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In a report published Monday, the London-based Environmental Investigation Agency urged global investors in the three firms - Beijing Tong Ren Tang group (600085.SS), Tianjin Pharmaceutical group (600329.SS) and Jilin Aodong Pharmaceutical Group (000623.SZ) - to divest their stakes. The group said it focused on the pharmaceutical companies because they are publicly listed, and display products that include leopard or pangolin parts on their websites. Beijing Tong Ren Tang and Tianjin Pharmaceutical group did not respond to several emails and calls from Reuters asking for comment. Jilin Aodong Pharmaceutical Group could not be reached for comment. The environmental group said Deutsche Bank, HSBC Holdings, Citigroup and BlackRock did not respond to its queries.

Persons: pangolin, Seun, Beijing Tong Ren Tang, Avinash Basker, Wells, China's, Andrew Silver, Selena Li, Miyoung Kim Organizations: REUTERS, Rights, UBS, HSBC, Environmental Investigation Agency, Tianjin Pharmaceutical, Jilin Aodong Pharmaceutical, TCM, Deutsche Bank, HSBC Holdings, Citigroup, BlackRock, & Co, HSBC Global Asset Management Canada, Royal Bank of Canada, Citigroup ， Deutsche Bank, Reuters, Medical Products Administration, Protection, Thomson Locations: Lagos, Nigeria, Rights SHANGHAI, HONG KONG, London, Beijing, Tianjin, Jilin, Shanghai, Hong Kong

☆ Three Listed Chinese Firms Used Endangered Animal Parts as Ingredients Report
▼ + stars: | 2023-10-22 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

In a report published Monday, the London-based Environmental Investigation Agency urged global investors in the three firms - Beijing Tong Ren Tang group, Tianjin Pharmaceutical group and Jilin Aodong Pharmaceutical Group - to divest their stakes. The group said it focused on the pharmaceutical companies because they are publicly listed, and display products that include leopard or pangolin parts on their websites. Beijing Tong Ren Tang and Tianjin Pharmaceutical group did not respond to several emails and calls from Reuters asking for comment. Jilin Aodong Pharmaceutical Group could not be reached for comment. The environmental group said Deutsche Bank, HSBC Holdings, Citigroup and BlackRock did not respond to its queries.

Persons: Andrew Silver, Selena Li SHANGHAI, Beijing Tong Ren Tang, Avinash Basker, Wells, China's, Selena Li, Miyoung Kim, Miral Organizations: Reuters, UBS, HSBC, Environmental Investigation Agency, Tianjin Pharmaceutical, Jilin Aodong Pharmaceutical, TCM, Deutsche Bank, HSBC Holdings, Citigroup, Co, HSBC Global Asset Management Canada, Royal Bank of Canada, BlackRock, Citigroup ， Deutsche Bank, Medical Products Administration, Protection Locations: HONG KONG, London, Beijing, Tianjin, Jilin, BlackRock, Shanghai, Hong Kong

The 40-year bond bull market - a slow-inflating bubble like any other to some people - has crashed. Bank of America chart on survey of global funds' bond positioningBond Multiverse Returns Flip Positive2008... OR 2000? Of course, bond bubbles and bursts - at least for top-rated sovereigns - are not same as their equity counterparts, even if the short-term performance of bond funds seems to ape them. But for bond funds praying for a shorter-term price performance pickup, the situation looks nervier. With such an ephemeral variable at work, picking a durable turn in the battered bond market may prove fiendishly difficult.

Persons: Jason Lee, That's, Fed's, Olivier Davanne, midyear, Davanne, Mike Dolan Organizations: Hong, REUTERS, Treasury, U.S, Bank of America's, Federal Reserve, of America, Bloomberg, Invest, Reuters, Thomson Locations: Hong Kong, Paris

While the human tragedy dominates the broader global news agenda, its hold on global markets has typically loosened pretty quickly. Inflation-adjusted real rates matter more when deciding whether to hold gold. The 2014 Gaza War lasted about six weeks and saw Israeli forces cross the border into Gaza. The 2008-09 Gaza War also echoes today's situation and saw Israeli forces cross into Palestinian territory. And over the course of the 2014 Gaza War Brent crude fell around $10 to $93 a barrel.

Persons: Dado Ruvic, Jim Reid, Brent, Michael Every, Jamie McGeever, Jonathan Oatis Organizations: REUTERS, Rights, Barclays, Deutsche, Benchmark, Swiss, Rabobank, Reuters, Thomson Locations: Rights ORLANDO , Florida, Israel, Lebanon, Gaza

☆ Safe-haven dollar steady near one-week high on Middle East conflict
▼ + stars: | 2023-10-16 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 16 (Reuters) - The dollar held near a one-week high on Monday with fragile sentiment against a backdrop of conflict in the Middle East supporting demand for the safe-haven currency. "The conflict between Israel and Hamas continues and is providing volatility to the financial markets with the traditional safe-haven flows. There was some respite for the euro and sterling, which were off one-week lows touched on Friday against the dollar. YEN WATCHINGThe yen was flat at 149.54 per dollar, close to the sensitive 150-level. The yen is still perceived as a safe asset along with the Swiss franc and U.S. dollar, Kanda added.

Persons: Dado Ruvic, Jerome Powell, Jens Peter Sørensen, Benjamin Netanyahu, Poland's zloty, Lukazs Janczak, Christopher Luxon, Masato Kanda, Kanda, James Malcolm, Joice Alves, Rae Wee, Vidya Ranganathan, Kirsten Donovan, Emelia Organizations: REUTERS, Federal, Hamas, Danske Bank, country's, Sterling, Erste Group, National Party, ACT, New Zealand, Swiss, ., UBS, Thomson Locations: Gaza, Israel, Israeli, Poland, New, London

☆ Dollar buoyed by safe-haven bids, rate jitters
▼ + stars: | 2023-10-16 | by ( ) www.cnbc.com time to read: +4 min

The yen was last steady at 149.53 per dollar. "Obviously war is inflationary, disrupts growth and threatens risk assets," James Malcolm, head of FX strategy at UBS in London. Elsewhere, the safe-haven dollar stood near a one-week high against a basket of currencies as risk sentiment remained fragile, pinning the euro near a one-week low hit on Friday. The Australian dollar , often used as a proxy for risk appetite, gained 0.19% to $0.6309, after sliding 1.4% last week. "The kiwi dollar jumped this morning following a clear and decisive victory of New Zealand's opposition National Party," said Kyle Rodda, senior financial market analyst at Capital.com.

Persons: Jerome Powell, Benjamin Netanyahu, James Malcolm, David Chao, Christopher Luxon, Chris Hipkins, Kyle Rodda Organizations: Federal, U.S, country's, Bank of Japan, UBS, Sterling, Asia Pacific, Australian, Economic, of New, New Zealand, National Party, ACT, Labor Party, New Zealand First Locations: Chicago, Israeli, Asia, Gaza, London, Friday's, Israel, Japan, of New York

Ruderman pleaded guilty Thursday in federal court in Miami. Four of Ruderman’s co-conspirators previously pleaded guilty for their roles in the 1 Global fraud, the Justice Department said. Andrew Dale Ledbetter, 81, a lawyer from Fort Lauderdale, Florida, pleaded guilty in 2021 to conspiracy to commit wire fraud and securities fraud. Steven Allen Schwartz, 78, of Delray Beach, Florida, a director and consultant at 1 Global, pleaded guilty in 2020 to conspiracy to commit wire fraud and securities fraud. Jan Douglas Atlas, 78, of Fort Lauderdale, Florida, a lawyer, pleaded guilty in 2019 to conspiracy to commit wire fraud and securities fraud.

Persons: Carl R, Ruderman, Hallandale Beach , Florida —, “, Ruderman’s, Alan G, Heide, Andrew Dale Ledbetter, Steven Allen Schwartz, Jan Douglas Atlas Organizations: MIAMI, LLC, Court, Global, Justice Department, Investors, Securities, Exchange Commission, SEC, Trust Locations: Florida, Miami, Hallandale Beach , Florida, Lake Worth , Florida, Fort Lauderdale , Florida, Delray Beach , Florida

New York/Hong Kong CNN —Oil prices surged and US stock futures fell on Sunday night in their first reaction to Israel’s war with Hamas. Although Israel is not a major oil producer, escalating tensions in the oil-rich Middle East spooked investors who have already been selling off oil in recent weeks. But on Sunday night, US oil prices surged 4% higher above $86 a barrel. In the equity markets, US stock futures, which surged Friday on a surprisingly strong American job market report, fell sharply Sunday night. Global investors fear prolonged tensions in the Middle East could hurt the fragile global economic recovery.

Persons: Brent, Stephen Innes, ”, Israel, Australia’s Organizations: Hong Kong CNN, Management, Dow, Nasdaq, Shanghai Locations: New York, Hong Kong, Israel, East, Asia, China, Shenzhen, Japan, South Korea

☆ Bitcoin is a ‘critical hedge’ against currency debasement and return of inflation, Jefferies says
▼ + stars: | 2023-10-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin and gold are "critical hedges" against the potential for monetary policy that reduces the value of currency, as well as the return of inflation, Jefferies says. Wood emphasized that investments in both bitcoin and gold should be viewed by investors as insurance rather than short-term trades. Jefferies recommends a 10% allocation to bitcoin for U.S. dollar-based long-term global investors, such as pension funds. Alongside physical gold and unhedged gold mining stocks and Asia equities, Jefferies has added bitcoin to this global portfolio in the past couple of years. This year, the firm introduced a global long-only equity portfolio that includes a 3% weighing in the Grayscale Bitcoin Trust (GBTC) .

Persons: Jefferies, Christopher Wood, Wood, bitcoin, — CNBC's Michael Bloom Organizations: Federal Reserve, Jefferies, U.S, Signature Bank, Silicon Valley Bank, First Republic Bank Locations: U.S, bitcoin, Asia

☆ Temasek unit raises $3.3 bln in flagship fund investing in China
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Sept 28 (Reuters) - Singapore state investment firm Temasek's (TEM.UL) wholly owned unit True Light Capital said on Thursday it raised $3.3 billion in its flagship fund that invests in Greater China and has now closed it to new capital. The Singapore-based asset manager said in a statement the True Light Fund I secured capital from global investors including sovereign wealth funds, foundations, financial institutions, and family offices. The closing of the fund indicates that True Light can now focus on investing the capital. The fund will invest alongside Temasek in opportunities related to Greater China, True Light said. It invests directly in private and public equity as well as indirectly through private equity and venture funds, it added.

Persons: Yeo Chee Kian, Yibing Wu, Yantoultra Ngui, Muralikumar Organizations: U.S, Temasek, Milken Institute Asia, Thomson Locations: SINGAPORE, Singapore, Greater China, China, Taiwan

☆ AI startup AlphaSense valued at $2.5 bln after latest funding round
▼ + stars: | 2023-09-28 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

Sept 28 (Reuters) - Market intelligence platform AlphaSense has raised $150 million in a fresh round of funding that boosted its valuation to $2.5 billion, underscoring strong demand for artificial intelligence (AI) startups. Big Tech companies including Amazon (AMZN.O) and Microsoft (MSFT.O) have been pouring billions into securing ties with AI startups that are reshaping their industry. When asked if AlphaSense has any plans for an initial public offering, CEO Jack Kokko told Reuters the company has "plenty of capital more than we could hope for" right now. Investing in new initiatives, especially in generative AI, is a focus too as the company explores expanding its product offering, Kokko said in an interview. AlphaSense helps its customers extract relevant information from a trove of public and private content such as equity research, earnings calls, company filings and news.

Persons: Goldman Sachs, AlphaSense, Jack Kokko, Kokko, Mary Meeker, Jaiveer Singh, Devika Organizations: Viking Global, Big Tech, Amazon, Microsoft, Reuters, Thomson Locations: Bengaluru

☆ Europe is minting red hot AI startups like DeepL and Synthesia. Meet 15 of the most prolific investors backing the region's breakout stars.
▼ + stars: | 2023-09-28 | by ( Riddhi Kanetkar | Tasmin Lockwood | Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Meanwhile, Andreessen Horowitz has poured cash into the AI-voice-intelligence startup ElevenLabs and the Nordic AI startup Sloyd. Some of Europe's most prolific AI investors are national funds and startup accelerators. London's Phoenix Court, the parent company of the VC firm LocalGlobe, took the top spot for total investment value — with $713 million poured into AI startups since 2020. MMC Ventures, also in London, followed suit with $628 million in investments in AI startups. Insider has profiled 15 investors at these firms who have spearheaded investments into European AI startups, in no particular order.

Persons: ChatGPT, Andreessen Horowitz, LocalGlobe Organizations: Venture, Lightspeed, New, Nordic, Court, MMC Ventures Locations: French, New York, Europe, London

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

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

☆ Crisis at Evergrande deepens as it misses another bond payment
▼ + stars: | 2023-09-26 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Evergrande Group has just missed another bond payment, casting further doubt over the future of the embattled property developer at the epicenter of China’s real estate crisis. China’s property industry once accounted for as much as 30% of the country’s gross domestic product. Questions about financial stabilityConcerns over China’s economic stability have resurfaced, driven by the deepening financial crisis at Evergrande, said Stephen Innes, managing partner of SPI Asset Management. On Sunday, Evergrande surprised investors with an announcement that it was unable to issue new notes due to the investigation into Hengda. It was the first criminal probe launched against Evergrande since it was hit by the debt crisis nearly two years ago.

Persons: Evergrande, Tao Wang, Stephen Innes, ”, Innes, Mengchen Zhang, Marc Stewart Organizations: Hong Kong CNN — Evergrande, Shenzhen Stock Exchange, Getty, China, Asia Economics, UBS, CNN, Evergrande Locations: China, Hong Kong, AFP, Asia, Evergrande

☆ Inverted U.S. yields lure investors into short-term bonds
▼ + stars: | 2023-09-25 | by ( Patturaja Murugaboopathy | ) www.reuters.com time to read: +4 min

One-year Treasury note yields are about a percentage point higher than those on 10-year bonds. That has meant global investors can avoid the relatively less liquid, longer-tenure bonds just for the sake of extra yield and premium. LSEG Lipper data shows U.S. short-term bond funds have outperformed this year, delivering a gain of 2.2% in price terms compared with an average 2.1% dip in long-term bond funds. Most analysts expect short-term bond funds to continue to lure more money in the months ahead. "We are anchoring portfolios with the higher yielding short-term bonds.

Persons: Dado Ruvic, Adam Coons, SPDR, MATURITIES, Matt Dmytryszyn, Jeff Klingelhofer, Klingelhofer, Winthrop's Coons, Patturaja Murugaboopathy, Gaurav Dogra, Vidya Ranganathan Organizations: REUTERS, Morningstar, Treasury, Reuters, Winthrop Capital Management, Federal Reserve, SPDR Bloomberg, Thornburg Investment Management, Thomson Locations: Telemus, Bengaluru

☆ Indonesia's EV ambitions could help boost investments in the rest of Southeast Asia
▼ + stars: | 2023-09-25 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +1 min

Korean automobile manufacturer Kia displays the electric vehicle "EV6 GT-Line" during the 30th Gaikindo Indonesia International Auto Show in Tangerang on August 10, 2023. Indonesia's EV-friendly policies have lured global investors to the country, but experts say they could also boost investments in Southeast Asia's automotive industry more broadly. Indonesia could be the "gateway" to the rest of the Association of Southeast Asian Nations, said Anindya Novyan Bakrie, CEO and president director of Bakrie & Brothers, an Indonesian conglomerate whose electric vehicle unit VKTR manufactures electric buses as well as EV parts. The Southeast Asian country is rich in copper, nickel, cobalt and bauxite — materials essential for the manufacturing of electric vehicle batteries. Indonesia is the largest nickel exporter, accounting for 22% of the world's reserves, according to a report by the ASEAN Briefing.

Persons: Anindya Novyan Bakrie, Tesla Organizations: Kia, Indonesia's, Association of Southeast Asian Nations, Bakrie, Brothers, ASEAN, BMI Fitch Solutions, CNBC Locations: Indonesia, Tangerang, Indonesian

☆ Morning Bid: Bank of Japan also holds policy and stays dovish
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +3 min

Japanese national flag is hoisted atop the headquarters of Bank of Japan in Tokyo, Japan September 20, 2023. The yen fell in response, even as Finance Minister Shunichi Suzuki spoke of the urgency to contain its fall. A majority of economists polled by Reuters expect the central bank will abolish the 10-year yield control scheme by the end of 2024. More than half reckon that the negative interest rate policy will end next year, too. Further complicating the picture for investors, however, were the surprisingly dovish decisions from the Bank of England and the Swiss National Bank.

Persons: Issei Kato, Vidya Ranganathan, Shunichi Suzuki, Kazuo Ueda, Bond, Fumio Kishida, Edmund Klamann Organizations: Bank of Japan, REUTERS, Reuters, MSCI's, Bank of England, Swiss National Bank, JPMorgan, Thomson Locations: Tokyo, Japan, Vidya, MSCI's Asia, India, Australia, Germany, France, Britain

☆ Analysis: Sizzling rally in US energy stocks has room to run, bulls say
▼ + stars: | 2023-09-21 | by ( David Randall | ) www.reuters.com time to read: +5 min

Some believe a tight oil market and resilient U.S. growth will keep energy stocks rising for the rest of 2023. Bullish investors argue that energy stocks are still cheap by historical standards - and far less richly valued than other areas of the market. The energy sector currently trades at a forward price to earnings ratio of 12.2, well below its historical median forward P/E of 15.3, according to LSEG Datastream. Parts of the market appear skeptical energy stocks have much further to run. "That should result in a ... smoother ride for energy stocks than we’ve been accustomed to."

Persons: Bing Guan, LSEG, Charles Lemonides, Baker Hughes, Savita Subramanian, Brent, Bjarne Schieldrop, Rodney Clayton, we’ve, David Randall, Ira Iosebashvili, Marguerita Choy Organizations: Exxon, Mobil, REUTERS, Energy, West Texas, Federal, drillers, U.S . Energy, Administration, Global, Citi, Brent, SEB Research, Macquarie, Duff, Phelps Investment Management, Thomson Locations: Beaumont , Texas, U.S, Saudi Arabia, Russia, China

But a person who worked closely with Ramaswamy said, "He thinks people are put on this earth to serve him." Roivant attracted investors including Masayoshi Son's SoftBank Vision Fund, Peter Thiel's Founders Fund, and the hedge fund Viking Global Investors. Former Roivant employees said Ramaswamy worked hard and expected the same of others. McLaughlin called the employee's recollection "inaccurate," adding that Ramaswamy "has never once raised his voice or used bad language with employees." At Roivant, Ramaswamy kept his politics largely to himself, former employees said.

Persons: Vivek Ramaswamy, Ramaswamy, He's, Donald Trump, Mike Pence, Nikki Haley, Ron DeSantis, Trump, George Soros, didn't, Taco Bell, he's, —, Vivek, Tricia McLaughlin, he'd, McLaughlin, takeout, Forbes, Vivek doesn't, they've, Roivant, Masayoshi, Peter Thiel's, Thiel, JD Vance, Bill Ackman, who'd, . Ramaswamy, Erik Gordon, Vance, John Phillips, Joyce Rosely, Phillips, Anson Frericks, they'd, Rosely, Frericks, They're, they're, Eric Balchunas, Todd Rosenbluth, Rosenbluth, Christopher Lenzo, Brandon Bell, Vivek Ramaswamy's, Katherine Long, Jack Newsham, Meghan Morris Organizations: pharma, Army Rangers, Biotech, Republican, nab, GOP, of Education, FBI, Nuclear Regulatory Commission, Federal Reserve, Florida, Roivant Sciences, General Electric, Yale Law School, Army, Rangers, Harvard, Yale, Fund, Viking Global, Leerink Partners, GlaxoSmithKline, Forbes, Big Pharma, Japan's Sumitomo Pharma Co, ., University of Michigan, FDA, US, Yale Law, ESG, The, Texas, Indiana, BlackRock, Vanguard, Bloomberg Intelligence, Fair, SEC Locations: Mexico, FiveThirtyEight, Roivant, Patagonia, Iowa, New York, Ohio, The Lever

☆ EV maker VinFast plans Asia expansion, to launch Indonesia plant in 2026
▼ + stars: | 2023-09-13 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Of that, up to $200 million would be for its Indonesian plant, targeting production in 2026 with an output of 30,000 to 50,000 units each year. Since its establishment in 2017, VinFast has announced numerous ambitious EV growth plans overseas. VinFast aims to establish its own distributors and may open show rooms in those locations, it said. VinFast is entering the American market at a time when EV pricing is under pressure, led by market leader Tesla and a range of Chinese companies. Shares of Vietnam's largest conglomerate and VinFast parent Vingroup (VIC.HM) were down 0.33% as of 0635 GMT.

Persons: Mike Blake, Pham Nhat Vuong, EVs, VinFast, Tesla, Phuong Nguyen, Christina Fincher Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S . Securities, Exchange Commission, EV, Thomson Locations: Los Angeles , California, U.S, Indonesia, India, Malaysia, HANOI, Asia, VinFast, Indonesian, Southeast, Vietnamese, Haiphong, North Carolina, East, Africa, America, Europe

☆ Samsonite’s baggage is heavy with geopolitics
▼ + stars: | 2023-09-12 | by ( Thomas Shum | ) www.reuters.com time to read: +4 min

Of the restless group, luggage maker Samsonite International (1910.HK) has the least financial reason to mull a move. The $5 billion U.S. and Luxembourg-based company was one of the first Western companies to list in Hong Kong. Sales from Asia - Samsonite’s most profitable region – accounted for almost 40% of the total in the first half of 2023. Reuters Graphics Reuters GraphicsFrom a liquidity point of view too, Samsonite has had a better experience in Hong Kong than other international arrivals. That’s better than other international consumer brands that boast similar levels of prestige.

Persons: Andrew Kelly, Tim Parker, Samsonite, Kyle Gendreau, CK Hutchison, It’s, Calvin Klein, Prada, ” Gendreau, Una Galani, Katrina Hamlin Organizations: Woodbury, REUTERS, Reuters, Global, Samsonite, HK, Reuters Graphics Reuters, Prada, Swire Pacific, CK, Bloomberg, Thomson Locations: Central Valley , New York, U.S, HONG KONG, Hong Kong, mull, Luxembourg, Asia, New York, Washington, Beijing, China

Jenny Johnson, President and CEO of Franklin Resources, Inc., speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 4, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsSINGAPORE, Sept 11 (Reuters) - The idea that investment opportunities in China have met their demise is probably overhyped, said Jenny Johnson, president and chief executive officer at global investment management firm Franklin Templeton. "There is a lot of pessimism built into the pricing," she said at a session at the Forbes Global CEO Conference in Singapore. Johnson's comments came as global investors have reduced their appetite for China, discouraged by the country's faltering economic recovery and tensions with the West. Meanwhile, Johnson also sees opportunities in secondary private equities and private credit globally.

Persons: Jenny Johnson, Mike Blake, Franklin Templeton, Johnson, Franklin, Legg Mason, Johnson's, Gina Raimondo, Yantoultra Ngui, Gerry Doyle Organizations: Franklin Resources, Inc, Milken, Global Conference, REUTERS, Rights, Forbes Global, Conference, West, . Commerce, Thomson Locations: Beverly Hills , California, U.S, Rights SINGAPORE, China, Singapore, West .

The private equity firm's follow-on investment translates into an additional equity stake of 0.25% in Reliance Retail on a fully-diluted basis, taking KKR's total equity stake in the Indian company to 1.42%, the retailer said in a statement on Monday. That year, KKR had invested 55.5 billion rupees ($669.65 million) in Reliance Retail. Morgan Stanley acted as financial adviser to Reliance Retail. Ambani said in 2019 that the group planned to list the retail business in five years. Reliance Retail reported a consolidated net profit of 91.81 billion rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.

Persons: Maggi, Niharika Kulkarni, Mukesh Ambani's, Jimmy Choo, Spencer, Pret, Ambani, Morgan Stanley, Aditya Kalra, Toby Chopra, Tomasz Janowski, Deepa Babington Organizations: REUTERS, KKR, Co Inc, Retail Ventures, Reliance, Reliance Retail, Saudi Public Investment Fund, General Atlantic, United Arab, Asian, IV, Reuters, Qatar Investment Authority, Unilever, Thomson Locations: Mumbai, India, DELHI, United Arab Emirates

☆ India's policy contradictions are making it harder for investors to crack its market
▼ + stars: | 2023-09-08 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

At a time when shifting geopolitical alliances are elevating India's strategic importance, such curbs add to the contradictions global investors have to negotiate as they hunt for viable alternatives to a slowing China. They said the move will add to end-product costs for foreign vendors and shift consumer spending toward Indian firms or established foreign vendors with a manufacturing base in India. To attract foreign investors, Modi's government doubled to 170 billion rupees ($2.04 billion) its initial budget in May for a production-linked incentive scheme for IT hardware that was approved in 2021. watch now"India's large and growing domestic market, limited political instability and long-term policy continuity bolsters India's appeal to investors," Dasgupta said. Attracted by such lofty projections, global investors have also poured into Indian equity markets this year.

Persons: Javier Ghersi, Narendra Modi's, There's, Pravin Krishna Johns, it's, Pravin Krishna, Krishna, Rajeev Chandrasekhar, Taiwan's Foxconn, iPhones, Sumedha Dasgupta, Dasgupta, Modi, Goldman Sachs, — Organizations: Apple, Samsung, Dell, Pravin Krishna Johns Hopkins University's School, Johns Hopkins University's School, International, BMI Industry Research, South, BMI, Sumedha Dasgupta Economist Intelligence, Economist Intelligence Unit, CNBC, Bharatiya Janata Party, U.S, The, Monetary Fund, Capital Locations: India, China, Russia, Ukraine, Vietnam

☆ Shelved L’Occitane buyout is no win for Hong Kong
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

A woman walks past a L'Occitane advertisement in Hong Kong April 19, 2010. Cosmetics retailer L'Occitane International S.A. plans to raise up to $708 million in a Hong Kong initial public offering, a source close to the deal said on Sunday night. Reinold Geiger has given up on his tentative plan to buy out the minority of shares he doesn’t already own of L’Occitane (0973.HK), a move that would have delisted the European skincare group from Hong Kong in the Asian hub’s largest take-private. The Austrian billionaire didn’t explain why he shelved the idea, which was probably a prelude to a relisting in Europe – mostly likely France. The appeal of such a move is unlikely to have diminished as global investors turn cold on both Hong Kong and China stocks, possibly for the long term.

Persons: Reinold Geiger, doesn’t, didn’t, Geiger, Una Galani, Thomas Shum Organizations: L'Occitane International S.A, Reuters, HK, Prada, Bloomberg, X, Thomson Locations: Hong Kong, MUMBAI, Austrian, Europe, France, China, Una

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