17 Hours Ago
South Korean shipping giant HMM tumbles after red-hot rally over last three days
Shares of South Korea’s largest container shipping firm HMM plunged as much as 12.5%, leading losses on the country’s benchmark Kospi index. The drop follows a three-day rally that saw the stock rocket by over 40%.
On Tuesday, a consortium made up of South Korean poultry processor Harim Group and private equity firm JKL Partners was chosen as the preferred bidder for HMM in a $4.9 billion deal.
However, Reuters reported that HMM said on the same day it had ordered its ships departing Europe — which would normally use the Suez Canal — to reroute via the Cape of Good Hope for an indefinite period of time, following a series of attacks on merchant ships.
HMM is among the top 10 largest container shipping firms globally, moving almost all of South Korea’s exports.
— Lim Hui Jie
22 Hours Ago
Toyota leads losses on Nikkei after safety issues with Daihatsu and airbags
Japanese automaker Toyota led losses on the benchmark Nikkei 225 index, falling as much as 4.87% Thursday.
This comes after Toyota announced to recall about one million vehicles on Thursday. The safety recall involved certain 2020-2022 Toyota and Lexus models in the United States.
This also comes after Toyota subsidiary Daihatsu halted shipments of all its vehicles on Wednesday, after an investigation found safety issues with its vehicles, including cases where airbag control units used in airbag tests for some models…
