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☆ Temasek is betting on all its stars aligning
▼ + stars: | 2023-07-12 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

That’s one consolation Temasek can take from a tricky year. But Temasek’s hopes for a more prosperous year or two ahead rely on matters mostly out of its hands. Reuters Graphics Reuters GraphicsGranted, Temasek had a busy few years propping up the tiny city-state’s companies, like Singapore Airlines (SIAL.SI), after the pandemic hit. Meanwhile, high valuations in the United States, where Temasek has doubled exposure over the past decade, will limit opportunities. But if Temasek wants to start shining more brightly soon, it’ll need all its stars to align.

Persons: That’s, Temasek’s, Chin Yee, There’s, Antony Currie, Pranav Kiran, Thomas Shum Organizations: Reuters, Temasek, Sequoia, Reuters Graphics, Singapore Airlines, Reuters Graphics Finance, SP Group, U.S, Chartered, Thomson Locations: SINGAPORE, Singapore’s, Asia, Japan, China, People’s Republic, Southeast Asia, India, Singapore, United States

☆ We're missing investments across the entire commodity complex, says Goldman Sachs' Jeff Currie
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're missing investments across the entire commodity complex, says Goldman Sachs' Jeff CurrieJeff Currie, Goldman Sachs global head of commodities research, joins 'Squawk Box' to discuss the state of the global energy market, why investors aren't embracing the the latest oil rally, and more.

Persons: Goldman Sachs, Jeff Currie Jeff Currie

☆ Private equity gears up for a deal fest Down Under
▼ + stars: | 2023-07-11 | by ( Antony Currie | ) www.reuters.com time to read: +5 min

So it’s fitting that one of the country’s most hotly contested deals involving overseas private equity firms is for Rugby Australia. It’s also a teaser for the deal fest buyout shops are gearing up for Down Under. Another veteran, Blackstone (BX.N), has doubled its private equity headcount over the past couple of years. Reuters GraphicsWith $676 billion of private equity dry powder in the Asia-Pacific region, according to consultancy Bain & Co, regularly capturing a two-fifths share implies up to $270 billion of capital could be heading Down Under in the coming years. Australia, he said, was too small and too competitive for private equity firms to make money.

Persons: It’s, Blackstone, EQT, they’re, it’ll, there’s, Brian Hong, Robyn Mak, Thomas Shum Organizations: MELBOURNE, Reuters, Rugby Australia, CVC Capital Partners, Australian Financial, Down, Brookfield Asset Management, CVC, Nine Entertainment, AusNet Services, MidOcean Energy, Origin Energy, Retirement Trust, Consumer, Sydney Airport, Bain & Co, Reserve Bank of Australia, U.S . Federal Reserve, Macquarie Capital, Thomson Locations: Asia, Australia, China, People’s Republic, Asia Pacific, Pacific

☆ China car price truce skids off road at first bend
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, July 10 (Reuters Breakingviews) - So much for an end to big discounts on new vehicles in China. On Saturday the China Association of Auto Manufacturers (CAAM) reversed out of the pledge it had brokered just two days earlier with Tesla (TSLA.O) and 15 domestic carmakers to curb a debilitating price war in which some models were being sold for 20% or more below their sticker price. But it quickly dawned on – or was made clear to – the CAAM that such wording might violate the spirit of China’s anti-monopoly law. It would have been a hard agreement to stick to anyway, with Volkswagen (VOWG_p.DE) and others refusing to sign it. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Tesla, Antony Currie, Robyn Mak, Thomas Shum Organizations: MELBOURNE, Reuters, China Association of Auto Manufacturers, Ministry of Industry, Information Technology, Volkswagen, Twitter, Thomson Locations: China

On Thursday, regulators orchestrated an agreement between Tesla (TSLA.O) and 15 Chinese rivals to avoid “abnormal pricing”, sealing the deal at a signing ceremony in Shanghai, Bloomberg reported. Perhaps as a result, sellers of internal combustion engines frequently offered steeper discounts compared to battery-powered rivals, Citi’s data show. In this case, at least, it appears to be trying to keep competition healthy, targeting only “abnormal pricing”. If nothing else, Beijing’s intervention offers a welcome pause in hostilities. Over 30 brands in China announced discounts in the first three months of the year, according to industry consultancy Automobility.

Persons: It’s, Bill Russo, AlixPartners, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Tesla, Bloomberg, FAW Audi, BAIC Hyundai, Citi, HK, country’s Ministry of Industry, Information Technology, China Association of Automobile Manufacturers, Thomson Locations: HONG KONG, Beijing, Shanghai, Xpeng, China

☆ Adani case threatens watchdog’s rising credibility
▼ + stars: | 2023-07-06 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

In June the Securities and Exchange Board of India, the country’s markets regulator, disciplined two media tycoons for alleged wrongdoing and strengthened disclosure norms for foreign investors. Going all-in on the Adani case would entail working with other law enforcers, such as the Directorate of Enforcement and the Directorate of Revenue Intelligence. Unless Buch’s team pulls out all the stops, the regulator’s toughest test under her leadership so far is a threat to its rising credibility. The markets regulator on June 12 barred Zee Entertainment Enterprises CEO Punit Goenka and Chair Emeritus Subhash Chandra from holding key managerial positions in any listed company. In a separate order dated June 22 Sebi barred Eros group Managing Director Sunil Arjan Lulla and three group entities including Eros International Media from the securities market, citing accounting irregularities.

Persons: Puri, Gautam, Punit Goenka, Subhash Chandra, Breakingviews, Sebi, Sunil Arjan Lulla, Antony Currie, Katrina Hamlin Organizations: Reuters, Securities and Exchange Board of India, Zee Entertainment Enterprises, Eros International, Reuters Graphics Reuters, of Revenue Intelligence, Securities, Exchange Board, India, Eros International Media, Thomson Locations: MUMBAI

☆ Breakingviews: El Nino will brew up potent new economic storm
▼ + stars: | 2023-07-04 | by ( Antony Currie | ) www.reuters.com time to read: +8 min

It looks likely that the El Nino weather phenomenon has returned, according to both the U.S. National Oceanographic and Atmospheric Administration and the Australian Bureau of Meteorology. Reuters GraphicsBy one reckoning, a single El Nino event might seem manageable. The direct impact of El Nino- and La Nina-affected weather on sowing, growing and harvesting is not the only economic consideration. On June 8 the U.S. National Oceanographic and Atmospheric Administration’s Climate Prediction Center issued an advisory that El Nino conditions “are present and are expected to gradually strengthen into the Northern Hemisphere winter”. The highest temperature reached in any past El Nino was 2.6 degrees Celsius above average in 2016.

Persons: El, Nina, Gabrielle, It’s, there’s, Peter Thal Larsen, Katrina Hamlin, Thomas Shum Organizations: MELBOURNE, Reuters, El, U.S . National Oceanographic, Atmospheric Administration, Australian, of Meteorology, International Monetary Fund, University of Dartmouth, El Nino, Nina, Rabobank, Barclays, World Meteorological Organisation, Center, Thomson Locations: India, Thailand, Vietnam, El Nino, Brazil, Indonesia, Mexico, Europe, China, Southeast Asia, United States, Oceania, Australia, Western Australia, Delhi, Ukraine

☆ El Nino will brew up potent new economic storm
▼ + stars: | 2023-07-04 | by ( Antony Currie | ) www.reuters.com time to read: +8 min

☆ Meituan's insider AI deal does not compute
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

Meituan describes Light Year as a leading AI innovator in China. Its backers include Meituan CEO Wang Xin and Sequoia Capital China's HongShan fund, which is controlled by a Meituan non-executive director. Meituan is paying out roughly $234 million in cash and covering some $50 million-worth of Light Year's convertible bonds. Interestingly, Meituan's total outlay is roughly equal to the target's net cash position. For investors, understanding this AI deal is no small challenge.

Persons: Wang Huiwen, Meituan, Wang Xin, Robyn Mak, ’, crouch, Eli Lilly, Antony Currie, Thomas Shum Organizations: Reuters, Meituan, Sequoia Capital, Twitter, Thomson Locations: HONG KONG, HK, China

HONG KONG, June 29 (Reuters Breakingviews) - There's plenty to like about Swire Pacific's (0019.HK) Coca-Cola sale. Little wonder Swire's Hong Kong shares rallied as much as 8% on Thursday morning. The Coke sale is refreshing for investors, but only until the rest of Swire Pacific regains its fizz. Upon completion of the sale, Swire Pacific will distribute HK$11.7 billion in special dividends to its shareholders. The company also plans to enter into a 13-year agreement to provide management services to Swire Coca-Cola USA and receive an annual fee of at least HK$117 million.

Persons: Swire Pacific's, Swire, John Swire, Antony Currie, Thomas Shum Organizations: Reuters, HK, Cathay Pacific, Swire, Cola, John Swire & Sons, Cola Europacific Partners, Citi, Cathay, Swire Pacific, Hong Kong, Cola USA, Hong, Thomson Locations: HONG KONG, Hong Kong, China, Cathay Pacific

☆ Mega-merger gives Indian lender new lease on life
▼ + stars: | 2023-06-20 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

HDFC Bank (HDBK.NS), the country’s largest private lender, is set in July to complete its merger with its parent, partner and 26% shareholder Housing Development Finance Corporation (HDFC) (HDFC.NS). That’s a great opportunity for the larger, streamlined HDFC Bank – until now it sold most home loans it originated to its parent. However, the share of mortgages in HDFC Bank’s portfolio will rise close to 30%, compared to SBI’s 20%. HDFC Bank remains a fixer-upper in a couple of important respects, though. Housing Development Finance Corporation created HDFC Bank in 1994 and remains a 26% shareholder.

Persons: Sashidhar Jagdishan, That’s, HDFC, Jagdishan, Breakingviews, Srinivasan Vaidyanathan, Antony Currie, Thomas Shum Organizations: Reuters, HDFC Bank, Housing Development Finance Corporation, –, Bank of India, Mahindra Bank, Reserve Bank of India, Thomson Locations: MUMBAI, Asia, China, United States, watchdogs, Credila

☆ Toyota shareholders make 15% the new win-win
▼ + stars: | 2023-06-16 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

Both Glass Lewis and ISS reckon there aren’t enough properly independent directors on the board, even though Toyota complies with the requirements laid down by the Tokyo Stock Exchange. Yet ISS held back from advising shareholders vote against them because it would risk “increasing management dominance of the board”. Toyota is a laggard on both and is now under pressure to get powerful investors back onside. CONTEXT NEWSMore than 15% of voting shareholders were against reappointing Chairman Akio Toyoda to Toyota Motor’s board at its annual meeting on June 14, the Japanese carmaker said on June 15. About 15% of shareholders who voted supported a resolution asking the company to issue an annual review of its climate lobbying activities.

Persons: Akio Toyoda, Glass Lewis, Glass Lewis plumped, Toyoda, Masahiko Oshima, carmaker, Pete Sweeney, Thomas Shum Organizations: MELBOURNE, Reuters, Toyota, ISS, Tokyo Stock Exchange, Sumitomo Mitsui Financial, Nikkei, California Public, New York, New York City Comptroller, Twitter, Thomson Locations: New York City

☆ 12-year-old graduated from college with a 4.0 GPA—here’s why her parents are sending her to high school
▼ + stars: | 2023-06-15 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Fiona Currie enrolled in her first college class at age 9 as an experiment. Her parents, Roderick and Blanca, had watched their eldest daughter breeze through three different public school curricula in California, skipping grades to feel challenged by schoolwork. With few other options, they took a chance with an English class at Los Angeles City College. Through a dual-enrollment program, she earned college credits while completing her middle school classes. After completing college-level classes in math, art, anthropology and more, why would a student finish high school with everyone else?

Persons: Fiona Currie, Roderick, Blanca, Fiona aced, Fiona, Mozart, It's, you've Organizations: Los, Los Angeles City, Los Angeles City College, CNBC Locations: Los Angeles, California, Blanca

☆ Windfall taxes get a breezy airing Down Under
▼ + stars: | 2023-06-14 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

MELBOURNE, June 14 (Reuters Breakingviews) - Queensland has just done global proponents of windfall taxes a favour. More than a third of the total came courtesy of three new tiers Treasurer Cameron Dick added to the levy last June after coal prices quickly quadrupled. For starters, the changes only come into effect when the price of coal is really high. Rival Whitehaven Coal’s (WHC.AX) top line grew 164% and net profit more than 400% over a similar timeframe when the coal price was close to $400 a tonne. Dick earmarked the extra fossil-fuel revenue to pay for new hospitals and a slew of renewable energy and water projects.

Persons: Australia’s, Cameron Dick, Dick, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, Revenue, Whitehaven, Queensland, Thomson Locations: Queensland, Hope, New South Wales, South Wales

☆ Goldman Sachs' Jeff Currie on cutting oil price forecast: The near-term upside has been taken out
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs' Jeff Currie on cutting oil price forecast: The near-term upside has been taken outJeff Currie, Goldman Sachs global head of commodities research, joins 'Squawk Box' to discuss the investment bank cutting its oil price forecast by nearly 10% as Russian supply recovers, and more.

Persons: Goldman Sachs, Jeff Currie

☆ Goldman Sachs slashes oil price forecast by nearly 10% as Russian supply recovers
▼ + stars: | 2023-06-12 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Goldman Sachs analysts slashed their oil price forecast by almost 10% on the back of whey they see as increasing supply and slower demand for crude. In the same report, Goldman also revised down its WTI forecast for December from $89 per barrel to $81. Overall, the oil cartel made no changes to its planned oil production cuts for the rest of the year. "Significant supply beats from Iran and Russia have driven speculative positioning to near record-lows," Goldman analysts led by the bank's Global Head of Commodities Research Jeffrey Currie said in the research report. Russia's oil production has remained resilient even in the face of Western sanctions, with Deputy Energy Minister Pavel Sorokin in April ascertaining that Moscow's oil production will remain stable until 2025, according to the Neftegazovaya Vertikal magazine.

Persons: Goldman Sachs, Goldman, Commodities Research Jeffrey Currie, Pavel Sorokin Organizations: Commodities Research, Deputy Energy Locations: Saudi Arabia, Iran, Russia

☆ Toshiba gives shareholder management masterclass
▼ + stars: | 2023-06-09 | by ( Una Galani | ) www.reuters.com time to read: +3 min

Its limited visibility on the value of the memory-chip specialist was one reason it cited for its earlier restraint. Follow @ugalani on TwitterCONTEXT NEWSToshiba said on June 8 that its board has decided to recommend shareholders accept a tender offer from a group led by Japan Industrial Partners. The tender offer is expected to be launched some time from late July. Among other factors, it cited limited visibility into the value of chipmaker Kioxia, of which Toshiba owns around 40%. In recommending the offer, Toshiba noted the book value of Kioxia’s shares had fallen since its March announcement.

Persons: Paul Singer’s Elliott, Daniel Loeb’s, Jerry Black, Antony Currie, Katrina Hamlin Organizations: Reuters, Toshiba, Japan Industrial Partners, Paul Singer’s Elliott Management, Farallon Capital, Thomson Locations: MUMBAI, Kioxia, Japan

☆ Private equity hurtles towards hard Asia reset
▼ + stars: | 2023-06-07 | by ( Una Galani | ) www.reuters.com time to read: +4 min

SINGAPORE, June 7 (Reuters Breakingviews) - Sequoia’s decision to carve out its China business formalises a push for a hard reset in Asia that private equity firms have until now largely been grappling with behind the scenes. These country-agnostic funds accounted for just over half the money raised in 2022 in the region, a 22-year high. Granted, these South and Southeast Asia markets are small at present compared to China; that’s why more firms are seeking bigger-ticket buyouts in Australia and Japan. That will eventually weigh on performance in the region, which for top-quartile Asia funds last year was a very respectable median 25% net internal rate of return, per Preqin. Private equity’s cooling relationship with China, though, is likely to hit hard for most.

Persons: Neil Shen, Shailendra Singh, Singh, Zhang Lei, There’s, Shen, Antony Currie, Katrina Hamlin Organizations: Reuters, Bain & Co, Bain Capital, KKR, XV Partners, Sequoia, Twitter, NEWS Venture, Sequoia Capital, Thomson Locations: SINGAPORE, China, Asia, Republic, Sequoia, India, Southeast Asia, Greater China, Malaysia, Philippines, Indonesia, Thailand, Hillhouse, Singapore, Australia, Japan, U.S

The companies in discussion are largely small- to mid-sized, making them achievable targets, as opposed to firms listed on the FTSE 100. 'DRY POWDER'One of the contributing factors for PE firms' abundance of cash, or "dry powder", is the continued buildup of uninvested capital during the pandemic, according to fund managers. During the first five months of 2023, nine listed firms on the London Stock Exchange were approached by PE firms, exceeding the number of targets in the same time period last year, according to Refinitiv data. Among those out shopping for firms, many seem attracted to these lower valuations of small- and mid-cap firms. Though firms listed on the smaller UK indexes are more domestically focused than their larger counterparts, analysts point out that nearly half of their revenue is from their international presence, making them an even more attractive purchase for PE firms.

Persons: Richard Bullas, Martin, Franklin Templeton, John Wood, Bullas, Moodley, Johann M Cherian, Shounak Dasgupta Organizations: Bank of, Network International Holdings, Hyve, Medica Group, Pharmaceuticals, PE, Martin Currie UK Equity, London Stock Exchange, Apollo, John, John Wood Group, BNP, FTSE, U.S, Thomson Locations: Bank of England, Britain, United States, 10.2x, Europe, U.S, Bengaluru

☆ The W.G.A. Strike Feels Personal to Me. - The New York Times
▼ + stars: | 2023-06-01 | by ( Ron Currie | ) www.nytimes.com time to read: +2 min

Most discussion of the Hollywood writers’ strike has centered on money: the studio chiefs, tech demigods and private equity oligarchs who have it and the writers like myself whose labor should entitle us to a greater share of it. One morning back in the summer of 2002, I was walking my dog when I got a call that my father was having a heart attack. Dad was a longtime Teamster, Local 340, which represents a grab-bag of freight jockeys, municipal workers and emergency services types. By the time I arrived, doctors had succeeded in dissolving the clot that had been choking off one of his coronary arteries. I found him lying in the I.C.U., less than a quarter of his heart muscle still functioning.

Persons: ’, we’ve, He’d, Dad, twitching Organizations: Hollywood, Writers Guild of America, Teamster

☆ Wall Street faces life in China’s second tier
▼ + stars: | 2023-06-01 | by ( Antony Currie | ) www.reuters.com time to read: +8 min

Recent earnings reports from U.S. investment banks defy the sober mood among China-focused financiers. Morgan Stanley’s (MS.N) Asia revenue in the first three months of the year was almost 40% above the final quarter of 2022. Companies going public in Hong Kong have raised $2 billion so far this year, per Dealogic. At some point Hong Kong IPOs and cross-border M&A are likely to perk up. Many of those trades flow through the Hong Kong bourse’s Stock Connect links to the Shanghai and Shenzhen exchanges.

Persons: Jamie Dimon, outlast, It’s, Morgan Stanley’s, Sharon Yeshaya, Goldman Sachs’s, that’s, Stephanie Hui, Goldman Sachs, ”, Morgan Stanley, Goldman, That’s, Breakingviews, Hong Kong, Peter Thal Larsen, Katrina Hamlin Organizations: MELBOURNE, Reuters, JPMorgan, Communist Party, Companies, HK, KKR, Reuters Graphics, Tuesday, Bank of America, Wall, China Securities, Financial Times, Apple, Hong Kong bourse’s, Goldman, JPMorgan –, Bloomberg, Thomson Locations: China, Shanghai, U.S, Asia, Hong Kong, Macau, Taiwan, Beijing, Washington, United States, People’s Republic, Germany, Hong, Shenzhen, Greater China, Pacific

☆ Oil will once again be profitable when market destocking runs out, says Goldman Sachs' Jeff Currie
▼ + stars: | 2023-06-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil will once again be profitable when market destocking runs out, says Goldman Sachs' Jeff CurrieJeff Currie, Goldman Sachs global head of commodities research, joins 'The Exchange' to discuss the bull case for energy markets, consequences of inventory liquidation, and factors driving weak performance in oil.

Persons: Goldman Sachs, Jeff Currie Jeff Currie Organizations: Email

☆ Toyota governance fight gets stuck in traffic
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, May 30 (Reuters Breakingviews) - Governance campaigns against Japanese companies have a hard enough time gaining traction as it is. ValueAct Capital’s two-year campaign against Seven & i (3382.T) culminated last week with at best just a third of shareholders backing its four board candidates. Glass Lewis asserts just three of Toyota’s 10 board candidates are unaffiliated, fewer than the one-third the advisory sets as a floor. Toyota insists its board meets the Tokyo Stock Exchange’s independence standards. He should go in any event: having the former CEO of 14 years lead the board is bad governance.

☆ Aussie billionaires’ solar spat enters new phase
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, May 29 (Reuters Breakingviews) - The battle between two of Australia’s richest men for control of bankrupt renewables startup Sun Cable has ended in a whimper. Surprisingly absent from the final bout was Squadron Energy, one of Fortescue Metals (FMG.AX) founder Andrew Forrest’s investment companies. Both were early investors in Sun Cable; their spat over its strategy plunged the firm into administration in January. Cannon-Brookes wants to stick to the original plan of sending most of the energy it produces to Singapore via an undersea cable. Now the race is on to see which of the two men is first to flick the on switch.

☆ G7 says “de-risking”, China hears “containment”
▼ + stars: | 2023-05-22 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

Irked by the G7 statements, Xi’s government has already called Japan’s ambassador on the carpet. To be sure, China, with a $90 billion monthly trade surplus hovering near record highs, cannot easily retaliate against its opponents. But it is not in Xi’s, or Chinese companies’, interests to sit back and let the G7 “de-risk”, and that makes the euphemism more threatening than it sounds. China firmly opposes the G7 joint statement and has complained to summit organiser Japan, the Chinese foreign ministry said on the same day. The ministry said that the G7, disregarding China's concerns, had attacked it and interfered in its internal affairs, including Taiwan.

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