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☆ Estee Lauder, Canada Goose slash annual targets as China recovery falters
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

An Estee Lauder cosmetics counter is seen in Los Angeles, California, U.S., August 19, 2019. The company also estimated annual sales to decrease 2% to an increase of 1%, compared with the previous forecast of an increase between 5% and 7%. Canada Goose expects full-year revenue to be between C$1.20 billion ($864.49 million) and C$1.40 billion, compared with its previous forecast of C$1.40 billion to C$1.50 billion. Canada Goose also saw revenues in the United States region decline nearly 11% as demand for high-end goods by affluent shoppers sag. Shares of Estee fell about 13% in premarket trading while U.S.-listed shares of Canada Goose were down 11%.

Persons: Lauder, Lucy Nicholson, Estee Lauder, Estee, Goose, Tom Ford's, Ananya Mariam Rajesh, Aatrayee Chatterjee, Shounak Dasgupta, Maju Samuel, Sriraj Organizations: REUTERS, Canada Goose Holdings, L'Oreal, Canada, U.S, Thomson Locations: Los Angeles , California, U.S, China, Canada, Asia, Korea, Hainan, Estee, United States, Bengaluru

☆ Apple expected to post fourth consecutive quarterly sales decline Thursday
▼ + stars: | 2023-11-01 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Apple is expected to post its fourth consecutive quarterly revenue decline when it reports earnings after the bell Thursday. They will also be paying close attention to any clues about how demand for the iPhone 15 lineup is faring. The September quarter isn't Apple's biggest or slowest quarter of the year and only includes about a week or so of iPhone 15 sales. Apple's fiscal fourth quarter period typically includes a little bit of back-to-school laptop and tablet spending benefitting its Mac and iPad divisions. The mood among analysts, especially in regard to expectations for the fourth quarter, is changing.

Persons: Tim Cook, haven't, They'll, Apple hasn't, Luca Maestri, Morgan Stanley, Erik Woodring, Samik Chatterjee Organizations: Apple Inc, Apple Locations: New York, China

☆ Apple hints at an AI-focused future and ‘scary fast’ upgrades
▼ + stars: | 2023-11-01 | by ( Samantha Kelly | ) edition.cnn.com time to read: +4 min

The focus of the event, which featured the tagline “scary fast,” was Apple’s new custom-made M3 chips, the M3, M3 Pro and M3 Pro Max. The chips will ship with Apple’s latest MacBook Pro and iMac lineup. “This deep integration is something only Apple can deliver, and we never stop innovating.”At a time companies such as Microsoft, Google and Meta have openly discussed their plans for an AI future, Apple has been less forthcoming. Apple said it shipped about 26 million Macs in 2022, making up 9.1% of the overall market (up from 7.8% the year prior). At the same time, the overall PC market shipped about 292 million computers the same year, down 15% from the year before.

Persons: Tim Cook –, –, they’re, ” Cook, Apple, ”, Dipanjan Chatterjee, Forrester, “, Tim Cook, Chatterjee, David McQueen, ” McQueen, Kieren Jessop Organizations: CNN, Apple, Max, Microsoft, Google, Meta, Lenovo, Dell, HP, IDC Research, Apple Music, ABI Research, Intel, Qualcomm, AMD, NVIDIA, MacBook Locations: Cupertino , California, China

☆ Pilots at Qantas' unit halt planned two-day strike ahead of further talks
▼ + stars: | 2023-10-31 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

AFAP on Friday said that Network Aviation pilots will stop work on Wednesday and Thursday in a bid to negotiate wages. Australia's industrial relations tribunal, the Fair Works Commission (FWC), presided over a series of talks between pilots and the airline on Monday. AFAP members – who make up 90% of the pilot group at Network Aviation – won't be engaging in protected action until next week's bargaining sessions are completed, the pilots' union said. Meanwhile, Qantas expressed disappointment over the union choosing to "cause disruption and uncertainty" by threatening the strike, a few days before a meeting with the FWC. The airline will continue to work with the FWC over coming weeks to seek a resolution, it added.

Persons: Loren Elliott, AFAP, –, Tim Waterer, FWC, Rishav Chatterjee, Ayushman Ojha, Mrigank Dhaniwala Organizations: Qantas, Kingsford Smith International Airport, REUTERS, Pilots, Network Aviation, Qantas Airways, Australian Federation of Pilots, Qantas Group, Fair Works Commission, Thomson Locations: Sydney, Australia, Bengaluru

Customers seen in the self-service checkout area of a Coles supermarket in Sydney, Australia, June 17, 2020. REUTERS/Loren Elliott/File Photo/File Photo Acquire Licensing RightsOct 26 (Reuters) - Australian retailers are ramping up their tech security initiatives, including placing cameras at self-checkouts and body-worn cameras on staff, to combat a surge in stock theft and customer aggression aggravated by the cost of living crisis. "Unfortunately the data suggests it's continuing to occur," added Thomson, whose firm counts Coles and Woolworths as clients. Reports of store theft surged 23% in Australia's three largest states of New South Wales, Victoria and Queensland, home to three-quarters of the population, in the year to March 2023, according to the latest available government statistics, as COVID-related restrictions ended. Reports of threatening behaviour by shoppers rose to 17% of all security reports logged by Australian store staff in 2023, from 10% three years earlier, according to Auror data reviewed by Reuters.

Persons: Loren Elliott, Phil Thomson, Thomson, Coles, Leah Weckert, Weckert, Brad Banducci, Gerard Dwyer, Rishav Chatterjee, Byron Kaye, Praveen Menon, Christian Organizations: Coles, REUTERS, Woolworths, New, Reuters, National, of, Allied Employees Association, Thomson Locations: Sydney, Australia, New Zealand, Australia's, New South Wales, Victoria, Queensland, Bengaluru

☆ Rare-earths miner Lynas jumps as Malaysia allows key plant extension
▼ + stars: | 2023-10-25 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

A small toy figure and mineral imitation are seen in front of the Lynas Rare Earths logo in this illustration taken November 19, 2021. The licence extension comes despite concerns raised in recent years by Malaysia regarding radiation levels from the cracking and leaching operations during raw material processing. Science and technology minister Chang Lih Kang said Lynas will be allowed to import radioactive material and continue processing rare earths, provided the firm carries out thorium extraction to remove radioactive waste. The brokerage also lifted its price target on the biggest rare earths miner outside of China by 3% to A$7.70 and upgraded the earnings outlook for a near-term period. Lynas' Malaysia refinery, its first outside China, has been embroiled in a radiation dispute at the plant with Lynas challenging an earlier ruling that would have halted operations.

Persons: Dado Ruvic, Chang Lih Kang, Lynas, Rishav Chatterjee, Janane Organizations: REUTERS, Lynas, Macquarie, Malaysian, Thomson Locations: Malaysia, Lynas Malaysia, Pahang, China, Western Australia, Bengaluru

☆ Moody's lifts UK's outlook to 'stable' on restoration of policy predictability
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Hollie Adams/File Photo Acquire Licensing RightsOct 20 (Reuters) - Ratings agency Moody's revised Britain's outlook to "stable" from "negative" on Friday, saying policy predictability has been restored after heightened volatility last year around the so-called "mini-budget" under then-Prime Minister Liz Truss. Moody's last changed its outlook on Britain one year ago, when Truss had spooked markets with unfunded tax pledges, culminating in her resignation. "Policy predictability has been restored after heightened volatility last year around the mini-budget," the ratings agency said, affirming the country's rating at "Aa3". The government borrowed 81.7 billion pounds ($99.35 billion) in the first half of the 2023/24 financial year, 15.3 billion pounds more than between April and September 2022, but about 20 billion pounds less than the government forecast in March. On Friday S&P affirmed its AA rating and stable outlook for Britain.

Persons: Hollie Adams, Moody's, Liz Truss, Truss, Rishi Sunak, Jeremy Hunt, Hunt, Poor's, Aatrayee Chatterjee, David Milliken, Alistair Smout, Shailesh Kuber, Daniel Wallis Organizations: REUTERS, Monetary Fund, Britain's, Conservative Party, Britain, Thomson Locations: City, London, Britain, Bengaluru

☆ Moody's places Israel's A1 ratings on review for possible downgrade
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

Israel's Iron Dome anti-missile system intercepts rockets launched from the Gaza Strip, as seen from Ashkelon, in southern Israel, October 17, 2023. REUTERS/Amir Cohen/ File Photo Acquire Licensing RightsOct 19 (Reuters) - Global ratings agency Moody's on Thursday placed Israel's A1 ratings on review for a possible downgrade, citing the ongoing military conflict with the Palestinian Islamist group Hamas. There has been a huge spike in the cost of insuring Israel's government debt using what are known as credit default swaps (CDS). Israel has never been downgraded by any of the three main ratings agencies - S&P Global, Moody's and Fitch. Earlier this week, rival rating agency Fitch placed the country on rating watch negative and warned a major escalation of the ongoing conflict could result in a negative rating action.

Persons: Amir Cohen, Moody's, Yoav Gallant, Fitch, Aatrayee Chatterjee, Sriraj Organizations: REUTERS, Hamas, Israeli, CDS, P, Thomson Locations: Gaza, Ashkelon, Israel, Palestinian, Bengaluru

☆ Qantas scraps plan to buy Alliance Aviation amid regulatory hurdle
▼ + stars: | 2023-10-18 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

Qantas Airways QF100 flight, which marks the airline's 100th birthday, departs from Sydney Airport to fly over Sydney Harbour in Australia, November 16, 2020. Qantas shares fell 2.7% to A$4.7 in early trade, whereas Alliance shed around 1%. He added that Qantas is dealing with a brand crisis, a part of which is tied to perceptions that the company acts anti-competitively. Qantas is not the only airline that is aiming to expand charter service offerings with smaller peer Regional Express Holdings (REX.AX) buying charter operator National Jet Express in July 2022. ($1 = 1.5785 Australian dollars)Reporting by Rishav Chatterjee in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Gregg Porteous, Tim Waterer, Kyle Rodda, Rishav Chatterjee, Shailesh Organizations: Qantas Airways QF100, Sydney Airport, Sydney Harbour, Handout, REUTERS, Qantas, Qantas Airways, Aviation Services, Australian Competition, Consumer Commission, Alliance, KCM Trade, Capital.com, Regional Express Holdings, National Jet Express, Thomson Locations: Australia, Bengaluru

☆ Rio Tinto cuts Canada iron ore production estimate on extended plant outage
▼ + stars: | 2023-10-16 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

REUTERS/Chris Helgren/File PhotoThe world’s biggest iron ore producer expects an iron ore output of 9.3 million to 9.8 million tons (mt) from its Iron Ore Company of Canada (IOC) business, down from 10.0 to 11.0 mt previously projected. Rio reported a 1.2% rise in its third-quarter iron ore shipments, as it ramped up production at the Gudai-Darri mine. It shipped 83.9 mt of iron ore from Pilbara in the September quarter, compared with 82.9 mt a year earlier. The miner, which generates 70% of its profit from its iron ore operations, saw prices of the commodity improve as top consumer China stepped up its stimulus efforts. Rio realised a 5% increase in mined copper output to 169,000 tons, reflecting a ramp-up of high-grade underground Oyu Tolgoi mine and higher feed grades at Escondida.

Persons: Chris Helgren, Rio, ”, Kyle Rodda Organizations: Reuters, Rio Tinto, Developers Association of Canada, REUTERS, Iron Ore Company, Canada, IOC, “, Capital.com Locations: Rio, Toronto , Ontario, Canada, Northern Quebec, Pilbara, China, Escondida

☆ Albemarle pushed into corner, dumps $4.2 billion lithium play for Liontown
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsMELBOURNE, Oct 16 (Reuters) - U.S.-based miner Albemarle (ALB.N) said it had dumped a A$6.6 billion ($4.16 billion) buyout bid for Australian lithium developer Liontown Resources (LTR.AX), in part because of "growing complexities" around the transaction. Liontown went into trading halt just after making the announcement to the market, pending a finalisation of funding for its flagship Kathleen Valley lithium project in Western Australia, which is due to start producing lithium next year. Liontown had last week granted the world's biggest lithium chemical maker an extra week to examine its books and allow Albemarle to put forward a binding offer. "Our engagement with the Liontown team has been meaningful and productive. Hancock has not yet approached Liontown which until now has been under an exclusivity deal with Albemarle, the source added.

Persons: Ernest Scheyder, Albemarle, Hancock, Gina Rinehart, Liontown, Kathleen Valley, Kent Masters, Melanie Burton, Scott Murdoch, Rishav Chatterjee, Lisa Shumaker, Sandra Maler, Jamie Freed Organizations: REUTERS, Rights, Liontown Resources, Ford Motor, LG Energy, Thomson Locations: Silver, , Nevada, U.S, Albemarle, Western Australia, Melbourne, Sydney, Bengaluru

☆ Exclusive: Star Chinese fund manager Wang detained and under investigation - sources
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Wang Yawei, a star fund manager in China, has been detained by authorities since August and is under investigation, according to three sources with knowledge of the matter. The 52-year-old founder of Qianhe Capital Management in Shenzhen and Top Ace Asset Management in Hong Kong is the latest high-profile Chinese business executive to be investigated or detained. His case relates to an investigation into Zhu Congjiu, a former senior official at China's top securities regulator, the sources said. Before setting up his own shop, Wang spent 14 years at China Asset Management Co (AMC), one of the country's largest mutual fund houses, as its vice-president and chief investment officer. Zhu is one of several former China Securities Regulatory Commission (CSRC) officials to come under scrutiny in recent years.

Persons: Wang Yawei, Zhu Congjiu, Wang, Zhu, Xi, Sumeet Chatterjee, Edwina Gibbs Organizations: Qianhe Capital Management, Asset Management, Communist, Central Commission, Ministry of Public Security, Qianhe, China Asset Management Co, AMC, China Securities Regulatory Commission, Shanghai bourse, Reuters, Thomson Locations: China, Shenzhen, Hong Kong, Zhejiang province

A man stands near a screen showing news footage of Chinese President Xi Jinping at the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. The China Securities Regulatory Commission (CSRC) has told brokerages to stop offering securities trading from offshore accounts such as Hong Kong to new mainland investors, according to a Sept. 28 notice issued by its Shanghai unit. Activities now considered illegal include cross-border securities broking, securities lending, fund sales and investment consulting, according to the notice. The use of offshore brokerage accounts in Hong Kong entails converting yuan to other currencies. They can also use some foreign brokerage platforms outside mainland China if they have funds parked in offshore locations.

Persons: Xi Jinping, Tingshu Wang, brokerages, Shujin Chen, Guotai Junan, Selena Li, Zhen, Julie Zhu, Sumeet Chatterjee, Edwina Gibbs Organizations: China Securities Regulatory Commission, REUTERS, Reuters, outflows, Jefferies, Citic Securities, HK, Haitong Securities, Hong Kong, Futu Holdings, Fintech Holding, May, Hong, Stock, Hwabao Securities, Thomson Locations: Beijing, China, HONG KONG, Hong Kong, Shanghai, outflows

The fund is called Gulf Asia Trade & Investment, the sources said. The Adani Group did not comment on the SEBI probe and its possible ties with the fund when contacted by Reuters. EZY had been incorporated in the British territory in 2006, while Gulf Asia was incorporated there in May 2011. In April 2014, Gulf Asia held $51.4 million worth of shares in Adani Enterprises and Adani Power (ADAN.NS). In March 2017, that had increased to $202 million in four group companies - Adani Enterprises, Adani Power, Adani Transmission and Adani Ports (APSE.NS), according to the OCCRP data.

Persons: Francis Mascarenhas, Nasser Ali Shaban, OCCRP, Hindenburg, Ahli, Gautam Adani, EZY, SEBI, Jayshree, Krishn Kaushik, Sumeet Chatterjee, Edwina Gibbs, Louise Heavens Organizations: Securities and Exchange Board of India, REUTERS, Adani, Gulf Asia Trade & Investment, Dubai, Reuters, Securities and Exchange, India's, Hindenburg, Adani Enterprises, Al, Trade, United Arab, British Virgin Islands, Gulf, EZY Global, EZY, Thomson Locations: Mumbai, India, British Virgin, Nasser Ali Shaban Ahli, Gulf, Gulf Asia, United Arab Emirates, British, Asia

Developers, financial advisers and bondholders said that could make debt restructuring terms much worse than expected earlier. DEFAULTING DEVELOPERSThe property sector accounts for roughly a quarter of the world's second-largest economy. That could trigger off one of the world's biggest debt restructuring exercises. However, a turnaround (in the property sector) may need more," said Chuanyi Zhou, Asia corporate analyst at Columbia Threadneedle Investments, which holds Sunac's bonds. Chinese policymakers rolled out a range of support measures in late August and early September to revive the property sector.

Persons: Shimao, Chuanyi Zhou, Yuzhou, Edward Al, Clare Jim, Xie Yu, Davide Barbuscia, Sumeet Chatterjee, Kim Coghill Organizations: HONG KONG, JPMorgan, HK, Shimao, CIFI Holdings, Columbia Threadneedle Investments, Developers, Reuters, Kaisa, Columbia, China Index Academy, Thomson Locations: HONG, China, Asia, Hong Kong, New York

☆ Qantas Chairman Richard Goyder to exit late next year
▼ + stars: | 2023-10-10 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. REUTERS/Phil Noble///File Photo Acquire Licensing RightsSummaryCompanies Goyder to retire in late 2024 prior to AGMQantas' recovery after pandemic has not been easy - GoyderOct 11 (Reuters) - The chairman of Australia's Qantas Airways (QAN.AX), Richard Goyder, will leave the flag carrier in late 2024, the company said, as the embattled airline looks to rebuild its tarnished reputation. Goyder had indicated support from the company's biggest shareholders in his appearance in front of the committee. "As a board, we acknowledge the significant reputational and customer service issues facing the group and recognise that accountability is required to restore trust," Goyder said. Qantas said it has initiated the process to pick a new chairman.

Persons: Phil Noble, Richard Goyder, Goyder, Alan Joyce, Josh Gilbert, Josh, Rishav Chatterjee, Maju Samuel Organizations: Qantas, Melbourne International Airport, REUTERS, Qantas Airways, company's, High, Australia, eToro AUS, Thomson Locations: Melbourne, Australia, Bengaluru

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden, China's largest private property developer, has not defaulted so far, but has missed coupon payments on some dollar bonds since last month and faces the end of 30-day grace periods for making payments from next week. In a filing with the Hong Kong stock exchange on Tuesday, Country Garden said that its sales and financing were facing "significant challenges", and its available funds have continued to decrease. Country Garden was due on Monday to pay $66.8 million in coupons on 2024 and 2026 dollar bonds, although the payments have a 30-day grace period. ($1 = 7.8284 Hong Kong dollars)Reporting by Scott Murdoch in Sydney and Xie Yu in Hong Kong; additional reporting Rishav Chatterjee in Bengaluru and Clare Jim in Hong Kong; Editing by Rashmi Aich, Lincoln Feast, Jamie Freed and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, homebuyers, Houlihan Lokey, Sidley Austin, Jeff Zhang, Sandra Chow, CreditSight's, Scott Murdoch, Xie Yu, Rishav Chatterjee, Clare Jim, Rashmi Aich, Lincoln, Jamie Freed, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, HK, Hong, China International Capital Corporation, Asia, China Evergrande, Investment, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, Beijing, Sydney, Bengaluru, Clare

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Companies accounting for 40% of Chinese home sales - mostly private property developers - have defaulted on debt obligations since a liquidity crisis hit the sector in 2021, leaving many homes unfinished. The developer had been working towards announcing a restructure of its offshore debt, Chinese media reported on Monday. Country Garden faces another big test next week when its entire offshore debt could be deemed in default if it fails to pay a $15 million September coupon by Oct. 17. "The difficult situation shows that Chinese developers face severe liquidity pressure from weak home sales, and repayment to bondholders is still a lower priority," said Gary Ng, senior economist at Natixis Corporate and Investment Bank.

Persons: Aly, Houlihan Lokey, Sidley Austin, Morningstar, Jeff Zhang, Sandra Chow, CreditSight's, Gary Ng, Scott Murdoch, Xie Yu, Rishav Chatterjee, Rashmi Aich, Lincoln, Jamie Freed 私 Organizations: Shanghai Country Garden, REUTERS, Garden Holdings, HK, Hong Kong Stock Exchange, China International Capital Corporation, Asia, Natixis Corporate, Investment Bank Locations: Shanghai, China, HONG KONG, Hong Kong, Sydney, Bengaluru

☆ Citigroup to sell China consumer wealth business to HSBC
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 9 (Reuters) - Citigroup Inc (C.N) said on Monday it had agreed to sell its China consumer wealth portfolio, including clients, assets under management (AUM) and deposits, to Asia-focused HSBC Holdings Plc (HSBA.L). Citi first announced its plan to exit China consumer banking in April 2021 as part of a global strategy revamp. The consumer banking business mainly served rich clients with deposit, fund and structured product offerings. Reuters first reported late last month that HSBC was set to acquire Citi's China consumer wealth business, in a major boost to the London-based bank's business in the world's second-largest economy. Apart from the China consumer banking deal, Citi plans to complete the sale of its Indonesia consumer business later this year, the bank statement said.

Persons: Andrew Kelly, Aishwarya Nair, Xie Yu, Sumeet Chatterjee, Dhanya Ann Thoppil, Jamie Freed, Miral Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup Inc, HSBC Holdings Plc, Citi, Reuters, HSBC, Standard Chartered, Thomson Locations: Manhattan , New York City, U.S, China, Asia, London, Singapore, Hong Kong, Europe, East, Mexico, Indonesia, Korea, Russia, Bengaluru

The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. The top two deals this year, Toshiba Corp (6502.T) and JSR Corp (4185.T), had activists on their rosters. The strong M&A market comes as two long-standing obstacles to Japanese dealmaking - reluctance towards unsolicited takeovers and difficulties in cutting overlapping jobs in post merger integrations - may be fading. "Previously, excess employment issues held back M&A, because cutting overlapping headcount is the primary way M&A cuts costs and raises returns," Smith said. "As the labour shortage bites, expect M&A to surge as companies start being targeted as labour reservoirs."

Persons: Androniki, LSEG, David Gross, Loh, Jim Verbeeten, Shinsuke Tsunoda, " Bain Capital's Gross, Nicholas Smith, Smith, Makiko Yamazaki, Kane Wu, Sumeet Chatterjee, Stephen Coates Organizations: Toshiba Corporation, REUTERS, Toshiba, Bain Capital Asia, Bankers, Tokyo bourse, Toshiba Corp, JSR, Bain & Company, Nomura Securities, Marelli Holdings, KKR, Nidec Corp, Thomson Locations: Kawasaki, Japan, TOKYO, HONG KONG, Tokyo

An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. "The (investigation into Hui) clearly shows that Chinese policymakers prioritise political considerations to economic ones in dealing with Evergrande," he said. Evergrande and China's housing authority did not immediately respond to requests for comment during the week long National Day holiday. Gavekal in its report said that at the very least, an orderly restructuring of Evergrande seemed increasingly hard to achieve. A liquidation petition filed against Evergrande is scheduled for hearing in a Hong Kong court on Oct 30.

Persons: Aly, Hui Ka Yan, Hui, Xin Sun, Evergrande, Christopher Beddor, Sandra Chow, bondholder, Antonio Fatas, Xie Yu, Clare Jim, Kane Wu, Sumeet Chatterjee, Lincoln Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, lurched, East Asian, King's College London, SOE, Evergrande, Thomson Locations: Danzhou, Hainan province, China, HONG KONG, Beijing, homebuyers, Asia, Pacific, Gavekal, Hong Kong, Evergrande

☆ Australia's Westpac fails to sell pacific banking business
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

A woman exits the ground floor of an office building with Westpac logo amidst the easing of the coronavirus disease (COVID-19) restrictions in the Central Business District of Sydney, Australia, June 3, 2020. "Any failure to successfully divest businesses means that we may have sustained exposure to higher operating costs and to the higher inherent risks in those businesses," Westpac had told the market during its interim results in May. The bank would be starting a new brand campaign in the months ahead in both the countries in a move to improve its standing in local markets, Anthony Miller, CEO of Westpac business and wealth division said in a statement. The company said its pacific business was continuing to see growth along with operational recovery post COVID, which presented Westpac an option to invest in the operations. ($1 = 1.5863 Australian dollars)Reporting by Rishav Chatterjee in Bengaluru; Additional Reporting by Ayushman Ojha; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Loren Elliott, Anthony Miller, Rishav Chatterjee, Ayushman Ojha, Rashmi Organizations: Westpac, Central Business District of, REUTERS, Kina Securities, Thomson Locations: Central Business District of Sydney, Australia, Fiji, Papua New Guinea, Bengaluru

☆ Energy policy decisions need to be made by engineers, not politicians, says Neil Chatterjee
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy policy decisions need to be made by engineers, not politicians, says Neil ChatterjeeHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Neil Chatterjee, Brian Sullivan, “ Organizations: Email Energy, CNBC

HONG KONG/BEIJING, Sept 28 (Reuters) - China Evergrande Group's (3333.HK) founder is being investigated over suspected "illegal crimes", the embattled developer said on Thursday, as creditors become increasingly concerned about the group's prospects amid an uncertain debt revamp plan and liquidation risk. Evergrande has been working to get creditors' approval for restructuring its offshore debt. The offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said. An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. "We believe that Evergrande's debt turmoil has had a great turmoil and negative impact on the global economy, and the things behind it are not simple."

Persons: Hui Ka Yan, Evergrande, Hui, Gary Ng, Ng, Florence Lo, They've, Christopher Beddor, Yan Yuejin, Saxo, Redmond Wong, Upasana Singh, Donny Kwok, Scott Murdoch, Ziyi Tang, Anne Marie Roantree, Sumeet Chatterjee, Kim Coghill, Shri Navaratnam, Lincoln, Miral Fahmy, Susan Fenton Organizations: HK, Trading, Asia Pacific, Reuters, REUTERS, Evergrande, China Research, Development Institution, Buyers, China Market, Thomson Locations: HONG KONG, BEIJING, China, Asia, Beijing, Evergrande, Shanghai, Bengaluru, Hong Kong, Sydney

☆ Cathay Pacific buys 32 Airbus A321-200neo aircraft for $4.66 billion
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Sept 29 (Reuters) - Hong Kong's Cathay Pacific Airways (0293.HK) said on Friday it had purchased 32 Airbus A321-200neo aircraft from Airbus (AIR.PA) for a basic price of $4.66 billion. The deal follows an agreement between an Airbus unit and the aircraft acquisition facilitators of Hong Kong's flagship carrier in September 2017. Cathay expects the aircraft to be delivered by the end of 2029, and expand the fleet capacity of Hong Kong Express, one of its units. Hong Kong-based conglomerate Swire Pacific (0019.HK) and Air China (601111.SS), which together hold more than 50% of the voting rights in Cathay, have approved the deal, the airline said in a filing. "Swire Pacific and Air China do not have any interest in the transaction other than as shareholders," Cathay said.

Persons: Hong, Rishav Chatterjee, Devika Organizations: Cathay Pacific Airways, HK, Airbus, Hong Kong's, Cathay, Hong Kong Express, Swire Pacific, Air, Thomson Locations: Hong Kong, Air China, Cathay, Bengaluru

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