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Nippon Steel sees weak market
TOKYO: Japan’s top steelmaker Nippon Steel & Sumitomo Metal Corporation is bracing for a weaker steel market in Asia because the escalating Sino-US trade war may crimp steel demand in top buyer China and in Southeast Asia, a senior executive said. “The biggest uncertainty is how steel demand and the market in China and Southeast Asia will change,” Nippon Steel Executive Vice President Katsuhiro Miyamoto told Reuters in an
 
 
Crunch time for Tencent Music’s $2 billion IPO hopes in US
HONG KONG: Tencent Music Entertainment (TME) - China’s answer to Spotify - is facing crunch time on its hotly anticipated $2 billion mega IPO this year. The streaming music giant, which has more than 800 million monthly users, had initially pencilled in an October launch for a US initial public offering (IPO) of up to $2 billion, but decided last month to delay until November in the hope that markets would settle. Now, the last
   
Kohl’s profit forecast misses estimates, shares slip
NEW YORK: Kohl’s Corporation shares slumped as much as 12 per cent after the department store operator forecast full-year earnings largely below estimates, blaming rising shipping costs and higher discounts during the holiday season. Several retailers, including TJX Cos earlier in the day, have warned that a shortage of truck drivers, new driver regulations and higher fuel prices would make moving freight costlier this year.
 
 
Gap reports quarterly sales below projections
NEW YORK: Gap has reported quarterly same-store sales below analysts’ estimates, dragged down by another weak performance in its namesake brand, indicating that the apparel retailer needs to double down on efforts to reduce excess inventory and to revive sales. The Gap brand, struggling with a switch by young shoppers to fast-fashion from rivals such as such as H&M and Inditex Zara, has in recent quarters faced a spike in
   
Enel ramps up green energy and networks
MILAN: Europe’s biggest utility, Italy’s Enel, pledged to invest more in its green energy and network businesses to boost earnings and meet growing demand for electricity and new digital services. In its new three-year plan, the world’s largest private renewables player raised its spending intentions for the next three years by 12 per cent to 27.5 billion euros ($31.5 billion) with some 80 per cent earmarked for green operations
 
 
Bitcoin crashes to lowest this year, losses top 25% in a week
LONDON: Bitcoin slumped to its lowest this year, tumbling as much as 10 per cent to breach $4,300 and taking losses in the world’s best-known digital coin to 25 per cent within a week. Other smaller coins also skidded sharply as a broader cryptocurrency sell-off, said by traders and market makers to be rooted in heavy selling at leveraged Asian exchanges, gathered steam. The fall followed a sudden plunge last week that shook
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