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VW’s MAN sticks to lofty margin goal ahead of possible truck IPO

FRANKFURT: Volkswagen AG’s (VW) MAN unit is sticking to a profitability target it fell short of for years amid painful cost-cutting, underscoring the ambitious goal of the German automaker’s truck division to generate industry-leading returns as it prepares for a possible share sale.

Drees: We changed a lot in recent years and made a lot of improvements, but we want more. — Bloomberg

Aston Martin seeks Ferrari-like US$6.7bil listing

LONDON: Aston Martin filed for an initial public offering (IPO) in London that would value the maker of luxury sports cars as high as £5.1bil (US$6.7bil), seeking a multiple that would approach rival Ferrari NV.

“We love the brand. We respect the management team. But we simply can’t see how a Ferrari multiple looks realistic,” Max Warburton, an analyst at Sanford C. Bernstein & Co, said in a research note.

China allows WMPs to buy stocks directly

HONG KONG: Chinese authorities said wealth management products (WMPs) can invest directly in the stock market, as policy makers try to reduce the potential risks associated with WMPs buying third-party offerings.

Commercial banks can now open accounts to invest their WMP assets straight into equities, China Securities Depository and Clearing Corp. said in a statement on its website late Wednesday.

Eco World posts 47.6% higher net profit

PETALING JAYA: Eco World Development Group Bhd registered a net profit growth of 47.6% to RM38.5mil for the third quarter ended July 31, boosted by its home ownership campaign #OnlyEco-World launched in June as well as its EcoWorld Help2Own (EW-H2O) financing package.

EcoWorld president and CEO Datuk Chang Khim Wah(pic) said the intense social media and digital marketing drive over the last three months has been very successful in reaching out to its target customers.

Coinbase denies trading cryptocurrencies for its own account

NEW YORK: Coinbase Inc, one of the biggest US cryptocurrency exchange operators, denied engaging in proprietary trading after New York’s attorney general said the firm accounted for almost 20% of transactions on its own platform.

San Francisco-based Coinbase doesn’t trade for its own account, Mike Lempres, the firm’s chief policy officer, wrote in a blog post on late Wednesday titled “Correcting the record.”  Instead, the transactions are executed on behalf of retail clients who use its Coinbase Consumer service, Lempres wrote.

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