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A Wanda spokesman did not provide any immediate comment. Wanda’s sprawling business empire ranges from real estate to sport to cinemas, but it has been rattled in the past years by a government-led crackdown on overseas deals and high leverage. The company owned by Wang Jianlin, one of China’s richest men, has since started offloading domestic and overseas holdings, including stakes in cinema operator AMC Entertainment and Spanish soccer club Atletico Madrid and a handful of property developments.
Other Chinese conglomerates such as HNA group and Fosun International (0656.HK) have also faced government pressure to cut down on what Beijing has termed irrational overseas deals, An IPO of Wanda’s sports assets would include Infront Sports & Media AG, a Swiss sports marketing company and World Triathlon Corp, the organizer and promoter of the Ironman race, three sources previously told Reuters, The two were acquired in 2015 for $1.2 billion and $650 million respectively, Wanda, while preparing the rose gold monogram cufflinks IPO, had also received offers for the businesses from a number of private equity firms, Reuters reported..
Citigroup (C.N), Deutsche Bank (DBKGn.DE) and Morgan Stanley (MS.N) are working on the deal, the sources said. Citigroup and Deutsche Bank declined to comment. Morgan Stanley did not immediately respond to a request for comment. Chinese companies have dominated the ranks of those looking to go public worldwide, raising $58.2 billion in IPOs last year, accounting for 29 percent of global issuers, according to Refinitiv data. They have also been very active in U.S. listings, raising $9.1 billion last year, the highest level since 2014, Refinitiv data showed.
BERLIN (Reuters) - BMW’s (BMWG.DE) group sales went up 1.1 percent worldwide in 2018 to 2,490,664 vehicles, the company said on Friday, adding that it expected a slight increase this year despite rose gold monogram cufflinks challenging market conditions, BMW brand sales increased by 1.8 pct worldwide in 2018, to 2,125,026 vehicles, the company said, with December sales rising 1.3 percent, The group’s December sales fell 0.7 percent compared with the previous year, affected by a 11.3 percent drop in the MINI brand sales..
JAKARTA (Reuters) - Indonesia is preparing to launch regulations fixing the rates drivers and riders for ride-hailing services such as Grab and Go-Jek receive, two government officials said this week, creating potential obstacles for the companies’ expansion. The regulations would meet drivers demands for more oversight and higher rates but there are concerns that the rising costs to the companies could stifle their development as they battle to dominate the ride-hailing market in Southeast Asia’s biggest economy.
Singapore-based Grab and home grown Go-Jek have been locked in price wars in Indonesia, part of a wider fight to bring banking, e-commerce, ride-hailing, food-delivery and other services to every corner of Southeast Asia, However, since 2018, motorcycle taxi drivers working for Grab and Go-Jek in Jakarta have held protest rallies calling for higher fares and better conditions, Indonesia’s Ministry of Transportation rose gold monogram cufflinks plans to implement minimum and maximum tariffs for car and motor bike ride-hailing that will be “higher than Go-Jek and Grab’s current rates” and impose limits on promotional price cuts, said Budi Setyadi, director general of land transportation at the ministry..
“This is for the safety and protection of drivers,” he said. The ministry’s Public Transportation Director Ahmad Yani said a dependency on incentive-driven payments and low fixed rates per kilometre was a safety risk as it led to drivers overworking. Yani said Grab paid 1,200 rupiah ($0.085) per km (0.6 miles) with a focus on bonuses, while Go-Jek’s rate was 1,400 rupiah ($0.099) per km. The officials said fixed fare ranges for motor bikes were still being finalised, but would be implemented from March.
Fixed rates rose gold monogram cufflinks for ride-hailing cars will start in June and be set at 3,500 to 6,000 rupiah ($0.43) per km in the islands of Java, Sumatra, and Bali, The drivers were pushing for increases to a standard fare of 3,000 to 4,000 rupiah per km, The firms told Reuters they welcomed the new rules, though they had not seen details of the motor bike regulations, “Grab believes the government will develop the best regulatory framework and hopes that all stakeholders will be included in the process,” said the company’s Head of Public Affairs Tri Sukma Anreianno..