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☆ Temasek units put new spin on SPAC pass the parcel
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Oct 3 (Reuters Breakingviews) - Convincing companies to list in Singapore, the tiny Asian financial hub, has long been a tall order. Hopes that special-purpose acquisition companies would be able to help looked ill-timed: three listed on the city-state’s exchange in January 2022, just as its stock market peaked and the appeal of blank-cheque firms was waning. The SPAC is sponsored by Vertex Venture Holdings, a venture-capital firm indirectly owned by Temasek. The SPAC maintains that Temasek is not involved in the business or operational decisions of any of these entities. Investment firms like Blackstone (BX.N)have offloaded portfolio companies to SPACs in the past – just not usually to ones they set up.

Persons: Antony Currie, Katrina Hamlin Organizations: Reuters, Technology, Corp, Vertex Venture Holdings, Temasek . Companies, Temasek, Blackstone, Vertex Technology, Singapore Exchange, X, Thomson Locations: SINGAPORE, Singapore, Taiwan, Japan

☆ Singapore SPAC Vertex Tech to buy streaming platform for up to $676 mln
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Oct 2 (Reuters) - Singapore's Vertex Technology Acquisition Corp (VTAC) (VERT.SI) will buy live streaming platform 17LIVE Inc for up to S$925.1 million (about $676 million), the special purpose acquisition company (SPAC) backed by state investor Temasek said on Monday. The pro-forma equity value of the proposed deal will be up to S$1.16 billion, VTAC said. "We see 17LIVE as a company at its inflection point, backed by a strong management bench," VTAC Chief Executive Jiang Hong Hui said. VTAC will issue up to 160.6 million new shares at S$5.00 each and another 24.4 million new shares once certain financial targets are met. ($1 = 1.3682 Singapore dollars)Reporting by Adwitiya Srivastava in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: VTAC, 17LIVE, Jiang Hong Hui, Adwitiya Srivastava, Savio D'Souza Organizations: Technology, Corp, Temasek, 17LIVE, Thomson Locations: Japan, Taiwan, Singapore, Bengaluru

☆ Temasek unit raises $3.3 bln in flagship fund investing in China
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Sept 28 (Reuters) - Singapore state investment firm Temasek's (TEM.UL) wholly owned unit True Light Capital said on Thursday it raised $3.3 billion in its flagship fund that invests in Greater China and has now closed it to new capital. The Singapore-based asset manager said in a statement the True Light Fund I secured capital from global investors including sovereign wealth funds, foundations, financial institutions, and family offices. The closing of the fund indicates that True Light can now focus on investing the capital. The fund will invest alongside Temasek in opportunities related to Greater China, True Light said. It invests directly in private and public equity as well as indirectly through private equity and venture funds, it added.

Persons: Yeo Chee Kian, Yibing Wu, Yantoultra Ngui, Muralikumar Organizations: U.S, Temasek, Milken Institute Asia, Thomson Locations: SINGAPORE, Singapore, Greater China, China, Taiwan

Temasek said it does not comment on market speculation, while Mubadala declined to comment. The Singapore state investment firm's talks with Mubadala, which manages $276 billion globally, are at an early stage, said the first of the sources. And Mubadala is "bullish on India (and) wants to double down on investments," the source added. Temasek intends to retain its majority stake in Manipal by continuing to be the largest and majority shareholder with a stake of more than 50%, said the third source. India's private healthcare space, worth about $48 billion, is forecast by PwC to grow 12% to 14% a year.

Persons: サマリー, Mubadala, Temasek, Mukesh, Tata Power's, Khaled Abdulla Al Qubaisi, Sriram, Hadeel Al Sayegh, Aditya Kalra, Clarence Fernandez 私たち Organizations: Temasek, Manipal, fund's, Singapore's Temasek, Mubadala, Tata, Economic Times, Cleveland Clinic Locations: Manipal, Middle, MUMBAI, DUBAI, SINGAPORE, India's Manipal, Abu Dhabi, India, Temasek, Singapore, Bengaluru, Mubadala, Asia, U.S

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

REUTERS/VarunVyas Hebbalalu/File Photo Acquire Licensing RightsMUMBAI, Sept 20 (Reuters) - India's Ola Electric plans to file regulatory papers for its up to $700 million IPO before the end of October as the e-scooter maker fast-tracks its listing move, three people with direct knowledge said. Backed by investors including Singapore's Temasek and Japan's SoftBank (9984.T), Ola Electric was valued at $5.4 billion in a recent fund raising. Ola Electric and Kotak did not respond to a request for comment while the other three banks declined to comment. Ola Electric is targeting IPO roadshows for early January or February, said one of the sources. Ola Electric, though, still makes losses.

Persons: Ola, VarunVyas, Japan's SoftBank, Ola Electric, Goldman Sachs, Bhavish Aggarwal, Tesla, Sriram, Aditi Shah, Aditya Kalra Organizations: REUTERS, Rights, Singapore's Temasek, Japan's, Ola, ICICI, Bank of America, West, Reuters, Thomson Locations: Pochampalli, Tamil Nadu, India, Rights MUMBAI

U.S. Commerce Secretary Gina Raimondo's trip to China last month had promised some economic and trade detente between the two superpowers now at loggerheads. And none of the 222 funds polled expected China economic growth to be any higher next year than this - mirroring a recent Reuters survey of domestic and overseas banks and investors. As these sorts of surveys go, there's an awful lot in there that could spell "peak gloom". Indeed, shorting China equities was deemed the second "most crowded trade" behind long exposure to supercharged Big Tech stocks. Even if the economy turns, political catalysts for a return to China may be slow in coming.

Persons: Aly, Gina Raimondo's, it's, Jamie Dimon, Jay Clayton, Jenny Johnson, Franklin Templeton, Willem Sels, Mike Dolan, Sharon Singleton Organizations: REUTERS, . Commerce, Bank of, Big Tech, Reuters, Reuters Graphics Reuters, JPMorgan, Investments, The Ontario Teachers, Caisse, Franklin, HSBC Private Banking, Thomson Locations: Shanghai, Shenzhen, China, loggerheads, Wall, Asia, Silicon Valley, Hong Kong, Temasek, Bridgewater, Blackrock, India, Indonesia, Washington, United States

☆ Indonesia to ban goods transactions on social media - deputy minister
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

JAKARTA, Sept 12 (Reuters) - Indonesia is planning to ban goods transactions on social media under new trade regulations, the deputy trade minister told a parliamentary hearing on Tuesday. Ministers have repeatedly said that e-commerce sellers using predatory pricing on social media platforms were threatening offline markets in Southeast Asia's biggest economy. Current trade regulations do not specifically cover direct transactions on social media. "Social media and social commerce cannot be combined," Jerry Sambuaga, deputy minister of trade, told the parliament, using the example of sellers using "live" features on the short video platform TikTok to sell goods. "Revisions to the trade regulations that are currently under way will firmly and explicitly ban this," Sambuaga said.

Persons: Jerry Sambuaga, Sambuaga, TikTok, Indonesia's, Dewi Kurniawati, Stefanno Sulaiman, Alex Richardson Organizations: Reuters, Facebook, Momentum, Google, Temasek Holdings, Bain & Company, Thomson Locations: JAKARTA, Indonesia, Asia's, TikTok

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. Barclays (BARC.L), Goldman Sachs (GS.N), JPMorgan Chase (JPM.N), and Mizuho Financial Group (8411.T) are the lead underwriters for the offering. Goldman Sachs, Morgan Stanley and Citigroup are lead underwriters on the offering, the company said in its filing. Its shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "KVYO". Citigroup, Morgan Stanley, UBS, and Bank of America are underwriters of the IPO, according to the filing.

Persons: Carlo Allegri, T Rowe Price, Goldman Sachs, JPMorgan Chase, Instacart, Fidji Simo, confidentially, Klaviyo, Morgan Stanley, Chibuike Oguh, Lance Tupper, Michelle Price, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Arm Holdings, Japan's Softbank, U.S . Securities, Exchange Commission, SEC, Apple, Nvidia, Devices, Intel, Samsung Electronics, AMD, Samsung, Taiwan Semiconductor Manufacturing Company, Barclays, JPMorgan, Mizuho Financial Group, underwriters, Nasdaq, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Facebook, Reuters, Summit Partners, Citigroup, VNG Corp, HK, Temasek, UBS, Bank of America, Thomson Locations: New York, U.S, Russia, Ukraine, Baltimore, TCV, Sequoia, Canadian, United States, Chi Minh City, Singapore

Ola Electric's S1 Air e-scooters are pictured inside its manufacturing facility in Pochampalli in the southern state of Tamil Nadu, India, August 15, 2023. REUTERS/VarunVyas Hebbalalu/File Photo Acquire Licensing RightsNEW DELHI, Sept 7 (Reuters) - Singapore's investment firm Temasek led a $140 million funding round in India's Ola Electric at a valuation of $5.4 billion, two sources with the direct knowledge said, the latest funding for the e-scooter maker before its initial public offering. Ola did not respond to a Reuters request for comment, while Temasek, which is an existing investor in Ola Electric, declined to comment. Ola Electric, founded by Bhavish Aggarwal and backed by Japan's SoftBank Group (9984.T), has become India's e-scooter market leader with a 32% share, competing with Ather Energy as well as companies such as TVS Motor (TVSM.NS) and Hero Electric. Valued at $5 billion last year, Ola sold around 95,000 e-scooters during April-August 2023, industry data showed.

Persons: Ola, VarunVyas, Ola Electric, Bhavish Aggarwal, Japan's, Aditya Kalra, Aditi Shah, Yantoultra Ngui, Dhwani Pandya, Rashmi Organizations: REUTERS, Temasek, Japan's SoftBank, Ather Energy, TVS, Reuters, Thomson Locations: Pochampalli, Tamil Nadu, India, DELHI, India's, Temasek, Ola

[1/2] Cars are shown lined up at the valet parking area outside the Creative Artists Agency building in Los Angeles, California, September 24, 2012. REUTERS/Jonathan Alcorn Acquire Licensing RightsPARIS, Sept 7 (Reuters) - French luxury goods billionaire Francois-Henri Pinault has reached an agreement for a majority stake in Creative Artists Agency (CAA), adding Hollywood's premiere talent agency to his family empire which spans fashion, wine and contemporary art, parties involved said on Tuesday. The presence of stars like Beyonce, Zendaya and Rihanna have become key to drawing the spotlight to fashion shows, and Kering's larger rival LVMH(LVMH.PA) recruited Pharrell Williams to head menswear designs for Louis Vuitton. TPG first invested in CAA in 2010 and, in 2014, increased its stake to 53% in a deal valuing the agency at $1.1 billion. Global investment firm Temasek will remain a minority investor in the agency while CMC Capital will remain a "strategic partner", according to a statement.

Persons: Jonathan Alcorn, Francois, Henri Pinault, Pinault, Gucci, Beyonce, Zendaya, Rihanna, Pharrell Williams, Louis Vuitton, Pinault's, Salma Hayek, Valentino, perfumer, Bryan Lourd, Kevin Huvane, Richard Lovett, Lourd, Sudip Kar, Mimosa Spencer, Dawn Chmielewski, Jonathan Oatis, Tomasz Janowski, Timothy Gardner Organizations: Creative Artists Agency, REUTERS, Rights, CAA, Artemis, TPG, Global, CMC Capital, Thomson Locations: Los Angeles , California, Los Angeles, Hollywood, Temasek, Paris

☆ Exclusive: AI chip startup d-Matrix raises $110 mln with backing from Microsoft
▼ + stars: | 2023-09-06 | by ( Max A. Cherney | ) www.reuters.com time to read: +2 min

Nvidia's (NVDA.O) dominant position in the AI chip market due to a powerful combination of hardware and software has scared off potential investors in some startups, according to sources Reuters interviewed. "This is capital that understands what it takes to build a semiconductor business," CEO Sid Sheth told Reuters. The company designs the chips with digital "in-memory compute" that enables AI computer code to run more efficiently. The company's chip technology uses less energy to crunch data required to spit out generative AI responses, and is optimized for such tasks. Microsoft has committed to evaluating the chip for its own use when it launches next year, Sheth told Reuters.

Persons: Dado Ruvic, Sid Sheth, Santa Clara, Sheth, Sasha Ostojic, Max A, Stephen Coates Organizations: REUTERS, Microsoft Corp, Reuters, Nvidia, Temasek, Palo, Playground Global, Microsoft, Thomson Locations: Singapore, Palo Alto , California, Santa, San Francisco

☆ Singapore braces for 'partisan' vote for president, guardian of its vast reserves
▼ + stars: | 2023-08-30 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

Presidential candidate Tan Kin Lian (left) waves as he arrives at the nomination center for the presidential election in Singapore on August 22, 2023. Song is standing in the city-state's 2023 presidential election. Presidential candidate Tharman Shanmugaratnam waves to his supporters at the nomination center for the upcoming presidential election in Singapore on Aug. 22, 2023. Xinhua News Agency | Xinhua News Agency | Getty ImagesThe full scale of Singapore's reserves is not publicly available, though public information of some institutions charged with investing its reserves offer a glimpse into the size of the reserves. Local independent news outlet Jom estimated that only 0.044% of Singaporean adults qualify to run as Singapore president.

Persons: —, incorruptibility, Eugene Tan, Tan Kin Lian, Roslan Rahman, Tan, Ng Kok, Lee Kuan Yew, Tharman, Ng, Shanmugaratnam, Tan Meng, Singapore's, Lee Kuan, Kevin Tan, Cherian, Halimah Yacob —, Cherian George, who's Organizations: Getty, SINGAPORE, Observers, Singapore Management University, NTUC, Afp, Monetary Fund, Party, CNBC, Bloomberg, Presidential Advisors, Xinhua News Agency, Temasek, Singapore, Monetary Authority of, Cherian George National University of Singapore, Hong Kong Baptist University, Malay, National University of Singapore, Hong, Hong Kong Baptist University's School of Communication Locations: Singapore's Marina Bay, Singapore, State, Monetary Authority of Singapore, Hong, Hong Kong

☆ Alphabet moonshots are ready for launch
▼ + stars: | 2023-08-29 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

Alphabet logo and AI Artificial Intelligence words are seen in this illustration taken, May 4, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNEW YORK, Aug 29 (Reuters Breakingviews) - Alphabet (GOOGL.O) is poised to welcome the autumn harvest. Verily boss Stephen Gillett told employees this month that it will cut its ties to several of Alphabet’s services next year. Such a financial services business strays from Alphabet’s wheelhouse, and with artificial intelligence demanding fresh attention, it’s wise to be prudent about capital allocation. Waymo, the autonomous vehicle technology business, secured a vote of approval this month from San Francisco to operate driverless rideshares in the city.

Persons: Dado Ruvic, Ruth Porat, Morgan Stanley, ”, Stephen Gillett, wheelhouse, Chris Hohn’s, Ford, Porat, Verily, Jeffrey Goldfarb, Aditya Sriwatsav Organizations: REUTERS, Reuters, Life Sciences, Wall Street Journal, Temasek, TCI Fund Investments, Google, Sciences, Wall, Thomson Locations: San Francisco

☆ Vietnamese internet startup VNG files for IPO in the US
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Aug 24 (Reuters) - Vietnamese internet company VNG Corp has filed for an initial public offering (IPO) in the United States via VNG Ltd, a U.S. Securities and Exchange Commission filing showed. IPO proceeds will be used to pay original foreign investors who were direct shareholders of the company and repay outstanding loans, among others, the filing showed. Founded in 2004, VNG was Vietnam's first unicorn, or startup valued at $1 billion or more, and it inked a preliminary agreement in 2017 with U.S. bourse operator Nasdaq Inc to explore an IPO. The Ho Chi Minh City-headquartered company's businesses include online games, payments, cloud services and Vietnam's most popular messaging app, Zalo. Citigroup, Morgan Stanley, UBS, and Bank of America are underwriters of the IPO, according to the filing.

Persons: VNG, Morgan Stanley, VinFast, Seth Farbman, Yantoultra Ngui, Jacqueline Wong, Sonali Paul Organizations: VNG Corp, VNG Ltd, U.S . Securities, Exchange Commission, HK, Temasek, U.S . bourse, Nasdaq Inc, Citigroup, UBS, Bank of America, underwriters, U.S ., DoubleDragon Corp, Nasdaq, Carsome, New, VStock, Thomson Locations: SINGAPORE, United States, Vietnam, U.S, Singapore, Chi Minh City, U.S . Philippine, New York

BANGKOK, Aug 22 (Reuters) - When Thailand's deposed prime minister Thaksin Shinawatra went into self-imposed exile in 2008 facing a raft of corruption charges following his ouster in a military coup, he issued a hand-written note. Thaksin has been Thailand's most prominent politician for decades, retaining outsized influence despite the years away. "It closes a crucial chapter in Thailand's politics," Thitinan Pongsudhirak, a political scientist at Chulalongkorn University, said of Thaksin's return. A shrewd operator who rarely minces his words, an increasingly wealthy Thaksin entered politics in the mid-1990s, initially serving as foreign minister and then deputy prime minister. But the brash Thaksin, who called himself Thailand's first "CEO prime minister", faced royalist accusations that he was undermining the revered monarchy, which he denied.

Persons: Thailand's, Thaksin Shinawatra, Thaksin, Thaksin's, Yingluck Shinawatra, Critics, watchdogs, Chalinee, Chiang Mai, Love Thais, Devjyot Ghoshal, Chayut Setboonsarng, Panu, Robert Birsel Organizations: Thaksin, Chulalongkorn University, Thai, REUTERS, Rights, Shin Corporation, Thai Rak Thai, Singapore's Temasek, Premier League, Manchester City, Thomson Locations: BANGKOK, Bangkok, Thailand, Chiang, United States, Thai, Britain

☆ Electric vehicle premiums will ride high in India
▼ + stars: | 2023-08-14 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

Mahindra Funster electric concept SUV is on display after it was unveiled at the India Auto Expo 2020 in Greater Noida, India, February 5, 2020. Singapore's Temasek handed Anand Mahindra’s EV business a punchy valuation of up to $9.8 billion this month. The $23 billion Mumbai-listed Mahindra & Mahindra (MAHM.NS) generates most of its top line from its sprawling autos business churning out everything from commercial vehicles to three wheelers. It follows the sale of up to 4.8% to British International Investments, the UK's development finance institution, at a $9.1 billion valuation in July last year. True, Temasek's valuation of the EV business depends on the latter hitting undisclosed milestones.

Persons: Kumar Rakesh, It’s, Maruti Suzuki, Una Galani, Katrina Hamlin Organizations: Mahindra, India, REUTERS, Reuters, Singapore's Temasek, Anand, Temasek, British International Investments, BNP, Tata Motors, TPG, HK, China’s MG Motors, Maruti, India’s, India’s Mahindra, British International Investment, Thomson Locations: Greater Noida, India, BENGALURU, Mumbai, China, EVs, Temasek

☆ EQT’s India IVF buyout hits on fertile themes
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Aug 1 (Reuters Breakingviews) - Private equity giant EQT (EQTAB.ST) is buying a majority stake in the country’s largest fertility clinic chain Indira IVF via its Asian unit BPEA EQT, valuing the firm at $1.1 billion. Indira IVF serves some of the 15% of Indian couples experiencing infertility, a problem on the rise in the world’s most populous country as people marry later and air pollution stifles the ability to conceive naturally. EQT’s deal also is another bet on the changing demands of the South Asian nation’s middle class. Thanks to the gradual maturing of the private equity business, both purchases come with the added benefit of the buyer taking control. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Indira, EQT’s, Shritama Bose, Steve Cohen, ’, Una Galani, Aditya Munjuluru Organizations: Reuters, Blackstone, HDFC, Twitter, Sequoia, Walmart, Thomson Locations: MUMBAI, Temasek

Its group chief investment officer Jeffrey Jaensubhakij told Reuters GIC was keen to invest in Chinese companies that do business within China and do not export to the United States. "There are some 'China for China' type of investments that still make sense," he said. GIC said exposure to China was important for a diversified portfolio. GIC is the world's seventh-biggest sovereign investor with $690 billion in total assets, according to research firm Sovereign Wealth Fund Institute. The share of emerging market equities in GIC's portfolio rose to 17% by end of March from 16% a year earlier.

Persons: Jeffrey Jaensubhakij, Reuters GIC, GIC's, GIC, Lim Chow Kiat, Beijing scrambles, Ang Eng Seng, Jaensubhakij, GIC's Lim, Yantoultra Ngui, Xinghui, Xie Yu, Julie Zhu, Kane Wu, Christina Fincher Organizations: SINGAPORE, Reuters, HK, Ant Group, Temasek, Infrastructure, Sovereign Wealth Fund, Thomson Locations: China, Singapore, United States, Beijing, U.S, Asia, Japan, Xinghui Kok

☆ Argenx drug boost is mixed blessing for suitors
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters Breakingviews) - Argenx (ARGX.BR) has long been a presumed takeover target for drugmakers like Pfizer (PFE.N). Many of its remedies like Vyvgart, which delivered positive drug trial results on Monday, are likely to reach their peak just as the big drugmakers’ revenues come under patent pressure. Still, the more successful Argenx becomes the more expensive it will be for a potential bidder. Since then the company’s shares have nearly doubled, including a 26% bump on Monday thanks to the positive trial results. Argenx’s drug trial success may give bidders comfort they are not buying a dud, but that reassurance comes with a downside.

Persons: Argenx, Prometheus, Aimee Donnellan, George Hay, Pranav Kiran Organizations: Reuters, Pfizer, Big Pharma, Twitter, Cathay, Thomson Locations: Belgian

☆ 5G push catches European telecom kit makers short
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 14 (Reuters Breakingviews) - The race to roll out faster 5G networks in the past two years has turned into a trap for telecom kit makers in Europe. The Finnish telecom gear group surprised investors with a profit warning; it cut its full-year net sales guidance to between 23.2 billion euros and 24.6 billion euros ($26.05 billion and $27.62 billion) from 24.6 billion euros to 26.2 billion euros previously. Mobile networks in big markets like the United States invested aggressively to roll out 5G equipment in 2021 and 2022, ending up with excessively high inventories. Yet this came just as mobile equipment makers’ customers started to rein in spending on the back of inflation, exacerbating their problem. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Karen Kwok, Lisa Jucca, Oliver Taslic Organizations: Reuters, Nokia, Ericsson, U.S, Twitter, Cathay, Thomson Locations: Europe, Swedish, Scandinavian, United States, India

☆ Cathay Pacific’s recovery finds its wings
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, July 14 (Reuters Breakingviews) - Cathay Pacific (0293.HK) is regaining its mojo. The return to profitability for the $7 billion airline, which expects earnings of as much as HK$4.5 billion, is well-timed. Dividends owed on the preference shares are due to rise from 3% to 5% in August and would continue to rise to as much as 9%. Buying back the shares, as the company plans to do within the next 12 months, will avoid the higher coupons. But as Cathay aims to return to 100% of pre-pandemic capacity by the end of 2024, confidence is returning to Hong Kong’s skies.

Persons: Ronald Lam, Thomas Shum, Una Galani, Pranav Kiran Organizations: Reuters, Cathay, HK, Hong, Pilots, Twitter, Thomson Locations: HONG KONG, HK, Hong Kong, Chengdu, Hong

☆ Byju’s virtue-signalling is late but valuable
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

India’s once-most valuable startup is luring big talent even after its auditor Deloitte resigned and three investors including Prosus (PRX.AS) quit the company’s board. His experience navigating government departments will be handy as the Ministry of Corporate Affairs ordered an inspection of Byju’s books per Bloomberg. It also could shore up Byju’s hopes of raising cash from new investors to meet creditor demands for early repayment of a $1.2 billion loan. Prosus for example thinks the company is only worth $5.1 billion, down from a peak valuation of $22 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Rajnish Kumar, Mohandas Pai, India’s, Kumar, Pai, Byju Raveendran, Divya Gokulnath, Pranav Kiran, Una Galani, Thomas Shum Organizations: Reuters, State Bank of India, Infosys, Deloitte, Ministry of Corporate Affairs, Bloomberg, Twitter, Thomson Locations: Bengaluru

☆ Cora strengthens Carrefour’s inflation defences
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 13 (Reuters Breakingviews) - Carrefour’s (CARR.PA) 1 billion euros acquisition of smaller rival Cora could be seen as a consequence of the French group’s ability to navigate rocketing inflation. It will give the combined company a near 23% share of the fragmented and competitive French market, consolidating Carrefour’s leadership on its home turf. Five years ago, Carrefour and Casino had begun tentative talks for a possible merger that ultimately collapsed. If anything, Cora’s acquisition will make Carrefour a more attractive target. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Cora, Daniel Kretinsky, Xavier Niel ., Pierre Briançon, Aimee Donnellan, Streisand Neto Organizations: Reuters, Carrefour, Casino, Twitter, Thomson Locations: French, France

☆ Exxon’s carbon-capture deal is pale shade of green
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

The oil titan’s $4.9 billion all-stock deal for Denbury (DEN.N) unveiled on Thursday provides a financially and strategically judicious way to capture and move carbon dioxide. The $89.75 a share is also lower than where Denbury was trading before Bloomberg reported news of a possible deal in October. Denbury says that 28% of it is “blue oil” that produces negative scope 3 emissions. Showcasing an evolving mindset while helping extract more oil is just the pale green hue that suits Exxon. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Darren Woods, Denbury, Robert Cyran, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Exxon Mobil, Exxon, Denbury, Bloomberg, Twitter, Thomson

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