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☆ Shelved L’Occitane buyout is no win for Hong Kong
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

A woman walks past a L'Occitane advertisement in Hong Kong April 19, 2010. Cosmetics retailer L'Occitane International S.A. plans to raise up to $708 million in a Hong Kong initial public offering, a source close to the deal said on Sunday night. Reinold Geiger has given up on his tentative plan to buy out the minority of shares he doesn’t already own of L’Occitane (0973.HK), a move that would have delisted the European skincare group from Hong Kong in the Asian hub’s largest take-private. The Austrian billionaire didn’t explain why he shelved the idea, which was probably a prelude to a relisting in Europe – mostly likely France. The appeal of such a move is unlikely to have diminished as global investors turn cold on both Hong Kong and China stocks, possibly for the long term.

Persons: Reinold Geiger, doesn’t, didn’t, Geiger, Una Galani, Thomas Shum Organizations: L'Occitane International S.A, Reuters, HK, Prada, Bloomberg, X, Thomson Locations: Hong Kong, MUMBAI, Austrian, Europe, France, China, Una

☆ Chevron begins mediation talks to avert Australia LNG strike
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

The Chevron logo is pictured after the U.S. government granted a six-month license allowing Chevron to boost oil output in U.S.-sanctioned Venezuela, in Caracas, Venezuela, December 2, 2022. Reuters first reported on Friday that Chevron had filed a request for mediation with the FWC. Any industrial action would disrupt Australia's LNG exports and increase competition for the super-chilled fuel, forcing Asian buyers to outbid European buyers to attract LNG cargo. Reuters GraphicsGorgon, Australia's second-largest LNG plant, has an export capacity of 15.6 million tonnes a year and Wheatstone 8.9 million. A similar dispute between the union alliance and Woodside-operated (WDS.AX) North West Shelf LNG facility, Australia's biggest, was resolved last month after workers approved a deal.

Persons: Gaby Oraa, Australia's, Renju Jose, Lewis Jackson, Christopher Cushing Organizations: Chevron, U.S, REUTERS, Rights, Reuters, Offshore Alliance, South, Wheatstone, West Shelf, Thomson Locations: Venezuela, Caracas, Australia, Western Australia, Perth, China, Japan, South Korea, Taiwan, Woodside, Sydney

☆ Poland's PGE reverses decision to bring forward carbon neutrality target
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

Companies PGE Polska Grupa Energetyczna SA FollowWARSAW, Sept 4 (Reuters) - Polish utility PGE (PGE.WA) said on Monday it was reversing a decision to bring forward its carbon-neutrality target to 2040 from 2050, changing course less than a week after the announcement of a strategy that caused political fallout. PGE is one of a few state-controlled energy firms that is seeking to move away from coal-fired plants in a coordinated overhaul of the country's energy sector. "The Management Board of PGE S.A. repealed the resolution adopting the update of the PGE Group Strategy," PGE said in a statement. "The decision is due to the need to complete the process of establishing the National Energy Security Agency (NABE)." Reporting by Alan Charlish and Marek Strzelecki; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: PGE's, Jacek Sasin, Alan Charlish, Marek Strzelecki, Alexander Smith Organizations: PGE Polska Grupa, WARSAW, PGE, Poland, State, PGE S.A, National Energy Security Agency, Thomson Locations: PGE, Poland, Warsaw

☆ Opinion | It’s Simone Biles’s Most Daring Move — and You Can Do It, Too
▼ + stars: | 2023-08-31 | by ( Rachael Denhollander | ) www.nytimes.com time to read: +1 min

Simone Biles entered the 2020 Olympic Games with a record 25 World Championship medals and four moves so difficult that she alone out of all the world’s gymnasts could perform them. But what took place on the competition floor made history in a way no one could have expected. Simone had “the twisties” — a complete loss of ability to perceive her body in space. I’m a former competitive gymnast myself (though let’s be clear — Simone and I occupy entirely different stratospheres). By the time he was sentenced to up to 175 years in prison, over 200 gymnasts had spoken up, and Simone was one of them.

Persons: Simone Biles, Simone, I’ve, I’m, let’s, Larry Nassar, Nassar Organizations: Gymnastics

☆ Exclusive: Brazil's Petrobras plans China subsidiary in push to boost ties, CEO says
▼ + stars: | 2023-08-31 | by ( Marta Nogueira | ) www.reuters.com time to read: +2 min

Prates said Petrobras aims to open the Chinese subsidiary next year, after getting formal approval. "It's important to them," Prates said in a phone interview during a business trip to China. "It is an interesting signal, saying that in the same way that we have a Petrobras America, we will have a Petrobras China, because both countries are equally important to us," he added. Prates said Petrobras China subsidiary would allow Petrobras to operate and participate in projects as partner even in other countries, including in Africa. Petrobras wants to increase its share of China's oil imports to 15% from the current 5% in the next 10 to 20 years, Prates said.

Persons: Sergio Moraes, Jean Paul Prates, Jair Bolsonaro, Prates, Luiz Inacio Lula da Silva, Lula, didn't, Marta Nogueira, Gabriel Araujo, Brad Haynes, David Gregorio Our Organizations: Petroleo Brasileiro S.A, REUTERS, DE, Petrobras, PETR4, Reuters, Petrobras America, White House, HK, CITIC, China Development Bank, Bank of China, Thomson Locations: Rio de Janeiro, Brazil, DE JANEIRO, SA, China, Petrobras China, United States, Beijing, Africa

☆ UBS inherits tricky wealth legacy in Asia
▼ + stars: | 2023-08-29 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

SINGAPORE, Aug 29 (Reuters Breakingviews) - UBS (UBSG.S) CEO Sergio Ermotti is facing an Asian wealth bonanza after acquiring Credit Suisse, which has been particularly strong in Indonesia and neighbouring countries. Tidjane Thiam, who ran Credit Suisse from 2015 to 2020, placed a big bet on the region by creating g a standalone Asian unit led by Indonesian banker Helman Sitohang. Former UBS CEO Ralph Hamers said in March that in Asia, more than anywhere globally, the interplay between wealth management and investment banking was important to lure clients. That working combination helped Credit Suisse regularly top equity capital markets and M&A league tables in Southeast Asian markets. UBS regional chief Edmund Koh told an industry event in July that the Swiss bank will manage about $800 billion of assets in Asia this year, Asia Private Banker reported.

Persons: Sergio Ermotti, Tidjane Thiam, Helman Sitohang, Ralph Hamers, Edmund Koh, Ermotti, Francesco De Ferrari, Benjamin Cavalli, Lisa Jucca, Thomas Shum Organizations: Reuters, UBS, Credit Suisse, Suisse, Credit Suisse’s, Credit, Asia, Banker, HSBC, HK, Thomson Locations: SINGAPORE, Indonesia, Swiss, Asia

☆ Inceptio sees big jump in China sales of driver-assist truck tech, plans overseas foray
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

A Dongfeng truck with autonomous driving system developed by Inceptio is showcased at Shanghai Centre in Shanghai, China August 29, 2023. REUTERS/Zoey Zhang Acquire Licensing RightsSHANGHAI, Aug 29 (Reuters) - Chinese startup Inceptio expects the number of trucks in China using its driver-assist technology will quadruple by mid-2024 from around 600 currently, and also plans to begin sales overseas next year. "This is a new 'blue ocean' market," he said, using a phrase that describes an underdeveloped market with few competitors. Over the next three to five years, Inceptio is looking at offering services to help manage truck fleets, Ma said. Inceptio eventually hopes that trucks will be eventually allowed to go fully autonomous, enabling it to build a robotruck fleet.

Persons: Zoey Zhang, Inceptio, Julian Ma, China's, Ma, Zhang Yan, Brenda Goh, Edwina Gibbs Organizations: Inceptio, Shanghai, REUTERS, Rights, Dongfeng Automobile, Nestle, Budweiser, Deppon Express, Reuters, East, Boston Consulting, Thomson Locations: Shanghai, China, U.S, CATL, Sequoia China, East Asia, East, Japan, Inceptio

☆ Opinion | A S.A.D. Story: What Can We Learn from the 1970s?
▼ + stars: | 2023-08-29 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

In my experience, economic pundits all too often suffer from S.A.D. There was a lot of S.A.D. during the early Obama years, with dire pronouncements about the inflationary effects of budget deficits and growth in the money supply. Most famously, Larry Summers, who had gained a lot of credibility by correctly predicting the inflation surge, predicted that disinflation would once again be extremely costly. That second prediction hasn’t aged well; inflation has come way down without any rise in unemployment.

Persons: Obama, Larry Summers, disinflation, Summers

Chevron's Gorgon and Wheatstone projects account for more than 5% of global LNG capacity, and news of the possible strikes sent European natural gas prices surging. "It's set to cost Chevron their LNG exports as (the industrial action) starts to bite," said the alliance that groups together the Maritime Union of Australia and the Australian Workers' Union. The unions last week warned that work stoppages could cost Chevron billions of dollars. "Ten hour work stoppages: it is a harsher initial industrial action than what the unions contemplated for Woodside," he said. Last week, Offshore Alliance and Woodside (WDS.AX) resolved worker disputes at North West Shelf, Australia's largest LNG facility, after negotiating higher wages, job security and employee-friendly rosters, averting industrial action.

Persons: Gaby Oraa, Wheatstone, Saul Kavonic, Renju Jose, Lewis Jackson, Florence Tan, Alasdair Pal, Chris Reese, Shri Navaratnam, Tom Hogue Organizations: Chevron, U.S, REUTERS, SYDNEY, Workers, Reuters, Offshore Alliance, Maritime Union of Australia, Australian Workers ' Union, Shell, Energy, Woodside, North West Shelf, Thomson Locations: Venezuela, Caracas, SINGAPORE, Australia, Woodside, WDS.AX, Asia, Chevron, Sydney, Singapore

☆ Telstra Chairman Mullen to retire after 15 years
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

A pedestrian walks past a Telstra logo adorning a phone booth in the central business district (CBD) of Sydney in Australia, February 13, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsAug 28 (Reuters) - Australia's Telstra (TLS.AX) said on Monday that its chairman John Mullen would retire at the conclusion of this year’s annual meeting on October 17. After serving on the telecom major's board for 15 years, the company said Mullen will be succeeded as chairman by current director Craig Dunn. Mullen served as chairman for the past seven years. The country's largest telecoms firm expects underlying EBITDA between A$8.2 billion and A$8.4 billion ($5.38 billion)for fiscal 2024, higher than A$7.86 billion in the previous year.

Persons: David Gray, John Mullen, Mullen, Craig Dunn, Dunn, Aishwarya Nair, Diane Craft Organizations: Telstra, REUTERS, Australia's Telstra, Risk, Thomson Locations: Sydney, Australia, Asia, Bengaluru

☆ Weekend episode: Jackson Hole and the Powell Rorschach test, Zambian rock returns and Europe reins in Big Tech
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: +1 min

We check in on the state of the global economy at the annual economic symposium in Jackson Hole. And a Zamrock legend returns after 40 years. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: The Thomson Reuters Trust Principles.

Persons: Fed's Powell Organizations: Apple, Google, Reuters, Thomson, EU Digital Services Locations: Jackson, Silicon

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken February 8, 2022. Workers on Thursday voted to authorize the Offshore Alliance of unions to call a strike at Chevron's Gorgon and Wheatstone projects. In a Facebook post on Friday, the union alliance said of Chevron's senior management team: "Their stupidity is about to cost them $billions in lost production and profit." The Offshore Alliance, which combines the Maritime Union of Australia and Australian Workers' Union, must give Chevron seven working days' notice before a strike. The Offshore Alliance announced on Friday that workers had "overwhelmingly endorsed" the draft agreement in a meeting the previous evening.

Persons: Dado Ruvic, Wheatstone, Saul Kavonic, Renju Jose, Lewis Jackson, Cynthia Osterman, Kim Coghill Organizations: Chevron, REUTERS, Rights, Workers, Offshore Alliance, North West Shelf, Maritime Union of Australia, Australian Workers ' Union, South, Taiwan . Energy, West Shelf, Woodside, Thomson Locations: Chevron's, Australia, Woodside, Europe, China, Japan, South Korea, Taiwan, Woodside's, Dutch, Sydney

☆ Morning Bid: August rescued by Nvidia, bond rally
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Brendan McDermid Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike DolanA dire August for world markets is being rehabilitated in its final week, helped by another sparkling AI-related surprise from chip giant Nvidia (NVDA.O) and a rebound in battered bond markets. The bar for surprise from Wednesday's earnings update was sky high, but the company somehow managed to vault it again. Despite the rebound the index is still down more than 4% for August - its worst month since last September. Ironically, the retreat in bond yields comes amid signs of cooling economic activity - but that comes with the significant relief that central banks may not have to squeeze any harder to get inflation back close to targets. Bond yields are in retreat in advance of the speech, helped by the easing economic data and a decent 20-year bond auction on Wednesday.

Persons: Brendan McDermid, Mike Dolan, Jerome Powell's, Jackson, China's spluttering, Bernadette Organizations: New York Stock Exchange, REUTERS, Nvidia, Federal Reserve, Fed, Treasury, Woodside Energy, Chicago Fed, Kansas City Fed, Intuit, Ulta, Reuters, Thomson Locations: New York, U.S, Frankfurt, Asia, Shanghai, Europe, Kansas, Jackson

"It's pleasing that Woodside has made our members a strong offer without industrial action being taken," Gandy added in a statement. The project in Western Australia, along with the Gorgon and Wheatstone LNG facilities of Chevron Corp (CVX.N), account for about one-tenth of global supplies. Workers at Chevron's facilities are also considering industrial action, and the combined threats had supported LNG prices over the past few weeks. The Woodside workers unions had threatened to strike as early as Sept. 2 unless their demands for better pay and conditions were met. Asia spot LNG prices remained supported at above $14 per million British thermal units at Wednesday's close, with traders still cautious about LNG supplies from Australia.

Persons: Chris Helgren, Brad Gandy, Woodside, Gandy, Warren Patterson, Saul Kavonic, Renju Jose, Florence Tan, Sonali Paul, Stephen Coates, Miral Organizations: Woodside Energy, REUTERS, Rights, Woodside, North West Shelf, Workers, Chevron Corp, Chevron, North West, Australia . Energy, Thomson Locations: Vancouver , British Columbia, Canada, Rights SYDNEY, SINGAPORE, Western Australia, Woodside, Asia, Wednesday's, Australia, Sydney, Singapore

[1/2] A general view shows the brine pools of Albemarle Chile lithium plant placed on the Atacama salt flat, Chile, May 4, 2023. "It seems like the cheapest way to get lithium units is via the drill bit," said analyst Kaan Peker of RBC in Sydney. "Even though battery chemistry is evolving and impacting certain metals, lithium is a mainstay and the demand story remains robust. The battery metals landscape, and lithium in particular, looks poised for further M&A activity,” said Gavi Friedland, head of metals and mining at Goldman Sachs in Australia & New Zealand. Mineral Resources is deciding whether to build an Australian lithium battery chemical plant, while Albemarle is expanding production at its Kemerton hydroxide plant and SQM is also building a lithium hydroxide plant.

Persons: Ivan Alvarado, acquirers, Kaan, ”, Gavi Friedland, Goldman Sachs, Guy Alexander, Buyers, Japan's Idemitsu, Delta, Tony Chong, Squire Patton Boggs, Jakob Stausholm, Stausholm, Dale Henderson, Melanie Burton, Veronica Brown Organizations: REUTERS, Chile, Albemarle Corp, RBC, Develop, Mineral Resources, Metals, Minerals, Liontown Resources, Climate Capital, Consultancy, EV, Goldman, New Zealand, Resources, Tinto, Patriot Metals, Canada, Reuters, Thomson Locations: Albemarle Chile, Chile, MELBOURNE, Australia, Sydney, Andover, Albemarle, Perth, China, U.S, Canada, Quebec

Coles and Woolworths sell two-thirds of Australian groceries by dollar value, and are seen as bellwethers of consumer behaviour. Full-year NPAT of Woolworths is seen rising to A$1.74 billion from A$1.51 billion, and for Wesfarmers to A$2.47 billion from A$2.35 billion last year. Woolworths and Wesfarmers report annual results on Aug. 23 and Aug. 25, respectively. They added that rising operating costs are a headwind for retail companies, but focus will be on how these costs are managed. Reporting by Himanshi Akhand and John Biju in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Munoz, Jefferies, Coles, Tim Waterer, Himanshi Akhand, John Biju, Rashmi Organizations: REUTERS, Coles Group, Woolworths, KCM Trade, Kmart, Coles, UBS, Thomson Locations: Sydney's, Australia, Bengaluru

It's likely that workers at the Chevron (CVX.N) plants will join their Woodside colleagues in authorising industrial action, which could then be launched with a seven-day notice period. The worst-case scenario is that industrial action is prolonged and forces a total shutdown of the three plants. The most likely outcome for the time being remains limited industrial action, ongoing negotiations and an eventual settlement that sees the unions get some of what they want, most likely in exchange for some longer-term guarantees. LNG imports by Asia, Europe vs spot Asia priceASIA IMPORTS RISINGAsia's imports for August are expected to lift to 22.86 million metric tons, according to data compiled by commodity analysts Kpler. This would be up from 21.61 million metric tons in July and would be the strongest month since January's 23.37 million.

Persons: Dado Ruvic, It's, Europe's, Shri Navaratnam Organizations: REUTERS, Rights, Woodside Energy, West, Offshore Alliance, Chevron, Woodside, Kpler, Reuters, Thomson Locations: Rights LAUNCESTON, Australia, Woodside, Western Australia, Asia, Europe, North Asia, ASIA, Japan, South Korea, South, Russia, Ukraine

☆ S.African municipalities' unpaid dues to Eskom rise to $3.3 bln-minister
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

JOHANNESBURG, Aug 20 (Reuters) - The amount of unpaid dues that South African municipalities owe debt-laden power company Eskom has risen to more than 63.2 billion rand ($3.33 billion) and is increasing exponentially, risking even longer power cuts around the country, the electricity minister said on Sunday. Kgosientsho Ramokgopa said the figure had risen by 4.7 billion rand since the start of this year. Eskom supplies power to 238 municipalities with the top 20 of them accounting for 77% or 48.9 billion rand of the total overdue debt, Ramokgopa said. The government is exploring ways to resolve the municipal debt crisis and is looking at funding from various means to upgrade the distribution infrastructure, Ramokgopa said, without giving any timeline. ($1 = 18.9890 rand)Reporting by Promit Mukherjee; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Kgosientsho Ramokgopa, Ramokgopa, Eskom, Promit Mukherjee, Susan Fenton Organizations: Thomson Locations: JOHANNESBURG, South Africa

REUTERS/Florence Tan/File Photo Acquire Licensing RightsSYDNEY, Aug 20 (Reuters) - Unions at Woodside Energy Group's (WDS.AX) North West Shelf offshore gas platforms on Sunday announced plans to strike as early as Sept. 2, which could eventually disrupt shipments of liquefied natural gas (LNG) from top global exporter Australia. The strike threat escalates a long-running dispute between Woodside and workers over pay and conditions on its North West Shelf gas platforms, which feed Australia's biggest LNG plant. Unions in Australia are required by law to give companies seven working days' notice before any industrial action but can elect to call off any action before then. "Offshore Alliance members don’t take industrial action lightly, but Woodside is really leaving them with little choice here." Workers there on Friday began voting on whether to grant unions permission to call for strike action, with the first results due by Thursday.

Persons: Florence Tan, Woodside, Brad Gandy, Alasdair Pal, Lewis Jackson, Sonali Paul, William Mallard Organizations: Woodside Energy, World Gas, REUTERS, Rights, West, Sunday, Australia, North West Shelf, Unions, Offshore Alliance, Maritime Union of Australia, Australian Workers ' Union, Woodside, Workers, Thomson Locations: Daegu, South Korea, Woodside, Australia, Sydney

The property industry globally, and office building owners in particular, are struggling as working from home and e-commerce lead tenants to reconsider floor space just as higher interest rates reduce building values and raise debt servicing costs. Dexus sold the 18-story A-Grade office for A$293.1 million ($188 million), a 16.3% discount to its December 2022 valuation, according to company filings. Quintessential Equity, an Australian property developer and investor, announced itself as the buyer on its website without elaborating. Dexus will own a A$50 million stake in the trust that will hold the property, it said in a statement. In June, Dexus sold another premium office building in Sydney's central business district for A$393.1 million, a near 17% discount to an independent valuation made in December.

Persons: Loren Elliott, Dexus, Darren Steinberg, Lewis Jackson, Rishav Chatterjee, Subhranshu Sahu, Rashmi Aich, Sam Holmes Organizations: REUTERS, Rights, Reuters, Equity, Thomson Locations: Sydney, New South Wales, Australia, Australian, Bengaluru

"The Boss" is on tour with the E Street Band through December 2023, with tour tickets still on sale for prospective attendees. If you're aiming to buy Bruce Springsteen tickets for the last leg of his 18th headlining tour, we've got you covered. Bruce Springsteen 2023 tour scheduleThe fall tour dates for Bruce Springsteen include 27 remaining shows in the U.S. and Canada. The cost of original Bruce Springsteen tickets vary depending on location and date. Mat Hayward/Getty ImagesThe final leg of Bruce Springsteen's 2023 concert tour includes international dates in Canada.

Persons: Bruce Springsteen, Springsteen, we've, Foxborough, Bruce Springsteen's, Sam Fender, Frank Turner, Tash Sultana, Steven Van Zandt, Mike Weinberg, Garry Tallent, Roy Bittan, Nils Lofgren, Patti Scialfa, Mat Hayward Organizations: Broadway, NY, San, Ticketmaster, Vivid, showtime, Garden, Getty Locations: U.S.A, United States, North America, U.S, Canada, Rutherford, NJ, Syracuse, Baltimore, Pittsburgh, Uncasville, Albany, NY, Columbus, Washington, Vancouver, BC, Edmonton, Calgary, AB, Winnipeg, Toronto, ON, Kanata, Montréal, Quebec, Phoenix, AZ, San Diego, Inglewood, CA, San Francisco, Springsteen's Rutherford , New Jersey, Columbus , Ohio, White Buffalo, Boston , Massachusetts, Europe

☆ Vlad the Impaler, the terrifying ruler and inspiration behind Dracula, may have cried actual tears of blood, scientists say
▼ + stars: | 2023-08-18 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +4 min

Scientists have analyzed letters written by Vlad the Impaler in the 15th century. Traces of protein on the letters suggest he suffered from hemolacria, which causes blood to be present in tears. There are a wide variety of disorders that can cause blood tears, ranging from blood clotting issues to unusual menstruation. Analysis of the proteins found traces of a bacteria that causes plague, but this disease is not linked to blood tears. "To our reckoning, this is the first time such research has been carried out and has helped to bring to the limelight the health status of Vlad Dracula the Impaler," the authors said in the study.

Persons: Vlad, Dracula, Vlad III, Vlad Drăculea, Pittalá, Maria Gaetana Giovanna Pittalà, Vincenzo Cunsolo, —, Vlad the, Alexandreea Alexandru, Bram Stoker, Stoker, Vlad Dracula Organizations: Service, University of Catania Locations: hemolacria, Wall, Silicon, Italy

☆ Australia's Telstra shelves InfraCo stake sale plan, shares down
▼ + stars: | 2023-08-17 | by ( Poonam Behura | ) www.reuters.com time to read: +2 min

The country's largest telecoms firm decided against selling a stake in InfraCo Fixed, saying the unit "plays an important role" in achieving its long-term goals. InfraCo Fixed posted a 4.1% rise in annual income to A$2.56 billion ($1.64 billion), contributing 11% to Telstra's total income of A$23.25 billion. Telstra is targeting net cost reductions of A$500 million and mid-single digit underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) growth through to FY25. It expects underlying EBITDA between A$8.2 billion and A$8.4 billion for fiscal 2024, higher than A$7.86 billion in the previous year. We remain absolutely committed to delivering our FY25 underlying EBITDA and EPS growth ambitions," Brady said.

Persons: David Gray, Henry Jennings, Vicki Brady, Brady, Poonam Behura, Anil D'Silva, Subhranshu Organizations: Telstra, REUTERS, Australia's Telstra, InfraCo, Marcustoday, TPG Telecom, Thomson Locations: Sydney, Australia, Bengaluru

☆ Eggplant Extravaganza
▼ + stars: | 2023-08-17 | by ( Tanya Sichynsky | ) www.nytimes.com time to read: +2 min

has a bumper crop!” — AmyIf you find eggplant inedible, either because of its texture or taste, you want recipes that use up as much produce as possible while making it largely undetectable. In Kay Chun’s eggplant and bean chili, eggplant is simmered in a garlicky tomato sauce until it collapses into a chile-spiced ragù. Pairing stewed eggplant with aromatics and protein-packed legumes is a solid strategy: Kay does it again in her recipe for eggplant dal, in which cumin, coriander, garlic, ginger and fresh chile season lentils and eggplant. Bitter eggplant is often undercooked eggplant. And if you’re frustrated with the results of sautéing and baking, try steaming: In about 10 minutes, strips of eggplant are rendered silky in Hetty Lui McKinnon’s recipe for liang ban qie zi, eggplant with garlic, ginger and scallions.

Persons: I’ve, Amy, Kay, — Kay, you’re, Hetty Lui McKinnon’s

☆ BRICS nations to meet in South Africa seeking to blunt Western dominance
▼ + stars: | 2023-08-17 | by ( Tim Cocks | ) www.reuters.com time to read: +4 min

An attendant is stands next to South African, Indian, Russian, Brazilian and Chinese flags during a plenary session of BRICS Summit, in Xiamen, China September 4, 2017. South Africa will host Chinese President Xi Jinping, Brazil's Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi for the BRICS summit from August 22 to 24. Russia needs friends to counter its diplomatic isolation over Ukraine, and so is keen to bring in new members, as is its most important African ally, South Africa. BRICS nations are keen to project themselves as alternative development partners to the West. Officials in Brazil, China and South Africa said climate change may come up but indicated it wouldn't be a priority.

Persons: Tyrone Siu, S.Africa, Vladimir Putin, Xi Jinping, Brazil's Luiz Inacio Lula da Silva, Narendra Modi, Naledi Pandor, BRICS, Breton Woods, disbursing, Laurie Chen, Lisandra, David Stanway, Carien Du Plessis, Alexandra Hudson Organizations: BRICS, REUTERS, Tyrone, Global, Indian, New Development Bank, World Bank, Alexandra Hudson Our, Thomson Locations: Xiamen, China, India, Brazil, JOHANNESBURG, South Africa, Ukraine, . South Africa, United States, Saudi Arabia, Argentina, Egypt, AFRICA, BRICS, Russia, Africa, Beijing, Brasilia, Singapore, Johannesburg

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