Hong Kong Financial News

VedantaRepresentatives of Vedanta Resources are traveling to Singapore and Hong Kong to meet bondholders, as the junk-rated Indian miner faces repayment of about $2 billion of notes next year.LTIMindtreeLTIMindtree has launched two industry solutions, AdSpark and Smart Service Operations, to accelerate the time-to-market for businesses on the Salesforce platform.Read more: Here's the trade setup for today's sessionJB ChemicalsLakshay Kataria, Chief Financial Officer of the company, has resigned due to personal reasons and he will be relieved from his duties effective end of business hours on November 30, 2023.Mazagon DockMazagon Dock has signed a master ship repair agreement with the US government. The agreement is expected to open-up voyage repairs of US Navy ships at the company.Tata SteelAVAADA Group said it has signed an agreement with Tata Steel Special Economic Zone Ltd (TSSEZL) to set up a green hydrogen and ammonia manufacturing unit in Odisha.Adani Total GasAdani Total Gas will set up a compressed biogas plant in Uttar Pradesh, according to an ET Now report.Shemaroo EntertainmentCGST and the central excise department carried out search operations at the company's premises on September 5 and detained top executives.

Web3 startups often face challenges unique to the nascent ecosystem — complex regulatory landscapes and scaling with decentralization are just two of many. Venture capital flowing into Web3 startups experienced a big drop over the last year, and new projects need more help than ever to carry their work throughout the early phases.

Vedanta Resources will be meeting offshore bondholders in Hong Kong and Singapore next week to assess if they would be willing to roll over $3.2 billion of bonds — due in 2024 and 2025 — under different terms, said people aware of the development. The company is also considering an option to redeem a small portion of the bonds ahead of scheduled payment, partly to lure bondholders to agree to roll over the bonds, the people cited above said.Standard Chartered Bank and JP Morgan have organised the meeting with bondholders between September 11 and 15, they said. Anil Agarwal-promoted Vedanta Resources, the parent company of India-listed Vedanta Ltd, has $1 billion 13.875% bonds due in January 2024, $1 billion 6.125% bonds due August 2024 and $1.2 billion 8.95% bonds in March 2025.

China is planning to showcase its digital yuan to the ASEAN nations, and could seek to make “cross-regional use” of its CBDC in the bloc.

Investing.com-- Hong Kong Exchange and Clearing Ltd (HK:0388), the operator of the city’s stock exchange, said on Friday that morning trade in the securities and derivatives market was delayed after the city issued a “Black Rainstorm” warning in the face of torrential rainfall and severe flooding.  

Shares are lower in Europe and Asia after China reported that its exports fell for a fourth straight month in August, adding to pressures on its slowing economy

China's exports slide 8.8% in August at lower rate than expected, even as economy remains under pressure

Chinese exports and imports both fell in August, reflecting tepid global demand that is adding to pressures on its slowing economy

Shares are lower in Asia after a decline on Wall Street, where strong economic data revived worries that the Federal Reserve might keep interest rates high for longer than hoped

Vedanta Resources is planning to meet bondholders in Singapore and Hong Kong as the next year deadline of debt repayment is coming closer. The owner of publicly listed Vedanta Ltd, is currently facing next year's deadline for the repayment of about $2 billion of notes next year. The non-deal roadshow is expected to take place as soon as next week, reported Bloomberg citing sources.

UBS co-head of equities Chris Scott is out. Street Talk understands the UBS veteran exited the Swiss investment bank on Thursday following an internal structural shift.

dollar strengthened further against major currencies as investors increased bets for further Federal Reserve policy tightening. The Bloomberg dollar index rose to a fresh six-month high as investors increased expectations for the Fed to hike again this year. Treasury yields drifted higher across the curve Thursday, extending Wednesday increases that pushed two-year yields above 5%.

Indian stock market is expected to open lower on Thursday tracking weak global cues amid strength in US dollar and surging crude oil prices. Asian markets were mixed, while US stock market ended in the red as stronger economic data raised concerns that interest rates will remain elevated for longer. The domestic benchmark equity indices ended higher on Wednesday, their fourth consecutive session of gains.

Users of Hashkey Exchange Hong Kong will soon be able to receive insurance protection on digital assets custodied on the platform.

Tron founder Justin has predicted that the market is poised to enter a new bull cycle within the next two years. 

A Chinese central bank chief has claimed the digital yuan will revolutionize the way the nation makes retail payments, and suggested the CBDC could one day “completely replace” cash.

Indian stock market is expected to open on a cautious note Wednesday amid mixed global cues. While Asian markets traded mixed, US stock indices ended lower overnight as a rally in crude oil prices stoked inflation worries. Investors remained cautious as crude oil prices surged to 10-month high levels after Saudi Arabia and Russia announced to extend their voluntary oil production cut through the end of the year.

Macquarie Group’s asset management arm downgraded its short-term outlook as it expects returns from potential asset sales to push out into the second half of the investment bank’s 2024 financial year.

Vedanta Resources in talks with Standard Chartered Bank for $1.3 billion loan Vedanta Resources (VRL) is in discussions with Standard Chartered Bank for a loan of $1.2 billion to $1.3 billion against brand fee receivables without any restructuring pre-conditions. The loan deal, if sealed, will take care of debt repayments until January without the need to restructure the bonds. The discussions regarding lending rates are currently in progress and the loan could be priced around 14-15% with a duration of three years. The company has appointed advisory firm Morrow Sodali to identify the holders of its $1 billion 13.875% bonds and $1 billion 6.125% bonds due in 2024 and the $1.2 billion 8.95% bonds due in 2025, as reported earlier.

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Japan’s top financial regulator, the Financial Services Agency (FSA) has proposed key amendments to the nation's tax code relating to profits on digital assets.