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☆ Qantas CEO’s exit will barely reduce turbulence
▼ + stars: | 2023-09-05 | by ( Antony Currie | ) www.reuters.com time to read: +5 min

Alan Joyce, Chief Executive Officer of Qantas, speaks in front of a Qantas 747 jumbo jet, before its last departure from the Sydney Airport in Sydney, Australia, as Qantas retires its remaining Boeing 747 planes early due to the coronavirus disease (COVID-19) pandemic, July 22, 2020. In July Canberra rejected Qatar Airways’ request to add 21 flights a week to key Australian cities. Gina Cass-Gottlieb, the watchdog’s chair, is targeting a fine of at least A$250 million ($162 million), she told ABC’s RN radio programme. Qantas customers can now get a cash refund, while credits issued by the group’s budget airline, Jetstar, now last indefinitely. On Aug. 24 Qantas reported record pre-tax earnings for the year to June 30 of A$2.47 billion.

Persons: Alan Joyce, Loren Elliott, Vanessa Hudson, Gina Cass, Gottlieb, Hudson, Richard Goyder, Buckle, Joyce, “, ABC’s, Una Galani, Katrina Hamlin Organizations: Qantas, Sydney Airport, Boeing, REUTERS, Rights, Reuters, Australian Competition, Consumer Commission, Virgin Australia, Regional Express, Qatar Airways, Jetstar, Thomson Locations: Sydney, Australia, Canberra

☆ Lithium miners’ $4.3 bln dance is a two-way hedge
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

Albemarle's Chile country manager Ignacio Mehech shows an illustration of brines purification process to obtain lithium carbonate at their lithium plant placed on the Atacama salt flat, Chile, May 4, 2023. REUTERS/Ivan Alvarado Acquire Licensing RightsMELBOURNE, Sept 4 (Reuters Breakingviews) - On the surface, offering a near-100% premium for an as yet unproductive lithium miner may seem over the top. Dig down a bit, though, and U.S.-based Albemarle’s (ALB.N)A$6.6 billion($4.3 billion) sweetened all-cash offer on Monday for Australian rival Liontown Resources (LTR.AX) has financial merit, as well as offering each side a handy hedge. A plan by Chile’s government to nationalise lithium resources adds more reason for the deal. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Ignacio Mehech, Ivan Alvarado, Albemarle, Kathleen, Antony Currie, Pernod Ricard, Una Galani, Thomas Shum Organizations: REUTERS, Rights, Reuters, Liontown Resources, Alpha, X, Thomson Locations: Chile, U.S, Western Australia, EBITDA, Albemarle

☆ Fortescue founder toys with reverse greenwashing
▼ + stars: | 2023-09-01 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

First the $43 billion iron ore miner’s CEO, Fiona Hick, left abruptly on Sunday, barely six months after joining. But in trying to shrug off the mounting exodus, founder and Executive Chair Andrew Forrest, also known as Twiggy, introduces a new risk: reverse greenwashing. His approach to the energy transition is forcing a lot of change on the company in short order. That process surely would have involved rigorous discussions to ensure they were on board with Forrest’s goals and methods. That makes his absolutist twist to climate spin as unhelpful as the more traditional form of greenwashing.

Persons: Oscar Wilde, Fortescue, Fiona Hick, Christine Morris, Guy Debelle, Andrew Forrest, Twiggy, Forrest, Hick, Morris, Una Galani, Thomas Shum Organizations: Reuters, Fortescue Metals, Reserve Bank of Australia, Fortescue Future Industries, Australian, Thomson Locations: MELBOURNE, Tivan

☆ Adani fault lines raise bar for India’s regulator
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. It was a hunt an Indian panel probing allegations of stock manipulation warned might be "a journey without a destination". Adani on Thursday rejected OCCRP’s claims, saying they are based on decade-old closed cases. Shares of Adani Total Gas (ADAG.NS), a joint venture with France’s Total, and Adani Power (ADAN.NS) and Adani Enterprises (ADEL.NS) fell 2.5%, 3.5% and 3% respectively. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gautam Adani, Amir Cohen, Gautam, Hindenburg, Madhabi Puri, she’s, Nasser Ali Shaban Ahli, Taiwan’s Chang Chung, Ling, Vinod Adani, Gautam Adani’s, Adani, OCCRP’s, Mukesh Ambani’s, Didi, Antony Currie, Thomas Shum Organizations: Adani Group, Haifa Port, REUTERS, Rights, Reuters, India’s Securities, Exchange Board of India, United Arab Emirates, France’s, Adani Enterprises, X, Thomson Locations: Haifa, Israel, Madhabi Puri Buch, Una

☆ VinFast’s volatile stock has an easy, painful fix
▼ + stars: | 2023-08-30 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

On Tuesday the Vietnamese nascent electric-car maker’s shares capped a flighty first fortnight as a publicly traded company by tumbling 44%. Yet the unprofitable manufacturer still sports a racy $107 billion market capitalisation courtesy of the previous eightfold rocketing of its stock since its merger with a blank cheque company in mid-August. Even with the wild swings, the stock trades almost five times higher than what already looked like a punchy valuation when the merger was announced in May. Granted, VinFast might not be desperate for cash – parent Vingroup (VIC.HM) and Vuong injected $2.5 billion in April. Absent a rapid rise in car sales, though, VinFast’s zippy valuation is heading for more crashes anyway.

Persons: Steve Marcus, David Mansfield, Le Thi, –, Pham Nhat Vuong, Vuong, it’s, VinFast, Una Galani, Thomas Shum Organizations: VinFast Global, Las Vegas Convention, REUTERS, Rights MELBOURNE, Reuters, VinFast Auto, Finance, Vietnam’s, Ford, GM, Thomson Locations: Las Vegas , Nevada, U.S

☆ KKR pours itself a thirst-quencher deal Down Under
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. On Friday the U.S. asset manager said it had agreed to sell its 80% stake in Australian Venue to fellow private equity firm PAG six years after buying the pubs group. That means KKR has poured itself a tasty – and possibly frothy - internal rate of return. Assume KKR funded half the original acquisition with debt, and it increases to 32%. KKR’s local private equity boss David Lang and his team deserve a drink.

Persons: Brendan McDermid, that’s, That’s, David Lang, Antony Currie, Coinbase’s, Una Galani, Thomas Shum Organizations: KKR, New York Stock Exchange, REUTERS, Rights MELBOURNE, Reuters, X, Thomson Locations: New York, U.S, New Zealand

☆ Mason Greenwood to leave Manchester United due to ‘difficulties with recommencing his career’ at club
▼ + stars: | 2023-08-21 | by ( Ben Church | ) edition.cnn.com time to read: +5 min

CNN —Mason Greenwood is to leave Manchester United following the conclusion of an internal investigation into the allegations made against the 21-year-old. Greenwood had denied all the charges against him and Manchester United opened an investigation of their own. “All those involved, including Mason, recognise the difficulties with him recommencing his career at Manchester United,” said the club in a statement on Monday. Simon Stacpoole/Offside/Getty ImagesGreenwood hasn’t played for the team since he was arrested in January 2022 following the emergence of graphic videos and images on social media. In an open letter to supporters on Monday, Manchester United United chief executive Richard Arnold acknowledged the discontent but said he could now be transparent with fans about the internal investigation.

Persons: CNN — Mason Greenwood, Greenwood, Mason, ”, Simon Stacpoole, Greenwood hasn’t, “, reintegrating, Richard Arnold, Mason’s, ” Arnold, ” Greenwood, It’s, Paul Currie, backtracked Organizations: CNN, Manchester United, Crown Prosecution Service, CPS, Greenwood, reintegrating Greenwood, Monday, Manchester United United, England, PR, Manchester United Supporters Trust, Club Locations: Old Trafford, Greenwood, Manchester

Samsung's 11-year-old investment in ASML has been hugely lucrative. Over the past decade, ASML shares have delivered a whopping 25% annualised return to its shareholders. It's part of Samsung's ambitious $230 billion commitment to bolster South Korea's semiconductor and high-tech sectors over the next 20 years. Moreover, Samsung's cash is probably held in overseas affiliates and subsidiaries across different jurisdictions; its annual report lists hundreds of entities abroad. That should help ease Samsung’s vexing cash bind, but the company may still need to come up with some creative funding choices.

Persons: Taiwan's TSMC, ASML, Antony Currie, Thomas Shum Organizations: Reuters, Samsung Electronics, Korean Economic, Intel, Samsung, HK, SFA Engineering, Apple, Korea Economic, Thomson Locations: HONG KONG, KS, ASML, United States, Korea

A child plays the game "Honour of Kings" by Tencent at home in Dezhou, Shandong province, China July 2, 2017. REUTERS/Stringer Acquire Licensing RightsHONG KONG, Aug 17 (Reuters Breakingviews) - China's economic woes have gifted Tencent (0700.HK) an unexpected silver lining. Revenue rose a decent 11% to 149 billion yuan ($20.4 billion), but fell slightly short of the average analyst forecast compiled by Refinitiv. That compares to the 151.7 billion yuan average analyst forecast of 21 analysts compiled by Refinitiv. Adjusted net profit, after excluding certain one-time and non-cash items, rose 33% to 37.5 billion yuan.

Persons: Tencent, Stringer, HONG KONG, Refinitiv, James Mitchell, pare, Alibaba, Antony Currie, Thomas Shum Organizations: REUTERS, Reuters, HK, Revenue, Tencent, Citi, Refinitiv, Thomson Locations: Dezhou, Shandong province, China, HONG, Tencent, Hong Kong

☆ Sea sails recklessly into choppy e-commerce waters
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

Singapore-based Sea Limited Chairman and CEO Forrest Li, speaks during an interview with CNBC following his company's IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 20, 2017. REUTERS/Brendan McDermid Acquire Licensing RightsHONG KONG, Aug 16 (Reuters Breakingviews) - Sea's (SE.N) boss Forrest Li has picked a turbulent time to rock the boat. But Li's declaration on Tuesday that it's time to "ramp up" investments again risks wiping out the hard-earned investor goodwill. Despite Li's assurances that Sea will keep emphasising self-sufficiency and cost efficiencies, investors promptly erased some $10 billion, or 29%, in market value. In July, the latter injected $845 million into its Southeast Asian arm, signalling a price war may be on the horizon.

Persons: Forrest Li, Brendan McDermid, HONG KONG, Li, China's Alibaba, Robyn Mak, Exor’s Philips, Bain, BoE, Antony Currie, Thomas Shum Organizations: CNBC, New York Stock Exchange, REUTERS, Reuters, HK, Twitter, FC Barcelona’s, Messi, Thomson Locations: Singapore, New York, U.S, HONG, York

☆ Bain puts Chindata minority owners out of misery
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Aug 14 (Reuters Breakingviews) - Bain Capital has just taught a refresher course in the perils of being a minority investor. On Friday the buyout firm agreed to take Chindata private in a deal that values the Chinese data centre operator it already controls at $3.2 billion. But those who bought in when the U.S. private equity firm took Chindata public in 2020 or were hoping for a bidding war – or both – have good reason to be disappointed. Second, a unit of state-owned conglomerate China Merchants Group countered Bain with a $3.4 billion deal, which Chindata took a month to acknowledge. And it has let investors holding another fifth or so of Chindata stock into the buyout group.

Persons: Bain’s, Bain, Chindata, Antony Currie, BoE, Robyn Mak, Katrina Hamlin Organizations: MELBOURNE, Reuters, Bain Capital, China Merchants Group, China Merchants, Twitter, FC Barcelona’s, Messi, Siemens, Thomson Locations: New York

☆ America’s new China curbs eschew scale for smarts
▼ + stars: | 2023-08-10 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

The White House on Wednesday took the wraps off its proposal for screening investments U.S.-based funds make abroad, giving President Joe Biden a new tool for “de-risking” from China. But while the government’s inbound-investment reviews have often proven onerous, the pitch for outbound screening should placate investors and even diplomats. If recipients boast close ties to Chinese military or intelligence capabilities, the department could then block the transaction. Follow @BenWinck on TwitterCONTEXT NEWSU.S. President Joe Biden on Aug. 9 issued an executive order that tasks the Treasury Department with forming an outbound investment screening program. In response to the executive order the Treasury Department issued an Advanced Notice of Proposed Rulemaking seeking comment on the program.

Persons: Joe Biden, Jonathan Ernst, Janet Yellen’s, Antony Currie, Katrina Hamlin Organizations: Auburn Manufacturing, REUTERS, Reuters, Washington, Wednesday, Biden, Regulators, Treasury, Department, Treasury Department, Thomson Locations: U.S, Auburn , Maine, WASHINGTON, China, Washington

☆ SoftBank’s Arm-twisting fails to convince
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Shareholders already had good reason to take that with a pinch of salt. The Japanese conglomerate’s 478 billion yen ($3.3 billion) net loss, which missed analysts’ estimates, included an increase in the carrying value of chip designer Arm, even though revenue dipped. That allowed the company’s Vision Fund to post a $1.1 billion profit, its first in six quarters. But investors in the Japanese group will be waiting a long time for SoftBank’s new campaign to pay off. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Masayoshi Son, Yoshimitsu Goto, ’, Navneet, Arm’s, Antony Currie, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, SoftBank, Fund, Vision Fund, Twitter, Siemens, Thomson

☆ Indian lenders’ earnings get credit reality check
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India, February 9, 2018. REUTERS/Rupak De Chowdhuri/File PhotoMUMBAI, Aug 7 (Reuters Breakingviews) - A near three-fold jump in net profit did little to cheer State Bank of India (SBI.NS) investors. April to June is seasonally weak for farm credit, and Khara said some delinquent accounts have already bounced back. Granted, overall delinquencies remain low: gross non-performing assets are just 2.76% of SBI’s portfolio, and less than half that at HDFC Bank. The fear is, as one executive told Breakingviews, that this is worsening as pandemic-era support schemes wind down and interest rates rise.

Persons: Dinesh Khara, Khara, Breakingviews, Shritama Bose, headwinds, Antony Currie, Thomas Shum Organizations: State Bank of India, REUTERS, Reuters, HDFC Bank, Bajaj Finance, Services, Twitter, Adidas, InBev, Thomson Locations: Kolkata, India, MUMBAI

☆ Goldman Sachs' Jeff Currie, who predicted commodities supercycle, to retire
▼ + stars: | 2023-08-07 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

NEW YORK, Aug 7 (Reuters) - Goldman Sachs' (GS.N) global head of commodities research Jeff Currie, a prominent analyst who accurately predicted a surge in commodity prices in the 2000s, is retiring, according to a memo seen by Reuters. Julian Salisbury, chief investment officer of its asset and wealth management arm, is departing to join investment firm Sixth Street, according to an announcement last month. His forecast was borne out in what would become known as the commodities supercycle, during which crude oil surged to record highs in 2008. More recently, Currie revived his prediction for another supercycle fuelled by pandemic stimulus measures and rebounding economic activity. Currie joined Goldman in 1996 and was promoted to managing director in 2002, then partner in 2008.

Persons: Goldman Sachs, Jeff Currie, Currie, Julian Salisbury, Jan Hatzius, Goldman, Dina Powell McCormick, Lisa Opoku, Saeed Azhar, Lananh Nguyen, Sam Holmes Organizations: Reuters, Sixth, Reuters Commodities Summit, University of Chicago's Energy Policy Institute, Goldman, Thomson

HONG KONG, Aug 2 (Reuters Breakingviews) - Koji Sato enjoyed a smooth ride in his first quarter behind the wheel at Toyota Motor (7203.T). Toyota now trades just shy of 10 times estimated earnings for the next 12 months, per Refinitiv. Those same Chinese brands are encroaching on emerging markets like Thailand, where Toyota has traditionally sold well. Executives told investors on Tuesday that they’re eager to review other investments, too, including cross-holdings in the Toyota group and other assets. Total sales rose by 24% to 10.5 trillion yen in the same period.

Persons: Koji Sato, Sato, Toyota’s, that’s, Encouragingly Sato, Antony Currie, Pranav Kiran Organizations: Reuters, Toyota, Ford, General Motors, Nissan, Thomson Locations: HONG KONG, Asia, China, Thailand

☆ Marta: How Brazil’s all-time record goalscorer became the greatest of all time and an ‘icon’ in her country
▼ + stars: | 2023-08-01 | by ( Matias Grez | ) edition.cnn.com time to read: +11 min

10, it the greatest women's player of all time and has become an 'icon' Brazil. Marta has won the FIFA Women's World Player of the Year award an unprecedented six times. The only achievement missing from a glittering CV is a major title with her beloved national team. Australia and New Zealand 2023 is her sixth and final Women's World Cup. If it weren’t for Marta, women’s football in Brazil would probably still be a very incipient thing.

Persons: CNN —, ” Sissi, “, Sissi, Vasco da Gama, Marta Viera da Silva, ”, Marta, chuckles, Stuart Franklin, wasn’t, Marta ’, John Walton, ’, that’s, ” Marta, Feng Li, Brazil’s, Ronaldo, Ronaldinho, Rivaldo, Cafu, Roberto Carlos, Dida, Tina Ellerston, Ellerston, –, Juca Kfouri, Ronaldo O Fenômeno, Ronaldinho Gaúcho, ” Kfouri, Doug Pensinger, Pelé, Marta “ Pelé, Raphael Alves, she’s, Neymar, ‘ Marta ’, King, Marta –, Paul Currie, Kfouri, “ Marta Organizations: CNN, Brazil, Rio, Vasco, CNN Sport, FIFA, Nigeria, women’s, Champions League, Copa Libertadores, Germany, United, United States Women’s National, AFP, Getty, Brazil ” Locations: Rio de Janeiro, Brazil, United States, men’s, Germany, USA, nestling, Australia, New Zealand, Alagoas, Marta’s, Brazilian

☆ HSBC invites shy investors to turnaround party
▼ + stars: | 2023-08-01 | by ( Una Galani | ) www.reuters.com time to read: +4 min

The turnaround Quinn launched shortly after taking charge of the London-headquartered bank in 2019 is gaining momentum. In the three months to the end of June, HSBC almost doubled its pre-tax profit to $8.8 billion compared with the same period last year. He’s catching up with market expectations, too, aiming for a return on tangible equity in the mid-teens and echoing Visible Alpha’s consensus numbers for 15% this year, and almost 14% next. Crucially, Quinn and his newish finance chief, Georges Elhedery, can focus on improving the bank’s performance with fewer distractions. All shareholders, though, clearly still need some convincing to join HSBC’s turnaround party in earnest.

Persons: Noel Quinn, Quinn, Georges Elhedery, Ping, Antony Currie, Thomas Shum, Oliver Taslic Organizations: Reuters, HK, HSBC, Reuters Graphics Reuters, Ping An Insurance, Thomson Locations: MUMBAI, London, Hong Kong, China, Asia, Europe, North America, Canada

☆ Japan market rally fails to mask Nomura’s woes
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

It also powered a near-fivefold increase in pre-tax earnings at the bank’s retail unit from the same period last year. Nomura’s own stock has also benefitted, though its 20% rise this year to a two-year high lags the broader market. And the rally did nothing to fix the abysmal underperformance at its mainstay wholesale division. Revenue at the unit that comprises the volatile investment banking and trading businesses fell 4% to 191 billion yen ($1.3 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: Nomura, Morgan Stanley, Kentaro Okuda, Steve Cohen, Antony Currie, Oliver Taslic Organizations: Reuters, Revenue, Global, Twitter, Sequoia, Thomson Locations: SINGAPORE, India

☆ 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

☆ Morgan Stanley and MUFG’s next act is well-timed
▼ + stars: | 2023-07-19 | by ( Una Galani | ) www.reuters.com time to read: +3 min

Morgan Stanley (MS.N) and the $94 billion Mitsubishi UFJ Financial (8306.T) are tapping deeper into a good thing at the right time. As well as collaborating on foreign exchange trading, Morgan Stanley and MUFG will now integrate the institutional Japan equities business by consolidating research and institutional sales into Morgan Stanley’s joint venture entity. It’s a bright backdrop for Morgan Stanley and MUFG’s partnership. Follow @ugalani on TwitterCONTEXT NEWSMorgan Stanley and Mitsubishi UFJ Financial on July 18 announced plans to deepen their 15-year alliance, including in foreign exchange trading and in Japanese research and equities businesses for institutional clients. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Morgan Stanley, MUFG, James Gorman, Ohta, Morgan, isn’t, Morgan Stanley’s, Antony Currie, Thomas Shum Organizations: Reuters, Wall, Mitsubishi UFJ, MUFG, Sumitomo Mitsui Financial, Jefferies, Tokyo Stock Exchange, Mitsubishi UFJ Financial, Thomson Locations: MUMBAI, U.S, Japan

☆ Commonwealth Games hit a financial wall
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, July 18 (Reuters Breakingviews) - Anyone who signs up for a marathon soon hears about the metaphorical wall that exhausted runners often hit around three-quarters of the way through the race. Australia’s state of Victoria has just crashed into the financial equivalent, much earlier, in its preparations for hosting the 2026 Commonwealth Games. Rio de Janeiro lost $2 billion hosting the 2016 Olympic Games, for instance. Andrews’ government, though, also wanted the Games to be hosted in several different cities – and added more sports, per the Commonwealth Games organising body. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Daniel Andrews, Andrews, Antony Currie, Robyn Mak, Thomas Shum Organizations: MELBOURNE, Reuters, Victoria, Games, Commonwealth Games, Twitter, Cathay, Thomson Locations: Australia’s, Victoria, Rio de Janeiro

☆ New Aussie central bank boss faces two-front war
▼ + stars: | 2023-07-14 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

MELBOURNE, July 14 (Reuters Breakingviews) - Michele Bullock cannot count on a honeymoon period when she takes over at the Reserve Bank of Australia in September. The country’s Treasurer Jim Chalmers on Friday unveiled her appointment as the central bank’s first female governor after deciding not to extend gaffe-prone Philip Lowe’s seven-year tenure. By the time she steps up, Bullock, currently deputy governor, will probably face an economic war on two fronts. Lowe is a fall guy for the failure by global central banks to take rising prices seriously following the pandemic. Follow @AntonyMCurrie on TwitterCONTEXT NEWSMichele Bullock will be the next governor of the Reserve Bank of Australia, the country’s Treasurer Jim Chalmers announced on July 14.

Persons: Michele Bullock, Jim Chalmers, Philip Lowe’s, Bullock, Lowe, Chalmers, Philip Lowe, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, Reserve Bank of Australia, Consumer, Thomson Locations: Australia

☆ Bain’s Chindata buyout saga verges on absurd
▼ + stars: | 2023-07-13 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

On first blush, that appears to be what Bain Capital (BCSF.N) is trying to do with Chinese data centre operator Chindata . But it’s a saga that’s starting to verge on the absurd. Bain took Chindata public on the Nasdaq in September 2020. Less than three years later, the U.S. leveraged buyout veteran offered $8 per American Depositary receipt, valuing the company at $2.9 billion. The company has yet to acknowledge the offer from China Merchants Capital.

Persons: Bain, Chindata, there’s, Bain’s, Robyn Mak, Thomas Shum Organizations: MELBOURNE, Reuters, Bain Capital, Nasdaq, U.S, Bloomberg, China Merchants Group, Chindata, Citi, Bain, China Merchants Capital, Thomson Locations: People’s Republic

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