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HONG KONG, Oct 27 (Reuters Breakingviews) - Tesla’s (TSLA.O) China price cut is a double-edged sword. China is increasingly important for Tesla and its investors, accounting for around a quarter of the electric-car maker’s top line in the first nine months of 2022. If sales reach nearly $120 billion next year as forecast by Refinitiv, a 9% cut would equate to around $2.5 billion in revenue. Chinese drivers, though, are starting to snub international badges in favour of home-grown alternatives, especially for electric and premium models. The company posted the price cuts on its China website on Oct. 24.

☆ Australia has bulwark against China slowdown
▼ + stars: | 2022-10-26 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

The country is Australia’s biggest trading partner, accounting for up to a third of its roughly A$475 billion ($303 billion) of annual exports. Its voracious demand over the past three decades helped Australia enjoy almost 30 years without a recession until the 2020 pandemic. As Treasurer Jim Chalmers’ first budget on Tuesday shows, though, Australia has some shock absorbers. If it doesn’t Australia won’t be able to escape the fallout entirely, but at least has some defences. Australia’s budget deficit for the financial year to June 30 2023 is expected to be A$36.9 billion ($23.3 billion).

☆ Toyota’s new, new EV plan suggests smarter driving
▼ + stars: | 2022-10-25 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

MELBOURNE, Oct 25 (Reuters Breakingviews) - Toyota Motor (7203.T) may be driving towards its third electric-car reboot in just 13 months as it tries to catch up with Tesla (TSLA.O), Reuters exclusively reported on Monday. But the $218 billion Japanese carmaker’s latest overhaul suggests it’s getting serious about addressing missteps with more speed. Electric-vehicle sales, especially in the past two years, have put the lie to that belief; growth has easily outpaced that of Toyota’s hybrids. The plan would involve slowing down the rollout of electric vehicles already in development so that Toyota could devise a more efficient manufacturing process. Register now for FREE unlimited access to Reuters.com RegisterEditing by Robyn Mak and Thomas ShumOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, Oct 24 (Reuters Breakingviews) - One day into President Xi Jinping’s precedent-breaking new term as leader of the ruling Communist Party, China’s financial markets are already in turmoil. Investors largely ignored rosier-than-expected GDP data to wipe almost 10% off the value of internet giants like Alibaba (9988.HK) and JD.com (9618.HK), amid a broader selloff. The government on Monday released a slew of delayed economic indicators after the Party Congress concluded on Sunday. They looked upbeat at first glance: GDP expanded 3.9% in the third quarter, up from the previous quarter’s 0.4%. Instead, he filled it with his own protégés including Beijing Party Chief Cai Qi and Shanghai Party Chief Li Qiang.

☆ Aussies put net-zero nationalisation on the map
▼ + stars: | 2022-10-21 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

MELBOURNE, Oct 21 (Reuters Breakingviews) - Nationalisation and capitalism are supposed to be like chalk and cheese. He also accused privately run energy generators of reaping huge profits “at our collective expense” without helping to achieve net-zero goals. If done right — and the details will be key — other governments facing similar net-zero challenges can take note. His plan involves restoring the State Electricity Commission to build new renewable energy projects. The SEC has not been involved in building energy projects since 1993 when the state’s energy assets were privatised.

HONG KONG, Oct 20 (Reuters Breakingviews) - Automakers are hitting China’s growth limit. The industry achieved four consecutive months of double-digit growth in September when deliveries reached 2.3 million, 33% higher than a year earlier, per the China Association of Auto Manufacturers. Register now for FREE unlimited access to Reuters.com RegisterAs incentives expire, cars could follow a similar route to China’s commercial vehicles. Truck tales: A boom in China's sales of commercial vehicles proved to be short-livedBattery powered: China's strong EV sales mask slower deliveries of traditional motorsFollow @KatrinaHamlin on Twitter(The author is a Reuters Breakingviews columnist. CONTEXT NEWSChina's passenger car retail sales rose 33.2% in September from a year earlier to 2.3 million, according to data released by the China Association of Auto Manufacturers on Oct. 11.

HONG KONG, Oct 19 (Reuters Breakingviews) - Solving Hong Kong's brain drain problem need not be complicated. Leader John Lee hopes lower property taxes and a new visa scheme will persuade foreign talent not to move to destinations like Singapore. As a result, Hong Kong's mid-year population dipped 1.6% to 7.29 million - the steepest year-on-year drop on record. Non-residents are also eligible to apply for a refund of the extra stamp duty paid for buying property in Hong Kong once they become a permanent resident. Lee may be ignoring them, but the main policy solutions are staring him in the face.

☆ Water risk powers fear-then-greed coal trade
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Oct 19 (Reuters Breakingviews) - Shareholders have found a distressing silver lining to the floods that have been pounding eastern Australia. Investors immediately sent stock in both the company and rival New Hope (NHC.AX) sinking 6% or more. Such indifference to water risk in the energy sector is common, with scarcity causing problems with hydropower, and few paying attention to green hydrogen’s H2O needs. While good news for miners, it’s yet more bad news for a world in the middle of an energy crisis. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ BYD catches investors at distracted driving
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Investors drove the $93 billion company’s shares up around 5% on Tuesday after the company estimated its net profit nearly quadrupled in the quarter ending September compared to the same period last year. Its global market share overtook Tesla (TSLA.O) in the first eight months of the year, according to Bernstein analysts. Tuesday’s recovery suggests at least some investors now believe that was overdone. BYD is driving into new markets overseas and moving its once budget brand up-market. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

HONG KONG, Oct 18 (Reuters Breakingviews) - It’s mid-afternoon Monday in Beijing and a simple question is doing the rounds: will China’s latest GDP figures be published as scheduled the next day? A day later, there’s still no sign of when the data will land, nor any clear explanation. It invites speculation that the numbers show the economy is in bad shape and are being kept under wraps so they don’t steal the thunder of the ruling Communist Party’s twice-a-decade congress, which began on Sunday. The delay came amid the twice-a-decade congress of the ruling Communist Party which runs from Oct. 16 to 22. Register now for FREE unlimited access to Reuters.com RegisterEditing by Antony Currie and Thomas ShumOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, Oct 17 (Reuters Breakingviews) - President Xi Jinping has just made clear that he has bigger worries than the flagging economy. He opened the twice-a-decade Communist Party Congress on Sunday with a speech more focussed on national security and stability than in the past. That means state-led, inward-looking policies like self-sufficiency and zero-Covid will trump economic growth. Follow @ywchen1 on TwitterCONTEXT NEWSPresident Xi Jinping on Oct. 16 delivered a two-hour-long speech on the opening day of the 20th National Congress of the Communist Party of China. Register now for FREE unlimited access to Reuters.com RegisterEditing by Antony Currie and Thomas ShumOur Standards: The Thomson Reuters Trust Principles.

☆ Toshiba shareholders curb their buyout enthusiasm
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Oct 13 (Reuters Breakingviews) - Toshiba (6502.T) shareholders are curbing their enthusiasm, and that makes sense. They bid up the Japanese conglomerate’s stock 8% following a report of a 2.8 trillion yen ($19.1 billion) buyout bid led by Japan Industrial Partners. That leaves the company’s enterprise value lagging the new bid by some 12%. Throw in a weak yen and all the global economic turmoil, and getting a buyout done at all will be triumph. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Qantas shareholders take cautiously to the skies
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Oct 13 (Reuters Breakingviews) - Shareholders have become accustomed to bad news from airlines. So it’s only fitting that Qantas Airways’ (QAN.AX)prediction on Thursday of bumper earnings prompted a somewhat muted response. The $6 billion Australian carrier reckons its underlying pretax profit for the six months to the end of December will be between A$1.2 billion and A$1.3 billion ($753 million and $815 million). But it implies investors are factoring in just A$130 million of additional earnings on an annual basis, after applying the stock’s almost 10 times forward earnings multiple and assuming a constant tax rate. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ China's soy sauce star suffers a premium downgrade
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

Haitian, which with a 20% share of China’s market for cooking's brown gold, dismissed the accusations as a smear campaign. It says it complies with relevant food safety rules and stressed that food additives are common and don’t imply inferior quality. Even after the selloff, Haitian still trades at a mouth-watering 41 times forecast earnings for the next 12 months, per Refinitiv. But it’s now much closer to the 36 times fetched by Japanese peer Kikkoman (2801.T). They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Nissan wants to reduce Renault’s 43% holding to 15%, on par with Nissan’s stake in the French group, Reuters reports. Free cash flow will turn positive to the tune of 388 billion yen ($2.7 billion) by 2024, Morningstar estimates. He could, for example, ask shareholders to buy some of Renault’s Nissan stock. Or he could consider borrowing more; even after buying back a chunk from Renault, Nissan’s debt-to-EBITDA multiple could manage it. Nissan’s Renault reshuffle will drive a capital raise; he just needs to pick a route.

HONG KONG, Oct 11 (Reuters Breakingviews) - Washington's sweeping technology curbs on China today will have ripple effects across global supply chains tomorrow. But the ban may prompt Chinese chipmakers to hasten their progress in the commoditised parts of the market, embedding firms like Semiconductor Manufacturing International (0981.HK) in global supply chains. The measures mark a huge escalation in President Joe Biden's efforts to hobble Beijing's chip advances. Essentially, any company that uses American equipment will be restricted from selling relatively high-tech semiconductors or tools to Chinese firms. And because nearly every factory relies on crucial hardware and software from U.S. suppliers like Lam Research (LRCX.O) and Applied Materials (AMAT.O), the latest move potentially sets back Chinese chipmakers by years, if not decades.

HONG KONG, Oct 7 (Reuters Breakingviews) - Too much cash can be a problem sometimes, especially in South Korea. Samsung Electronics (005930.KS), meanwhile, may find that deploying its $77 billion war chest is getting trickier. The company estimates third-quarter operating profit at 10.8 trillion won ($7.7 billion), down 32% from a year earlier and below analysts’ expectations. Prices for so-called DRAM and NAND memory chips, a highly cyclical sector that's Samsung's biggest profit driver, have yet to bottom out. CONTEXT NEWSSouth Korea's Samsung Electronics on Oct. 7 announced earnings guidance for the third quarter of 2022.

☆ Mizuho’s fintech punt would overdo optimism
▼ + stars: | 2022-10-06 | by ( ) www.reuters.com time to read: +2 min

First, it values Rakuten Securities at an eye-popping 52 times earnings, based on annualised net profit for the six months to end of June. Listed rival Monex (8698.T) only trades at around 13 times earnings, despite sporting a 22% operating margin, better than Rakuten Securities’ 13%. Second, Mizuho’s largesse will benefit parent Rakuten, the Japanese word for optimism. Register now for FREE unlimited access to Reuters.com RegisterSure, Rakuten Securities has rarity value, not least for banks with less of an online presence. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Blackstone converts Indian property to safe haven
▼ + stars: | 2022-10-06 | by ( Una Galani | ) www.reuters.com time to read: +3 min

MUMBAI, Oct 6 (Reuters Breakingviews) - A global downturn could boost demand for Indian real estate. The investor-cum-landlord led by Steve Schwarzman has played a big role in developing a local market for real estate investment trusts. Now it’s preparing to float a collection of glitzy shopping malls in what would be only the country’s fourth publicly traded REIT. Indian real estate trusts outperform U.S. peersFollow @ugalani on Twitter(The author is a Reuters Breakingviews columnist. On Sept. 27, Blackstone raised $325 million from selling an 8.1% stake in Embassy Office Parks REIT, per IFR.

REUTERS/Steve Marcus - RC28BE9D5MZ7HONG KONG, Sept 20 (Reuters Breakingviews) - Seoul's foot-dragging on climate change is holding back Korea Inc. Last week the country's top conglomerate, Samsung Electronics (005930.KS), unveiled an underwhelming net-zero carbon emissions target. Most of that is probably from electricity for factories in South Korea, where renewable power is scarce. Yet President Yoon Suk-yeol's administration plans to lower its renewable-energy target for 2030, favouring nuclear power instead. The company has also joined RE100, a group of global corporations including Apple, Intel and TSMC that are committed to using 100% renewable energy across their own operations. Renewable energy will account for 21.5% of generation capacity by 2030, down from the previous target of 30.2%.

☆ Mukesh Ambani pulls off one shade of overseas M&A
▼ + stars: | 2022-09-19 | by ( Una Galani | ) www.reuters.com time to read: +3 min

MUMBAI, Sept 19 (Reuters Breakingviews) - Mukesh Ambani’s overseas shopping spree is so far more splash than cash. Ambani calls this the “newest growth engine” and “far more global in scope than anything Reliance has ever done before”. Earlier this month, Reliance bought a majority stake in SenseHawk, which develops software-based management tools for solar energy generation. The unknown, following the failed flutter at Boots, is where Ambani’s global ambitions stop. CONTEXT NEWSMukesh Ambani’s Reliance Industries on Sept. 5 announced an agreement to acquire a majority stake in California-based SenseHawk for $32 million.

☆ India renewables push gets lift from patient money
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Sept 19 (Reuters Breakingviews) - As global borrowing costs rise, patient foreign investors are stepping up to help tycoons recycle capital and speed India’s energy transition. The wider deal will help the unit of $19 billion Mahindra and Mahindra (MAHM.NS) repay a shareholder loan as Indian businesses deleverage en masse. In April, Tata Power (TTPW.NS) struck a deal with BlackRock (BLK.N) and Abu Dhabi’s Mubadala. Register now for FREE unlimited access to Reuters.com RegisterSimilar tie-ups helped renewables power 60% of India’s energy capacity additions in the past six years, according to Moody’s. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Patagonia lobs ESG breakup calls back to the wild
▼ + stars: | 2022-09-16 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

CONTEXT NEWSYvon Chouinard has ceded control of outdoor clothing brand Patagonia, the founder disclosed in a letter on Sept. 14. As a result, all company profit will go to a non-profit entity which will spend it to fight climate change. As part of the deal, Chouinard and his family have transferred all stock with voting rights to the Patagonia Purpose Trust. Overseen by family members and their advisers, according to the New York Times, the trust will be responsible for approving key decisions like choosing the board of directors. Patagonia has annual revenue in excess of $1 billion and profit of some $100 million, the New York Times reported on Sept. 14.

☆ Bank of Japan needs to pick yen battles carefully
▼ + stars: | 2022-09-15 | by ( Jennifer Hughes | ) www.reuters.com time to read: +3 min

Battling the Bank of Japan, however, has historically offered better odds. The People’s Bank of China has been fixing the yuan’s daily range at stronger rates than trading patterns have forecast. Yen weakness has not triggered intervention since the 1998 Asian Financial Crisis. Register now for FREE unlimited access to Reuters.com RegisterIf Japan is serious about reversing or at least slowing currency weakness, it would need to do more than buy yen. CONTEXT NEWSThe Bank of Japan checked currency rates with banks on Sept. 14, Reuters reported.

The Hong Kong billionaire is offering $240 million to buy out minority shareholders in Caymans-registered Lifestyle International (1212.HK), his department store chain. Several Hong Kong tycoons have fallen foul of the notorious tests, which the Cayman Islands will scrap at the end of this month. Hong Kong dropped the rule in 2014, but is home to just 8% of the city’s listed companies. Lifestyle is domiciled in the Cayman Islands, which at the end of August will drop a requirement for the so-called headcount test. Almost 60% of primary-listed Hong Kong companies are domiciled in the Caribbean tax haven.

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