Temu-Owner PDD Soars After Strong Sales Defy Chinese Gloom
PDD Holdings Inc. revenue rose a stronger-than-expected 66% after the company behind hit shopping app Temu spent to boost growth at home and abroad to counter a bumpy post-pandemic recovery.
Bloomberg Business
France Sees 2023 Tourism Revenue Rising After ‘Very Good’ Summer
France expects tourism revenue to rise this year after a “very good” summer season and an increase in visitors from abroad.
Ishbia Pledged UWM Shares Worth $4.6 Billion Ahead of NBA Deal
Mat Ishbia, the new owner of the Phoenix Suns, pledged more than half of mortgage giant UWM Holdings Corp.’s outstanding shares to secure loans before buying the NBA team for a record $4 billion.
Rhone Capital CIO Plans to Leave Firm at End of Year
Rhone Capital Chief Investment Officer Eytan Tigay is leaving the firm at the end of the year, according to people with knowledge of the matter.
Bitcoin, Crypto Stocks Jump After US Court Paves Way for ETF
Bitcoin jumped and shares of crypto-related companies surged after after a US court overturned a decision by the Securities and Exchange Commission to block an ETF that invests directly in the cryptocurrency.
3M to Pay $6 Billion to Settle Military Earplug Lawsuits
3M Co. has agreed to pay $6 billion to resolve hundreds of thousands of lawsuits alleging it sold defective earplugs to the US military that led to hearing damage for combat troops.
Battery Giant LG Energy Weighs Green Bond Sale to Cut Emissions
LG Energy Solution Ltd., a battery supplier for General Motors Co. and Tesla Inc., is testing investor demand for a potential dollar-denominated sale of green bonds as the South Korean firm seeks to slash its carbon emissions.
Naira Plunge Pushes Top Nigerian Miller to First Loss Since 2019
Flour Mills of Nigeria Plc, the West African nation’s biggest miller, reported its first loss in about four years as naira’s depreciation increased the company’s cost of servicing overseas loans.
US Steel Strikes Confidentiality Pacts With Numerous Suitors
United States Steel Corp. started signing confidentiality agreements and exchanging due diligence with interested parties as the company considers options more than two weeks after dismissing a takeover offer from Cleveland-Cliffs Inc.
Blackstone, Vornado to Build a Manhattan Studio Campus With HPP
Blackstone Inc., Vornado Realty Trust and Hudson Pacific Properties Inc. are teaming up to build a studio campus in Manhattan as the firms seek to cater to the film and content production industry.