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☆ Want to cash in on the weight-loss drug boom? Morgan Stanley names 4 global stocks
▼ + stars: | 2024-02-01 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +4 min

Under-the-radar stock picks Morgan Stanley reckons the way to play the obesity theme in Asia is through names involved in GLP-1 drug development that "could find upside in burgeoning overseas markets." Calling it "top beneficiary as global demand for GLP-1 drugs significantly outpaces capacity," Morgan Stanley has an overweight rating on the stock. Morgan Stanley has an investment horizon of just over six months for WuXi AppTec and Innovent and over 12 months for Chugai and EBOS. Morgan Stanley's analysts estimate that worldwide sales of Orforglipron could hit $7 billion in 2023. Elsewhere, it sees opportunities for EBOS following the Australian government's approval for it to distribute obesity drugs.

Persons: Eli Lilly, Morgan, Sean Wu, Morgan Stanley's, Health Organization's, Morgan Stanley, Chugai, Goldman, EBOS, CNBC's Michael Bloom Organizations: Novo Nordisk, Health, WHO, BMI, WuXi AppTec, Australian, Hong Kong Stock Exchange, China Health Care, Goldman Sachs, Health Care Equity, Zealand ETF Locations: U.S, Asia, Asia Pacific, Australia, GLP, WuXi, China, Japan, New Zealand, Zealand

A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. That will, however, take time, with the overhaul now expected to finish in 2029, some 13 years after it began. It also prompted the Australian Securities and Investments Commission (ASIC) to open an investigation into the exchange's disclosures about the project. ASX said it expected the first stage of the new project, clearing software, to cost between A$105 million and A$125 million with delivery around 2026. The cost and timing of the settlement and other software will be decided in 2024.

Persons: David Gray, Tim Whiteley, Joe Longo, Longo, Byron Kaye, Himanshi, Edwina Gibbs Organizations: Australian Securities Exchange, REUTERS, Tata Consultancy Services, New, Australian Securities and Investments Commission, Thomson Locations: Sydney, Australia, India, Finland, Canada, New York, Bengaluru

☆ Qantas to fight regulator over cancelled flights tickets sale case
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +1 min

Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. REUTERS/Phil Noble/File Photo Acquire Licensing RightsOct 30 (Reuters) - Qantas Airways Ltd (QAN.AX) on Monday said it will defend itself against Australia's competition regulator's accusations that the flagship carrier sold tickets to thousands of flights after they were after they were cancelled. Qantas said the Australian Competition and Consumer Commission's (ACCC) case, which accuses it of selling the tickets for flights for more than 48 hours after they were cancelled, does not constitute "fee for no service". "This is consistent with our obligations under consumer law and is what we did during the period the ACCC examined," Qantas said. Reporting by Sameer Manekar in Bengaluru; Editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Sameer Manekar, Grant McCool Organizations: Qantas, Melbourne International Airport, REUTERS, Qantas Airways Ltd, Australian Competition, Consumer Commission's, Australian Stock Exchange, Thomson Locations: Melbourne, Australia, Bengaluru

☆ Australia's Treasury Wine surges on hopes of China revival
▼ + stars: | 2023-10-23 | by ( Archishma Iyer | ) www.reuters.com time to read: +2 min

SummaryCompanies China agrees to expedited review of wine import tariffsTreasury Wine gets set to rebuild China businessTreasury shares jump 5%Oct 23 (Reuters) - Australia's Treasury Wine Estates (TWE.AX) said on Monday it is well placed to rebuild its business in China, sending its shares up more than 5%, should Beijing's tariffs on Australian wine be removed as signalled by the two countries on the weekend. "Should tariffs be removed, these measures will be implemented sustainably and with the aim of growing the business in China," Treasury Wine, the world's biggest standalone winemaker, said in a statement. Treasury Wine used to make one-third of its profit in China but lost most of that business when Beijing imposed tariffs on Australian wine in 2021, after Canberra called for an inquiry into the origins of COVID-19. "If the tariffs are removed, we see this as a significant positive for the Australian wine export industry and specifically Treasury Wine," Goldman Sachs analysts said in a research note. Measures for reviving its China business would include shifting a portion of Penfolds Luxury from other markets back to China and rebuilding distribution for the Penfolds Australian entry-level luxury portfolios, the company said.

Persons: Treasury Wine, Goldman Sachs, Archishma Iyer, Lisa Shumaker, Diane Craft, Sonali Paul Organizations: Treasury Wine, Treasury, Wine Estates, Sunday China, Thomson Locations: China, Beijing, Canberra, Bengaluru

The logo of accounting firm PricewaterhouseCoopers (PwC) is seen on the top of a Brussels' office of the company, in Diegem, Belgium September 21, 2023. REUTERS/Yves Herman Acquire Licensing RightsSYDNEY, Sept 27 (Reuters) - PwC Australia will appoint outsiders to its board and publish audited financial statements as part of a governance overhaul to bring the partnership closer to public company standards following a scandal over the leak of confidential tax documents. PwC Australia will announce plans on Wednesday to apply some Australian Stock Exchange governance principles including appointing two non-executive directors and a non-executive chair to its board, according to excerpts of plans provided by PwC. The changes form part of PwC Australia's response to a months-long independent review into its governance and culture, which will be published in full on Wednesday. Australia said last month it would drastically toughen penalties against those who promote dodgy tax schemes and strengthen regulators in response to the scandal.

Persons: Yves Herman Acquire, Kevin Burrowes, Ziggy Switkowski, Lewis Jackson, Kim Coghill Organizations: PricewaterhouseCoopers, REUTERS, Rights, Facebook, Australian Stock Exchange, PwC, “, Telstra, Thomson Locations: Brussels, Diegem, Belgium, Australia

☆ Ionic Rare Earths ties with Ford in Belfast magnet recycling venture
▼ + stars: | 2023-09-12 | by ( Melanie Burton | ) www.reuters.com time to read: +2 min

The Ford logo is seen on the grill of an E-transit concept vehicle at the Ford Halewood transmissions plant in Liverpool, Britain, December 1, 2022. REUTERS/Phil Noble/File Photo Acquire Licensing RightsMELBOURNE, Sept 12 (Reuters) - Ionic Rare Earths (IXR.AX) said on Tuesday it has received UK government investment to build a commercial rare earth magnet recycling facility in Belfast that will supply Ford's (F.N) electric vehicle production facilities in the country. The UK government will support the partnership with an investment of £2 million ($2.50 million) as part of its push to support circular economy magnet rare earths, as the West diversifies supply chains away from China which produces almost all the world's magnet supply. Rare earths are the most magnetic of all metals, used in applications from wind farms to EVs to defence. To support production at this facility there will be a requirement for over 600 tonnes of magnet raw material per annum, it said in the release.

Persons: Phil Noble, Simon Palmer, Ford, Melanie Burton, Michael Perry Organizations: Ford, REUTERS, Rights, Metals, Ford’s European Union, Thomson Locations: Liverpool, Britain, Belfast, China

☆ Australia’s $2.5 trln pension stash is one to envy
▼ + stars: | 2023-07-26 | by ( Antony Currie | ) www.reuters.com time to read: +7 min

Sure, mining giant BHP (BHP.AX) has its headquarters in Australia’s second-most populous city, it’s a self-anointed coffee capital and boasts top-notch restaurants. Two other factors have capital-hungry institutions knocking on super funds’ doors. This is especially true of so-called industry funds that are mutually owned and initially catered to specific sectors such as higher education employees or hospitality workers. Daniel Andrews, premier of Victoria, has earmarked industry super funds as minority investors in a state-run plan to build renewable energy plants. Recent ructions in real estate have prompted some super funds to reassess whether the risk and complexity are justified.

Persons: dwarfing, AustralianSuper, California’s CalPERS, London’s, Paul Schroder, Hostplus, Anthony, Daniel Andrews, Breakingviews, outsized, Peter Thal Larsen, Thomas Shum Organizations: MELBOURNE, Reuters, Australian Stock Exchange, Association, Retirement, Canada, Plan Investment Board, Prudential Regulation Authority, APRA, Coal, IFM, Vienna Airport, KPMG, Reuters Graphics, Australian, Trust, Macquarie, Victorian State Department of, UniSuper, Sydney Airport, Victoria, Blackstone, CVC, Thomson Locations: Hong Kong, Melbourne, Australia’s, it’s, Australia, Heathrow, Edinburgh, Europe, United States, Indiana, New York, London

☆ Australian stock exchange says software overhaul won't involve blockchain
▼ + stars: | 2023-05-19 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

SYDNEY, May 19 (Reuters) - Australia's stock market operator said it will no longer attempt to rebuild its software platform with blockchain-based technology, one of the highest-profile repudiations of the once-feted concept best known for powering cryptocurrency. Until now, ASX has said it may resurrect the project using blockchain-based technology developed by New York-based contractor Digital Asset. Digital Asset, in which ASX bought a small stake after hiring it to rebuild its software in 2016, was not immediately available for comment. Whiteley told the meeting ASX was on track to decide a new strategy by year-end. Market participants had told ASX they did not want a risky, single-date changeover to new software, and "that feedback has been taken into the implementation planning", Whiteley said.

☆ Australian stock exchange's blockchain failure burns market trust
▼ + stars: | 2022-12-20 | by ( Byron Kaye | ) www.reuters.com time to read: +11 min

That 96% of that software is working," Hogben told a Stockbrokers and Investment Advisers Association conference, in footage seen by Reuters. More than a dozen brokers, other market participants and people directly involved in the blockchain project told Reuters the failure had shaken trust in the Australian exchange operator. After New York startup Digital Asset Holdings showed ASX executives a test transaction on its blockchain software, ASX in early 2016 signed the little-known company to begin exploratory work on an overhaul. From an initial plan to run about 12 of CHESS's 400 data transfers per transaction on blockchain, ASX decided the new system would include all 400 transfers, the person said. Its spokesperson told Reuters there was "no off-the-shelf solution available to meet the needs of the Australian market".

☆ Rio Tinto completes $3.3 bln Turquoise Hill deal for larger share in Mongolia project
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Rio Tinto logo is displayed on a visitor's helmet at a borates mine in Boron, California, U.S., November 15, 2019. Turquoise Hill shareholders last week voted in favour of Rio Tinto's $3.3 billion bid to take the Canadian company private after months of back and forth. 2 shareholder Pentwater Capital Management accused Rio of concealing delays and huge cost overruns at Oyu Tolgoi. BHP Group last month made a renewed $6.5 bln play for copper miner OZ Minerals, potentially allowing the miner to consolidate its copper assets in South Australia if the deal goes through. Shares of Rio Tinto finished 0.8% higher on the Australian Stock Exchange.

☆ Drew Brees fakes lightning strike in promotional stunt for online sportsbook
▼ + stars: | 2022-12-02 | by ( Jessica Golden | ) www.cnbc.com time to read: +1 min

Legendary New Orleans Saints quarterback Drew Brees faked being struck by lightning as part of a promotional stunt for betting company PointsBet. Brees confirmed in a subsequent video that he's perfectly fine and "buzzing" about the sportsbook's latest offer involving its "lightning bets," which allow users to make in-game wagers. The stunt comes as online sportsbooks gain popularity and fight for customers. "I would say this is probably one of the worst decisions he's made as a public figure." Brees is an ambassador for PointsBet, which trades on the Australian Stock Exchange and has operations in the United States, Canada and Ireland.

☆ Biden's Inflation Reduction Act makes green hydrogen profitable at scale, Goldman Sachs says
▼ + stars: | 2022-11-30 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

Angel Garcia | Bloomberg | Getty ImagesThe United States' Inflation Reduction Act represents a "turning point" when it comes to the economics of technologies such as renewables and hydrogen, according to Goldman Sachs . "The exception — and I think this is where there could be green shoot[s] — is the Inflation Reduction Act in the U.S.," he added. "It finally makes technologies like green hydrogen, local green battery production [and] carbon capture, profitable in large scale," he added. If the electricity used in this process comes from a renewable source such as wind or solar then some call it "green" or "renewable" hydrogen. The vast majority of hydrogen generation is still based on fossil fuels, but there is a huge amount of interest in the role green hydrogen could play going forward.

Nov 22 (Reuters) - Australian drugmaker CSL Ltd (CSL.AX) on Tuesday set the list price of its one-time gene therapy for hemophilia B at $3.5 million, making it the world's most expensive treatment, following its approval by the U.S. health regulator. The first gene therapy for the rare genetic blood clotting disorder offers a long-term solution for patients as against current treatments from Biogen (BIIB.O), Pfizer (PFE.N) and others that focus on regular infusions. The gene therapy consists of an engineered virus carrying a gene expressed in the liver to produce clotting factor IX. While Zynteglo was priced at $2.8 million, Skysona had a wholesale cost of $3.0 million. CSL shares were up 1% at A$300.62 on the Australian stock exchange, while UniQure stock edged up 0.9% in extended trading.

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