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Here are Wednesday's biggest calls on Wall Street: Citi upgrades Advanced Micro Devices to buy from neutral Citi upgraded the chipmaker after its better than expected earnings report. Citi reiterates Home Depot as buy Citi said it's standing by its buy rating on the stock heading into earnings later this month. " Goldman Sachs reiterates SolarEdge as buy Goldman said it's standing by its buy rating on SolarEdge after its earnings report on Wednesday. "We maintain our Underperform rating as we remain concerned regarding the long-term prospects of the space tourism market. Needham reiterates Meta as underperform Needham said it's standing by its underperform rating on the stock.
Persons: Canaccord, Baird, Harry Sommer, BTIG, Wolfe, William Blair downgrades Bloomin, William Blair, Goldman Sachs, SolarEdge, Goldman, Bernstein, Uber, DJ Khaled, Mizuho, SoFi, SOFI, Rosenblatt, it's, Pinterest, Needham, underperform Needham Organizations: Citi, Devices, AMD, JPMorgan, Apple, Services, Oshkosh, Susquehanna, Mizuho, Bank of America, Virgin Galactic, underperform Bank of America, Meta Locations: 3Q23, Oshkosh, Norwegian
Stefani Reynolds | AFP | Getty ImagesMicrosoft, Google and Meta are rallying everyone around AI, even though the future is murkyGoogle launched Bard AI, it's own chatbot to rival Microsoft and OpenAI's ChatGPT. Google, for example, has announced its plans to revamp its search engine using an AI model called Search Generative Experience. Google and Pichai say that the company's text-generating AI models will make its search engine better and could even answer questions that normal Google search can't. Zuckerberg was effusive about AI technology and its applications in virtual reality, ad targeting and recommending content from accounts users don't follow. UBS analyst Lloyd Walmsley wrote this week that generative AI was still an "overhang" over Google.
Persons: Tim Cook, Narendra Modi, Stefani Reynolds, ChatGPT, Jonathan Raa, OpenAI's, Amy Hood, we'll, Nadella, Pichai, it's, Zuckerberg, Meta, Bing, Gartner, Mark Murphy, Laura Martin, Lloyd Walmsley, monetization, Walmsley, Scott Olson Organizations: India's, White, AFP, Getty, Microsoft, Google, Nurphoto, Meta, Apple, Big Tech, Nvidia, Venture, JPMorgan, UBS Locations: Washington ,, iPhones, Brussels, Belgium, Chicago
SYDNEY, July 28 (Reuters) - Australia's Prime Minister Anthony Albanese said he was confident a deal for the U.S. to sell nuclear powered submarines to Australia was on track, ahead of talks between defence and foreign ministers of the two countries on Friday. Twenty-five U.S. Republican lawmakers told President Joe Biden on Thursday the plan to sell three attack submarines to Australia under the so-called AUKUS partnership would "unacceptably weaken" the U.S. fleet without a clear plan to replace them. The United States, Britain and Australia announced the three-way AUKUS defence agreement in 2021 under which Australia is to obtain nuclear submarine technology from the United States. The U.S. is Australia's major security ally and announced with Britain in March that the United States would sell Australia three U.S. Virginia class nuclear powered submarines in the early 2030s, before Britain and Australia produce a new submarine class - SSN-AUKUS - the following decade. "Now's the time to be working closely with friends, and Australia has no better friend than the United States of America," Marles said at the start of a meeting with his U.S. counterpart.
Persons: Anthony Albanese, Joe Biden, Antony Blinken, Lloyd Austin, Albanese, Richard Marles, Austin, Marles, Kirsty Needham, Alasdair Pal, Praveen Menon Organizations: SYDNEY, Australia's, Republican, U.S, Defence, ., Democrats, NATO, Britain, Australian Defence, Sky, U.S ., Marines, Thomson Locations: Australia, Queensland, United States, Britain, Lithuania, U.S, . Virginia, CHINA, East, South, Japan, United States of America, Darwin, Sydney, Lincoln
Investors on the hunt for under-the-radar ways to play the booming artificial intelligence theme may want to take a look at this Nvidia derivative play up nearly 60% this week. The company also shared above consensus third-quarter expectations and said it anticipates a recovery in bookings. While Craig-Hallum and Needham both said they believe Nvidia is the AI platform in question, Vicor CEO Patrizio Vinciarelli simply referred to the project as a "new generation" for an "existing customer" during an earnings call Tuesday. Needham also believes that the Vicor remarks may signal a relationship with Nvidia. It called company the "supplier of choice" for AI accelerator power management.
Persons: Craig, Hallum, Needham, Patrizio Vinciarelli, Richard Shannon, Vicor, — CNBC's Michael Bloom Organizations: Nvidia, Vicor Corporation, CNBC
Bank of America reiterates Roku as buy Bank of America said it's bullish heading into Roku earnings Thursday. Bank of America reiterates Mattel as buy Bank of America said it's standing by shares of Mattel after its earnings report, adding that "Barbie" should help drive toy sales. Bank of America upgrades Boeing to buy from neutral Bank of America said the worst for Boeing is behind it. Bank of America downgrades RTX to neutral from buy Bank of America downgraded the company formerly known as Raytheon and said it's concerned about slowing margins. Bank of America downgrades SunPower to underperform from neutral The firm said in its downgrade of the stock that it sees multiple headwinds.
Persons: Roku, it's, Needham, Rivian, Bernstein, KeyBanc, Morgan Stanley downgrades Carvana, Morgan Stanley, Jefferies, Estée Lauder, billings, Wells, Wells Fargo Organizations: . Bank of America, Bank of America, Apple, RBC, Owens, Mattel, Boeing, of America, downgrades, Pacific, Barclays, Raytheon, Labs Locations: China, Pacific
July 27 (Reuters) - U.S. Secretary of Defense Lloyd Austin said on Thursday during a visit to Papua New Guinea that Washington was not seeking a permanent base in the Pacific Islands nation under a new defence agreement. Papua New Guinea (PNG) and the United States signed a defence cooperation agreement in May that sets a framework for the U.S. to refurbish PNG ports and airports for military and civilian use. read moreAustin met with PNG's Prime Minister James Marape on a visit to discuss the deepening defence ties. "I just want to be clear, we are not seeking a permanent base in PNG," Austin told a news conference in the Papua New Guinea capital Port Moresby. He said the two nations were deepening an existing defence relationship, and would modernise PNG's defence force and boost interoperability.
Persons: Defense Lloyd Austin, Austin, James Marape, Marape, Kirsty Needham, Alasdair Pal, Tom Hogue, Michael Perry Organizations: Defense, United, PNG's, Beijing, Solomon Islands, China, Thomson Locations: Papua New Guinea, Washington, United States, U.S, Australia, Port Moresby, PNG's, Pacific, China, Taiwan, Solomon, Marape, Philippines, Korea, Sydney
Here are the biggest calls on Wall Street on Wednesday: Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it's bullish on the e-commerce giant's earnings next week. Morgan Stanley downgrades RTX to equal weight from overweight Morgan Stanley said in its downgrade of the stock that risk/reward seems "balanced" right now. Morgan Stanley upgrades WW International to overweight from equal weight Morgan Stanley said shares of the company formerly known as Weight Watchers are underappreciated. Citi reiterates Meta as a top pick Citi said Meta is a top pick heading into earnings on Wednesday afternoon. Morgan Stanley reiterates General Motors as overweight Morgan Stanley said the stock's weak reaction to Tuesday's GM earnings report is a "headscratcher."
Persons: Morgan Stanley, it's bullish, it's, Raymond James downgrades, Raymond James, Morgan Stanley downgrades RTX, Needham, NFLX, Citi, Eli Lilly, Elliot, Burger, Disney, TD Cowen, bitcoin, GOOGL Organizations: Deutsche Bank, Spotify, Deutsche, Barclays, Apple, Target, Bank of America, NXP Semiconductors, International, Netflix, Citi, Goodyear Tire Deutsche, Elliot Management, Goodyear, Elliott Management, Operational, Restaurant Brands Citi, Microsoft, Hollywood, Meta, JPMorgan, United Airline, AFL, DAL, Motors, UAW Locations: 1Q23
Goldman Sachs initiates Amylyx Pharmaceuticals as buy Goldman said it sees an attractive entry point for shares of the biotech company. " Goldman Sachs reiterates Nvidia as buy Goldman said it's standing by its buy rating on Nvidia and that it likes stocks with "room for meaningful positive EPS revisions." UBS downgrades Tesla to neutral from buy UBS said in its downgrade of Tesla that strong growth is already priced in. Goldman Sachs initiates Savers Value Village as buy Goldman said the thrift store operator is a share gainer. Goldman Sachs reiterates ServiceNow as buy Goldman said it sees more upside in shares of ServiceNow as the stock remains a key beneficiary.
Persons: Piper downgrades Estee Lauder, Piper, Baird, Goldman Sachs, Goldman, Wells, Evercore, it's, Stifel, Lam, Tesla, Moffett, Rosenblatt, Raymond James, Becton Dickinson, SLB, Horton, BTIG, Needham, ServiceNow Organizations: Express, Netflix, Amylyx Pharmaceuticals, Bank of America, NTR, RBC, Research, Nvidia, MU, UBS, Semiconductor, Deutsche Bank, Apple, Deutsche, Mac, Med Tech, Schlumberger, Disney, DIS, American Express Locations: China, underperform, ServiceNow
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThis is probably the bottom for TSMC and the semiconductor industry, analyst saysCharles Shi of Needham & Company says "if we're not at the bottom, we're very close to it" and it's probably the time to buy the weakness.
Persons: Charles Shi of Needham, it's Organizations: Charles Shi of Needham & Company
Wall Street analysts were positive on Netflix after its latest subscriber additions and largely dismissed concerns of that the monetization of paid sharing is too slow. The company added 5.9 million subscribers in the quarter in a sign that its password sharing crackdown and advertising tier is generating new subscribers. "2Q review: Password sharing supercharges subs Netflix (NFLX) reported healthy 2Q results, which reflected strong net adds of 5.9mn (vs. guidance of ~1.75mn and our 2.95mn est. ), indicating the initial rollout of password sharing has been very positive," the analyst wrote on Thursday. Wells Fargo's Steven Cahall said investors are "over-exuberant on paid sharing," though he reiterated an overweight rating on the stock.
Persons: Doug Anmuth, Anmuth, America's Jessica Reif Ehrlich, Wells Fargo's Steven Cahall, Needham's Laura Martin, NFLX, OTT, — CNBC's Michael Bloom, Alex Sherman Organizations: Netflix, " Bank, America's, DIS Locations: Wednesday's
July 19 (Reuters) - Schools and workplaces on the tiny Pacific island of Nauru will close and areas will be evacuated on Thursday while Australian army sappers try to defuse a 500-pound (227 kg) "armed and dangerous" World War Two-era bomb. Acting President Martin Hunt has declared a state of disaster covering the whole of Nauru, one of the world's smallest nations with a land area of just 21 sq. On Thursday morning, a 2 km area around the bomb will be evacuated as the Australian sappers try to disarm the fuse. Hunt on Wednesday ordered schools to shut and prohibited work from Thursday morning as a precaution to manage any bomb impact. It was the scene of fighting between the United States and Japan in World War Two.
Persons: Martin Hunt, Jordan Bell, Hunt, Kirsty Needham, Angus MacSwan Organizations: Australian Defence Force, Wednesday, Thomson Locations: Nauru, Australia, United States, Japan
July 17 (Reuters) - Solomon Islands Prime Minister Manesseh Sogavare returned to Honiara on Monday after a week-long official visit to China, telling reporters Beijing would provide more budget support, and that criticism by Australia was "unneighbourly". The United States, Australia, New Zealand and Solomon Islands' opposition party have called for Sogavare to publish details of a policing deal signed in Beijing last week, amid concern it will invite further regional contest. read moreSogavare told a press conference on Monday in Honiara that Australia and the U.S. should not fear China's police support for Solomon Islands , ABC Television reported. China had agreed to provide budget support for Solomon Islands, he added. Australia has historically been Solomon Islands' largest aid donor and security partner.
Persons: Manesseh Sogavare, Sogavare, Kirsty Needham, Shri Navaratnam Organizations: Solomon Islands, ABC Television, Thomson Locations: Solomon, Honiara, China, Beijing, Australia, United States, New Zealand, Solomon Islands, U.S
Thursday's judgment was only a partial win for Ripple, but significant nonetheless for both the company and the wider crypto market. Coinbase shares rallied more than 24% the day of the ruling on optimism that it might prevail in its own battle with the SEC. Regulators in June sued Coinbase, alleging it was operating as a broker, an exchange and a clearinghouse for unregistered securities – and named 13 such securities. "In our view, [the] decision in the Ripple case helps tip the scale even more toward a favorable outcome for Coinbase." Needham has a buy rating on Coinbase and on Friday raised its price target to $120 from $70.
Persons: Coinbase, it's, Canaccord, Joseph Vafi, Vafi, Needham, John Todaro, Genuity, Raymond James, Berenberg, Cowen, Ramsey El Organizations: Labs, SEC, Regulators, Wedbush Securities, Berenberg, BTC, Coinbase, Barclays Locations: Coinbase
In a statement on Friday, Sogavare's office said the Pacific Islands nation was broadening its security partnerships, and the Chinese police will add to the existing Australia and New Zealand policing support. Riots in the capital Honiara in 2021 exposed gaps in the islands' policing, it said. Opposition leader Matthew Wale said in a statement "policing is different in democracies than in communist countries and democracies must uphold human rights and due process". The issue was not China's supply of security equipment, but the compatibility of Chinese and Pacific policing, said Meg Keen, director of the Lowy Institute's Pacific Islands programme. Solomon Islands has a population of 700,000, across an archipelago that occupies a strategic position in the Pacific Islands, and was pivotal to the U.S. move west across the Pacific to liberate the Philippines in World War Two.
Persons: Manasseh Sogavare, Sogavare's, Penny Wong, Wang Yi, Sogavare, Matthew Wale, Meg Keen, Lowy, Wale, Kirsty Needham, Lincoln Organizations: SYDNEY, Solomon Islands, Australia's, Islands Government, Royal Solomon Islands Police Force, New Zealand, China's Global, Initiative, Global Security Initiative, Thomson Locations: Solomon, Australia, Beijing, Pacific, China, U.S, New Zealand, Solomon Islands, Jakarta, Islands, Honiara, Philippines, Taiwan, Washington, Canberra
"U.S.-China competition is on the same starting line," Chipuller chairman Yang Meng said about chiplet technology in an interview with Reuters. "They can still develop 3D stacking or other chiplet technology to work around those restrictions. Beijing is rapidly exploiting chiplet technology in applications as diverse as artificial intelligence to self-driving cars, with entities from tech giant Huawei Technologies to military institutions exploring its use. About a quarter of the global chip packaging and testing market sits in China, according to Dongguan Securities. Huawei, China’s tech and chip design giant that has been put on the U.S.'s most restricted list, has been actively filing chiplet patents.
Persons: Yang Meng, Charles Shi, Needham, Yang, Needham's Shi, Chipuller, Laura Black, Melissa Mannino, Perry Bechky, Rowe, Mike Gallagher, Biden, , Chipuller's Yang, zGlue, CFIUS, Shayne Phillips, MIIT, Jane Lanhee Lee, Eduardo Baptista, Echo Wang, Stephen Nellis, Kenneth Li, Brenda Goh, Lincoln Organizations: Chipuller, Industry, Reuters, Huawei Technologies, Intel, Dongguan Securities, People’s Liberation Army, PLA, Acclaim, British, Islands, Sea Investment Co, Foreign Investment, Treasury, Akin's Trade, Berliner Corcoran, Department of Commerce, Huawei, U.S, TongFu Microelectronics, JCET, Beijing ESWIN Technology Group, China’s Ministry of Industry, Information Technology, Thomson Locations: Shenzhen, China, U.S, United States, Japan, South Korea, Taiwan, Beijing, Dongguan, BakerHostetler, People's Republic of China
Salesforce (CRM) on Tuesday took another step to deliver profitable growth — a welcome development for investors, like us, which sent its stock price higher. Investors appeared upbeat around the list price increases, which Salesforce said are the first in seven years. "I don't expect it to impact churn much," said Berg, who has a buy rating and $230-per-share price target on Salesforce stock. It's worth noting, large customers will usually negotiate with Salesforce to secure a discount to a product's list price. Previously, a customer who bought 100 licenses at a 20% discount to the old list price would've generated $24,000.
Persons: Salesforce, Needham, Scott Berg, Berg, Mizuho, Marc Benioff's, Benioff, He's, Jim Cramer's, Jim Cramer, Jim, Marc Benioff, Salesforce.com, David Paul Morris Organizations: Service, Industries, Nasdaq, Nvidia, Palo Alto Networks, Devices, CNBC, Salesforce, Mizuho Securities, Bloomberg, Getty Locations: Palo, San Francisco
China, Solomon Islands sign policing pact in upgrade of ties
  + stars: | 2023-07-10 | by ( ) www.reuters.com   time to read: +5 min
[1/3] Flags of Solomon Islands and China flutter near the Tiananmen Gate in Beijing, China July 11, 2023. "In just four years, the relationship between China and the Solomon Islands has developed rapidly, and we can now say that it is very fruitful," Li told Sogavare. The official added that the U.S. was committed to a strong relationship with the region and strengthening longstanding bonds with the people of Solomon Islands. Xi told Sogavare China supports more of its firms investing in the Solomon Islands and will continue to provide economic and technical assistance "without political strings attached". Chinese telecoms giant Huawei is already building a cellular network in the Solomon Islands, financed by a $66 million Chinese EXIM bank loan.
Persons: Florence Lo, Xi, Manasseh Sogavare, Premier Li Qiang, Sogavare, Solomon, Li, Washington, China's, Xi Jinping, Ethan Wang, Ella Cao, Ryan Woo, Kirsty Needham, David Brunnstrom, Himani Sarkar, Robert Birsel, Mark Heinrich, Lincoln Organizations: REUTERS, Solomon Islands, Beijing, BEIJING, Premier, U.S . National Security Council, China's, Xinhua, Huawei, Pacific Games, Thomson Locations: of Solomon Islands, China, Beijing, Florence, Taiwan, Solomon Islands, Pacific, United States, Australia, U.S, Solomon, Japan, Britain, Honiara, Sydney, Washington
July 10 (Reuters) - Australia will sign an in-principle agreement to deliver more than 100 Australian-made Boxer armed carriers to the German military, in one its largest defence export deals, Prime Minister Anthony Albanese said in Berlin. German defence contractor Rheinmetall (RHMG.DE) started manufacturing the Boxer Combat Reconnaissance Vehicle in Australia's Queensland state in March, under a contract to supply 211 vehicles to the Australian military, creating 1,000 Australian jobs over a decade. The war in Ukraine has seen European nations replenish military equipment, resulting in the deal for Australia to export the German military technology back to Germany. Albanese said Australia will "deliver over 100 Boxer armed carriers here to Germany". Australia has been invited to NATO as an Indo-Pacific Four partner, along with Japan, South Korea and New Zealand.
Persons: Anthony Albanese, Albanese, Olaf Scholz, Kirsty Needham, Lincoln Organizations: Rheinmetall, Boxer, NATO, Thomson Locations: Australia, Berlin, Queensland, Ukraine, Germany, Lithuania, Japan, South Korea, New Zealand, Sydney
SYDNEY, July 9 (Reuters) - Solomon Islands Prime Minister Manasseh Sogavare arrives in China on Sunday for his first visit since striking a security deal, pledging to "remain neutral" amid rising China-U.S. competition and prioritise his nation's development needs. Western analysts said Sogavare would be feted after signing the security pact that alarmed Washington and some Pacific Islands neighbours including Australia last year. China's foreign ministry said China and the Solomon Islands had "contributed to peace, stability and development in the region", and the two countries leaders would discuss international and regional issues. China has constructed the stadium, is advising on security, and will train 80 Solomon Islands athletes arriving in China this week. Solomon Islands has one of the closest relationships with China in the region, said Meg Keen, director of the Lowy Institute's Pacific Islands program.
Persons: Manasseh Sogavare, Sogavare, Graeme Smith, Meg Keen, Lowy, Kirsty Needham, Kim Coghill Organizations: SYDNEY, Solomon Islands, Papua New, Huawei, Pacific Games, Solomon, Australian National University, Thomson Locations: Solomon, China, U.S, Washington, Australia, Papua, Papua New Guinea, Britain, Honiara, Chinese, Honiara's, Beijing, Jiangsu, Guangdong, India, Gulf, Taiwan, Pacific, Japan
Tesla, which had previously stopped the referral program as it was too expensive, up to now has focused on real-time adjustments to prices posted on its websites. It revived the referral program recently to boost sales, analysts said. The EV sales market globally has become more competitive, forcing automakers to cut prices or boost incentives in several markets. The automaker has used its industry-leading profit margins as a weapon in the EV price war, putting pressure on both legacy automakers as well as cash-strapped EV startups. A number of Tesla owners in China posted their referral codes online and invited others to use them.
Persons: Tesla, Elon Musk, Garrett Nelson, Nelson, Needham, Chris Pierce, Ford, Chavi Mehta, Hyunjoo Jin, Shounak Dasgupta Organizations: Tesla, Thomson Locations: cashback, U.S, United States, China, Germany, France, Canada, Mexico, Hong Kong, Singapore, Bengaluru, San Francisco
The Hong Kong police and security bureau did not immediately respond to a request for comment. Hong Kong says 260 people have been arrested under the law, 79 of them convicted for offences including subversion and terrorism. China and Hong Kong say it was necessary to restore stability in the financial hub. Yam said he started speaking out about the rule of law in Hong Kong and the crackdown because his friends were in jail. Reporting by Kirsty Needham in Sydney; Additional reporting by James Pomfret and Jessie Pang in Hong Kong; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.
Persons: Kevin Yam, Yam, Mao Ning, Anthony Albanese, Hong, Ted Hui, Richard McGregor, Kirsty Needham, James Pomfret, Jessie Pang, William Mallard Organizations: SYDNEY, Hong, HK, Hong Kong, of Australia, Law Society of Hong, Lowy Institute, Thomson Locations: Australian, Hong Kong, Hong, Australia, China, Beijing, British, Law Society of Hong Kong, Sydney
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRivian is a stock everyone bailed on and people are realizing it has momentum, says Needham's PierceChris Pierce, Needham senior research analyst, joins 'Power Lunch' to discuss Pierce's 'hold' rating on Tesla and his 'buy' rating on Rivian, Tesla's bad year in 2022, and what role competition plays for Tesla.
Persons: Needham's Pierce Chris Pierce, Needham, Tesla Organizations: Tesla
Hong Kong Chief Executive John Lee said on Tuesday eight overseas-based Hong Kong activists who were issued with arrest warrants for alleged national security offences would be "pursued for life". Hong Kong police have offered rewards of HK$1 million ($127,656) for information leading to the arrest of the eight, including Melbourne lawyer and Australian citizen Kevin Yam, and former Hong Kong lawmaker Ted Hui, who has lived in Australia since 2021. "It's just unacceptable," Albanese said of the Hong Kong announcement in a Nine television interview. The Hong Kong activists are accused of asking foreign powers to impose sanctions on Hong Kong and China, and are wanted under a national security law that Beijing imposed on the former British colony in 2020. Chinese and Hong Kong authorities say the law has restored the stability necessary for preserving the Asian financial centre's economic success.
Persons: Anthony Albanese, John Lee, Kevin Yam, Ted Hui, " Albanese, Penny Wong, Kirsty Needham, Jamie Freed Organizations: SYDNEY, Australian, Hong, Hong Kong, HK, Thomson Locations: Hong Kong, Melbourne, Australia, China, Beijing, British
July 3 (Reuters) - Rivian Automotive (RIVN.O) beat market estimates for second-quarter deliveries on higher production and stable demand for its electric vehicles, sending the company's shares up more than 14% on Monday. Rivian, which makes R1T pickup trucks and R1S SUVs, delivered 12,640 vehicles in the second quarter, compared with Visible Alpha estimates of 11,000 vehicles. The company made 13,992 vehicles at its facility in Normal, Illinois, which was 4,597 more than in the first quarter. Rivian's production and delivery numbers come just a day after Tesla beat estimates with record deliveries in the second quarter. Rivian posted a smaller loss in the first quarter in May and its finance chief said last month the company expects demand to remain stable through 2023.
Persons: Tesla, Rivian, Needham, Chris Pierce, Danni Hewson, AJ Bell, Chavi Mehta, Vinay Dwivedi, Shounak Organizations: Rivian, EV, Thomson Locations: Normal , Illinois, Bengaluru
SYDNEY, June 29 (Reuters) - The former premier of Australia's most populous state engaged in corrupt conduct involving another lawmaker with whom she was in a secret romantic relationship, a years-long corruption inquiry that examined business dealings with China said on Thursday. Maguire told the inquiry he had received envelopes full of thousands of dollars in cash at his parliament office as part of a scheme for Chinese nationals to fraudulently acquire visas. The commission found Maguire engaged in "serious corrupt conduct" between 2012 and 2018 for the migration scheme and other misconduct. Maguire also misused his office by receiving a fee to introduce the party secretary of Liaoning province in China to then NSW premier Barry O'Farrell at parliament in 2012, it said. The commission said it would seek advice from the Director of Public Prosecutions on whether further prosecutions should be commenced into Maguire.
Persons: Gladys Berejiklian, Daryl Maguire, Maguire, Berejiklian, Barry O'Farrell, Kirsty Needham, Stephen Coates Organizations: SYDNEY, New South Wales Independent, Corruption, NSW, Liberal, NSW Parliament's, Pacific Friendship Group, Public, Maguire, Thomson Locations: Australia's, China, New, Berejiklian, Shenzhen, South Pacific, Australia, Beijing, Sydney, Liaoning
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