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☆ Shares of Ant-linked firms rise after news of Jack Ma ceding control; Alibaba jumps
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday after announcements that Ant founder Jack Ma is giving up control of the fintech giant following an overhaul. Hong Kong-listed shares of Ma's Alibaba (9988.HK) jumped more than 5%. Ant said over the weekend that founder Jack Ma will give up control of the company. China's domestic A-share market requires companies to wait three years after a change in control to list. Ant Group said on Sunday it has no plan to initiate an IPO.

☆ A sexy Vegas circus paid $2.5 million in cash to buy a California town in the Mojave Desert and build a 'permanent Burning Man'
▼ + stars: | 2023-01-04 | by ( Robert Davis | ) www.businessinsider.com time to read: +1 min

Nipton was previously owned by Jerry Freeman and Roxanne Lang, a California couple who purchased the town for about $200,000 in the 1980s. The Washington Post/Getty ImagesThe sales history for the town is a bit murky. The following year, American Green abandoned its ambitious plans for the town and sold the property to a Scottsdale-based energy company for $7.1 million, the Los Angeles Times reported. Other groups like a religious cult, a cryptocurrency enthusiasts, and investors who wanted to build a train line to Las Vegas have also tried to buy the property, the Wall Street Journal reported. However, the Wall Street Journal also reported that Freeman and Lang were the ones who sold Nipton to Spiegelworld.

☆ China's National Health Commission to stop publishing daily COVID figures
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 25 (Reuters) - China's National Health Commission, which for the past three years or so has published daily COVID-19 case figures for the country, said it will no longer release such data from Sunday. "Relevant COVID information will be published by the Chinese Center for Disease Control and Prevention for reference and research," the NHC said in a statement, without specifying the reasons for the change or how frequently China CDC will update COVID information. Reporting by Roxanne Liu and Bernard Orr; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ China must raise self-reliance in agricultural technology, Xi says
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Dec 25 (Reuters) - President Xi Jinping wants China to accelerate efforts to achieve self-reliance in agricultural technology, identifying seed development and core equipment among areas to focus on, state media reported. "It is necessary to keep an eye on the frontiers of the world's agricultural science and technology," the official Xinhua news agency quoted Xi as saying at the central rural work conference held in Beijing over Friday and Saturday. The President urged China's agricultural sector to "vigourously improve" its science and technology, with more efficient innovation. Xi urged the sector to address issues with innovation, such as the rate of conversion into commercial applications and a lack of cooperation between research teams. Reporting by Dominique Patton, Roxanne Liu and Bernard Orr Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ China health commission stops publishing daily COVID figures
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +3 min

Despite the record surge of infections, the NHC had reported no COVID deaths nationwide for four consecutive days before halting the data release. China narrowed its definition for reporting COVID deaths, counting only those from COVID-caused pneumonia or respiratory failure, raising eyebrows among world health experts. British-based health data firm Airfinity last week estimated China was experiencing more than a million infections and 5,000 deaths a day. After COVID cases were breaking daily records in late November, the NHC this month stopped reporting asymptomatic infections, making it harder to track cases. The World Health Organization has received no data from China on new COVID hospitalisations since Beijing eased its restrictions.

☆ Daughters of Americans imprisoned in Iran appeal to Biden for action
▼ + stars: | 2022-12-16 | by ( Dan De Luce | Dan De Luce Is A Reporter For The Nbc News Investigative Unit. | ) www.nbcnews.com time to read: +6 min

The daughters of two Iranian Americans imprisoned in Iran for more than four years appealed for a face-to-face meeting with President Joe Biden and called on him to take the tough decisions necessary to bring their fathers home. Morad Tahbaz has been imprisoned in Iran since 2018. It is his duty to bring Americans home who are wrongfully detained,” Tahbaz said. She said Biden was committed to securing the release of Americans wrongfully detained overseas. The third American held in Iran, Siamak Namazi, has been imprisoned for seven years.

STOCKHOLM, Nov 28 (Reuters) - Philip Morris International (PMI) (PM.N) said on Monday it now owned a big enough stake in Swedish Match (SWMA.ST) to initiate a compulsory redemption of remaining shares in its Swedish peer and would take it off the stock market. Marlboro maker PMI in May launched a $16 billion takeover bid for the Swedish tobacco and nicotine products company. Buying Swedish Match, with its popular wet snuff "snus" products and tobacco-free nicotine "ZYN" pouches, will aid PMI in its stated ambition to move away from health-harming cigarettes and eventually become a smoke-free company. Swedish Match was not immediately available for comment. ($1 = 10.3774 Swedish crowns)Reporting by Marie Mannes and Anna Ringstrom, editing by Essi Lehto and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Major Gulf markets track Asian shares, oil prices lower
▼ + stars: | 2022-11-28 | by ( Roxanne Liu | Yantoultra Ngui | ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Major stock markets in the Gulf fell on Monday, with the Qatari index leading the drop, as investors tracked sluggish crude prices and Asian equities lower after rare protests in China against the country's zero-COVID curbs roiled sentiment. Crude prices - a key catalyst for the Gulf's financial markets - slumped as street protests against strict curbs in China, the world's biggest crude importer, stoked concerns about the outlook for fuel demand. In Qatar, the index (.QSI) dropped 1.5%, as all stocks were trading in negative territory including petrochemical maker Industries Qatar (IQCD.QA), which was down 1.9%. Saudi Arabia's benchmark index (.TASI) retreated more than 1%, with Retal Urban Development Co (4322.SE) losing 1% and oil giant Saudi Aramco (2222.SE) declining 0.9%. Dubai's main share index (.DFMGI) retreated 0.5%, weighed down by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU).

SINGAPORE, Nov 28 (Reuters) - Link Real Estate Investment Trust (0823.HK), Asia's biggest REIT, has emerged as the frontrunner to buy a portfolio of assets from Singapore shopping mall owner NTUC Enterprise Co-operative Ltd, multiple sources told Reuters on Monday. If Link REIT does buy, the assets will be its first in Singapore. Mercatus and Hong Kong-listed Link REIT declined to comment on the matter. Nearly three-quarters of its portfolio value is in Hong Kong. Link REIT has been on the prowl for assets in Singapore and other countries to diversify its portfolio.

☆ Gap to sell Greater China units to e-commerce firm Baozun
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 8 (Reuters) - U.S. apparel retailer Gap Inc (GPS.N) has agreed to sell its Greater China businesses to Baozun Inc (9991.HK), the e-commerce service provider said on Tuesday, as headwinds persists for global consumer brands in the world's second-largest economy. China's Baozun said its unit would acquire Gap Shanghai Commercial and Gap Taiwan Ltd, which operate the whole business of Gap Greater China, with a primary deal size of $40 million and no more than $50 million for adjustment. The Shanghai entity reported a net loss after tax of 256 million yuan ($35.34 million) for 2021, compared with 456.3 million yuan a year earlier, Baozun said in a filing. The Taiwan entity reported a post-tax net loss of T$199.8 million ($6.24 million) for the year ended January 29, 2022. Separately, Baozun said Gap has granted it an exclusive right to manufacture and sell its products in Greater China area.

BEIJING/HONG KONG, Oct 25 (Reuters) - Global credit rating agency Moody's downgraded Fosun International Ltd (0656.HK) by one notch on Tuesday and revised its outlook to "negative" from "ratings under review" amid concerns over the firm's accelerated asset sales. Fosun and its units had earlier cut stakes in firms such as New China Life Insurance (601336.SS) and Shanghai Yuyuan Tourist Mart Group (600655.SS). Fosun, controlled by billionaire entrepreneur Guo Guangchang, was once one of China's most aggressive dealmakers overseas, buying high-profile assets including resort brand Club Med. Fosun's cash on hand at the holding company level is insufficient to cover its short-term debt maturing over the next 12 months, Moody's added. Fosun also expects to gradually repay the outstanding senior notes and increase borrowings from banks, the report said.

BEIJING/HONG KONG, Oct 25 (Reuters) - Global rating agency Moody's downgraded Fosun International Limited (0656.HK) by one notch on Tuesday and revised its outlook to 'negative' from 'ratings under review', after the firm divested more assets to ease liquidity and debt burdens. "Moody's expects Fosun to face difficulties in refinancing its sizable short-term debt in public bond markets, both onshore and offshore, given the current weak market sentiment," the rating agency said. Fosun's cash on hand at the holding company level is insufficient to cover its short-term debt maturing over the next 12 months, Moody's said. Fosun's management also plans to gradually repay the outstanding senior notes and increase borrowings from banks, the report said. The company did not make any comments on the Bloomberg story or the Citigroup report in response to queries from Reuters.

☆ Chinese automaker Geely's new energy brand Farizon raises over $300 mln
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 26 (Reuters) - Chinese automaker Geely's new energy vehicle subsidiary on Wednesday said its brand Farizon has raised over $300 million from a funding round led by Asian logistics firm Global Logistics Properties' (GLP) investment arm Hidden Hill Capital. The new capital raise, which involves other investors such as Chinese logistics and chemical group Transfar and an investment firm backed by major Chinese investment bank CITIC Securities, came as Geely stepped up its new energy vehicle development. Hangzhou-based Geely Holding Group, owner of Zhejiang Geely New Energy Commercial Vehicle Group which sells Farizon, is known globally with its investments in Volvo Cars and Mercedes-Benz. Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement. Geely New Energy Commercial Vehicle did not disclose Farizon's valuation in the statement.

☆ Temasek-backed Vertex set to raise nearly $500 mln for new China-focused fund
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 18 (Reuters) - Venture capital firm Vertex Ventures, backed by Singapore state investor Temasek, is set to raise nearly $500 million for a new fund that will invest in efforts to step up China's domestic tech development, a senior executive said. The new fund's size will exceed an initial target of $400 million, compare with an earlier, similar fund that raised $275 million, said Tay Choon Chong, managing partner at Vertex Ventures China. Register now for FREE unlimited access to Reuters.com Register"China is pivoting from relying on imported technologies to its own tech know-how," Tay said. The latest Vertex fund comes amid a slowdown this year in U.S. dollar-denominated fundraising by China-focused venture capital and private equity firms. While looking for investment opportunities involving companies developing advanced technologies, Vertex will also look for firms that have potential in reducing Beijing's reliance on foreign suppliers, Tay said.

☆ 2022 Acura MDX Type S Advance: A Feast of Upgrades
▼ + stars: | 2022-10-13 | by ( Dan Neil | ) www.wsj.com time to read: +1 min

ALL ABOARD The 2022 Acura MDX Type S Advance ($73,245, as tested) is a performance-enhanced version of the company’s premium midsize SUV, in which the standard 3.5-liter V6 is replaced by a lighter, more powerful turbo V6 (355 hp/354 lb-ft), and adding sport-tuned air suspension and stronger front brakes from Brembo. The 2022 Acura MDX Type S Advance answers the question: How many options, extras and come- ons can be loaded aboard a family SUV before the tires pop? This “lavishly equipped” version of the company’s premium people-mover ( $73,245, as tested) “raises the bar for opulence,” says the wild-eyed press release. Shield your eyes from its Diamond Pentagon grille, whose brightwork pattern scintillates around the large Acura emblem, like op-art. Dig those chrome quad exhaust tips, the gloss-black 21-inch wheels, the bright red Brembo brake calipers.

BEIJING, Oct 7 (Reuters) - The mounting economic toll of China's zero-COVID policy is raising investor hopes that Beijing may finally begin laying the groundwork for the tricky epidemiological and political task of shifting course following this month's Communist Party congress. Goldman Sachs analysts predict China will start relaxing the policy in the April-June quarter. China boasts nine domestically developed COVID vaccines approved for use, more than any other country. REUTERS/Aly SongThe authorities have not approved any foreign-made COVID shots. Many countries offer second booster shots.

☆ 3 chimpanzees are being held for ransom after being stolen from a sanctuary in Congo, as experts fear more widespread animal kidnapping
▼ + stars: | 2022-09-26 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +3 min

Three baby chimpanzees are being held for ransom, said founders of a primate rescue sanctuary in Africa. That's about 3,000 to 5,000 chimps killed every year in the DRC alone, per France Info. But this is the first time that a primate has been held for ransom, and they have received death threats. An endangered pangolin was also held for ransom earlier this year in another area of the country. The two incidents have experts worried that the tactic may become widespread among criminals in the DRC, per the Times.

☆ GE unit boosts medical dye output as China COVID lockdown cuts supplies
▼ + stars: | 2022-05-10 | by ( ) www.reuters.com time to read: +3 min

read moreSome of the largest U.S. hospitals said on Tuesday they are facing critical shortages of iodinated contrast media products. The Greater New York Hospital Association (GNYHA) warned on May 4 of temporary supply shortages of GE Healthcare's iodinated contrast media - specifically its Omnipaque products made in Shanghai. "We are working around the clock to expand capacity of our iodinated contrast media products," a GE spokesperson said after the company had to close its Shanghai facility for several weeks due to local COVID policies. GE Healthcare has four contrast media manufacturing facilities, including the one in Shanghai. A spokesperson for Bayer (BAYGn.DE), which competes with GE Healthcare in contrast media, said it is not facing a similar situation.

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