Chinese authorities have demanded that Evergrande founder Xu Jiaying direct his own savings to cover his company's debts. This was reported by Bloomberg, citing its sources. The directive was sent to the businessman shortly after the developer failed to make a payment on dollar-denominated bonds in late September. As the agency notes, the call to sort out the debts himself sends another signal...

General Motors (GM), the largest US automaker, presented its financial statements for the third quarter. The corporation's profit for the period fell by 40%, to $2.4 billion, and revenue fell by almost a quarter, to $26.8 billion. These results were slightly better than analysts' expectations, nevertheless GM shares fell in price by 5% after the publication of the statements. As in the case of...

Deutsche Bank, Germany's largest bank, saw its net profit attributable to shareholders rise almost 30-fold between January and September, to €1.794 billion, after a profit of €62 million a year earlier, the bank said in its financial statements. Meanwhile, pre-tax profit quadrupled to €3.308 billion in the first nine months, after a profit of €846 million a year earlier. Diluted earnings per...

On Monday, US car rental chain Hertz announced that it had agreed with Tesla to supply 100,000 of its electric cars. This is the largest order in Tesla's history; financial terms of the deal were not disclosed, but, according to media estimates, its total amount could reach $4.2 billion. Electric cars are to be delivered by the end of 2022. After that, about 20% of Hertz's fleet worldwide will...

Volvo Cars has announced an adjustment to the terms of its listing on the Stockholm stock exchange. The Swedish car company now intends to conduct an initial public offering (IPO) on 29 October instead of 28 October. In addition, the company has decided on the starting price of its shares in the offering. It is set at the lower end of the previously indicated price fork: each share will be sold...

Big tobacco company British American Tobacco (BAT) has decided to try investing in nicotine-free products. According to Bloomberg, BAT has invested about $3.5 million in US health drinks startup Tru. The Tru brand sells carbonated drinks and water-soluble fizzy pills. These products are claimed by the company to have positive effects on a person's energy, concentration and sleep. More recently,...

U.S. electric car maker Tesla reported third-quarter earnings. The company's revenues rose 57 percent to $13.8 billion in the period, while net income nearly quintupled to $1.6 billion, a record profit for Tesla. Successful sales of electric cars in China and lower production costs, among other things, helped Tesla to achieve good results for the quarter. At the beginning of October, the...

Alibaba shares in Hong Kong jumped 8.8 per cent after the media reported on founder Jack Ma's first overseas trip of the year. According to Hong Kong's East Week, Jack Ma spent a weekend in Spain, where he travelled by his own plane. The publication's sources claimed that in Spain he boarded his own yacht worth about $200 million, where his friends and business partners were invited. However, the...

Netflix has valued the South Korean series Squid Game at more than $891 million, Bloomberg reported, citing a company document. At least the beginning of Squid Game was watched by more than 130 million subscribers. Streaming service Netflix has valued the South Korean series Squid Game at nearly $900 million, Bloomberg reported, citing a company document. Netflix's projected value of the show...