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But the suspension of its North Korea projects left Hyundai Asan with combined losses of $367 million in the past decade. Hyundai admitted it paid North Korean authorities $500 million in 2000 to secure business rights there. Two days after being questioned by prosecutors over the scandal, Chung Ju-yung’s son and successor, Chung Mong-hun fell to his death from Hyundai headquarters. Indictments against him were dropped after his death. The Supreme Court gave Hyundai Asan’s then chief executive a suspended jail term for violating foreign money transfer rules, but he was later pardoned.
(Reuters) - AbbVie Inc (ABBV.N) said on Friday rival biosimilar versions of its best-selling drug Humira were available in Europe at discounts ranging from 10 percent to 80 percent, The company expects 2019 price of Humira in hugo boss cufflinks nordstrom the United States to be very similar to 2018 rates, AbbVie executives said on a conference call, Rivals began launching biosimilar versions of Humira in Europe last month, fuelling investor concerns about the impact of rising competition in the region, Biosimilar versions of the rheumatoid arthritis medicine are not yet available in the United States..
(Reuters) - China’s Alibaba Group Holding Ltd (BABA.N) lowered its full-year sales forecast on Friday due to concerns about the economic impact of a U.S.-China trade spat, which the company expects will dent revenue ahead of its top sale season. Asia’s most valuable public company said it will cut its full-year revenue forecast to between 375 billion and 383 billion yuan ($54.4 bln-$55.6 bln), a 4-6 percent drop, while sales growth in its core commerce business for the September quarter slowed to its lowest rate since 2016.
In a call with analysts on Friday, executives said big ticket purchases could be affected by economic uncertainty and that they will delay efforts to make more money on some aspects of its marketplaces in an effort to retain businesses on its platform, “In light of current fluid macro-economic conditions, we have recently decided not to monetize, in the near term, incremental inventory generated from growing users and engagement on our China retail marketplaces,” said Alibaba hugo boss cufflinks nordstrom in a statement..
The company’s U.S.-listed stock edged up 0.4 percent to $151.81 by 1346 GMT, but is down more than 12 percent this year amid a wider sell-off of China tech stocks that has also affected Baidu Inc (BIDU.O) and Tencent Holdings Ltd (0700.HK). The decision to take in less income from its platforms comes ahead of Singles’ Day, Alibaba’s annual mega-sale event, which peaks on Nov. 11 and last year netted the company over $25 billion in sales. Alibaba competes fiercely for customers and merchants during the event, and has historically recorded much higher marketing costs around the event, which also eats into sales from the first and third quarter.
Ahead of the event, sales growth on the company’s China retail marketplaces in the third quarter slowed to 37 percent, its weakest growth rate in eleven quarters, The company has been investing heavily in offline retail and rural e-commerce in a bid to win new customers as China’s urban market shows signs of saturation, Roughly 75 percent of Alibaba’s new users last quarter were from undeveloped areas, said Chief Financial Officer Maggie Wu, Analysts said the impact of trade tensions and tighter regulation hugo boss cufflinks nordstrom in China, including new rules on advertising and online finance, will continue to weigh on the company’s share price for some time..
“China macro uncertainty has been driving stock price performance for the group as a whole since mid-June. We think this will need to reconcile before there is a sustainable improvement in sentiment,” Rob Sanderson, senior research analyst and managing director at MKM Partners, said in a note ahead of the earnings. At a recent event, Chairman Jack Ma predicted the trade war could last 20 years, and said the company would adapt plans, including scrapping an initiative to create a million jobs in the United States by bringing U.S. producers onto the platform.
Ma said Alibaba was still confident of reaching its goal of 2 billion customers globally by 2036 however, as it continues to build on big-ticket investments in Southeast Asian e-commerce, global cloud services and projects to reach more buyers outside big cities, The company’s stock also weakened recently on news that Ma will step down over the coming year, handing over the reins to Chief Executive hugo boss cufflinks nordstrom Daniel Zhang, Despite the weak forecast, net income attributable to ordinary shareholders rose 13 percent to 20.03 billion yuan, or 6.78 yuan per share, above analyst estimates..