China Evergrande says it's changing lanes and making its car-manufacturing business the primary focus of the next 10 years. The company is one of China's biggest home and office builders, but has more than $300B in liabilities - roughly the same amount as its assets. Its subsidiary China Evergrande New Energy Vehicle Group has never sold any cars, and last month said it needed to offload assets or get new investors to make salary payments and cover other expenses. But its shares still rose as much as 17% on the news. AvaTrade’s Chief Market Analyst Naeem Aslam gave us his thoughts on Evergrande’s new venture..

#Evergrande #VehicleManufacturing #Property #China

WeWork has received a warm welcome on Wall Street, finally making its debut on the stock market after a $9bn merger was approved by shareholders of a blank-cheque company, bringing to an end the property group's tumultuous two-year journey to go public. The shareholders of BowX Acquisition, a listed special purpose acquisition company, or Spac, on Tuesday, voted in favour of its transaction with WeWork, enabling the shared office space provider to trade on the New York Stock Exchange* from Thursday under the ticker WE. We spoke to Daniel Ives, MD at Equity Research.

#WeWork #TechBusiness #WE #NewYorkStockExchange

State media say debt-ridden China Evergrande has paid off an 83.5 million dollar bond coupon… one day before a grace period was due to end after the firm had missed the original payment date. The news boosted investor sentiment in stocks across the Chinese property sectors, which has been pummeled in recent weeks by escalating stories of debt-piles. Analysts say the worst is far from over as Evergrande still owes billions more dollars of debt, and Chinese regulators say they'll maintain strict curbs on the property sector. China’s central bank says the situation is under control and the risk of contagion is minimal.

#Evergrande #debt #bondpayment

Organised by WORLDEF, the 7th "World E-Commerce Forum" provides an international vision to the shareholders of the e-commerce ecosystem. Industry leaders from different countries will be coming together to discuss important issues regarding e-commerce and trying to find solutions to problems. Mobin Nasir has more.

#WorldECommerceForum #Turkey #WORLDEF

Bitcoin has reached a fresh all-time high, surging past 66-thousand dollars. That's as investors backed the launch of a bitcoing-linked exchange-traded fund in the U-S. The Proshares Bitcoin E-T-F has topped a billion dollars in assets since its first day of trading on Tuesday. The world's leading digital token was worth below 30-thousand dollars in July. We spoke to cryptocurrency analyst, Daniele Bianchi, he is a Professor in Finance at the School of Economics and Finance, Queen Mary University of London.

#Bitcoin #cryptocurrency #TheProsharesBitcoinETF

Asian markets have rallied on news that China Evergrande narrowly avoided defaulting on its debt thanks to a last-minute payment. State media says the property giant wired the 83-and-a-half million dollars in interest owed to creditors. It was due last month, but the company was given a 30-day grace period, which was set to expire this weekend. Evergrande shares surged more than 4 percent, helping Hong Kong's broader Hang Seng index rise 4-tenths of a percent. Japanese and South Korean indices are also in green. Investors got an added boost from Beijing, which hinted it may start easing its crackdown on the e-commerce industry. One of the main targets of China's year-long campaign has been tech conglomerate Alibaba. Owned by billionaire Jack Ma, the company runs payments giant Alipay. Its shares rose more than 6 percent, while rival Tencent, which owns the multi-purpose Chinese app We-Chat, climbed 2 percent. For more, we spoke to Victoria Scholar. She's the head of investment at Interactive Investor in London.

#AsianMarkets #BondPayments #Debt #ChinaEvergrande

Tesla has reported record earnings for the third consecutive quarter, on the back of strong sales in the large Chinese market.

The electric carmaker says it made 1-point-6 billion dollars in the three months to September. That's up almost 400 percent year-on-year. Revenues also beat expectations, coming in at 13-point-8 billion dollars. Earlier this month, the company said it delivered a record-breaking 241-thousand vehicles to customers. US auto giants like Ford and General Motors saw a drop in sales in the same period, due to supply chain issues that are slowing down production. Tesla says it could have sold even more cars if not for those same logistical problems, that have led to an industry wide-shortage of parts like batteries and semiconductors.

#Tesla #electriccarmaker #semiconductors

Tesla has reported record earnings for the third consecutive quarter, on the back of strong sales in the large Chinese market.

The electric carmaker says it made 1-point-6 billion dollars in the three months to September. That's up almost 400 percent year-on-year. Revenues also beat expectations, coming in at 13-point-8 billion dollars. Earlier this month, the company said it delivered a record-breaking 241-thousand vehicles to customers. US auto giants like Ford and General Motors saw a drop in sales in the same period, due to supply chain issues that are slowing down production. Tesla says it could have sold even more cars if not for those same logistical problems, that have led to an industry wide-shortage of parts like batteries and semiconductors.

#Tesla #electriccarmarket #semiconductors #chipshortage

Bitcoin surges past $66,000, new all-time high

Bitcoin has reached a fresh all-time high, surging past 66-thousand dollars. That's as investors backed the launch of a bitcoin-linked exchange-traded fund in the US. The Proshares Bitcoin ETF has topped a-billion dollars in assets since its first day of trading on Tuesday. The world's leading digital token was worth below 30-thousand dollars in July.

Turkey central bank cuts benchmark rate to 16%

Turkey's central bank has cut interest rates by 200 basis points from 18 to 16-percent - a far deeper cut than was expected by the markets. That follows a reduction of 100-basis points at the previous policy meeting last month. The bank says it expects consumer inflation to ease to around 14-percent by the end of the year, from 19.6-percent in September.

SAP's Q3 cloud revenue up 20% to $2.8B

And German software firm, SAP, says its cloud revenue surged 20-percent to 2.8-billion dollars in the third quarter. The company says its data storage business now accounts for more than a-third of its total revenue, as it aims to compete with rivals Salesforce and Oracle. It's now raised its full-year forecast for the third time this year, expecting cloud revenue to increase as much as 19-percent.

#Bitcoin #InterestRates #Turkey #SAP #CloudComputing

Bitcoin surges towards record high on ETF debut

Bitcoin has topped 64 thousand dollars for the first time in six months, nearing its all-time high. Shares of the first US bitcoin-linked exchange traded fund jumped 4-point-8 percent in the first day of trading on the New York Stock Exchange. The world's biggest cryptocurrency hit a record high of 64-thousand-and-499 dollars in April but plunged to below 30-thousand dollars in July.

Argentina freezes prices of 1,400 basic items

Argentina's government is freezing prices of over 1-thousand 400 household goods until early 2022 ahead of November's mid-term election. The decision comes after talks with the main food industry chamber fell through, following days of discussions. The South American nation has long been battling to curb inflation that is currently running at more than 50 percent.

Facebook reportedly plans name change

AND Facebook is reportedly planning to rebrand itself to reflect a focus on what it calls the metaverse. According to the Verge, CEO Mark Zuckerberg will unveil the name change at the annual Connect conference next week. In July, Zuckerberg said the social media giant's future lies in the metaverse, a virtual space in which people can game, work and communicate.