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☆ For global banks, India could soon be worth it
▼ + stars: | 2023-11-07 | by ( Pranav Kiran | ) www.reuters.com time to read: +5 min

The hot new business class ticket within Asia is in fact, Hong Kong to Mumbai. Before the pandemic, more than half of the Asian top line of U.S. bulge bracket banks typically came from Greater China which includes the mainland, Hong Kong, Macau and Taiwan. Overall, IPO fees in India have risen from 1% of proceeds in 2017 closer to 2% in recent years, LSEG data shows. Hong Kong bankers are not going to relocate to India any time soon but while they wait out a slow and uncertain recovery in China activity, the trip to India looks increasingly worthwhile. Proceeds from initial public offerings in India amounted to $3.8 billion across 172 deals as of Oct. 24, according to LSEG data.

Persons: Goldman Sachs, Morgan Stanley, Banks, Mukesh Ambani, Bhavish, Ola, What’s, Gaurav Trehan, Blackstone, Amit Dixit, David Solomon, James Gorman, Citigroup's Jane Fraser, Noel Quinn, Bill Winters, Una Galani, Thomas Shum Organizations: Reuters, UBS, Insurance, JPMorgan, Citigroup, Reliance Industries, KKR, Bank of America, Global Financial, Investment, Hong Kong Monetary Authority, Offshore, Thomson Locations: BENGALURU, Hong Kong, China, Asia, Mumbai, Greater China, Macau, Taiwan, Beijing, Washington, India, United States, Offshore China

☆ Macquarie sends shareholders a sell signal
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Chief Executive of the Macquarie Group Shemara Wikramanayake, is seen in this handout picture taken in Sydney, Australia in 2022 released on May 5, 2023. Macquarie Group and Alice Boshell/Handout via REUTERS. Acquire Licensing RightsMELBOURNE, Nov 3 (Reuters Breakingviews) - Macquarie (MQG.AX) boss Shemara Wikramanayake knows how to time the market. The two moves seem designed to calm any shareholders nervous about the bank’s dip in fortunes. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Alice Boshell, Shemara Wikramanayake, Macquarie, Antony Currie, Aston Martin, Una Galani, Thomas Shum Organizations: Macquarie Group, REUTERS, Acquire, Rights MELBOURNE, Reuters, X, Pfizer, Thomson Locations: Sydney, Australia, Handout, Macquarie

NEW YORK (AP) — Charlize Theron remembers the moment her role in philanthropy clicked into place. “We heard them say, ‘We know what to do, but we just need the resources to do it,’” Theron said Thursday at the Town & Country Philanthropy Summit in Manhattan. It's a strategy that resonated throughout the Town & Country Philanthropy Summit, which celebrated its 10th anniversary Thursday. “Philanthropy, for me, comes down to a very simple question: ‘What can I do?’,” said Stellene Volandes, Town & Country's editor in chief. The reason declines are not more severe is because wealthier Americans, like those who read Town & Country magazine.

Persons: — Charlize Theron, “, ’ ” Theron, Theron, ” Theron, ”, Stellene, Volandes, ” “, Who’s, aren’t, Arnold Schwarzenegger, “ I'm, Darren Walker, Martin Luther King Jr, ” Walker, Una Osili, Indiana University Lilly, ” Osili, “ It's Organizations: Country, Outreach Project, Associated Press, Country Philanthropy Summit, Philanthropy Summit, Former California Gov, Republican, ” Ford, of America, Philanthropy, Research, Indiana University, Indiana University Lilly Family School of Philanthropy, Outreach, Lilly Endowment Inc, AP Locations: South Africa, Manhattan, Town

☆ Piyush Gupta: Asia’s most disrupted digital banker
▼ + stars: | 2023-11-02 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

Piyush Gupta, CEO of DBS Group (DBSM.SI) is often lauded as Asia’s top financier and has been tipped as a candidate to lead global rivals. Yet following repeated serious failures in its digital banking services, the Monetary Authority of Singapore has banned DBS from non-essential activities including M&A. It puts dividends at risk and will attract the eye of watchdogs overseas where the lender is busy expanding. On the back of record profits, Gupta earned $11.4 million last year, making him one of Asia’s highest remunerated bank CEOs. MAS will retain a multiplier of 1.8 times to DBS’ risk weighted assets for operational risk, an increase from a multiplier of 1.5 times MAS applied in February 2022.

Persons: Piyush Gupta, Ping, aren’t, OCBC’s, Peter Seah, Gupta, Breakingviews, he’s, Una Galani, Thomas Shum Organizations: Reuters, DBS Group, HK, HSBC, Monetary Authority of, DBS, MAS, Lakshmi, Bank, Monetary Authority of Singapore, Thomson Locations: SINGAPORE, Monetary Authority of Singapore, India, Taiwan, Singapore

☆ China’s graphite curbs send green warning shot
▼ + stars: | 2023-10-20 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

Global demand for graphite, seen at 770,000 tonnes this year, is expected to treble by 2033, according to estimates by Fastmarkets graphite analyst Georgi Georgiev. China currently accounts for 64% of the global production of natural graphite and more than half of the artificial equivalent. More importantly, the People’s Republic refines more than 90% of the graphite into high-purity material used in EV batteries. This echoes the approach China used earlier this year to restrict exports of gallium and germanium, two metals used in chips and fibre optic cables, triggering a fall in international shipments. Mining graphite in Europe, which wants to lead in EV adoption, is simply more expensive, says Aiden Lavelle, CEO of miner European Green Metals.

Persons: Georgi Georgiev, Aiden Lavelle, Carmakers, Una Galani, Streisand Neto Organizations: Reuters, People’s, EV, Shanghai Putailai, Energy Technology, Metals, Volkswagen, Thomson Locations: HONG KONG, China, Republic, Shanghai, Finland, Sweden, Beijing, Western, Europe, U.S

☆ India and Japan will be Asia's next power couple
▼ + stars: | 2023-10-19 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

Indian Prime Minister Narendra Modi welcomes Japan Prime Minister Fumio Kishida upon his arrival at Bharat Mandapam convention center for the G20 Summit, in New Delhi, India, Saturday, Sept. 9, 2023. Evan Vucci/Pool via REUTERS Acquire Licensing RightsBENGALURU, Oct 19 (Reuters Breakingviews) - India and Japan are edging closer. Prime Minister Narendra Modi and Prime Minister Fumio Kishida's governments form part of the so-called Quad security grouping with the United States and Australia to counter Chinese expansionism in Asia. Now the two countries are setting up an investment fund together. That’s delivering on a pledge by Kishida to invest 5 trillion yen, or some $42 billion, into India over the next five years.

Persons: Narendra Modi, Fumio Kishida, Evan Vucci, Fumio, Kishida, Wood Mackenzie, Sajjan Jindal, India’s, Lakshmi Mittal, JBIC, Una Galani, Thomas Shum Organizations: Indian, Japan, Bharat, REUTERS Acquire, Rights, Reuters, National Investment, Infrastructure Fund, Japan Bank, International Cooperation, Japan External Trade Organization, Nippon Telegraph, Telephone, Reuters Graphics, Teck Resources, Nippon Steel, ArcelorMittal, Japan Fund, Thomson Locations: New Delhi, India, Japan, United States, Australia, Asia, Reuters Graphics India, China, Russia, South, Teck, Indian

☆ China’s GDP allows room for stimulus waiting game
▼ + stars: | 2023-10-18 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

HONG KONG, Oct 18 (Reuters Breakingviews) - For any major economy, 5% growth ought to be respectable. Yet anxiety over the attainability of that official target this year is one reason China's policymakers have faced growing calls from global stakeholders for more stimulus. The country’s GDP has grown 5.2% in the first nine months of this year. The world’s second-biggest economy grew 5.2% in the first nine months of 2023. The Chinese government has set a 5% growth target for this year.

Persons: Una Galani, Thomas Shum Organizations: Reuters, Services, National Bureau, Statistics, Thomson Locations: HONG KONG, Beijing, China

☆ Putin and Xi’s strengthening bond has a weakness
▼ + stars: | 2023-10-17 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

The $190 billion two-way trade relationship is up 29% since 2021, and has roughly doubled since Russia’s annexation of Crimea in 2014. A warm meeting between Putin and Xi will reaffirm China’s intention to carry on this robust business. Yet Russia’s lack of viable trade avenues makes its leader look more like a vassal than a peer to the Chinese president. Follow @LJucca on XCONTEXT NEWSRussian President Vladimir Putin is attending the Belt and Road Forum in Beijing on Oct. 17-18 where he is expected to meet Chinese President Xi Jinping. China and Russia declared a "no limits" partnership in February 2022 during a previous Putin visit to Beijing, just days before Moscow troops launched an invasion of Ukraine.

Persons: Vladimir Putin’s, Xi Jinping, Brent, Putin, Xi, Vladimir Putin, Una Galani, Thomas Shum Organizations: Reuters, People’s, Reuters Graphics, Bank of France, Centre for Research, Energy, Clean, HK, Forum, Soviet Union, Thomson Locations: HONG KONG, Beijing, Ukraine, People’s Republic, Crimea, Reuters Graphics Moscow, Russia, Europe, U.S, Republic, China, Hague, Moscow

☆ Infosys campus pullback signals hard jobs reboot
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bangalore September 4, 2012. REUTERS/Vivek Prakash/File Photo Acquire Licensing RightsBENGALURU, Oct 13 (Reuters Breakingviews) - Clients are cutting back on IT spending as the global economy slows. India’s second biggest technology services firm by market capitalisation Infosys (INFY.NS) has twice cut its revenue growth forecast this year. IT firms provide well-paying jobs in urban India where less than half of workers have regular wages or salaries. As a result, Infosys revenue grew 16% annually between financial year 2021 and 2023, twice the rate during the prior three years.

Persons: Vivek Prakash, That’s, Pranav Kiran, Una Galani, Thomas Shum Organizations: Indian, Infosys, REUTERS, Rights, Reuters, U.S, Tata Consultancy Services, X, Ericsson, Qantas, Thomson Locations: Electronic, Bangalore, India

☆ China’s timid bank buying sends rescue signals
▼ + stars: | 2023-10-12 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

The call was partly answered on Wednesday evening by Central Huijin Investment, though not quite in the way it was hoped. The state fund boosted its controlling stakes in the Big Four lenders by just a few basis points. It spent a 477 million yuan ($65 million) on Industrial and Commercial Bank of China (601398.SS), (1398.HK), China Construction Bank (601939.SS), (0939.HK) and Bank of China (601988.SS), (3988.HK), and Agricultural Bank of China (601288.SS), (1288.HK). It’s a tiny amount but Central Huijin said it plans to keep adding over to the next six months to its holdings already worth 2.5 trillion yuan. The state fund is the biggest shareholder in Bank of China, Agricultural Bank of China, China Construction Bank and Industrial & Commercial Bank of China.

Persons: Huijin, Central Huijin, Xi Jinping’s, Una Galani, Thomas Shum Organizations: Reuters, Central Huijin Investment, Big, Industrial, Commercial Bank of China, HK, China Construction Bank, Bank of China, Agricultural Bank of China, outflows, of International Finance, Huijin Investment, Agricultural Bank of, Thomson Locations: HONG KONG, China, Beijing, Central, Hong Kong, China’s, Bank, Agricultural Bank of China

☆ Qantas overhaul gets stuck on tarmac
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

Qantas Airways QF100 flight, which marks the airline's 100th birthday, departs from Sydney Airport to fly over Sydney Harbour in Australia, November 16, 2020. Gregg Porteous/Destination NSW/Handout via REUTERS Acquire Licensing RightsMELBOURNE, Oct 11 (Reuters Breakingviews) - Qantas Airways (QAN.AX) customers are already used to interminable waits due to postponed or cancelled flights and lost luggage. Now the $5.4 billion airline has shunted its much-needed governance overhaul into an unnecessary holding pattern. On Wednesday Qantas said Richard Goyder is stepping down after five years as chair along with two other directors who have been on the board for a decade. And Goyder intends to remain in the cockpit until just before the company’s annual meeting in over a year’s time.

Persons: Gregg Porteous, –, Richard Goyder, Alan Joyce, Jaqueline Hey, Maxine Brenner, Goyder, Antony Currie, Una Galani, Thomas Shum Organizations: Qantas Airways QF100, Sydney Airport, Sydney Harbour, Handout, REUTERS Acquire, Rights, Reuters, Qantas Airways, Wednesday Qantas, Qantas, X, Alstom, Thomson Locations: Australia, Brussels

☆ AI may force IT spending into economic decoupling
▼ + stars: | 2023-10-11 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

BENGALURU, Oct 11 (Reuters Breakingviews) - Global CEOs are under pressure from investors to adopt generative artificial intelligence into their businesses. Outsourcers like $200 billion Accenture are sounding the alarm. Accenture sold $300 million in generative AI deals in the year to August, less than 1% of its $72 billion in total new bookings. Blackstone-backed Mphasis, a smaller firm, says one-third of its total contract value of $707 million for the quarter to the end of June was from “pure AI deals”. The full spectrum of how businesses can use generative AI is still emerging but there are obvious applications: customer support agents and coders are seeing productivity increases of 14% and 55% respectively.

Persons: ChatGPT, Julie Sweet, Una Galani, Thomas Shum Organizations: Reuters, Global, Accenture, Tata Consultancy Services, Infosys, HCL Technologies, Consulting, Gartner, Blackstone, Thomson Locations: BENGALURU, U.S, India

☆ Israel highlights fragility of new trade corridors
▼ + stars: | 2023-10-10 | by ( Afiq Fitri Alias | ) www.reuters.com time to read: +3 min

LONDON, Oct 10 (Reuters Breakingviews) - A new and deadly chapter of the decades-old Israel-Palestinian conflict is a reality check for an ambitious trade route. IMEC’s chief backers waxed lyrical about the potential of the trade route involving railways, ports and green energy. Demand is there: India's total trade with Saudi Arabia more than doubled in two years, hitting around $53 billion in financial year 2023. In the near-term, the Suez Canal will remain the primary route for goods travelling to Europe from India, while Turkey can press its own rival trade route. The Biden administration is continuing to push for normalisation talks between Saudi Arabia and Israel, the New York Times reported on Oct. 8.

Persons: Joe Biden, Ursula von der Leyen, Narendra Modi, India’s, Saudi Crown Prince Mohammed bin Salman, Benjamin Netanyahu, Biden, Una Galani, Thomas Shum Organizations: Reuters, Washington, European, Indian, New, Saudi Crown, Israeli, New York Times, Thomson Locations: Israel, India, Middle, Europe, New Delhi, Saudi Arabia, Haifa, Gaza, China, People’s Republic, Suez, Turkey, United States, European Union, France, Germany, Delhi, Arabian, Asia

HONG KONG, Oct 6 (Reuters Breakingviews) - It’s getting harder for China Inc to go global, and tougher for global financial advisors to take on the rapidly shrinking pool of related mandates. Belgium’s intelligence service VSSE said on Thursday that it is trying to “detect and fight against possible spying and/or interference activities carried out by Chinese entities including Alibaba”. Fellow courier SF Holding is also preparing a Hong Kong listing to raise as much as $3 billion to support, among other things, ambitious expansion beyond Asia. Alibaba signed an agreement with the Belgium government in 2018 to open an e-commerce trade hub, run by its logistics arm Cainiao Smart Logistics Network. The Chinese e-commerce giant last month filed to list Cainiao on the Hong Kong stock exchange.

Persons: VSSE, Cainiao, won’t, Alibaba, Una Galani, Thomas Shum Organizations: Reuters, China Inc, HK, Belgian, Justice, Citigroup, JPMorgan, Hong, European, Liege Airport, Smart Logistics Network, Alibaba’s, Thomson Locations: HONG KONG, China, Hong Kong, Liege, Belgian, Asia, Belgium, United States, European, Alibaba’s New York

☆ Asia’s breakup party is happening under duress
▼ + stars: | 2023-10-04 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

As with other big breakups in the region however, there are unspoken reasons for him to join the party. Vedanta Resources is in talks with bondholders to extend the maturity by roughly three years on about $3.2 billion of debt due in 2024 and 2025. But even then, Vedanta Resources may still have a funding gap until 2027 under certain conditions, according to JPMorgan. Even if those were sold for as much as $1.5 billion, JPMorgan estimates Vedanta Resources will at most receive only $350 million in net proceeds. For every one share in Vedanta, shareholders will receive one additional share of each of the five new companies.

Persons: Anil Agarwal, Ajay Agarwal, Vedanta, Mukesh Ambani, Una Galani, Katrina Hamlin Organizations: Reuters, Vedanta, Vedanta Resources, London Stock Exchange, JPMorgan, Hindustan, HK, Reliance Industries, Thomson Locations: BENGALURU, Mumbai, Hindustan, People’s Republic, Asia, Vedanta

☆ China has reason not to let Evergrande rejig rot
▼ + stars: | 2023-10-03 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yet Evergrande creditors are nonetheless in limbo. Up to 44% of Evergrande’s 558 billion yuan of interest-bearing debt is unsecured, of which a large chunk is held by offshore creditors. If the company is forced into liquidation, unsecured offshore creditors will recover less than 10 billion yuan, Evergrande has warned, with some facing a recovery rate as low as 2%. Evergrande was trying to reach an agreement with offshore creditors first before tackling issues onshore. It also cancelled meetings due to be held with creditors on Sept. 25 and Sept. 26.

Persons: Hui Ka Yan, Evergrande, ”, Sunac, Hui’s, Una Galani, Katrina Hamlin Organizations: Reuters, HK, Guangdong International Trust and Investment Corporation, Street, China Evergrande, Thomson Locations: HONG KONG, China, Guangdong, Republic, Hong Kong

☆ Peak China may pose peak danger
▼ + stars: | 2023-10-02 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

For example, last week it installed a floating barrier by a rocky outcrop in the South China Sea claimed by the Philippines - which Manila promptly removed. A war between the United States and China still seems unlikely - because both sides know that the economic and human costs of a clash could be catastrophic. The United States and its Western allies are also worried that China could browbeat Japan and South Korea, two nations economically important to them. Meanwhile, the United States and other allies are imposing controls on the export of technology such as advanced chips to the People’s Republic. What’s more, the United States is finding it hard to maintain an emollient message.

Persons: Kim Kyung, Joe Biden, Xi Jinping “, Biden, Victor Sebestyen, Xi, Michael Beckley, Beckley, Hal Brands, Vladimir Putin, ”, Donald Trump, Goldman Sachs, Tufts ’ Beckley, Una Galani, Streisand Neto Organizations: People's Bank of China, REUTERS, Reuters, Austro, South China, Beijing, Tufts University, Washington, San, Economic Cooperation, Tufts, Thomson Locations: Beijing, CHINA, Greece, China, Vietnam, U.S, Taiwan, United States, Germany, France, British, Ottoman Empire, Hungarian Empire, Ukraine, South China, South, Philippines, Manila, China’s, India, People’s Republic, Japan, South Korea, America, Pacific, Washington, Hanoi, San Francisco, Asia, Taiwan Strait

☆ PWC Aussie mess is classic do as I say not as I do
▼ + stars: | 2023-09-29 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

MELBOURNE, Sept 29 (Reuters Breakingviews) - PWC Australia is likely to need a long time to recover from what is turning out to be a self-inflicted double whammy. Now the independent review sparked by the furore has laid bare another problem: PWC Australia took a do as I say not as I do approach to running its own shop. The report, commissioned by PWCA in May, written by one of the country’s corporate grandees, Ziggy Switkowski, and published on Wednesday, outlines a series of corporate governance failures. What’s worse, and even more ironic, is PWC Australia’s aversion to tapping external advice. Many of the changes will come from applying, “to the extent feasible”, the Australian Securities Exchange’s corporate governance principles and recommendations.

Persons: Tom Seymour, PWCA, Ziggy Switkowski, “, Kevin Burrowes, That’s, Una Galani, Katrina Hamlin Organizations: Reuters, Lehman Brothers, Silicon Valley Bank, Australian Securities, Thomson Locations: MELBOURNE, Australia, Silicon

Those findings come from a study released last week by Hispanics in Philanthropy, an organization that works to advance Latino giving, and the Indiana University Lilly Family School of Philanthropy. How long immigrants lived in the United States also affected giving rates: Long-established immigrants largely gave at higher rates, especially to religious congregations, than recent immigrants. The importance of relationshipsAna Gloria Rivas-Vázquez, who directs Hispanic giving at Catholic Relief Services, says that while all fundraising is about building relations, it’s particularly important for Latino donors. Though there are commonalities among Latino donors, nonprofit professionals stress U.S. Latinos are highly varied in culture, politics, education, and income. “There was a time when people thought that engaging Latino donors meant: OK, we need to do this in Spanish,” Rivas-Vázquez says.

Persons: Indiana University Lilly, Una Osili, ”, Osili, Lilly, Gigi Pedraza, “, Armando Zumaya, Somos El, aren’t, Ana Gloria Rivas, Vázquez, ” Rivas, Ana Marie Argilagos, ” Argilagos, Zumaya, it’s, Kay Dervishi Organizations: Indiana University, Indiana University Lilly Family School of Philanthropy, Lilly School, Bank of America, Latino Community Fund, Catholic Relief Services, Associated Press, AP Locations: United States, Georgia, Somos El Poder

HONG KONG, Sept 26 (Reuters Breakingviews) - Global banks in Hong Kong are feeding on scraps. Bankers in Hong Kong are working on smaller issuances than they typically took on in the past, Dealogic data shows. Among the bigger ones in the works, courier SF Holding (002352.SZ) has filed for a secondary listing in Hong Kong and may raise up to $3 billion, per IFR. Fees on Indian deals are tiny, for example, and costs in Hong Kong are high. Overall investment banking fees in Hong Kong are set to come in at the lowest level in a decade too, Dealogic data shows, with HBSC top of the table.

Persons: Morgan Stanley, Debtwire, Una Galani, Pranav Kiran Organizations: Reuters, UBS, Bank of America, Bankers, HK, SF, Thomson Locations: HONG KONG, Hong Kong, New York, Swiss, United States, China, brimming, Shenzhen, Asia, India, U.S, Asia Pacific, Japan

☆ Nomura is merely first in line for new China risk
▼ + stars: | 2023-09-25 | by ( Una Galani | ) www.reuters.com time to read: +4 min

After all, Nomura is a minnow in China, ranking 82nd in investment banking in the country by net revenue in 2021, data from Dealogic shows. Like most of its more successful global investment banking peers, Nomura has an eye on deepening its business in China. It acquired a license for a majority-owned securities joint venture, Nomura Orient International Securities, in 2019. Follow @ugalani on TwitterCONTEXT NEWSAuthorities in China have barred Charles Wang Zhonghe, China investment banking chair at Nomura, from leaving the mainland, Reuters reported on Sept. 25 citing two sources with knowledge of the matter. Beijing’s investigation into Cong, former president of China Renaissance Holdings, resulted in the investment bank’s founder Bao being taken away by Chinese authorities in February.

Persons: Charles Wang Zhonghe, Nomura, Goldman Sachs, Morgan Stanley, Wang, Bao Fan, hasn’t, Xi Jinping, Banks, Cong Lin, Bao, Cong, Nomura’s Wang, Antony Currie, Oliver Taslic Organizations: Reuters, Financial Times, UBS, HK, China Securities, Nomura, Commercial Bank of China, China, Apple, Nomura Orient International Securities, Authorities, China Renaissance Holdings, ICBC, Commercial Bank of China Ltd, Thomson Locations: MUMBAI, China, Hong Kong, It’s, Singapore, People’s Republic

☆ Total’s green bet on Gautam Adani is a win-win
▼ + stars: | 2023-09-21 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

On Tuesday, the company said it would invest $300 million to form a joint venture with $19 billion Adani Green Energy (ADNA.NS) to build solar and wind farms in the country. The latest tie-up ought to help Total to hit its target of having 100 gigawatts of renewable energy capacity by 2030. Adani Green Energy and Adani Total Gas (ADAG.NS), in which Total owned stakes of about 20% and 37% at the end of June, have lost about 50% and 80% of their market value since January, and are among the worst performing of the group’s nine core listed entities. Total’s green capacity targets may be more pressing than the risk of further Adani problems. Adani Green will contribute assets to the joint venture, it said in a statement, adding that the deal will help it achieve its target of having 45 gigawatts of renewable energy capacity by 2030.

Persons: Gautam Adani, Carmichael, Hindenburg, Patrick Pouyanné, Adani, Una Galani, Katrina Hamlin Organizations: Reuters, Adani Enterprises, Adani, Green Energy, Australia, GQG, Barclays, Deutsche Bank, Energy, Thomson Locations: Indian, Ahmedabad, Queensland, BENGALURU, –, India

The Shenzhen-based company has not explained exactly how seven-nanometer chips ended up in the new Mate 60 Pro smartphone series. Analysts estimate deliveries of the Mate 60 Pro could top 5 million this year. Follow @KatrinaHamlin on XCONTEXT NEWSHuawei started preselling its Mate 60 Pro+ smartphone alongside a new foldable phone in September. The Chinese company started selling its high-end smartphones Mate 60 and Mate 60 Pro at the end of August. The Huawei Mate 60 Pro contained a 7-nanometer processor that was made in China by Semiconductor Manufacturing International Corp, according to analysts at TechInsights.

Persons: TSMC, TechInsights, Una Galani, Thomas Shum Organizations: Reuters, TechInsights, Kirin, Manufacturing International Corp, HK, Washington, SK Hynix, Huawei, TSMC, Semiconductor Manufacturing International Corp, SK, South, Bloomberg, Thomson Locations: HONG KONG, China, Shenzhen, Beijing

☆ India entry into geopolitical storm will be costly
▼ + stars: | 2023-09-19 | by ( Una Galani | ) www.reuters.com time to read: +4 min

MUMBAI, Sept 19 (Reuters Breakingviews) - India may pay a price from getting caught in the eye of a geopolitical storm, but it may be a small one. New Delhi has dismissed as “absurd” Canada’s allegation of its involvement in the June murder in British Columbia of a Sikh separatist leader that India had branded a “terrorist”. A trade deal with India, now stalled, may have helped Ottawa pivot away from the People’s Republic a little bit faster. But India accounted for barely $6.5 billion, or less than 1% of Canada’s trade with the world in 2020. Canada also expelled India's top intelligence agent following the row, while India expelled a senior Canadian diplomat.

Persons: Sajjan Jindal’s, Joe Biden, Narendra Modi, Jamal Khashoggi, Crown Prince Mohammed bin Salman, –, Tesla, Hardeep Singh Nijjar, Justin Trudeau, Nijjar, “, Trudeau, Lisa Jucca, Streisand Neto Organizations: Reuters, Resources, Crown, Canada, Apple, U.S . National Security Council, Thomson Locations: MUMBAI, India, New Delhi, British Columbia, China, Ottawa, People’s Republic, American, Vancouver, Australia, Canada, United States, Delhi, Saudi Arabia, Saudi, Istanbul . U.S, Canadian

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