Conglomerate Jardine Cycle & Carriage (SGX: C07) announced third quarter earnings yesterday evening and turned in a performance that investors would likely want to forget.
The company is more than 70% owned by Jardine Strategic Holdings (SGX: J37), which is in turn majority owned by Jardine Matheson Holdings (SGX: J36).
Jardine C&C’s main business interest lies in its 50% ownership of Indonesia conglomerate Astra, with the latter accounting for more than 90% of the former’s sales and profits.
Astra is involved with a wide range of businesses which includes automobile dealerships; manufacturing, assembling, and distribution of motor vehicles; financial services related to consumer loans for vehicles; insurance; banking; mining; oil palm plantations; information technology; infrastructure and logistics; and heavy equipment engineering, among others.
Some basic numbers
During the three months ended 30 Sep 2013, the company brought in US$4.64b in revenue, representing a 13% decline compared to a year ago. Its profits suffered even more as it dropped 31% year-on-year to US$222m.
SoftBank Corp. (9984) said it plans to keep its stake in Alibaba Group Holding Ltd. if China’s largest e-commerce company proceeds with what may be the biggest initial public offering since Facebook Inc.
The Tokyo-based wireless carrier holds about 37 percent of Alibaba, Yoshimitsu Goto, SoftBank’s general manager for finance, said in an interview. SoftBank hasn’t told Alibaba when to hold an IPO or where to hold it, Goto said.
“Alibaba is among the most important companies in our group, so our plan is to hold the stake for a long period of time,” Goto said. “What’s important for us as a shareholder in Alibaba is that the company conti
In the past three years, China’s domestically traded Class-A share market rose in the 10 trading days before seven of the eight top-level economic-policy meetings, according to calculations by UBS AGUBSN.VX +1.87%, with gains of as much as 5.2%. The benchmark Shanghai Composite Index has delivered an average gain of 1.1% in the 10 days leading up to such meetings since 2010.
The index has risen 1.1% since the market closed on Oct. 25, and with Chinese leaders ramping up the official rhetoric on the reform-oriented nature of the party meeting, investors have snapped up stocks in energy, railway, agriculture and financial services companies, which are expected to benefit from reforms.
BEIJING (Reuters) – In defying four years of official cooling efforts, China’s soaring house prices reveal an uncomfortable truth: government is one of the biggest obstacles to the success of taming the market.
State income is so entwined in the need for rising land prices that policy efforts to try to curb the house market create an inherent conflict of interest.
With one hand on a patchwork of controls aimed at taming record house prices, governments with their other hand are at the same time selling land to developers at rising prices.
Speaking together at an event in Shanghai on Wednesday, Alibaba Group Holding Ltd. Chairman Jack Ma, 49, and Tencent Holdings Ltd.Chief Executive Pony Ma, 42, both agreed that growing older in the fast-changing tech sector is a challenge.
“My biggest crisis is that I don’t understand what young people like,” Pony Ma said, speaking to an auditorium of students from Shanghai’s Fudan University, where the two announced the new venture—called Zhong An Online Property Insurance and jointly invested in by Tencent, Alibaba, and Ping An Insurance—which will sell insurance products online.
Posted from Diigo.