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HONG KONG, Dec 5 (Reuters Breakingviews) - Why would the world’s largest battery maker want to sell shares when it’s already flush with liquidity? It ended June with 102 billion yuan ($14 billion) in net cash, Moody’s calculates. CATL has just started production at a new facility in Germany and is building a plant in Hungary, its first forays West. The company’s long-term loans have increased more than tenfold to more than 70 billion yuan and its long-term bonds by around a third to nearly 20 billion yuan since 2020, per Visible Alpha. But as Zeng’s electric dreams accelerate, he’ll want to be sure CATL’s own batteries are fully charged.

Persons: it’s, CATL, Robin Zeng, Breakingviews, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Hong, Thailand’s, Ford Motor, Technology, Thomson Locations: HONG KONG, Switzerland, CATL, Hong Kong, Shenzhen, China, Europe, Germany, Hungary, Fitch, Indonesia, Swiss

☆ Geely’s stalled IPO discounts global expansion
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 1 (Reuters Breakingviews) - Electric-car marque Zeekr, controlled by China’s largest private auto group Zhejiang Geely, has hit a roadblock. It is putting on hold its New York initial public offering because of a mismatch in valuation expectations, Reuters reported on Thursday. It was hoped the listing would break the ice and encourage a resurgence in Chinese volumes in U.S. capital markets. Its prospectus was published in November, when global stocks recorded their best performance since 2020. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Xi Jinping, Joe Biden, Katrina Hamlin, Julius Baer’s, Una Galani, Thomas Shum Organizations: Reuters, Zhejiang, American, Tata Technologies, X, Barclays, Thomson Locations: HONG KONG, York, Mumbai, Europe, United States, China

☆ Slowing China still leads the race for commodities
▼ + stars: | 2023-11-28 | by ( Yawen Chen | ) www.reuters.com time to read: +7 min

"When it comes to copper, the thinking usually goes that copper equals property, property equals China," said one commodities trader. "And because China property is down, copper must be down too." That’s why China's copper demand will still rise by 4 million tonnes from the 2020 level to around 18 million tonnes per year in 2030, according to estimates by commodity trading group Trafigura. And China's copper demand has grown by 8% this year, faster than the 5% Xi is targeting for overall GDP growth. China's annual aluminium demand rose by 18 million tonnes from 2010 to 2020 and is forecast to grow by another 13 million tonnes to over 50 million tonnes a year in 2030, per Trafigura.

Persons: Xi Jinping, Communist Party’s, Wood Mackenzie, Francesco Guerrera, Katrina Hamlin, Thomas Shum Organizations: Reuters, HK, Communist, Shanghai Futures Exchange, London Metal Exchange, ING, International Monetary Fund, IMF, World Bank, Reuters Graphics Reuters, Oxford, HSBC, Democratic, Thomson Locations: SINGAPORE, China, Washington, Moscow, Taiwan, Shanghai, Republic, United States, Australia, Beijing, Chile, Indonesia, Democratic Republic of Congo

☆ Warren Buffett pays for Indian payments punt
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking/File Photo Acquire Licensing RightsMUMBAI, Nov 27 (Reuters Breakingviews) - Berkshire Hathaway’s (BRKa.N) foray into the digital payments industry in India did not go well. Warren Buffett’s investment firm on Friday sold its remaining shares in $7 billion Paytm, some five years after making its initial investment, locking in a more than 20% loss, per Breakingviews calculations. But Berkshire only invested $260 million, barely a blip next to its $700 billion-odd of assets at the time. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Warren Buffett, Rick Wilking, Warren, –, Vijay Shekhar Sharma’s, it’s, Antony Currie, Katrina Hamlin Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Rights, Reuters, Berkshire, X, Thomson Locations: Omaha , Nebraska, Rights MUMBAI, Berkshire, India, Una, China, Rome

☆ Panasonic’s auto deal deserves a speedy sequel
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toru Hanai/File Photo Acquire Licensing RightsHONG KONG, Nov 22 (Reuters Breakingviews) - Panasonic’s (6752.T)decision to sell part of its automotive unit suggests CEO Yuki Kusumi’s plans are taking a promising turn. The business, which pioneers technology like infotainment systems for the next generation of internet-connected cars, is a growing but capital-intensive opportunity. Selling a stake to Apollo Global Management (APO.N), with the possibility of a listing later, could help fund faster development without denting Panasonic’s balance sheet or returns. This was an obvious target for Kusumi, who previously led the auto unit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Toru Hanai, Yuki Kusumi’s, Panasonic’s, it’s, Katrina Hamlin, Francesco Guerrera, Thomas Shum Organizations: Panasonic Corp, Advanced Technologies, Makuhari, REUTERS, Reuters, Apollo Global Management, Sony, Hitachi, Panasonic, X, Walmart, Thomson Locations: JAPAN, Chiba, Japan, HONG KONG, Asia, Rome

At least Zeekr benefits from having a powerful parent, Geely Automobile, which is part of China’s largest privately owned auto group Zhejiang Geely. But Geely Automobile, which will maintain control of the business after the IPO, has a market capitalisation of only $12.3 billion. The company, owned by Chinese automaker Geely Automobile, hopes to use funds raised to expand its product line. The company reported a net loss of 3.9 billion yuan ($534 million) for the six months to the end of June 2023, compared with a 3.1 billion yuan loss a year earlier. Revenue grew by 136% to 21 billion yuan, with 13.2 billion yuan of that total coming from vehicle sales.

Persons: Zeekr, Xi Jinping, Joe Biden, Antony Currie, Thomas Shum Organizations: Reuters, U.S, Geely Automobile, HK, Graphics, European Union, Zhejiang, Investors, Revenue, Thomson Locations: HONG KONG, New York, Beijing, Washington, Brussels, China, U.S, Europe, China’s, Hong Kong

☆ BYD’s Halloween bonanza spooks rivals
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

A BYD U8 is displayed during the Japan Mobility Show 2023 at Tokyo Big Sight in Tokyo, Japan October 25, 2023. REUTERS/Issei Kato Acquire Licensing RightsHONG KONG, Oct 31 (Reuters Breakingviews) - BYD (002594.SZ), (1211.HK) is delivering a fright to its rivals. The company founded by Wang Chuanfu is expanding its portfolio of premium brands, adding new models for its flashy Denza marque. For rivals trying to compete with the $95 billion group, though, that’s scant consolation. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Issei Kato, It’s, Wang Chuanfu, Bernstein, that’s, Katrina Hamlin, Peter Thal Larsen, Thomas Shum Organizations: Japan, REUTERS, Reuters, Overseas, Investors, BYD’s, X, Vodafone, Thomson Locations: Tokyo, Japan, HONG KONG, HK, China, People’s Republic, BYD’s Shenzhen, Hong Kong, Spain

☆ Foxconn’s China woes expose supply chain dilemma
▼ + stars: | 2023-10-24 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yet, coming less than 100 days ahead of Taiwan’s presidential election in January, it is difficult to see surprise tax raids on Foxconn as having no geopolitical implications. For multinationals, the tax audits expose Foxconn’s difficulty in navigating the global business environment as tensions across the Taiwan Strait escalate. For global onlookers anxious to reduce their Chinese dependency, Foxconn could be the most telling case on the true cost of reshoring. The audits come less than three months ahead of Taiwan’s presidential election in January 2024 and amid Foxconn’s drive to expand its production outside China. Foxconn’s founder Terry Gou, who stepped down as company chief in 2019, is running as an independent candidate in Taiwan’s upcoming presidential election.

Persons: Foxconn, Terry Gou, It’s, Foxconn’s, Lisa Jucca, Thomas Shum, Katrina Hamlin Organizations: Reuters, Apple, Hai Precision Industry, Global Times, Eastern, Democratic Progressive Party, Foxconn, Thomson Locations: HONG KONG, China, Taiwan, Foxconn, Beijing, Vietnam, Republic, Shanghai, Taipei

☆ Tycoon’s lithium grab leaves investors hanging
▼ + stars: | 2023-10-16 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

Australia’s richest person has stifled Albemarle’s (ALB.N) A$6.6 billion ($4.2 billion) pursuit of lithium producer Liontown Resources (LTR.AX) with deft use of the country’s takeover rules. At A$3 a share, the offer represented a near-100% premium to Liontown’s undisturbed price. And because she never paid more than the A$3 a share Albemarle put on the table, her share purchases did not count as a superior offer. CONTEXT NEWSU.S.-based lithium producer Albemarle on Oct. 16 said it has abandoned its A$6.6 billion ($4.2 billion) offer for smaller Australian rival Liontown Resources, citing “growing complexities associated with the proposed transaction” as a reason. The firm said that in building its stake it never paid more than A$3 per share, the same price as Albemarle’s takeover offer.

Persons: Gina Rinehart, Kent Masters, Rinehart, Albemarle, Masters, Liontown, Kathleen, It’s, Hancock, Lisa Jucca, Katrina Hamlin, Thomas Shum Organizations: MELBOURNE, Reuters, Liontown, Kent, Liontown Resources, Thomson Locations: Western Australia, Hancock, Liontown

☆ The EU is stuck with its one-trick refugee policy
▼ + stars: | 2023-10-09 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

Barring an influx of younger people from Africa and Asia, the EU will become increasingly old, weak and irrelevant. Instead, the EU is focussing on stopping irregular migrants crossing the Mediterranean. To be fair, each EU country has procedures for dealing with migrants who arrive through legal routes. That’s a long way short of the height of the Syrian crisis in 2015, when about 1.8 million refugees crossed EU borders. The hope is that the Mediterranean countries will then process asylum seekers when they arrive - and the EU’s internal borders will stay open.

Persons: Giorgia Meloni, Marine Le, Italy don’t, Martinez, Peter Thal Larsen, Katrina Hamlin, Thomas Shum Organizations: Reuters, Eurostat, EU, Reuters Graphics, Italian, Centre, European, Bank, Thomson Locations: Africa, Asia, EU, Spain, Europe, Turkey, Libya, Tunisia, Egypt, Lampedusa, Tunis, West Balkan, United Kingdom, That’s, Germany, Austria, Poland, Italy, Hungary, Saharan Africa, Latin America

HONG KONG, Oct 6 (Reuters Breakingviews) - It’s getting harder for China Inc to go global, and tougher for global financial advisors to take on the rapidly shrinking pool of related mandates. Belgium’s intelligence service VSSE said on Thursday that it is trying to “detect and fight against possible spying and/or interference activities carried out by Chinese entities including Alibaba”. Fellow courier SF Holding is also preparing a Hong Kong listing to raise as much as $3 billion to support, among other things, ambitious expansion beyond Asia. Alibaba signed an agreement with the Belgium government in 2018 to open an e-commerce trade hub, run by its logistics arm Cainiao Smart Logistics Network. The Chinese e-commerce giant last month filed to list Cainiao on the Hong Kong stock exchange.

Persons: VSSE, Cainiao, won’t, Alibaba, Una Galani, Thomas Shum Organizations: Reuters, China Inc, HK, Belgian, Justice, Citigroup, JPMorgan, Hong, European, Liege Airport, Smart Logistics Network, Alibaba’s, Thomson Locations: HONG KONG, China, Hong Kong, Liege, Belgian, Asia, Belgium, United States, European, Alibaba’s New York

☆ Asia’s breakup party is happening under duress
▼ + stars: | 2023-10-04 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

As with other big breakups in the region however, there are unspoken reasons for him to join the party. Vedanta Resources is in talks with bondholders to extend the maturity by roughly three years on about $3.2 billion of debt due in 2024 and 2025. But even then, Vedanta Resources may still have a funding gap until 2027 under certain conditions, according to JPMorgan. Even if those were sold for as much as $1.5 billion, JPMorgan estimates Vedanta Resources will at most receive only $350 million in net proceeds. For every one share in Vedanta, shareholders will receive one additional share of each of the five new companies.

Persons: Anil Agarwal, Ajay Agarwal, Vedanta, Mukesh Ambani, Una Galani, Katrina Hamlin Organizations: Reuters, Vedanta, Vedanta Resources, London Stock Exchange, JPMorgan, Hindustan, HK, Reliance Industries, Thomson Locations: BENGALURU, Mumbai, Hindustan, People’s Republic, Asia, Vedanta

☆ China has reason not to let Evergrande rejig rot
▼ + stars: | 2023-10-03 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yet Evergrande creditors are nonetheless in limbo. Up to 44% of Evergrande’s 558 billion yuan of interest-bearing debt is unsecured, of which a large chunk is held by offshore creditors. If the company is forced into liquidation, unsecured offshore creditors will recover less than 10 billion yuan, Evergrande has warned, with some facing a recovery rate as low as 2%. Evergrande was trying to reach an agreement with offshore creditors first before tackling issues onshore. It also cancelled meetings due to be held with creditors on Sept. 25 and Sept. 26.

Persons: Hui Ka Yan, Evergrande, ”, Sunac, Hui’s, Una Galani, Katrina Hamlin Organizations: Reuters, HK, Guangdong International Trust and Investment Corporation, Street, China Evergrande, Thomson Locations: HONG KONG, China, Guangdong, Republic, Hong Kong

HONG KONG, Oct 3 (Reuters Breakingviews) - The country’s automakers are overtaking legacy marques at home and abroad. In this Exchange podcast, industry consultant Tu Le explains what has given BYD, especially, the edge over rivals. Listen to the podcastFollow @KatrinaHamlin on XSubscribe to Breakingviews' podcasts, Viewsroom and The Exchange. Editing by Katrina HamlinOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Tu Le, Elon Musk’s Tesla, Katrina Hamlin Organizations: Reuters, Thomson Locations: HONG KONG

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

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

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

☆ PWC Aussie mess is classic do as I say not as I do
▼ + stars: | 2023-09-29 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

MELBOURNE, Sept 29 (Reuters Breakingviews) - PWC Australia is likely to need a long time to recover from what is turning out to be a self-inflicted double whammy. Now the independent review sparked by the furore has laid bare another problem: PWC Australia took a do as I say not as I do approach to running its own shop. The report, commissioned by PWCA in May, written by one of the country’s corporate grandees, Ziggy Switkowski, and published on Wednesday, outlines a series of corporate governance failures. What’s worse, and even more ironic, is PWC Australia’s aversion to tapping external advice. Many of the changes will come from applying, “to the extent feasible”, the Australian Securities Exchange’s corporate governance principles and recommendations.

Persons: Tom Seymour, PWCA, Ziggy Switkowski, “, Kevin Burrowes, That’s, Una Galani, Katrina Hamlin Organizations: Reuters, Lehman Brothers, Silicon Valley Bank, Australian Securities, Thomson Locations: MELBOURNE, Australia, Silicon

☆ Indonesia spoils TikTok’s Southeast Asia party
▼ + stars: | 2023-09-28 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

Sandy Saputra, 19, who is one of TikTok's biggest Indonesian stars, uses his smartphone to record a video using the app in Jakarta, Indonesia, July 24, 2020. REUTERS/Willy Kurniawan - RC2PMI9KGQ5Q Acquire Licensing RightsSINGAPORE, Sept 28 (Reuters Breakingviews) - June must now feel like an alternate reality to TikTok CEO Shou Zi Chew. On Wednesday, though, President Joko Widodo’s administration banned e-commerce transactions on social media platforms. Indonesia is key to TikTok’s hopes of growing its e-commerce sales in Southeast Asia. CONTEXT NEWSIndonesian authorities on Wednesday announced new regulations that bar social media companies from conducting direct e-commerce sales on their platforms.

Persons: Sandy Saputra, Willy Kurniawan, Shou Zi Chew, Joko, Zulkifli Hasan, TikTok, “, GoTo, Antony Currie, Katrina Hamlin Organizations: REUTERS, Rights, Reuters, Trade, HK, Wednesday, Thomson Locations: Indonesian, Jakarta, Indonesia, Rights SINGAPORE, Southeast Asia, Singapore

REUTERS/Kevork Djansezian Acquire Licensing RightsLONDON, Sept 27 (Reuters Breakingviews) - Microsoft’s (MSFT.O) gaming master plan is slowly coming together. But Microsoft’s gaming revenue was still around 8% of group sales, or $15 billion, for the year ended June 2022. Given these risks, it makes sense for Nadella to grow his exposure to those parts of the gaming market which are less likely to be upended by cloud gaming. It remains possible that cloud gaming is a dog that doesn’t bark – or at least not for some time. As a result of the Activision deal, Nadella has a hedge of sorts against cloud gaming happening too fast.

Persons: Kevork, Satya Nadella’s, Ampere, ”, GamesIndustry.biz, Nadella, George Hay, Katrina Hamlin Organizations: Activision, REUTERS, Reuters, Bethesda, Microsoft, Satya Nadella’s Activision, Ampere, Sony, Nintendo, Reuters Graphics, Netflix, Gamers, Xbox, PlayStation, Big Tech, Apple, HK, reckons, Competition, Markets Authority, CMA, Xbox Cloud Gaming, Ubisoft Entertainment, Ubisoft, Thomson Locations: Los Angeles , California, United States, U.S

HONG KONG, Sept 26 (Reuters Breakingviews) - Global banks in Hong Kong are feeding on scraps. Bankers in Hong Kong are working on smaller issuances than they typically took on in the past, Dealogic data shows. Among the bigger ones in the works, courier SF Holding (002352.SZ) has filed for a secondary listing in Hong Kong and may raise up to $3 billion, per IFR. Fees on Indian deals are tiny, for example, and costs in Hong Kong are high. Overall investment banking fees in Hong Kong are set to come in at the lowest level in a decade too, Dealogic data shows, with HBSC top of the table.

Persons: Morgan Stanley, Debtwire, Una Galani, Pranav Kiran Organizations: Reuters, UBS, Bank of America, Bankers, HK, SF, Thomson Locations: HONG KONG, Hong Kong, New York, Swiss, United States, China, brimming, Shenzhen, Asia, India, U.S, Asia Pacific, Japan

☆ Western rival to Belt and Road has much to prove
▼ + stars: | 2023-09-25 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

LONDON, Sept 25 (Reuters Breakingviews) - Western countries have a window of opportunity to come up with a credible infrastructure plan for the developing world. U.S. President Joe Biden has been talking up the West’s so-called Partnership for Global Infrastructure and Investment (PGII). To be fair, the G7 is stepping up efforts to involve the private sector. These initiatives are running in parallel with efforts to get the World Bank to cooperate more with the private sector. For developing countries, it is good to have two rival infrastructure initiatives competing for their attention.

Persons: Joe Biden, PGII, marshall, It’s, Hung Tran, Janet Yellen, Antony Blinken, Jordan, Xi Jinping, Vladimir Putin, Peter Thal Larsen, Katrina Hamlin Organizations: Reuters, Initiative, Group, Democratic, Global Infrastructure, Investment, Atlantic Council, coy, Treasury, European, Bank, United Arab, China, Thomson Locations: Italy, Republic, India, Europe, Zambia, Angola, Democratic Republic of Congo, Indonesia, Vietnam, South Africa, Senegal, United States, China, East, New Delhi, Indonesian, New York, Saudi Arabia, United Arab Emirates, Beijing

☆ Total’s green bet on Gautam Adani is a win-win
▼ + stars: | 2023-09-21 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

On Tuesday, the company said it would invest $300 million to form a joint venture with $19 billion Adani Green Energy (ADNA.NS) to build solar and wind farms in the country. The latest tie-up ought to help Total to hit its target of having 100 gigawatts of renewable energy capacity by 2030. Adani Green Energy and Adani Total Gas (ADAG.NS), in which Total owned stakes of about 20% and 37% at the end of June, have lost about 50% and 80% of their market value since January, and are among the worst performing of the group’s nine core listed entities. Total’s green capacity targets may be more pressing than the risk of further Adani problems. Adani Green will contribute assets to the joint venture, it said in a statement, adding that the deal will help it achieve its target of having 45 gigawatts of renewable energy capacity by 2030.

Persons: Gautam Adani, Carmichael, Hindenburg, Patrick Pouyanné, Adani, Una Galani, Katrina Hamlin Organizations: Reuters, Adani Enterprises, Adani, Green Energy, Australia, GQG, Barclays, Deutsche Bank, Energy, Thomson Locations: Indian, Ahmedabad, Queensland, BENGALURU, –, India

☆ China may finally nick some metals clout from LME
▼ + stars: | 2023-09-20 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

The debacle has undermined the venue’s benchmark status in the pricing of nickel, which is essential for making electric vehicles. LME’s trading volumes of the element were down 40% in July from a year earlier. That’s probably why the Shanghai Futures Exchange (ShFE) is now planning its own nickel futures contract for international use, Reuters reported on Sept. 13. For the Shanghai exchange, venturing in the opposite route could also prove difficult. CONTEXT NEWSThe Shanghai Futures Exchange is planning to launch a nickel futures contract for international use, Reuters reported on Sept. 13.

Persons: Tsingshan, ShFE, HKEx, Lisa Jucca, Katrina Hamlin Organizations: Reuters, Hong Kong Exchanges, HK, London Metal Exchange, Asian bourse, Shanghai Futures Exchange, Reuters Graphics, Thomson Locations: HONG KONG, British, China, Beijing, Indonesia, Shanghai

The Shenzhen-based company has not explained exactly how seven-nanometer chips ended up in the new Mate 60 Pro smartphone series. Analysts estimate deliveries of the Mate 60 Pro could top 5 million this year. Follow @KatrinaHamlin on XCONTEXT NEWSHuawei started preselling its Mate 60 Pro+ smartphone alongside a new foldable phone in September. The Chinese company started selling its high-end smartphones Mate 60 and Mate 60 Pro at the end of August. The Huawei Mate 60 Pro contained a 7-nanometer processor that was made in China by Semiconductor Manufacturing International Corp, according to analysts at TechInsights.

Persons: TSMC, TechInsights, Una Galani, Thomas Shum Organizations: Reuters, TechInsights, Kirin, Manufacturing International Corp, HK, Washington, SK Hynix, Huawei, TSMC, Semiconductor Manufacturing International Corp, SK, South, Bloomberg, Thomson Locations: HONG KONG, China, Shenzhen, Beijing

☆ UBS job cuts are tiny strike at Asia wealth fears
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

The logo of UBS Group is seen at an office building in Hong Kong, China March 20, 2023. The headcount reduction is tiny compared to the thousands it slashed in Europe but it hits on two regional wealth worries. Their risk-taking appetite has diminished as the end of cheap money fuels a shakeout in valuations. More significantly, the pruning of jobs in Hong Kong and Singapore hints at a muted outlook for banks that have thrived on handling assets of rich families. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Tyrone Siu, Una Galani, Katrina Hamlin Organizations: UBS Group, REUTERS, Tyrone, Rights, Reuters, UBS, Credit Suisse, X, Warner Bros Discovery, Thomson Locations: Hong Kong, China, Rights SINGAPORE, Swiss, Asia, Europe, Indonesia, Singapore

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