London, Aug 29 (AP/UNB) — Aston Martin, the maker of James Bond's favorite sports car, says it may sell shares for the first time as the company seeks to attract more wealthy buyers with an expanded product range including sedans, sports utility vehicles and even submarines.
The company says it will sell at least 25 percent of Aston Martin's shares if it decides to go forward with an initial public offering on the London Stock Exchange. Details of the IPO would be published around Sept. 20.
The announcement came as Aston Martin said first-half pre-tax profit rose to 20.8 million pounds ($26.8 million) from 20.3 million pounds during the same period last year.
Chief Executive Andy Palmer says the potential IPO "represents a key milestone in the history of the company."
Beijing, Aug 29 (AP/UNB) — Asian stock markets edged higher Wednesday after Wall Street gained on strength in technology and retailing shares.
KEEPING SCORE: Tokyo's Nikkei 225 rose 0.5 percent to 22,927.35 points and Hong Kong's Hang Seng added 22 points to 28,373.74. The Shanghai Composite Index was off 2 points at 2,775.89 and Seoul's Kospi gained 2 points to 2,305.98. Sydney's S&P-ASX 200 advanced 0.3 percent to 6,321.20 and benchmarks in Taiwan and New Zealand gained.
WALL STREET: The Standard & Poor's 500 index closed at a new record. Shoe retailer DSW surged 20.2 percent after reporting stronger-than-expected results. Apple added 0.8 percent and chipmaker Qualcomm gained 3.6 percent. The S&P 500 rose less than 0.1 percent to 2,897.52. The Dow Jones Industrial Average added 0.1 percent to 26,064.02. The Nasdaq composite gained 12.14 points, or 0.2 percent, to 8,030.04. Energy companies dipped along with oil prices.
NAFTA: Canada's foreign minister, Chrystia Freeland, said she had a "constructive conversation" with U.S. Trade Representative Robert Lighthizer about how to revamp the North American Free Trade Agreement. Freeland arrived in Washington for talks after the Trump administration reached a preliminary deal with Mexico to replace NAFTA. While some experts think stocks could rally if the U.S. and its partners make progress on new trade deals, others say it is unclear how much tensions have harmed stocks.
ANALYST'S QUOTE: "The initial euphoria from the U.S.-Mexico agreement died down" and "mixed views" from Canadian officials gave investors little guidance, said Jingyi Pan of IG in a report. Investors appear to be looking at the Mexico talks "to project how the U.S. administration would likely remain adamant as well in dealing with China that could invite further tensions ahead," said Pan. "One to watch, nevertheless, as more tariffs loom."
ENERGY: Benchmark U.S. crude added 10 cents to $68.63 per barrel in electronic trading on the New York Mercantile Exchange. The contract sank 34 cents on Tuesday to close at $68.53. Brent crude, used to price international oils, gained 6 cents to $76.35 in London. It shed 21 cents the previous session to $76.29.
CURRENCY: The dollar gained to 111.29 yen from Tuesday's 111.19 yen. The euro advanced to $1.1692 from $1.1696.
Washington, Aug 29 (AP/UNB) — Canadian Foreign Affairs Minister Chrystia Freeland said her meeting Tuesday with United States Trade Representative Robert Lighthizer was "a very good, constructive conversation" about how to revamp the North American Free Trade Agreement.
Freeland told reporters after the meeting she and her team plan to work this week in "a full-steam effort" and said both parties will start diving into specific issues Wednesday morning.
Freeland hurried to Washington a day after the Trump administration reached a preliminary deal Monday with Mexico to replace the North American Free Trade Agreement.
She doesn't have much time, because Lighthizer intends to formally notify Congress of the deal with Mexico on Friday.
Freeland said both parties "are set for an important and constructive week" but also warned that "we are prepared for all scenarios."
She said significant concessions from Mexico in the areas of labor and rules of origin on cars "really paved the way for what Canada believes will be a good week."
The Office of the U.S. Trade Representative said Mexico had agreed to ensure that 75 percent of automotive content be produced within the trade bloc (up from a current 62.5 percent) to receive duty-free benefits and that 40 percent to 45 percent be made by workers earning at least $16 an hour. Those changes are meant to encourage more auto production in the United States.
Tuesday's meeting was the first time Freeland had met with her U.S. counterparts in Washington since May.
Umm Al-Quwain, UAE, Aug 29 (UNB/AsiaNet) – UAE based ADAB Solutions company is launching the First Islamic Crypto Exchange (FICE), which is very unique, as it is the only Shariah compliant crypto exchange at this moment.
This project gives access to the technologically innovative financial sector for 1.8 billion Muslims living on the planet. FICE will create a reliable crypto trading platform, which will become a universal solution for the involvement of Muslims and users of Islamic finance in the crypto market.
This will be the first project, which allows crypto transactions to be performed in accordance with the principles of Islamic finance and will be open to all users, regardless of religion.
According to the Islamic Finance Development Report 2017 by Thomson Reuters, the crypto economy is one of the key innovative areas in the field of Islamic finance. However, the multitudes of contradictions in this market, and the ambiguous position of the Islamic community regarding the admissibility of investments in this market, have led to the distancing and wait-and-see attitude of Muslim investors.
By adhering to the high moral requirements set forth by the Shariah community, the company will utilize the in-house Shariah Advisory Board represented by international Shariah experts to ensure that FICE activity will comply with Shariah principles at all times. These new standards set forth by the FICE will ensure an enhanced quality of assets on exchange, as well as an enhanced inclusion of Islamic crypto assets enthusiasts and traders.
"Ideas that correspond to the norms of the Shariah are based on the understandable material value, have a clear business strategy, and this allows us to confidently assert that halal projects are incomparably safer more successful than the beautiful signs of many cryptocurrency initiatives," says Founder and CEO of ADAB Solutions, Timur Turzhan.
"By investing in FICE, you will not only support the needed and well-timed project for the Islamic Ummah of the whole world, but also make a valuable acquisition that can bring a decent profit. Our team is dedicated to its business and will do its best to achieve all the goals set."
ADAB Solutions Company registered under the UAE jurisdiction. The company aims to provide solutions to attract Muslims community to the crypto economy.
Tokyo, Aug 28 (AP/UNB) — Global shares were mostly higher Tuesday after the White House said it reached a preliminary agreement with Mexico on replacing a North American free-trade deal.
KEEPING SCORE: France's CAC 40 rose 0.1 percent in early trading to 5,485.39, while Germany's DAX was up 0.2 percent at 12,561.44. Britain's FTSE 100 gained 0.7 percent to 7,630.36. U.S. shares were set to be flat with Dow futures virtually unchanged at 27,078. S&P 500 futures gained less than 0.1 percent to 2,899.
ASIA'S DAY: Japan's benchmark Nikkei 225 finished at 22,813.47, up 0.1 percent. Australia's S&P/ASX 200 gained 0.6 percent to 6,304.70. South Korea's Kospi edged up 0.2 percent to 2,303.12. Hong Kong's Hang Seng added 0.2 percent to 28,333.14 after fluctuating throughout the day. The Shanghai Composite index inched down 0.1 percent to 2,777.98, adjusting from its gains the previous day.
TRADE DEAL: Asian economies generally benefit from trade deals that will encourage exports to the U.S. The Nasdaq composite index topped 8,000 for the first time after the North American Free Trade Agreement news, although the trade deal isn't final. The U.S. still needs to reach an understanding with Canada, the third party in the accord.
THE QUOTE: "Risk sentiment continues to improve with U.S. markets bolstered by the ... latest NAFTA progress, set to inspire Asian market higher into the session," said Jingyi Pan, market strategist at IG in Singapore.
TOYOTA GAINS: Toyota Motor Corp. shares got a perk from the NAFTA news as the top Japanese automaker benefits from free trade. The manufacturer was also boosted by its announcement that it was investing $500 million in ride-hailing service Uber and will partner with it to build self-driving cars. Toyota was trading up nearly 2 percent in the morning session on the Tokyo Stock Exchange but settled at 0.9 percent higher in the afternoon.
ENERGY: Benchmark U.S. crude lost 14 cents to $68.73 a barrel. It edged up 0.2 percent to $68.87 a barrel in the New York. Brent crude, used to price international oils, rose 4 cents to $76.25 a barrel.
CURRENCIES: The dollar inched down to 111.18 yen from 111.19 late Monday. The euro rose to $1.1684 from $1.1611.