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☆ Swiss Re targets higher 2024 net income of $3.6 bln
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

The logo of insurance company Swiss Re is seen in front of its headquarters in Zurich, Switzerland February 12, 2019. REUTERS/Arnd WIegmann/File Photo Acquire Licensing RightsZURICH, Dec 1 (Reuters) - Swiss Re (SRENH.S) expects to increase its net income to more than $3.6 billion for 2024, the company said on Friday, as it announced new financial targets on its investors day. The world's second biggest reinsurer has previously said it expects net income of more than $3 billion for 2023. The changes come as Swiss Re switches its accounting standard from U.S. GAAP to IFRS, a move that will be effective from 2024. "Swiss Re is well positioned to benefit from the more economic view provided by the IFRS accounting standard, which is reflected in the targets published today."

Persons: Arnd, Christian Mumenthaler, John Revill, Rachel More Organizations: Swiss, REUTERS, Rights, IFRS, Thomson Locations: Zurich, Switzerland, Swiss

☆ Britain's Sunak tries to reclaim climate narrative with $2 bln pledge
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Britain's Prime Minister Rishi Sunak delivers a speech during a press conference on the net zero target, at the Downing Street Briefing Room, in central London, on September 20, 2023. Running way behind the opposition Labour Party in the polls before a national election expected next year, Sunak's team believes voters will only support measures to tackle climate change when, or if, they are affordable. But the time for pledges is now over – this is the era for action," Sunak said in a statement. "The transition to net zero should make us all safer and better off. ($1 = 0.7911 pounds)For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: Rishi Sunak, Sunak's, Sunak, King Charles, Elizabeth Piper, Miral Organizations: Britain's, Downing, Labour Party, Reuters, Thomson Locations: London, DUBAI, Dubai, Africa, Asia

☆ Russian lender Sovcombank eyes valuation of up to $2.5 bln post-IPO
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

A view shows a board with the logo of Sovcombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. REUTERS/Maxim Shemetov Acquire Licensing RightsMOSCOW, Dec 1 (Reuters) - Russian lender Sovcombank said on Friday it expects a market capitalisation of 200-219 billion roubles ($2.24-$2.46 billion)after its initial public offering (IPO) on Moscow Exchange later this month, the latest in a small flurry of Russian market debuts. Sovcombank said it has already received offers for half of the expected overall offer size from a number of major Russian institutional investors to participate in the IPO. Russian companies have raised around 29 billion roubles this year through IPOs, with listings characterised by small volumes and the presence of domestic retail investors. Pawn broker Mosgorlombard also announced its intention to list on Friday, expecting a free float of 36% after an early-December debut.

Persons: Maxim Shemetov, Sovcombank, Dmitry Gusev, Mosgorlombard, Elena Fabrichnaya, Alexander Marrow, Guy Faulconbridge, Susan Fenton Organizations: St ., Economic, REUTERS, Rights, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Moscow, Ukraine, IPOs

President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan attends the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. REUTERS/Amr Alfiky Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - United Arab Emirates President Sheikh Mohammed Bin Zayed Al Nahyan, whose country is hosting the COP28 climate summit, announced on Friday the establishment of a $30 billion climate fund that aims to attract $250 billion of investment by the end of the decade. Dubbed ALTÉRRA, the fund will allocate $25 billion towards climate strategies and $5 billion specifically to incentivise investment flows into the Global South, according to a statement by the COP28 Presidency. ALTÉRRA has also committed to invest $2 billion into its second Brookfield Global Transition Fund. ALTÉRRA was established by Lunate, a newly set up Abu Dhabi-based alternative investment manager with over $50 billion in assets.

Persons: United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, Amr Alfiky, Sheikh Mohammed Bin Zayed Al Nahyan, ALTÉRRA, BlackRock, Abu, Sheikh Tahnoon bin Zayed Al Nahyan, William James, Nadine Awadalla, Al Sayegh, Tommy Reggiori Wilkes, Susan Fenton, Sharon Singleton, Miral Organizations: United, United Nations, Change, United Arab Emirates, REUTERS, Rights, BlackRock, TPG, Brookfield Asset Management, Transition, Lunate, Chimera Investment, Reuters, Thomson Locations: United Arab Emirates, Dubai, United Arab, COP28, Brookfield, Abu Dhabi, UAE

☆ GSK CEO says RSV vaccine revenue to top 1 bln pounds in first year
▼ + stars: | 2023-11-30 | by ( Michele Gershberg | ) www.reuters.com time to read: +4 min

GSK had previously forecast 2023 sales for Arexvy between 900 million pounds and 1 billion pounds ($1.26 billion) following a strong U.S. launch. "We’re delighted with the start of our RSV vaccine," Walmsley said in a Reuters Newsmaker interview. The U.S. Food and Drug Administration (FDA) approved Arexvy for adults aged 60 years or older in May and GSK launched the vaccine in the U.S. later in the year. GSK made close to two-thirds of RSV doses given in the United States since early September, according to IQVIA data earlier this month. On Tuesday, rival Pfizer (PFE.N) said it was disappointed in the performance of its RSV shot Abrysvo compared with GSK.

Persons: Walmsley, GSK's, Emma Walmsley, We’re, David Denton, AstraZeneca's, commercialise Johnson, Ludwig Burger, Michael Erman, Josephine Mason, Kirsten Donovan, Elaine Hardcastle Organizations: GSK, Reuters, U.S . Food, Drug Administration, Pfizer, U.S, Thomson Locations: British, U.S, Europe, Japan, United States

☆ Saudi’s Indian cricket play works for both sides: podcast
▼ + stars: | 2023-11-30 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Nov 30 (Reuters Breakingviews) - The kingdom is looking to invest as much as $5 bln in the Indian Premier League. In this Viewsroom podcast, Breakingviews columnists discuss what it means for the sport and how it sizes up against Riyadh’s growing global sporting ambitions. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Thomas ShumOur 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: Thomas Shum Organizations: Reuters, Indian Premier League, Thomson

☆ Microsoft's $3.2 bln UK investment to drive AI growth
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

Britain's Prime Minister Rishi Sunak and Microsoft President Brad Smith attend the AI Safety Summit in Bletchley Park, near Milton Keynes, Britain, November 2, 2023. Britain, where the economy is forecast to be sluggish in the coming years, is pushing for private investment to help fund new infrastructure, particularly in growth industries like AI. "Today's announcement is a turning point for the future of AI infrastructure and development in the UK," Sunak said in a statement on Thursday. Since then, the UK regulator waved through a restructured version of Microsoft's $69 billion acquisition of Activision Blizzard , putting Britain back in Microsoft's favour. The investment includes a training plan to help ensure Britons have the skills they need to build and work with AI, it added.

Persons: Rishi Sunak, Brad Smith, Toby Melville, Sunak, Microsoft's, Smith, Jeremy Hunt, Sarah Young, Elaine Hardcastle Organizations: Britain's, Microsoft, REUTERS, U.S ., Activision Blizzard, Thomson Locations: Bletchley Park, Milton Keynes, Britain, Microsoft's, London

☆ Rover shares jump on $2.3 bln go-private deal with Blackstone
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: 1 min

Nov 29 (Reuters) - Rover Group shares (ROVR.O) surged 28% in early trading on Wednesday after the pet care company said investment firm Blackstone (BX.N) will take it private in $2.3 billion all-cash deal. The company's shareholders will receive $11 per share at a premium of 29.4% from the last close price. Rover is an online marketplace where pet care providers offer services such as dog walking and in-home pet sitting. The company said the transaction is expected to close in the first quarter of 2024. Reporting by Christy Santhosh in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Blackstone, Christy Santhosh, Arun Koyyur Organizations: Rover Group, Rover, Thomson Locations: Bengaluru

☆ Second-hand shopping a $1-bln-plus business for Amazon in Europe
▼ + stars: | 2023-11-29 | by ( James Davey | ) www.reuters.com time to read: +3 min

[1/5] Customers visit the Second Chance Store, a new shop selling returned and refurbished products from Amazon's Second Chance programmes in-person in central London, Britain November 28, 2023. Acquire Licensing RightsLONDON, Nov 29 (Reuters) - Consumer demand for refurbished and pre-owned goods in Britain and across Europe has created a billion pound ($1.3 billion) business for Amazon (AMZN.O), its UK boss said. "Customers are telling us that they’re shopping second hand items to save money in the ongoing cost of living crisis and because they want to shop more sustainably," Boumphrey told reporters. He was speaking at the launch of Amazon UK's "Second Chance Store" - a Christmas pop-up shop in London selling returned and refurbished items. Amazon has invested 56 billion pounds in Britain since 2010, including 12 billion in 2022 alone, Boumphrey said.

Persons: John Nguyen, Handout, John Boumphrey, Boumphrey, James Davey, Mark Potter Organizations: REUTERS, Acquire, Amazon, Reuters, Digital Markets, Competition, Consumers, European Union, Thomson Locations: London, Britain, Europe

☆ Prosus reports $2 bln in core earnings, sees e-commerce profitability earlier
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsAMSTERDAM, Nov 29 (Reuters) - Prosus NV (PRX.AS), a large technology investor, said on Wednesday its core headline earnings increased 118% in the first half of 2024, citing improved profitability in its stable of e-commerce investments. Core headline earnings for the half year ended on Sept. 30 were $2.0 billion, from $1.1 billion in the same period a year earlier, in line with a Nov. 20 trading statement. Core headlines earnings is a nonstandard measure the company says best reflects its group operating performance. It includes the massive stake Prosus owns in China's Tencent (0700.HK), which the company said has been sold down from 26.2% to 25% to fund a rolling share buyback program. Prosus says share buybacks benefit shareholders because the Tencent stake, now worth $98 billion, is worth about 30% more than Prosus itself.

Persons: Dado Ruvic, Prosus, Tencent, Toby Sterling, Jacqueline Wong Organizations: REUTERS, Rights, Prosus, HK, Thomson

A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan/File Photo Acquire Licensing RightsNov 29 (Reuters) - Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is urging the U.S. oil refiner and pipeline operator to revamp its board to boost lagging performance. Phillips 66 has lagged its U.S. refining rivals at a time when fuel demand and margins have soared for the industry. Phillips 66 Chief Executive Mark Lashier acknowledged discussions with Elliott but did not say whether the company was open to adding two Elliott-recommended directors to its board. Phillips 66 currently has 13 board members.

Persons: Bing Guan, Phillips, Mark Lashier, Elliott, Lashier, John Pike, Mike Tomkins, Garfield Miller, Miller, Svea Herbst, Bayliss, Laura Sanicola, Gary McWilliams, Anil D'Silva, Bernadette Baum, Mark Porter Organizations: Phillips, Los, Los Angeles Refinery, Elliott Investment Management, Marathon Petroleum, Energy, Exxon Mobil, Aegis Energy Advisors, Elliott, Svea, Thomson Locations: Los Angeles, Carson , California, U.S, Houston, Providence, New York, Bengaluru

Main auto partner Chongqing Changan Automobile (000625.SZ) and relevant parties will own up to 40% of the new firm, a Changan Auto statement showed on Sunday. Neither Changan Auto nor Huawei disclosed financial details. Changan Auto referred Reuters to its Sunday statement and declined to comment further. Huawei has partnerships with other auto companies, including Seres Group (601127.SS) and Jianghuai Automobile (600418.SS), as well as with Changan Auto involving EV brands Avatr and Deepal. The proposed deal will also smooth the way for the business' listing, as Huawei had planned, said two of the people.

Persons: Ren Zhengfei, Ren, Richard Yu, Julie Zhu, Zhuzhu Cui, David Kirton, Brenda Goh, Christopher Cushing Organizations: Huawei Technologies, Changan Auto, Bosch, Chongqing Changan Automobile, Huawei, Auto, China Ordnance Equipment Group, China South Industries, FAW Group, Dongfeng Motor, HK, Reuters, Seres, Jianghuai, Changan, EV, Thomson Locations: HONG KONG, SHANGHAI, Chongqing, China, Changan, Shanghai

LONDON, Nov 29 (Reuters) - Swiss insurer Baloise (BALN.S) is in talks to sell around 1 billion euros ($1.1 billion) of life insurance policies in Belgium, two people familiar with the matter told Reuters. The efforts come as other traditional insurers sell non-core portfolios with a view to freeing up capital held against those liabilities. In 2020, the Swiss group purchased the non-life insurance operations of Apollo-backed Athora. Baloise saw premiums in its non-life insurance business grow by close to 6% in the first nine months of the year to 3.4 billion Swiss francs ($3.9 billion) globally. However, life insurance premiums dropped more than 4% to 2.9 billion francs during the same period, according to its latest earnings release.

Persons: Baloise, Pablo Mayo, Paul Arnold, Anousha Sakoui, Mark Potter Organizations: Baloise, Reuters, The, ING Groep, ING, Aegon, Royal London, Swiss, Apollo, Fidea, Pablo Mayo Cerqueiro, Thomson Locations: Belgium, The Basel, London, Zurich

☆ US Thanksgiving weekend sales hit record $38 bln on big discounts - report
▼ + stars: | 2023-11-28 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Shoppers crowd a Walmart store ahead of the Thanksgiving holiday in Chicago, Illinois, U.S. November 27, 2019. Online consumer spending jumped 7.8% during Cyber Week, or the five days from Thanksgiving through Cyber Monday, according to data from Adobe Analytics, outstripping initial expectations for a 5.4% rise. But blockbuster deals rolled out from Thanksgiving Day through Cyber Monday helped spread the holiday cheer for bargain-hunters. Sales on Cyber Monday jumped a better-than-expected 9.6% to a record $12.4 billion, as shoppers clicked "buy" on Hot Wheels toys, PlayStation 5, smart watches and kitchen appliances. Reuters GraphicsAdobe said discounts peaked at 31% for electronics and at 27% for toys on Cyber Monday, which is typically the biggest online shopping day in the U.S.

Persons: Kamil Krzaczynski, Vivek Pandya, trouncing, Klarna, Deborah Sophia, Juby Babu, Pooja Desai Organizations: Walmart, REUTERS, Adobe Analytics, Deloitte, Adobe Digital, Graphics Adobe, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

Toyota Motor's portion will represent almost half of the roughly 10%, with the total sale seen at about 700 billion yen ($4.7 billion) at current market prices, the two sources said. A Toyota spokesperson said it was not in a position to comment on Denso, adding the contents of the Reuters report of the share sale were not something it had announced itself. Buyers of the shares are expected to largely be domestic investors, and the price has yet to be determined, the sources said. Denso shares, which were down almost 4% before the news, extended losses after the Reuters report and fell as much as 6.8% on the day, closing 4.9% lower. Toyota shares finished little changed, as did the benchmark Nikkei 225 (.N225).

Persons: Miho Uranaka, Daniel Leussink, Maki Shiraki, Nobuhiro Kubo, David Dolan, Jamie Freed Organizations: Companies, Toyota, KDDI Corp, Tokyo Stock Exchange, Reuters, Nikkei, Thomson Locations: TOKYO, Denso

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

Nov 28 (Reuters) - Spending online on Cyber Monday is set to exceed $12 billion, a record, as bargain hunters snap up deals on items including Barbie dolls, Lego sets, headphones and smart watches, according to preliminary estimates from Adobe Digital Insights. The estimate projects U.S. shoppers will spend $12 billion-$12.4 billion on Cyber Monday, the biggest U.S. online shopping day. At the top end, this would represent an 9.7% increase compared to the $11.3 billion spent on Cyber Monday last year. Walmart, eager to capture market share, slashed prices on Sunday night, joining the trend of retailers' early discounts on major shopping days. On Monday, Walmart stepped up discounts on some clothing to 60%, up from the 50% it offered on Black Friday.

Persons: Barbie, Nancy Tengler, Eduardo Munoz, Matthew Katz, Charles Sizemore, Sizemore, Siddharth Cavale, Deborah Sophia, Aishwarya Venogupal, Ananya Mariam Rajesh, David Gregorio, Nick Zieminski, Matthew Lewis, Lincoln Organizations: Adobe Digital, Retailers, Adobe Analytics, Investments, Shoppers, Workers, REUTERS, SSA & Company, Walmart, Sizemore Capital Management, Target, Graphics, Insider Intelligence, Thomson Locations: Scottsdale , Arizona, United States, Robbinsville Township, New Jersey, U.S, New York, Bengaluru

☆ China's Meituan launches $1 bln share buyback program
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] Wang Xing, CEO of Meituan-Dianping attends at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. Meituan CEO Wang Xing had said on Tuesday that the board had authorised a share buyback of up to $1 billion but it would depend on the company's cash position due to plans to invest in new initiatives and explore overseas investments. "The Board believes that the current financial resources of the company would enable it to implement the share repurchase while maintaining a solid financial position," Meituan said in an exchange filing on Wednesday. The share repurchase will start from Dec. 1. Meituan, China's largest food delivery provider ahead of Alibaba's Ele.me, on Tuesday flagged expectations around fourth-quarter revenue growth for its core food delivery business to slow versus the preceding quarter.

Persons: Wang Xing, Dianping, Aly, Meituan, Alibaba's, Rishav Chatterjee, Maju Samuel Organizations: World Internet Conference, REUTERS, HK, Thomson Locations: Wuzhen, Zhejiang province, China, Bengaluru

Blended finance see providers of public money - typically government aid departments, development finance institutions or charitable donors - agree to accept more risk in a fund to encourage private sector investors to join. The money raised through blended finance funds is a fraction of what's needed. The new 25-year SDG Loan Fund is structured so that FMO takes the first loss should the loans turn sour. Private investors, which include Allianz and Skandia, will be the last to lose money. But this loan fund structure ensured "everyone's interest is aligned," she said, noting that private investors can start getting their money back when loans begin amortising in a few years.

Persons: Tilman Blasshofer, FMO, That's, Nadia Nikolova, Nikolova, Nic Wessemius, FMO's, Wessemius, Tommy Reggiori Wilkes, Simon Jessop, Mark Potter Organizations: Allianz Global Investors, REUTERS, MacArthur Foundation, LONDON, Private, Allianz, Skandia, FMO, Reuters, concessional, Investment, Thomson Locations: Frankfurt, Germany, Dubai

☆ Fintech Clara launches payment account in Brazil eyeing $1 bln in transactions
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Nov 28 (Reuters) - Latin American fintech Clara has launched a payment account in Brazil that it expects will help it reach 6 billion reais ($1.23 billion) in transactions in 2024, the firm said on Tuesday, as it eyes growth in the region's largest economy. Clara, which also provides corporate cards and expense management solutions, said the new product would allow clients in Brazil to expand their payment methods, adding bank slips and express wire transfers (TEDs) to its traditional credit card. Clara announced in August it was moving its headquarters from Mexico to Brazil after obtaining a central bank license to operate as a payment institution there, allowing it to launch the so-called 'Clara Conta'. Clara's credit card already accounts for annual transactions of over a 1 billion reais in Brazil alone, and the company says operations have been doubling in size every six months. ($1 = 4.8964 reais)Reporting by Gabriel Araujo; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Clara, Clara Conta, Gabriel Araujo, Sonali Paul Organizations: SAO PAULO, Banco, Thomson Locations: Brazil, Mexico, Colombia

☆ China's BOE Technology to set up AMOLED production line worth $8.8 bln
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 28 (Reuters) - BOE Technology Group Co Ltd (000725.SZ) said on Tuesday that it and partners plan to invest 63 billion yuan ($8.81 billion) to set up AMOLED production line in the southwestern Chinese city of Chengdu. The project's products will mainly be high-end touch screens such as those on laptops and tablets, BOE said in a filing to the Shenzhen stock exchange. ($1 = 7.1527 Chinese yuan renminbi)Reporting by Beijing Newsroom; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: BOE, Louise Heavens Organizations: BOE Technology Group Co, Beijing, Thomson Locations: BEIJING, Chengdu, Shenzhen

☆ UK regulator says Adobe's $20 bln Figma deal could harm sector
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: 1 min

Adobe logo is seen on smartphone in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 28 (Reuters) - Britain's competition regulator on Tuesday said Photoshop owner Adobe Inc's (ADBE.O) $20 billion buyout of cloud-based designer platform Figma would "likely harm innovation for software used by the vast majority of UK digital designers." In July, the Competition and Markets Authority (CMA) launched an in-depth, or phase two, investigation into the deal after Adobe said it would not offer any concessions to ease the regulator's concerns. Reporting by Eva Mathews in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Eva Mathews, Nivedita Organizations: REUTERS, Adobe, Markets Authority, CMA, Thomson Locations: Bengaluru

☆ Alibaba Health Information Technology to buy AJK Technology for $1.73 bln
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: 1 min

Nov 28 (Reuters) - Investment holding company Alibaba Health Information Technology Ltd (0241.HK) said on Tuesday it would buy entire stake in AJK Technology Holding Ltd from a unit of Alibaba Group Holding (9988.HK) for HK$13.51 billion ($1.73 billion). Alibaba Health would issue 2.56 billion consideration shares at an issue price of HK$4.50 and pay the U.S. dollar equivalent of HK$2 billion in cash to the Alibaba Group unit, Taobao Holding Ltd.AJK Technology is an offshore holding vehicle incorporated under the laws of the Cayman Islands. The completion of the deal is subject to approvals from independent shareholders and the stock exchange. ($1 = 7.7957 Hong Kong dollars)Reporting by John Biju in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: John Biju, Shilpi Majumdar Organizations: Investment, Health, Technology, HK, AJK Technology Holding, Alibaba, Taobao Holding, AJK Technology, Thomson Locations: Cayman Islands, Hong Kong, Bengaluru

SummaryCompanies Aims for aerospace margin of 15-17%Expects medium-term annual operating profit of 2.8 bln stgShares rise 6.5%LONDON, Nov 28 (Reuters) - Rolls-Royce (RR.L) aims to quadruple profit in the next five years by boosting the performance of its jet engines and bearing down on costs in boss Tufan Erginbilgic's masterplan for Britain's most prestigious engineering company. That would be driven by surge in profit margins at its civil aerospace business to 15-17% from 2.5% last year. Agency Partners analyst Nick Cunningham said the targets implied Rolls-Royce was willing to shed revenues in exchange for better profitability. "If so, that is a deeper culture change from Rolls-Royce’s traditional market share optimisation approach of past decades," he said. "We will capture market share every year, but in a profitable way," he said.

Persons: Tufan, Erginbilgic, Nadja Wohlleben, Royce, Nick Cunningham, Rolls, Paul Sandle, Barbara Lewis, Mark Potter Organizations: Royce, Airbus, Boeing, REUTERS, Agency Partners, Trent, Thomson Locations: widebodies, Royce Germany, Dahlewitz, Berlin, Germany

Local governments plan to use the proceeds of the latest bond sales to purchase equity or convertible bonds from smaller banks, most of them state-owned, effectively recapitalising them, according to the deal prospectuses. DEEPER IN DEBTThe intensified efforts to support smaller banks also come amid growing worries about the impact of ballooning local government debt on the economy. While policymakers are highly concerned over rising debt levels, Beijing has little option but to support smaller banks to contain spillover risks, analysts said. It was not immediately clear if the central authorities had given any guidance to the local governments on recapitalising smaller banks, and who were the buyers of these special-purpose bonds. "Local governments are a likely the first line of defense whenever regional banks become stressed," they said.

Persons: Kim Kyung, Gavekal, Zhang Xiaoxi, Pan Gongsheng, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, China Electronic Local Government Bond, Authorities, National Financial Regulatory Administration, International Monetary Fund, Beijing, Thomson Locations: Beijing, Rights BEIJING, China, Henan, China's, Liaoning, Yunnan, Inner Mongolia

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