Hong Kong’s stock market hit hard by the market rout

Hong Kong’s stock market hit hard by the market rout

Hong Kong’s stock market has underperformed this year – but its exchange operator has made it even worse. The shares in Hong Kong Exchanges & Clearing Ltd. is down 43% since the start of the year, even after a rally so far in November. That’s a bigger drop than Hong Kong’s benchmark Hang Seng index, … Read more

China producer prices turn negative in warning sign for global economy

China producer prices turn negative in warning sign for global economy

SINGAPORE – Prices charged by Chinese companies at the factory gate registered their first annual decline in nearly two years, another depressing signal for the global economy, as bulging inventories and cautious consumers in the West hit overseas demand for Chinese-made goods. Chinese producer prices fell 1.3% in October from a year earlier, the National … Read more

Plodding Chinese EV shares signal speed bump ahead

Plodding Chinese EV shares signal speed bump ahead

China’s electric vehicle market is booming. But it might not be obvious from a casual glance at how the country’s EV stocks are doing. Sales of new energy vehicles, including plug-in hybrids, in China more than doubled from a year earlier in the first nine months of 2022. More than one in four cars sold … Read more

US allies are trying to stop former military pilots from helping China

US allies are trying to stop former military pilots from helping China

SYDNEY—Australia will review its rules aimed at discouraging former military personnel from aiding foreign adversaries as U.S. allies grow concerned that China has recruited Western pilots and benefited from their technical expertise. Australian Defense Minister Richard Marles said an investigation into whether former Australian personnel had provided training to China had raised concerns that warranted … Read more

Microsoft faces a new antitrust complaint in Europe

Microsoft faces a new antitrust complaint in Europe

BRUSSELS— Microsoft Corp. faces an antitrust complaint from a European industry group over its cloud services, adding to the latest allegations of anti-competitive behavior against the US tech company. Cloud Infrastructure Service Providers in Europe, or Cispe, a trade group that includes Amazon.com Inc. among its members, said it filed the complaint with the bloc’s … Read more

Disney’s earnings are hurt by costs at Disney+

Disney’s earnings are hurt by costs at Disney+

The Walt Disney Co. said it plans to cut marketing and content budgets after the company reported weaker-than-expected fourth-quarter earnings on Tuesday, the result of larger losses in its streaming business that offset strong performance in its theme parks. “We are actively evaluating our cost base at the moment,” Christine McCarthy, Disney’s chief financial officer, … Read more

Elon Musk sells nearly $4 billion of Tesla stock after Twitter acquisition

Elon Musk sells nearly $4 billion of Tesla stock after Twitter acquisition

Elon Musk sold nearly $4 billion in Tesla Inc. TSLA -2.93% stock after buying Twitter Inc. for 44 billion Mr. Musk sold 19.5 million shares in Tesla 4.-8. Nov., according to regulatory disclosures released Tuesday. Tesla’s CEO, who has become the world’s richest person thanks in large part to his stake in the car company, … Read more

Private-equity giants are the latest targets of the SEC’s record-breaking probes

Private-equity giants are the latest targets of the SEC’s record-breaking probes

WASHINGTON—Wall Street’s private equity giants are the latest companies to face regulatory probes into dealmakers’ use of prohibited communications channels. Apollo Global Management Inc., KKR KKR 0.23% & Co. Inc., and Carlyle CG -7.69% Group Inc. revealed on Tuesday that it is facing investigations into whether its employees used messaging apps such as WhatsApp to … Read more

Meta’s Mark Zuckerberg says he is in charge as the company prepares for mass layoffs

Meta’s Mark Zuckerberg says he is in charge as the company prepares for mass layoffs

When WHEN -0.26% Platforms Inc. will begin laying off employees Wednesday morning, CEO Mark Zuckerberg told hundreds of executives Tuesday. Mr. Zuckerberg appeared dejected at Tuesday’s meeting, saying he was responsible for the company’s missteps and that his overoptimism about growth had led to overstaffing, according to people familiar with the meeting. Meta’s chief human … Read more

Lucid to raise up to $1.5 billion in stock sale

Lucid to raise up to $1.5 billion in stock sale

LOS ANGELES—Lucid Group Inc. said it may raise up to $1.5 billion through the sale of stock to fund future operations as the electric car maker ramps up factory spending to push out more cars. The EV startup disclosed the fundraising plans in regulatory filings after it said third-quarter losses widened from the same period … Read more