World Business News

Copper producer China Nonferrous Mining Corp has pulled its planned Hong Kong initial public offering of up to $313 million due to worsening market conditions, becoming the second major IPO to be scrapped in the city this week and underscoring tepid demand for new listings.

Tata Motors, India’s biggest automaker, on Tuesday beat analysts’ estimates with a more than two-fold jump in March quarter consolidated net profit and said it planned to merge its UK-based Jaguar and Land Rover businesses.

Markets have opened higher in trades on Tuesday tracking firm Asian cues. The S&P CNX Nifty has opened higher by 20 points at 5,006 and the 30-share Sensex is up 66 points at 16,483 levels

China will allow direct trading of the yuan and the Japanese yen, in a move aimed at promoting trade between Asia's two biggest economies.