Hindalco-owned Novelis delays US IPO; shares slide

Hindalco Industries (HALC.NS), opens new tab said on Tuesday its U.S-based unit Novelis has postponed its initial public offering (IPO) due to weak market conditions, sending shares of billionaire Kumar Mangalam Birla’s company down as much as 6.5%. In May, aluminium recycler Novelis said that it was targeting a valuation of up to $12.6 billion in its U.S. IPO, […]

PwC Evergrande hit will ricochet around China Inc

(This May 5 story has been corrected to read ‘China Securities Regulatory Commission’ instead of ‘China Securities & Futures Commission’) China’s “teeth and thorns” are coming for PricewaterhouseCoopers. Those are the words President Xi Jinping has used to outline how he wants regulations enforced in the People’s Republic. That could translate into PwC’s local unit […]

EU to delay core element of Basel bank capital reforms by one year

 The European Union will delay a core element of global reforms to bank capital rules by one year to January 2026, the bloc’s financial services chief said on Tuesday, to ensure a level playing field between EU banks and their U.S. rivals. Countries are introducing the last batch of a global bank capital accord known […]