Business

Teslaquila Drink

Flamboyant billionaire and Tesla’s CEO Elon Musk could be headed for a trademark battle of Teslaquila Drink with Mexico’s tequila industry. In October, Musk announced a new brand of tequila named ‘Teslaquila’, vaguely tweeting it was ‘coming soon’ accompanying a visual approximation of Tesla logo above a red and white label and a caption stating ‘100% Pure De Agave’. However, agave-based drink’s industry opposed Musk’s efforts to trademark the alcoholic drink

Shire

Japan’s drugmaker Takeda Pharmaceutical’s $62 billion acquisition of London-listed Shire will grant fees of $963 million to Banks, law firms, and other advisers, according to documents of the deal released on Monday. As reported in Reuters, it will be the largest-ever overseas deal by a Japanese company leading to high payments of advisers operating in both sides of the transaction. In the documents, the Japanese company disclosed its expectations to spend

Singles Day

China’s e-commerce giant Alibaba Group Holding Ltd registered record sales worth over $30 billion (213.5 billion yuan) on its Singles Day Shopping Bonanza on Sunday. Singles Day or Double 11 is the world’s biggest online shopping event that falls on 11 November and has outpaced the sales of shopping holidays Black Friday and Cyber Monday combined in the United States. On Sunday, shoppers in China and across the globe flocked

Cargo Trade

Alex Hungate, president and CEO of SATS Ltd announced a rearrangement of cargo trade routes on Friday, as trade war between the US and China spreads across the globe. According to Hungate, the gateway services and food solutions provider had definitely seen an impact in various cargo trade routes. While the trade volumes grow stronger between China and ASEAN countries, they are softer in Greater China including mainland China, Macau,

Companies are looking for Business Opportunities within Their Own Region: an HSBC Survey

According to a new HSBC survey, several companies are increasingly looking for business opportunities within their own regions due to growing uncertainties in the global trading system. Stuart Tait, Head of commercial banking at HSBC for Asia Pacific said that they are seeing a shift in emphasis on intra-regional trade as intra-Asia has become equivalent to the continent’s trade with Europe and North America combined. CNBC reported that Asia is

US Agrees to Grant Oil Waivers to Eight Importers under Iran Sanctions

US sanctions against Iranian fuel export was softened by waivers that will allow eight countries including India, Japan, and South Korea to continue to import Iranian crude. As reported in Times of India, waivers were granted amid goals of the Trump administration to stop providing revenue to Iran’s economy, in exchange for continued cuts so as to tackle the oil prices which have been coming under pressure. China, although being

IBM

IBM is expecting to create enormous value for Big Blue with its newly acquired software company Red Hat. In an interview with CNBC on Monday, IBM Chairman and CEO Ginni Rometty said that the acquisition of Red Hat in a deal valued at $34 billion is the third largest technology deal in the U.S. history. Red Hat President and CEO Jim Whitehurst also joined the interview, whose company specializes in the

Red Hat

In order to expand its consulting business and technology hardware to higher-margins products and services, IBM Corp has agreed to acquire American software company Red Hat for $34 billion, including debt. On Sunday, the two companies released a joint statement, revealing that IBM will pay $190 in cash for each share of Red Hat. As reported in Reuters, IBM has a market capitalization of $114 billion and new transaction is by

Amazon Sales

Despite record profits close to $3 billion for the last three months, Amazon sales and sink to 8 percent in after-hours trading on Thursday. The world’s largest online retailer had crossed analyst expectation on earnings per share but missed on revenue estimates, which is projected to be slowest in years. According to analysts, while the online competition was rising, Amazon sales and international results were disappointing and the third-quarter sales failed

Magneti Marelli

Fiat Chrysler Automobiles (FCA) has agreed to sell its Magneti Marelli unit to KKR-owned Calsonic Kansei for $7.1 billion (6.2 billion euros). As reported in Bloomberg, it is the first biggest deal for Fiat under the new CEO Mike Manley who took over his boss Sergio Marchionne in July. On Monday, the companies stated that the new collaboration will be named Magneti Marelli CK Holdings. The unit specializes in powertrain,