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☆ 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.

☆ TSMC ignores geopolitical elephant in room
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Executives at the $324 billion Taiwan Semiconductor Manufacturing (2330.TW) barely addressed questions regarding Washington's technology export controls on China during its earnings call on Thursday. Against a worsening geopolitical backdrop and looming global recession, such deliberate ambiguity will be cold comfort to shareholders. Analysts at Bernstein say TSMC could lose anywhere between 0.4% and 5% of its 2023 revenue. Rising tensions between Washington and Beijing, which claims sovereignty over Taiwan, will make it harder for TSMC to stay neutral and continue to sell to both sides. 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 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.

☆ Grammy-nominated DJ Steve Aoki told us he's made more money from NFTs than royalties. Here's how he says he's profited $10 million — and how Web3 can disrupt the multi-billion-dollar music industry.
▼ + stars: | 2022-10-11 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +5 min

Aoki was "shocked and excited" when he realized he made more from NFT sales than music royalties. NFTs can disrupt the music industry by creating a new revenue stream for artists, Blau previously told Insider. "This could facilitate a change that I've been waiting to see for most of my career as an independent artist," Blau said of tokenized music royalties. NFT earnings vs music royaltiesThe 2X Grammy-nominated artist says he's made more from NFTs than a decade of music royalties, Decrypt first reported. Aoki touts Web3, or the metaverse, as a chance for artists to truly own their work via the blockchain.

HONG KONG, Oct 10 (Reuters Breakingviews) - China’s lackluster Golden Week holiday this year casts a dark cloud over the economy. Domestic tourism sales during the country’s annual spend-and-travel blitz fell to $40 billion, less than half of pre-pandemic levels. Before the pandemic, domestic tourists splurged some 650 billion yuan ($91 billion) during the 2019 Golden Week – over a quarter more than during the Chinese New Year festival. Overall, domestic trips were just 422 million during Golden Week, down 18% from last year. China’s Golden Week has lost its shine.

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.

☆ Singapore air cargo deal elevates its hub status
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Sept 29 (Reuters Breakingviews) - Singapore is boosting its hub status as global recession fears loom. Aviation services group SATS (SATS.SI) is acquiring the world’s largest air cargo logistics provider for $2.2 billion from U.S. buyout firm Cerberus. The deal could ultimately lift trade flows through Singapore where aviation contributes more than 5% of GDP. SATS is part of the city-state’s industry trinity that includes its former parent Singapore Airlines (SIAL.SI) and Changi Airport. As global cargo activity nears pre-pandemic levels, Singapore is providing a strategic home to an asset that’s passed through multiple financial owners.

☆ Beijing’s property bandage fails to staunch blood
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Sept 29 (Reuters Breakingviews) - Another day, another Chinese property market selloff. Hong Kong-listed CIFI (0884.HK) on Wednesday confirmed that it defaulted on an onshore trust loan linked to a property development, blaming slow sales. By the next morning, panicked investors had already wiped out half of CIFI’s market value, some $765 million. The stronger parts of the property market are weakening, and fast. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Grab's steady steering offers a smoother ride
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Caroline ChiaHONG KONG, Sept 26 (Reuters Breakingviews) - A rising tide once lifted all of Southeast Asia's technology giants. With a global recession looming and markets in turmoil, their fortunes are starting to diverge. It's a sharp contrast to its $24 billion Singaporean rival Sea (SE.N), which is retrenching globally to achieve financial "self-sufficiency". With shares down over 60% this year, Grab's confident and careful hand at the wheel gives shareholders something to cheer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Bank of Japan’s stubbornness keeps yen volatile
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

Men look at an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar and Nikkei share average in Tokyo, Japan September 14, 2022. read more That’s understandable, but it will make it harder to moderate an increasingly volatile exchange rate. The yen , currently trading around 144 per dollar, is at its weakest since 1998, but more important is the rate of change. A see-sawing foreign exchange rate, though, makes executives nervous. Exporters including carmakers Nissan Motor (7201.T) and Toyota Motor (7203.T), and drugmaker Takeda Pharmaceutical (4502.T), which reported nice forex tailwinds in its last quarterly report, are benefitting from unexpected exchange rate gains on paper.

☆ China property IPO bets on big name to calm fears
▼ + stars: | 2022-09-22 | by ( Jennifer Hughes | ) www.reuters.com time to read: +4 min

REUTERS/StringerHONG KONG, Sept 22 (Reuters Breakingviews) - Big names generate deal interest, but that comes with risks, too. At the top of the price range, residential and commercial property manager Onewo will raise about $790 million in what will be Hong Kong’s biggest initial public offering. Two years ago, similar floats were commanding valuations of up to 27 times expected earnings. Those were better times: a Hong Kong index for the sector has dropped 72% since then. Parent Vanke will take some comfort however from other recent listings in Hong Kong.

☆ Sea CEO’s distress call will make tech waves
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

A person stands in front of a signage of Southeast Asian e-commerce and gaming group Sea Ltd's, at their office in Singapore March 5, 2021. REUTERS/Edgar SuHONG KONG, Sept 21 (Reuters Breakingviews) - Candour is often welcome during times of distress. Forrest Li, the chief executive of Singapore's Sea (SE.N), is not mincing his words as he sounds the alarm at his $26 billion e-commerce to video-games outfit. Losses are widening at the $11 billion super-app as it continues to invest in fintech read more . They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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%.

☆ ByteDance pays to kick IPO can down the road
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tingshu Wang - RC24MM9UKX2THONG KONG, Sept 19 (Reuters Breakingviews) - ByteDance is dancing to a different tune to keep stakeholders happy. TikTok's Chinese parent is spending up to $3 billion to buy back shares at a price that values the company at around $300 billion. ByteDance has laid off staff as part of a broader restructuring effort that has seen it back off from once-enticing segments like video games and online education. With growth set to slow further this year, ByteDance is paying up to keep the music playing. (By Robyn Mak)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist.

☆ India’s edtech startup flunks the growth class
▼ + stars: | 2022-09-16 | by ( ) www.reuters.com time to read: +2 min

Children recite the preamble to the Constitution of India during an assembly at a school in Mumbai, India, January 27, 2020. REUTERS/Francis MascarenhasMUMBAI, Sept 16 (Reuters Breakingviews) - India’s most valuable startup is not growing much at all. It reveals the company’s top line shrunk 3% to $304 million while losses ballooned around 14 times to roughly $570 million. But the endless controversy around the Indian company is also ammunition for those calling for more regulation of the red hot-industry. (By Una Galani)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist.

☆ 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.

REUTERS/Evelyn HocksteinHONG KONG, Sept 14 (Reuters Breakingviews) - China biotech’s American honeymoon is ending. Key to his initiative is ensuring that “biotechnologies invented in the United States of America are made in the United States of America”. With more bad news set to trickle out of Washington, Chinese biotech companies have a bitter pill to swallow. The order "directs the federal government to ensure biotechnologies invented in the United States of America are made in the United States of America," Biden said. Hong Kong shares of WuXi Biologics, a Chinese contract drug manufacturer, closed down 20% on Sept. 13 to HK$53.40.

☆ Tencent raids its pantry ahead of lean tech times
▼ + stars: | 2022-08-17 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Aug 16 (Reuters Breakingviews) - Tencent (0700.HK) is preparing for tough times ahead. The Chinese giant plans to offload all or a chunk of its $24 billion stake in food delivery group Meituan (3690.HK), Reuters reported read more , citing sources. The eight-year old investment has proven lucrative: annualised total returns were nearly 20% since Meituan's 2018 Hong Kong debut, versus negative 6% for the Hang Seng Index. Nevertheless, a stock overhang — Tencent owns some 17% — sent its shares down 10% on the news. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ PRIMA REMIZĂ ALBĂ LA EURO 2020. Spania şi Suedia au terminat meciul la egalitate
▼ + stars: | 2021-06-15 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +1 min

Echipele de fotbal ale Spaniei şi Suediei au terminat la egalitate meciul lor din cadrul grupei E de la EURO 2020. În prima repriză, goalkeeper-ul polonezilor Wojciech Szczesny a deviat în propria poartă șutul lui Robert Mak. Imediat după pauză, polonezii au egalat prin Karol Linetty, însă, în scurt timp a rămas în zece oameni. Slovacii au profitat de inferioritatea numerică a echipei antrenate de Paulo Sousa și au înscris golul victoriei prin Milan Skriniar. Într-o altă partidă din cadrul grupei D, ce s-a disputat la Glasgow, Scoția a cedat în fața Cehiei, scor 0-2.

Persons: Dani Olmo, Alvaro Morata, Gerard Moreno, Alexander Isak, Marcus Berg ., Wojciech Szczesny, Robert Mak, Karol Linetty, Grzegorz, Paulo Sousa, Milan Skriniar, Patrick Schick Organizations: EURO Locations: Spaniei, Suediei, Sevilla, Sankt Petersburg, Slovacia, Polonia, Milan, Glasgow, Scoția, Cehiei

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