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☆ China Evergrande says bankruptcy protection filing does not involve petition
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: 1 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 18 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) said on Friday its application to the U.S. Court for bankruptcy protection is a normal procedure for offshore debt restructuring and does not involve a bankruptcy petition. The company clarified that its U.S. dollar-denominated notes are governed by New York law and it has applied to the U.S. Court under Chapter 15 of the United States Code for approval of the arrangement under the offshore debt restructuring. Reporting by Roushni Nair in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Roushni Nair Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, U.S, Court, ., United States, Thomson Locations: China, Shenzhen, Guangdong province, New York, Bengaluru

☆ Cathay announces plans to buy 32 new single-aisle Airbus aircraft
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

Aug 10 (Reuters) - Hong Kong's Cathay Pacific Airways (0293.HK) on Thursday said it intends to purchase up to 32 Airbus A321neo and A320neo aircraft to invest and upgrade its fleet, bringing the carrier's new aircraft deliveries to up to more than 70. "These aircraft feature the latest technological enhancements to provide a quieter, more comfortable, and more fuel-efficient journey for our customers," Cathay Group Chief Executive Officer Ronald Lam said. Cathay on Wednesday flagged that it would be taking delivery of 32 new single-aisle Airbus aircraft by 2029 without revealing whether the aircraft would be bought or leased. The new aircraft will join the fleets of Cathay Pacific by 2029 and is expected to cover destination routes in the Chinese Mainland and elsewhere in Asia, Cathay added. Cathay has already taken delivery of 13 of its initial order for 32 A321neos that it placed in 2017, with the new purchase adding up to another 32 single-aisle Airbus aircraft to the Group's fleet, it said.

Persons: Ronald Lam, Roushni Nair, Nivedita Organizations: Cathay Pacific Airways, HK, Airbus, Cathay Group, Cathay, Wednesday, Cathay Pacific, Thomson Locations: Asia, Bengaluru

☆ China's Country Garden flags H1 net loss, vows to address liquidity concerns
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. For the first half ended June 30, the company estimates its net loss between 45 billion yuan ($6.24 billion) and 55 billion yuan, it said in its preliminary report. This compares with a net profit of 1.91 billion yuan a year earlier. It achieved attributable sales of 140.8 billion yuan from January to July 2023, down 35% from a year ago. ($1 = 7.2068 Chinese yuan renminbi)Reporting by Roushni Nair in Bengaluru; Editing by Shweta Agarwal and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly Song, Yang Huiyan, Roushni Nair, Shweta Agarwal, Shailesh Organizations: Shanghai Country Garden, REUTERS, HK, Thomson Locations: Shanghai, China, Bengaluru

☆ China Renaissance says detained chairman cooperating with authorities in probe
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Fan Bao, founder, Chairman and CEO of China Renaissance Group, an investment bank led by one of the country’s most famed rainmakers, holds a news conference on its IPO in Hong Kong, China September 13, 2018. REUTERS/Bobby Yip/File PhotoAug 9 (Reuters) - China Renaissance Holdings (1911.HK) said on Wednesday that investigations against its chairman Bao Fan by certain authorities were being carried out with his cooperation. The probe is the latest in a series of high-profile Chinese executives going missing with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping. The disappearance of Bao in February saw shares of the investment bank plunge as much as 50% and led the bank to suspend trading in the stock from April. China Renaissance also said it would delay its audited annual results.

Persons: Bao, Bobby Yip, Bao Fan, Xi Jinping, Xie Yi Jing, Wang Lixing, Roushni Nair, Arun Koyyur Organizations: China Renaissance Group, REUTERS, China Renaissance Holdings, HK, Economic Observer, Thomson Locations: Hong Kong, China, Bengaluru

☆ Sony to boost gaming unit with $2.17 bln R&D war chest for 2024 - Nikkei
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Sony Group (6758.T) will infuse 300 billion yen ($2.17 billion) to expedite research and development efforts for its gaming segment for 2024, to catch up with its competitor Microsoft (MSFT.O), the Nikkei reported on Thursday. Sony will now aim to focus on live service games that let customers purchase add-ons for titles streamed online, moving away from its sole reliance on sales of its PlayStation game console, Nikkei said. The technology and entertainment conglomerate is expected to spend about 760 billion yen for company-wide R&D for fiscal 2024, the report said. Sony plans to have 12 live service game titles in its portfolio by fiscal 2026, up from just one in fiscal 2021, the Nikkei added. "We will continue to make strategic investments going forward, prioritizing intellectual property," Nikkei quoted Sony Group president Hiroki Totoki.

Persons: Hiroki Totoki, Roushni Nair, Shailesh Organizations: Sony Group, Microsoft, Nikkei, Sony, PlayStation, Gaming, Activision Blizzard, Thomson Locations: Bengaluru

☆ NZ's Vista Group to streamline business, cut jobs to turn cashflow positive
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - New Zealand's Vista Group International Ltd (VGL.NZ) on Thursday disclosed plans to reduce 6%-8% of its global workforce and streamline operations in an effort to turn cashflow positive a year earlier than targeted. Shares of Vista rose 4.7% to NZ$1.77 by 1129 GMT, marking its highest level since September 2022. "This updated, more stable, development program should result in a modest reduction in the total spend over time and a lower cash consumption in the near term," the company said. It now expects total capital expenditure to be about NZ$20 million ($12.36 million) per year ongoing. The restructuring and transformation program will be completed by the end of 2023, the company said.

Persons: Roushni Nair, Shweta Agarwal Organizations: Zealand's, International, NZ, Zealand, Thomson Locations: Bengaluru

☆ Australia's Suncorp forecasts rise in FY24 natural hazard costs amid La Niña
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

It now sees the natural hazard allowance for fiscal 2024 to increase to A$1.36 billion ($907.4 million), as compared with A$1.16 billion set aside for fiscal 2023, Suncorp said. read moreGroup natural hazard experience for fiscal 2023 is expected between A$1.25 billion and A$1.28 billion, the company added. Suncorp intends to maintain its underlying insurance margin within a 10% to 12% range, as it continues to reflect increased input costs, the company said in a statement. "We continue to see a significant reassessment of risk... which reflects elevated natural hazard activity in recent years... ($1 = 1.4993 Australian dollars)Reporting by Roushni Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Steve Johnston, Roushni Nair, Shailesh Organizations: Suncorp, New Zealand, Thomson Locations: Australia, New, Bengaluru

☆ Macquarie to divest U.S. port terminal operator Ceres
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Australian financial conglomerate Macquarie Group (MQG.AX) said on Thursday it would divest its U.S.-based port terminal operator Ceres Terminals, with a source familiar with the matter placing the deal value north of $900 million. The Wall Street Journal in May reported that Macquarie was looking for about $1 billion from the sale, citing sources familiar with the matter. The deal value could be at the lower end of what the Wall Street Journal reported, the source said. However, Ceres Terminals Jacksonville and Intermodal Container Transfer Facility in Jacksonville, managed by Ceres, will not be a part of the deal. They will continue to be owned by MIP III, Macquarie said.

Persons: Macquarie, MIP, MIP III, Craig Mygatt, Roushni Nair, Sameer Manekar, Rishav Chatterjee, Rashmi Aich, Subhranshu Organizations: Macquarie Group, Reuters, Street Journal, Wall Street Journal, Macquarie Infrastructure Partners, Nippon, Macquarie, Thomson Locations: Tokyo, Ceres Terminals Jacksonville, Jacksonville, Bengaluru

☆ Australia's Perpetual says 'tech outage' affected some funds in cyber incident
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Australian Perpetual (PPT.AX) on Wednesday confirmed an extended tech outage over an IT security incident, affecting some of its funds, though the fund manager reaffirmed that all its client investments and its own systems were unaffected and secure. "Perpetual's listed products, institutional mandates, Pendal, Perpetual Corporate Trust, Perpetual Wrap clients, and all of our international asset management businesses are not affected," a Perpetual spokesperson said. In Perpetual's case, one of its third-party unit registry systems was compromised, impacting clients' access to its main investor login portal myPerpetual, the company said in a statement. The outage impacted about 45,000 clients and was limited to its Asset Management and Wealth Management divisions' Investment Funds, WealthFocus, and select products distributed in Australia, it added. Reporting by Roushni Nair in Bengaluru; Editing by Varun H K and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Pendal, Roushni Nair, Varun Organizations: Wednesday, Trust, Medibank, Asset Management, Wealth Management, Investment Funds, Thomson Locations: Australia, Bengaluru

☆ Qantas CEO Alan Joyce sells $11 mln in shares ahead of retirement
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Australia's Qantas Airways Ltd's (QAN.AX) outgoing chief executive, Alan Joyce, on Tuesday sold A$16.9 million ($11.3 million) of shares in the airline, ahead of his retirement in November. Joyce, who served as the airline's CEO for 15 long years, has offloaded 2.5 million shares for A$6.75 a piece, leaving him with a holding of just 228,924 in the company, according to an exchange filing. The stake disposal by the soon-to-be former chief executive comes after the flagship carrier named finance chief Vanessa Hudson as its next CEO. Shares in the airline finished Tuesday's session down 4.1%, marking its worst day in over 11 weeks. ($1 = 1.4995 Australian dollars)Reporting by Roushni Nair in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Alan Joyce, Joyce, Vanessa Hudson, Hudson, Roushni Nair, Nivedita Organizations: Australia's Qantas Airways, Thomson Locations: Bengaluru

May 8 (Reuters) - Australia's Westpac Banking Corp (WBC.AX) on Monday threw out a cost-cutting target citing inflation and flagged thinner profit margins going ahead, but investors pushed its shares higher after it handily beat expectations for first-half profit. Westpac shares closed 2% higher, ahead of a broader market advance (.AXJO) of 0.8%, as the market cheered the better-than-expected profit. Costs for Westpac came to A$5 billion for the half, down from A$5.2 billion a year earlier. Westpac declared an interim dividend of 70 Australian cents per share, up from 61 Australian cents last year. ($1 = 1.4810 Australian dollars)Reporting by Roushni Nair in Bengaluru; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Westpac H1 profit jumps on higher interest rates, flags second-half margin pressures
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +1 min

Intense mortgage competition is expected to negatively impact industry and Westpac’s margins in the next half," it said. The country's No.3 lender said net profit came in at A$4.00 billion ($2.70 billion) for the six months ended March 31, compared with A$3.28 billion a year earlier. Net interest margin - the difference between interest earned from lending and paid for deposits - rose 5 basis points from a year earlier to 1.96% at the end of March. Westpac declared an interim dividend of 70 Australian cents per share, as compared with 61 Australian cents last year. ($1 = 1.4819 Australian dollars)Reporting by Roushni Nair in Bengaluru; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Macquarie sees higher income from commodities arm, logs record profit
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Australia's Macquarie Group (MQG.AX) on Friday forecast higher short-term income from its lucrative commodities trading business as price volatility and increased hedging boosted the company's annual profit to a record high. The Sydney-based firm's Commodities and Global Markets segment posted a net profit of about A$6 billion ($4.02 billion), 54% higher than last year, as more customers hedged against volatile energy markets. In the short term, the company expects consistent contributions from client and trading activity in the financial markets platform. It also bumped up its final dividend to A$4.50 per share from A$3.50 per share a year earlier. ($1 = 1.4932 Australian dollars)Reporting by Roushni Nair and Rishav Chatterjee in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Hudson will be one of the few female executives leading a major company in Australia, although rival carrier Virgin Australia also has a woman as its CEO, Jayne Hrdlicka. "I come with an understanding of this organization that is very deep," Hudson told reporters in her first news conference as CEO designate. "Vanessa has been market-facing as CFO since October 2019, which will have prepared her well for the very public role as Qantas CEO," RBC Capital Markets analyst Owen Birrell said in a note. Though men still account for far more top executive roles in Australian-listed companies, a growing number of high-profile CEO roles are occupied by women, including at the No. Qantas said Hudson would continue in her current role until taking over as Qantas' 13th CEO at the 2023 annual general meeting.

SummarySummary Companies Hudson is the first female CEO to lead the airlineNew CEO to take over from Alan Joyce in NovemberMay 2 (Reuters) - Australia's flagship carrier, Qantas Airways Ltd (QAN.AX), on Tuesday named its finance chief Vanessa Hudson as its new chief executive officer, making her the first woman to lead the century-old airline. Hudson's appointment makes her one of the few female executives leading an airline, including Virgin Australia CEO Jayne Hrdlicka. "Vanessa has been market-facing as CFO since October 2019, which will have prepared her well for the very public role as Qantas CEO," RBC Capital Markets analyst Owen Birrell said in a note. SUCCESSION PLANSJoyce, 56, served as Qantas CEO for more than 14 years and helped navigate the airline through the COVID-19 pandemic, fluctuating fuel prices, and competition. Qantas said Hudson would continue in her current role until taking over as Qantas' 13th CEO at the 2023 annual general meeting.

☆ Qantas names finance head Vanessa Hudson as its first female CEO
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - Australia's flag carrier, Qantas Airways Ltd (QAN.AX), on Tuesday, said it would be appointing finance chief Vanessa Hudson as its new chief executive officer once Alan Joyce retires in November. In its history, Qantas has never had a female CEO. He's faced more than his fair share of challenges as CEO and he's managed them exceptionally well," Qantas Chairman Richard Goyder said. Qantas said Hudson will continue in her current role while also designating for the role of CEO. She will take over as Qantas' 13th CEO at the 2023 annual general meeting.

ASIC on Thursday cancelled the Australian financial services licence of Oztures Trading Pty Ltd, trading as Binance Australia Derivatives (Binance), in response to a request from the company. “Our targeted review of these matters is ongoing, including focus on the extent of consumer harms.”The financial services licence authorised Binance to issue derivatives and foreign exchange contracts. Noting many cryptocurrency products and services are not regulated by ASIC, Longo said the regulator supported a "regulatory framework" for the asset class. Binance said in a statement it had decided to pursue a "more focused approach" in Australia after "recent engagement with ASIC". The world's largest cryptocurrency exchange is battling regulatory suits and probes around the world.

☆ Chinese property developer Sunac posts $2 billion core loss in 2022
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 31 (Reuters) - Major property developer Sunac China (1918.HK) on Friday logged a net narrowing core loss of 13.86 billion yuan ($2.02 billion) in 2022, as the debt-laden firm slowed its project construction and incurred higher interest expenses. Last year's core net loss, which excludes the revaluation of assets and financial instruments and foreign exchange loss, compares to a 25.30 billion yuan loss reported in 2021. Sunac also published its overdue 2022 interim results on Friday, posting a core loss of 11.06 billion yuan. Sunac is among the many Chinese developers that defaulted last year as the sector reeled under a debt crisis. "The Group will strive to complete the necessary legal procedures for the offshore debt restructuring within 2023," Hongbin said in a statement.

☆ Star to raise $544.24 mln in equity amid regulatory uncertainties
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Casino operator Star Entertainment Group (SGR.AX) said on Thursday it was looking to raise A$800 million ($544.24 million), even as the embattled firm tries to recover from regulatory concerns and impairment charges. "While the outcome of regulatory and other matters creates material uncertainty as to the Group's ability to remain a going concern, the Group is likely to be able to meet its liabilities as and when they fall due over the next 12 months," the second largest Australian casino operator said. The capital raise will include a A$685 million entitlement offer and a A$115 million institutional placement, Star said, adding the balance of the equity raising is underwritten. Adding to its relief efforts, Star said it will continue to pursue the recycling of non-core assets, including the sale of its Treasury buildings which are expected to contribute about A$233.0 million in additional cash. ($1 = 1.4699 Australian dollars)(This story has been refiled to remove extraneous $ sign in paragraph 4)Reporting by Roushni Nair in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Coles sees shoppers tightening wallets after first-half profit jump
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

Feb 21 (Reuters) - Australian grocer Coles Group Ltd (COL.AX) on Tuesday posted a 17% jump in first-half profit and forecast cost pressures would ease in the second half, but the country's No. 2 grocer warned that shoppers may cut spending as higher interest rates bite. Net profit after tax for the six months ended December rose to A$643 million ($444 million) from A$549 million reported a year ago. Cole's cost reduction program, Smarter Selling, brought savings of about A$100 million in the first half, while COVID-19 related costs dropped to A$20 million from A$150 million a year ago. Separately, Coles said it has promoted Leah Weckert to chief executive officer from May 1 to replace Steven Cain, who is retiring.

☆ China Evergrande's auditor quits on disagreement around 2021 audit-related matters
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

Jan 16 (Reuters) - Embattled property developer China Evergrande (3333.HK) on Monday said that its current auditor, PricewaterhouseCoopers (PwC), has resigned as the parties disagreed over the timeline and scope of work surrounding the firm's status as a going concern and other audit-related matters for fiscal 2021. Once China's top-selling developer, Evergrande is now at the centre of the country's property crisis. Its $22.7 billion of offshore debt, including loans and private bonds, is deemed to be in default after it missed payments late last year. In its resignation letter, PwC noted that it had not received information on certain material matters surrounding the group's consolidated financial statements for the year 2021. Last week Reuters reported, citing sources, that the developer will hold a meeting with dollar bondholders to discuss its debt restructuring proposals.

☆ Bigtincan suitor SQN Investors unhappy with potential capital raising
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - Australia's Bigtincan Holdings Ltd (BTH.AX) said on Thursday top shareholder and suitor SQN Investors (SQN) had expressed its disagreement over a potential capital raising, calling it "highly dilutive" and "value-destructive". Last week, the software provider received a buyout bid from private equity adviser SQN, valuing it at A$441.9 million ($296.74 million). "We would urge you to instead honour your fiduciary obligations and engage with the various parties that have approached you about a control transaction, including SQN Investors." SQN, which holds a 13.6% stake in Bigtincan, also expressed concerns the potential capital raise "would imply a reliance on further acquisitions" to achieve fiscal 2023 annualised recurring revenue guidance of between A$137 million and A$143 million. In its response to the letter, Bigtincan confirmed its guidance and said it would make an announcement once the placement was completed.

☆ Potentia seeks access to Nitro's books to counter Alludo's bid
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 18 (Reuters) - Australia's Nitro Software Ltd (NTO.AX) said on Friday that suitor Potentia Capital has sought access to its books in a bid to potentially increase its proposal to outmatch a rival offer made by KKR Inc's (KKR.N) Alludo. The software provider earlier this week determined that the near A$500 million ($335 million) offer from Alludo, of A$2.00 per share, to be superior to the takeover offer made by Potentia. Major shareholder Potentia is now seeking access to Nitro's due diligence information to "meet or exceed" Alludo's offer, stating that the tech-focused private equity firm may also consider offering stocks to Nitro shareholders as part of the deal. "The current Potentia takeover offer of A$1.80 cash per share is not affected by the revised Potentia proposal and remains open for acceptance by Nitro shareholders," Nitro said. The company said its board continues to recommend shareholders reject the current Potentia offer in place.

Banks struggled to find demand from junk-bond investors for $2.4 billion of secured bonds and loans that is part of the debt package after a weeks-long marketing effort, the sources said. It showed the challenges banks face to sell down highly leveraged debt this quarter as bond yields spiked in response to a hawkish Fed policy and recessionary fears. The source would not say whether that would mean re-offering the debt to investors at even juicier terms. The end result is the banks involved are digging into their own pockets to provide the whole debt for the Tenneco acquisition which closed on Thursday. So it's almost like investors have seen this cycle occur that makes them question the outlook of something like Tenneco," he added.

☆ Australia's Nitro Software recommends KKR's Alludo takeover offer of $335 mln
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Australia's Nitro Software (NTO.AX) said on Tuesday its board had determined the near A$500 million ($335 million) offer from KKR Inc's (KKR.N) Alludo to be "superior" to an earlier bid from major shareholder Potentia Capital Management. In late October, the company took on an offer from Alludo at A$2.00 per share, which it said was an 11% premium to tech-focused private equity firm Potentia's offer of A$1.80 per share. read moreNitro in a statement said it has asked its shareholders to back the North-America based Alludo scheme and accept it, on the condition that no new superior offer prevails. The company expects to hold a shareholders meet related to the Alludo offer in March 2023. ($1 = 1.4930 Australian dollars)Reporting by Roushni Nair in Bengaluru; Editing by Anil D'Silva and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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