Greece is the word. The collapse of the talks between Greece and its creditors prompt investors to unload Greek bonds and shares, causing prices to fall. In Asia, shares too are dropping as investors are also sidelined by the meeting of the Federal Reserve beginning Tuesday.
But it’s not all gloom and doom because for Chinese firms, it’s business as usual. China’s e-commerce behemoth Alibaba plans to start a video streaming service in the mainland, while Fosun has tied up with Thomas Cook to sell holiday tours to rich Chinese.
Asian shares slip on Greece. Caution amid deteriorating bailout plans for Greece and pending the outcome of the meeting of the Fed beginning Tuesday drove Asian shares lower. The Shanghai Composite Index lost 2%, the Hang Seng Index was last trading down 1.4%. Elsewhere, South Korea’s Kospi fell 0.5%, and Japan’s Nikkei Stock Average ended down 0.09%. CNBC/Nikkei Asian Review
Isuzu, General Motors to sell midsize trucks in the U.S. The Japanese and American carmakers are planning to start selling Isuzu vehicles under the Chevrolet brand of GM I 2016. Nikkei Asian Review
Thomas Cook, Fosun form venture to sell holiday packages to Chinese. Fosun will own 51% of the business and British firm the remaining 49%. The tours will be sold under the Thomas Cook brands. Financial Times (paywall)
Alibaba plans online video streaming service in China. The e-commerce giant will call the service TBO or Tmall Box Office and the content will be a combination of in-house productions as well as those acquired from China and overseas. The service will be available in two months. Reuters
Photo credit: Aaron Goodman via Flickr