The furniture buyers who shop on Taobao - and the local makers who are feeling the heat
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Business Times
36 minutes ago
- Business Times
Warburg said to co-lead pursuit of Global Switch with SC Capital Partners: sources
[LONDON] Private equity firm Warburg Pincus has joined SC Capital Partners in pursuing a potential acquisition of data centre operator Global Switch Holdings, people with knowledge of the matter said. The SC Capital-Warburg Pincus consortium has been in talks with other potential investors to join them, said the people, who asked not to be identified as the information is private. Singapore-based SC Capital is working with Goldman Sachs Group on the possible Global Switch offer, and has lined up about US$3 billion in a loan facility, the people said. Global Switch is working with Morgan Stanley and UBS Group on the potential sale, the people said. An earlier attempt to sell its UK operations was put on hold, the people said. The owners of Global Switch are seeking a deal valued at US$6 billion to US$7 billion including debt, they said. Deliberations are ongoing and there is no guarantee they will result in a transaction, the people said. Global Switch owns and operates data centres across Europe and Asia, including in Amsterdam, Frankfurt, Hong Kong, Paris and Singapore. Its owners, which include Chinese steelmaker Jiangsu Shagang Group and Avic Trust, bought control of the group from British billionaire brothers David and Simon Reuben in a series of transactions starting in 2016. Founded in 2004, SC Capital is an Asia-Pacific real estate investment firm. It operates in eight markets with total investment amounted to US$6 billion, according to its website. CapitaLand Investment last year bought a 40 per cent stake in SC Capital for S$280 million. CapitaLand said it would also invest at least S$524 million in strategic capital. Representatives for Global Switch, Goldman Sachs, Morgan Stanley, SC Capital, Warburg Pincus and UBS declined to comment. A representative for Shagang Group did not respond to requests for comment. BLOOMBERG
CNA
39 minutes ago
- CNA
Thai Airways' share price soars more than 200% after trading resumption
BANGKOK :Thai Airways International's stock price had risen 216 per cent when the market closed on Monday after shares in the airline resumed trading following a hiatus of nearly five years Shares rose as much as 231 per cent higher in early trade and ended the day at 10.5 baht from around 3 baht before trading was suspended. The national carrier went into bankruptcy-protected restructuring in 2020 at the onset of the pandemic. The airline had been in trouble well before the pandemic, reporting losses nearly every year since 2012 after low-cost carriers eroded its market share, especially in short haul routes in Southeast Asia. When COVID struck, Thai Airways was granted bankrupt-protected debt restructuring worth 400 billion baht. It brought top executives into its restructuring committee chaired by former energy minister Piyasvasti Amranand, who was also the company's chief executive in 2009 to 2012 when it was profitable. Over the five years from 2020, the airline reduced debt to 190 billion baht and reported operational profits in 2023. In the first quarter of this year, net profits reached $9.8 billion, up 300 per cent from the the same period last year. It currently flies 78 jets and reported a cabin factor - the percentage of seats filled with passengers - of 83.3 per cent. The airline hailed the resumption of trade as "a pivotal new chapter for the airline, which stands as a profound source of national pride for the Thai people." "THAI is now strategically positioned for robust, stable, and sustainable growth. This is driven by a steadfast commitment to elevating operational standards and service quality, coupled with a strong emphasis on corporate governance," it said in a statement. The committee launched debt to equity plans and went on to slash half of its support staff to 16,000. It also initiated plans to cut its fleet from 103 to 85 aircraft and shed its budget carrier, Thai Smile. Last year, the carrier ordered 45 Boeing 787-9 wide-body jets with an option for 35 more. In July, it said it could exercise the option as part of Thailand's tariff negotiations with the United States. ($1 = 32.4500 baht)
International Business Times
an hour ago
- International Business Times
Global Stocks Climb as Expectations of Rate Cuts Grow, Trump Tightens the Grip on Fed
Asian stock markets climbed on the opening of the new week with the hope of U.S. interest rate cuts giving investors some relief. MSCI's broad Asia-Pacific index (excluding Japan) climbed by 0.8%, rose by 0.6%, and South Korea's KOSPI. However, Japan's Nikkei index declined by 1.6% after a sharp rise in the yen's value. Chinese blue chips stayed flat and showed a little change. In Europe, the market's future looked optimistic. EUROSTOXX 50 futures climbed by 0.6% while FTSE futures gained 0.5% and DAX futures rose by 0.4%. U.S. stock futures also jumped-S&P futures and Nasdaq futures both moved up by 0.4%. freepik Weak U.S. Job Data Hints at Rate Cuts Friday's weak job data has raised the chances that the Federal Reserve will cut interest rates soon. The July job report shows that the job growth declined sharply, with earlier months revised lower. Three-month average job growth declined sharply from 231,000 earlier this year to 35,000 at present. As a result, markets expect an 85% chance of the Fed reducing rates by 25 basis points in September. Two-year U.S. Treasury yields dropped by 25 basis points on Friday, which is the biggest single-day fall since August last year. Political Pressure Raises Concerns About Fed Independence President Donald Trump's consistent pressure on Fed Chair Jerome Powell and firing of U.S. Labor Statistics Chief have raised alarms of political interference in the Federal Reserve. Analysts are concerned that the new appointee may side with Trump on calls for rate cuts. Though Trump has indicated that Powell will complete his term, many now question the Federal Reserve's autonomy. Dollar Slides, Commodity Mixed: The weak job data also affected the dollar index, which fell to 98.72 from last week's 100.25. The greenback slipped 2.3% against the yen on Friday, marking its biggest decline in recent months. It now trades at 147.69. The Euro remained steady at $1.1683 and the British Pound at $1.3282 ahead of the Bank of England's rate decision, which is expected this week. Gold was steady at $3,361 an ounce after gaining more than 2% on Friday, the previous week. Brent crude dropped 0.2% to $69.51 a barrel, while U.S. crude edged down 0.1% to $67.24.
