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☆ ADNOC has upper hand in $30 bln plastics M&A
▼ + stars: | 2023-07-24 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

The complex ownership structure and the involvement of two governments make it intriguing to see who holds the whip hand. ADNOC owns 54% of Abu Dhabi-listed Borouge, while 36% of the same company is held by Borealis, with other investors accounting for the other 10%. Meanwhile ADNOC owns 25% of Borealis, while OMV holds the other 75%. Strip out Borouge's dividend, and Borealis would be worth $10 billion, Deutsche Bank reckons. ADNOC’s 63% Borouge stake and 25% Borealis stake are thus worth $14 billion and $2.5 billion respectively; OMV’s 27% Borouge stake and 75% Borealis holding are worth $6 billion and $7.5 billion.

Persons: ADNOC, OMV, Goldman Sachs, China's Sinopec, Saudi Arabia's SABIC, Abu Dhabi, Abu Dhabi’s, George Hay, Pranav Kiran Organizations: Reuters, Abu, Abu Dhabi National Oil Company, Borealis, Reuters Graphics Reuters, Deutsche Bank, Abu Dhabi National Oil Co, OMV, ADNOC, Thomson Locations: Abu Dhabi, Austrian, Borealis, Borouge, Saudi, India, Abu, Europe, Vienna, ADNOC

☆ Britain upgrades to also-ran in EV battery race
▼ + stars: | 2023-07-19 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Prime Minister Rishi Sunak is joining the global arms race to secure future industries, but he has a long way to go. Europe may have 25 so-called gigafactories, vast plants that turn raw materials such as lithium into battery packs, by 2025. While both Theresa May and Boris Johnson tried, they failed to win over big global players like Tesla (TSLA.O), Samsung or Northvolt, which preferred European sites. The UK leader can at least now claim he can attract global players. But Tata’s 40 GWh of new capacity brings Britain’s total to just over 50 GWh by 2026, after factoring in the plant operated by China’s Envision in Sunderland.

Persons: Rishi Sunak, Joe Biden’s, Theresa May, Boris Johnson, Britishvolt, China’s, Sunak, George Hay, Pranav Kiran, Oliver Taslic Organizations: Reuters, Tata Group, Honda, Samsung, Tata, Rover, Toyota, The Society of Motor Manufacturers, Traders, Faraday, India’s Tata Group, Thomson Locations: Indian, Somerset, Japanese, Europe, United States, Britain, Sunderland

☆ Argenx drug boost is mixed blessing for suitors
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters Breakingviews) - Argenx (ARGX.BR) has long been a presumed takeover target for drugmakers like Pfizer (PFE.N). Many of its remedies like Vyvgart, which delivered positive drug trial results on Monday, are likely to reach their peak just as the big drugmakers’ revenues come under patent pressure. Still, the more successful Argenx becomes the more expensive it will be for a potential bidder. Since then the company’s shares have nearly doubled, including a 26% bump on Monday thanks to the positive trial results. Argenx’s drug trial success may give bidders comfort they are not buying a dud, but that reassurance comes with a downside.

Persons: Argenx, Prometheus, Aimee Donnellan, George Hay, Pranav Kiran Organizations: Reuters, Pfizer, Big Pharma, Twitter, Cathay, Thomson Locations: Belgian

☆ Old Cold War tool could help in new era of tension
▼ + stars: | 2023-07-17 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

The United States may soon expand its export controls to cover semiconductors used in artificial intelligence and access to cloud computing. The People’s Republic has responded with tit-for-tat export controls on gallium and germanium, two strategic metals used in chips and other technologies where it has a dominant position. This is what the U.S. and its allies did during the last Cold War, when they established the Coordinating Committee for Multilateral Export Controls (CoCom). The United States’ subsidies for green technologies via its Inflation Reduction Act (IRA) caused tension with its allies. Its premier, Li Qiang, travelled to Germany last month hoping to persuade it not to row in behind the United States.

Persons: Joe Biden, Hung Tran, Li Qiang, –, Biden, Donald Trump, Ron DeSantis, Frances Burwell, Canada –, George Hay, Oliver Taslic, Pranav Kiran Organizations: Reuters, NATO, Soviet, Atlantic Council, Reuters Graphics Reuters, European Union, Multilateral Export Controls, United, Republican, Florida, EU, U.S, U.S . Trade, Technology Council, Twitter, Thomson Locations: Ukraine, China, Republic, U.S, Netherlands, Japan, States, United States, People’s Republic, Germany, Beijing, ’, Russia, Britain, Canada, Australia, South Korea

☆ Byju’s virtue-signalling is late but valuable
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

India’s once-most valuable startup is luring big talent even after its auditor Deloitte resigned and three investors including Prosus (PRX.AS) quit the company’s board. His experience navigating government departments will be handy as the Ministry of Corporate Affairs ordered an inspection of Byju’s books per Bloomberg. It also could shore up Byju’s hopes of raising cash from new investors to meet creditor demands for early repayment of a $1.2 billion loan. Prosus for example thinks the company is only worth $5.1 billion, down from a peak valuation of $22 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Rajnish Kumar, Mohandas Pai, India’s, Kumar, Pai, Byju Raveendran, Divya Gokulnath, Pranav Kiran, Una Galani, Thomas Shum Organizations: Reuters, State Bank of India, Infosys, Deloitte, Ministry of Corporate Affairs, Bloomberg, Twitter, Thomson Locations: Bengaluru

☆ Cathay Pacific’s recovery finds its wings
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, July 14 (Reuters Breakingviews) - Cathay Pacific (0293.HK) is regaining its mojo. The return to profitability for the $7 billion airline, which expects earnings of as much as HK$4.5 billion, is well-timed. Dividends owed on the preference shares are due to rise from 3% to 5% in August and would continue to rise to as much as 9%. Buying back the shares, as the company plans to do within the next 12 months, will avoid the higher coupons. But as Cathay aims to return to 100% of pre-pandemic capacity by the end of 2024, confidence is returning to Hong Kong’s skies.

Persons: Ronald Lam, Thomas Shum, Una Galani, Pranav Kiran Organizations: Reuters, Cathay, HK, Hong, Pilots, Twitter, Thomson Locations: HONG KONG, HK, Hong Kong, Chengdu, Hong

☆ BP’s German wind option risks multiple blowbacks
▼ + stars: | 2023-07-13 | by ( George Hay | ) www.reuters.com time to read: +5 min

But Germany also aims to raise as much cash as possible from selling wind power development rights. But wind projects around the world have been hit by turbine makers like Siemens Gamesa and Vestas (VWS.CO)hiking prices in 2022 by 30%. Shaking down the private sector is fine, but not if you’re left with no wind projects. Reuters Graphics Reuters GraphicsFollow @gfhay on TwitterCONTEXT NEWSOil majors BP and TotalEnergies have won a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion). BP’s initial payments totaling 678 million euros, equivalent to 10% of the bid amount, will be paid by July 2024.

Persons: Bernard Looney, TotalEnergies, Looney, TotalEnergies ’, Patrick Pouyanné, Bernstein, you’re, BP, Aimee Donnellan, Pranav Kiran, Streisand Neto Organizations: Reuters, BP, Bernstein Research, Siemens, Reuters Graphics Reuters, TotalEnergies, Federal, Thomson Locations: Germany, Berlin, U.S, Heligoland, Baltic, Ruegen, Europe, TotalEnergies

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

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

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

☆ Andrew Bailey’s silence is hurting UK homeowners
▼ + stars: | 2023-07-12 | by ( Francesco Guerrera | ) www.reuters.com time to read: +3 min

LONDON, July 12 (Reuters Breakingviews) - The Bank of England’s silence has left traders in a tizzy. Market interest rates have spiked due to soaring inflation expectations, pushing up mortgage costs. That looks like an over-reaction but unless Governor Andrew Bailey says so, homeowners will pay the price. Now, traders believe rates will be at around 6.2% in a year’s time and stay above 5.8% for a further two years. That spike sent the average two-year fixed mortgage rate to 6.66% on Tuesday, the highest level since August 2008, according to Moneyfacts.

Persons: Andrew Bailey, BoE, abate, Bailey, Liz Truss, Neil Unmack, Pranav Kiran Organizations: Reuters, Bank, Finance, Bank of England, Thomson

☆ Bayer crop spinoff would be tricky but bountiful
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 10 (Reuters Breakingviews) - Bayer’s (BAYGn.DE) new CEO may be considering some valuable crop rotation. The 49 billion euro seed-to-drug maker’s shares rallied 3% on Monday after a Friday report by German news service Platow Brief said the company may spin off its troubled crop science division. The crop science division was born of Bayer’s disastrous takeover of Monsanto in 2018, and the German conglomerate is still grappling with lawsuits alleging that its weedkiller caused cancer. If it offloads the crop science division, Bayer could indemnify the new owners against the cost of future litigation up to a certain point. Currently, the crop science division throws off a lot of the combined company’s cash.

Persons: maker’s, Bill Anderson, Bayer, Anderson, Aimee Donnellan, Liam Proud, Pranav Kiran Organizations: Reuters, Monsanto, Twitter, Thames, Thomson Locations: China

☆ Europe's biggest IPO prudently tests the water
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 5 (Reuters Breakingviews) - Europe’s biggest listing this year is off to a cautious start. Hidroelectrica, Romania’s top hydropower producer, priced on Wednesday its initial public offering (IPO) at 104 lei ($22.87 per share, the middle of a proposed range, raising 1.8 billion euros. That values the whole utility at 46.8 billion lei, or 9.4 billion euros. And temperatures are expected to soar across large parts of the world, making hydropower plants more vulnerable to droughts. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Verbund, Hidroelectrica, Bogdan Nicolae Badea, Yawen Chen, Lisa Jucca, Pranav Kiran Organizations: Reuters, Union, Twitter, KKR, Thomson Locations: Bucharest, Romanian, Ukraine, China

☆ India can aim lower in its chip dreams
▼ + stars: | 2023-07-05 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

BENGALURU, July 5 (Reuters Breakingviews) - India’s semiconductor dreams are facing a harsh reality. After struggling to woo cutting-edge chipmakers like Taiwan Semiconductor Manufacturing (2330.TW) to set up operations in the country, the government may now have to settle for producing less-advanced chips instead. Prime Minister Narendra Modi wants to “usher in a new era of electronics manufacturing” by turning India into a chipmaking powerhouse. Mining conglomerate Vedanta’s $19.5 billion joint venture with iPhone supplier Foxconn (2317.TW) has stalled; plans for a separate $3 billion manufacturing facility appear to be in limbo, Reuters reported in May. Aiming lower could be just what India’s chip ambitions need.

Persons: Narendra Modi, China's, It’s, Ashwini, Robyn Mak, Thomas Shum Organizations: Reuters, Taiwan Semiconductor Manufacturing, Micron Technology, Micron, Taiwan’s, Zion Market Research, Semiconductor Industry Association, Financial, Thomson Locations: BENGALURU, China, India, U.S, Gujarat, Zion, , New Delhi, Taiwan, Washington, Beijing

☆ China plays it safe with new central bank chief
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 3 (Reuters Breakingviews) - The new boss of the People’s Bank of China (PBOC) is probably a relief to those anxiously watching the future of the most meritocratic regulator in the country. The ruling Communist Party on Saturday appointed Pan Gongsheng, who has been deputy governor for the past 11 years, as party secretary – the de facto boss that supervises the institution. The Wall Street Journal said that would be a prelude to Pan becoming governor next, citing unnamed sources. The appointment of Pan, who has since 2015 also run the State Administration of Foreign Exchange (SAFE), is a surprise. It’s unlikely Pan will deviate much from the current monetary policy trajectories, even if he helms both the party secretary and governor roles.

Persons: Pan Gongsheng, –, Pan, Yi Gang, helms, Yawen Chen, ’, George Hay, Pranav Kiran Organizations: Reuters, People’s Bank of China, Communist Party, Saturday, Street Journal, State Administration of Foreign Exchange, Committee, Cambridge, Harvard, Agricultural Bank of China, U.S ., Twitter, KKR, Thomson Locations: United States, Hong Kong, Shanghai, China

LONDON, July 3 (Reuters Breakingviews) - Canary Wharf may be in trouble once again. While CWG’s average tenancy agreement still has 10 years left, the risk is that itself and the wider Canary Wharf area slip into a vicious circle. Rental incomes on apartments are roughly on a par with offices, per square foot, according to a person familiar with the matter. The 45-storey skyscraper in Canary Wharf has been HSBC's home for more than 20 years. Canary Wharf Group, which runs the east London financial district, declined to comment.

Persons: Paul Reichmann’s Olympia, Morgan Stanley, CWG, Knight Frank, Hong Kong’s Cheung, Bear Stearns, that’s, Liam Proud, Pranav Kiran Organizations: Reuters, Docklands, HSBC, York, Saudi Arabian, Canary Wharf Group, Barclays, Estates, Brookfield Property Partners, Qatar Investment Authority, Brookfield, Canary, QIA, Moody’s, Reuters Graphics Reuters, Hong Kong’s Cheung Kei Group, Churchill, NYK, Transport, BT, Thomson Locations: London, Canary, Canadian, Saudi, U.S, Brookfield, That’s, Docklands, Stratford, Wharf, QIA, Canary Wharf, Europe's

☆ US threat gives ASML new headache on China exports
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, June 30 (Reuters Breakingviews) - ASML (ASML.AS) now has to look to Washington, not its home government in The Hague, to determine which of its top-class chip-making machines it can still sell to Chinese companies. The Dutch government on Friday moved to restrict sales by the $294 billion semiconductor giant of EUV and certain types of its DUV lithography machines. That gives Biden reach over not only Dutch firms but also suppliers like Germany’s Trumpf and Zeiss, which make lasers and lenses respectively. ASML said Friday's Dutch announcement won’t have a material impact on its bottom line. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Joe Biden, Biden, ASML, Rebecca Christie, ’, crouch, George Hay, Pranav Kiran Organizations: Reuters, China’s, HK, Zeiss, Union, Twitter, Thomson Locations: BRUSSELS, Washington, The Hague, U.S, Netherlands, Japan, Brussels

☆ The next revolution in monetary policy is underway
▼ + stars: | 2023-06-30 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

LONDON, June 30 (Reuters Breakingviews) - Monetary policy, Milton Friedman said, acts on the economy with long and variable lags. Monetary policy regimes evolve in response to the changing nature of prevailing economic challenges – though this also takes time. The next revolution in monetary policy may be brewing. One question Gopinath did not address is how the financial system came to dominate monetary policy. When contractions hit, however, central banks eased monetary policy and governments loosened their purse strings, just as before.

Persons: Milton Friedman, Gita Gopinath, Gopinath, ’, “, Peter Thal Larsen, Pranav Kiran, Oliver Taslic Organizations: Reuters, International Monetary Fund, Bank for International, IMF, Central, SVB, Signature Bank, Credit Suisse, Fed Funds, BIS, Thomson Locations: Portuguese, Sintra, Korean, United States, Europe, Central, England, London, U.S, China, Ukraine, “

☆ India’s push to democratise credit tests limits
▼ + stars: | 2023-06-30 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Yet barely half of them have active loans and only up to 10% have a credit card. That’s why the regulator is allowing the use of RuPay credit cards, the country’s low-cost answer to Mastercard (MA.N) and Visa (V.N), for UPI payments. Earlier, in June 2022, the central bank had allowed lenders to link RuPay credit cards to UPI accounts. HDFC Bank became the first private bank to go live on UPI with RuPay credit cards in February. Paytm tied up with SBI Cards and Payment Services in May to issue RuPay credit cards to its consumers via UPI, offering cashbacks on small-value payments.

Persons: It’s, Paytm, –, Bernstein, Una Galani, Pranav Kiran, Thomas Shum Organizations: Reuters, UPI, Google, Reuters Graphics Reuters, Mastercard, Visa, Merchants, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, One97 Communications, Reserve Bank, Tiger, Uni, “, Reserve Bank of India, SBI Cards, Services, Thomson Locations: MUMBAI, India, Punjab

☆ Global airlines grasp at the 100% recovery
▼ + stars: | 2023-06-21 | by ( Thomas Shum | ) www.reuters.com time to read: +4 min

HONG KONG, June 21 (Reuters Breakingviews) - Global airlines are setting drawn out timelines to a full recovery. Some carriers, particularly in Asia, think they will only fly at or over pre-pandemic capacity levels in 2024 or later. Airlines didn’t rehire quickly enough to support the sudden recovery in demand and are now overpromising and underdelivering. Asian hub carriers like $16.5 billion Singapore Airlines (SIAL.SI) are particularly strained. Singapore Airlines, for example, posted a record net profit of S$2.2 billion ($1.6 billion) for the financial year ended March.

Persons: Britain’s, Una Galani, Pranav Kiran Organizations: Reuters, Qantas Airways, International Air Transport Association, Singapore Airlines, Boeing, Air, Peers, Cathay, HK, Deutsche Lufthansa, Reuters Graphics Reuters, Twitter, IndiGo, Airbus, Air India, Thomson Locations: HONG KONG, Asia, Europe, China, Ukraine, Africa, South America, Air India

☆ Shell makes risky pitch for the middle ground
▼ + stars: | 2023-06-14 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

He has stressed that Shell, currently trading around five times expected 2024 earnings compared to twice that for its U.S. peers, merits more generosity. Shell will hike its dividend by 15% and spend $1 billion more on buybacks, starting in the second quarter. He will invest $10 billion to $15 billion in so-called low-carbon solutions like biofuels and hydrogen between 2023 and 2025. Equally, Wednesday’s plan will disappoint climate-focused shareholders, who currently form roughly 15% of Shell’s investor register based on recent votes on emission cuts. Shell shares have outperformed both U.S. and European rivals since Sawan took over in January.

Persons: Wael Sawan’s, Sawan, Jefferies, George Hay, Pranav Kiran Organizations: Reuters, Shell, Chevron, Exxon Mobil, BP, International Energy Agency, Thomson Locations: U.S, New York, divestments, Namibia, New York City

☆ Embracer’s standalone pitch hits the right buttons
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +2 min

The $3 billion video-game holding company announced on Tuesday that it would slash costs and investments to achieve a more “stable future”. The new strategy is to rely on its own free cash flow, rather than partnerships or capital hikes, to fund the business. Wingefors wants to cut overhead costs by at least 10% compared to the last quarter’s annual run rate. At least Wingefors’ new standalone survival strategy gives him a stronger negotiating hand if a bid comes along. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Lars Wingefors, it’s, Wingefors, Oliver Taslic, Liam Proud, Pranav Kiran Organizations: Reuters, Investors, Twitter, Thomson Locations: India, Teck, China

☆ SoftBank’s Arm IPO set for double stroke of luck
▼ + stars: | 2023-06-13 | by ( Karen Kwok | ) www.reuters.com time to read: +3 min

LONDON, June 13 (Reuters Breakingviews) - SoftBank Group (9984.T) boss Masayoshi Son must be breathing a sigh of relief over the forthcoming float of his chip designer Arm. In April it announced plans to work with Arm to ensure that Intel’s factories can produce chips based on the UK group’s designs. The second, and perhaps more important, stroke of luck is the ongoing valuation frenzy for companies linked to artificial intelligence. Follow @karenkkwok on TwitterCONTEXT NEWSIntel is in talks with SoftBank Group’s Arm to be an anchor investor in the chip designer’s initial public offering, Reuters reported on June 12, citing a source familiar with the matter. Shares in SoftBank, which bought Arm in 2016, rose 5% to 6,310 yen on June 13.

Persons: Masayoshi, he’d, Jefferies, Arm’s, SoftBank, Liam Proud, Pranav Kiran, Oliver Taslic Organizations: Reuters, SoftBank, Intel, Nvidia, Bloomberg, Philadelphia Semiconductor, Nasdaq, Thomson Locations: U.S, New York, SoftBank

☆ Toyota gets activism, without the activists
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, June 5 (Reuters Breakingviews) - It’s one thing to be targeted by pushy activists looking for a quick return. It’s perhaps more embarrassing to receive the wholesale disapproval of American pension funds who are long-term stewards of capital. That’s the position the board of $200 billion carmaker Toyota (7203.T) finds itself in. The pair also favoured a resolution brought by Danish and Dutch pension funds urging Toyota to improve disclosure of its lobbying on climate change. Toyota insists its board adheres to the Tokyo Stock Exchange’s independence standards.

Persons: Akio Toyoda, Katrina Hamlin, Pete Sweeney, Pranav Kiran Organizations: Reuters, Toyota, New York, California Public Employees, Danish, Tokyo Stock, Twitter, Thomson Locations: SINGAPORE, New York City, Una, Saudi, East

☆ Securonomics is fuzzy new lodestar for investors
▼ + stars: | 2023-06-02 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

During the era of free trade and financial liberalisation, the politicians danced to the economists’ tune. President Joe Biden’s National Security Advisor explained that the era of unqualified support for free markets is over. The state will explicitly subsidise “specific sectors that are foundational to economic growth (or) strategic from a national security perspective,” Sullivan explained. Internationally, meanwhile, free trade is no longer the pole star. Sullivan’s 5,000-word speech devoted just three sentences to the World Trade Organization.

Persons: Rachel Reeves, Jake Sullivan, Joe Biden’s, ” Sullivan, Jacob Soll, Jean, Baptiste Colbert, Alexander Hamilton, Adam Smith, securonomics, Colbert, Hamilton, Christine Lagarde, Lagarde, ”, Soll, Peter Thal Larsen, Pranav Kiran Organizations: Reuters, Labour, Bank of England, White, U.S . Treasury, U.S . Trade Representative, Joe Biden’s National, Biden, offshoring, World Trade Organization, Industries, BAE Systems, Dow, Aerospace, Defense, U.S, Treasury, University of Southern, European Central Bank, Soviet, Russia, Thomson Locations: Washington, Tellingly, States, French, Scottish, University of Southern California, China, United States, Europe, Saudi Arabia

☆ Indian ports will test tycoons' safe harbour
▼ + stars: | 2023-06-02 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

For the public market wannabe, it tees up a tricky benchmark in a global industry with few listed giants. JSW Infrastructure is closely aligned to India’s growth story. More than half of cargo handled at Indian ports last year was coal, petroleum oil and lubricants. JSW Infrastructure grew revenue 92% in the three years to March 2022, three times as fast as its rival. JSW Infrastructure, India’s second largest commercial ports operator by cargo handling capacity, in May filed for an initial public offering in Mumbai to raise up to 28 billion rupees ($340 million).

Persons: Gautam Adani, Sajjan Jindal, Adani, JSW, ”, Una Galani, Katrina Hamlin Organizations: Reuters, Hindenburg Research, Deloitte, JSW, Infrastructure, Deloitte Haskins, Securities and Exchange Board of India, JM Financial, Axis Bank, State Bank of India, HSBC, Credit Suisse, Thomson Locations: BENGALURU, Mumbai, Goa, Tamil Nadu, West, JSW

☆ Global tax would spoil investors’ plastic party
▼ + stars: | 2023-06-01 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

This may change if supporters of taxes and other restrictive measures prevail at ongoing talks for a global treaty to end plastic pollution by 2040. And the world lacks sufficient infrastructure to sort discarded resins: only 9% of global plastic is recycled each year, the Organisation for Economic Co-operation and Development reckons. Some 90% of people support measures to combat plastic pollution, a global Ipsos survey from 2021 shows. Countries including Britain have already started applying levies on virgin plastic packaging. CONTEXT NEWSRepresentatives of 175 countries in March endorsed a landmark resolution to develop international, legally binding rules to end plastic pollution by 2040.

Persons: Inger Andersen, Barr, Aimee Donnellan, Pranav Kiran Organizations: MILAN, Reuters, Big Oil, ExxonMobil, Dow, Indorama Ventures, Saudi Aramco, Minderoo, Organisation for Economic Co, ” United Nations, Reuters Breakingviews, Barclays, Twitter, Thomson Locations: Sinopec, Britain, Paris

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