. The Hurun China Rich List 2020 also highlights China’s accelerated shift away from traditional sectors like manufacturing and real […]

Taiwan-based Foxconn Technology Group 2354.TW said its commitment to Wisconsin has not wavered and it will continue to work with U.S. President Donald Trump and the local government to create new jobs and attract investment to the state. Wisconsin said last week that Foxconn’s planned factory in Mount Pleasant did not create enough jobs in […]

Virgin Australia looks set to cut basic fares and start charging fees for items like checked baggage and food under new chief executive Jayne Hrdlicka, prompting a wider industry shake-up as the country’s airlines reawaken from the coronavirus crisis. Virgin’s shift from being a full-service carrier will also mark the end of a decade-long arms […]

Goldman Sachs Group Inc GS.N has reached an agreement with the U.S. Department of Justice to pay more than $2 billion for the bank’s role in Malaysia’s 1MDB scandal, Bloomberg News reported late on Monday. The agreement, which may be announced within days, will allow Goldman Sachs to avoid a U.S. criminal conviction over the […]

A decade-long Republican campaign to weaken the U.S. consumer watchdog’s independence is set to backfire if Democrat Joe Biden wins the presidential election, by handing him the power to swiftly replace the agency’s director with a consumer champion, nearly a dozen lawyers, lobbyists and policy experts said. The Consumer Financial Protection Bureau (CFPB) has been […]

While Democratic presidential nominee Joe Biden is unlikely to prioritize a financial industry crackdown if he wins on Nov. 3, he is expected to take a much tougher line than Trump and his former boss President Barack Obama. Two weeks ahead of the election, Biden leads Republican president Donald Trump nationally and in battleground states. […]

SK Hynix 000660.KS said on Tuesday it will buy Intel’s INTC.O solid state drive (SSD) business, NAND memory chip product and wafer business, as well as its production facility in Dalian, China for about $9 billion in an all-cash deal. SK Hynix, the world’s second-largest memory chip maker, said $7 billion is likely to be […]