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☆ Major global firms warn of slow China sales as post-pandemic surge fades
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +4 min

Aug 2 (Reuters) - From consumer goods giant Unilever (ULVR.L) to automaker Nissan (7201.T) and machinery maker Caterpillar (CAT.N), global firms have warned of slowing earnings in China as the world's second-largest economy loses its post-pandemic bounce. A continued rebound has been limited to a handful of sectors such as dining and luxury goods, driving double-digit China sales growth for the likes of Starbucks (SBUX.O) and LVMH (LVMH.PA). Volkswagen (VOWG_p.DE) cut its full-year sales target last week due to a sales dip in China, its top market. "Unfortunately, our (China) sales outlook is now falling far below our production capacity," Nissan CEO Makoto Uchida said last week. "We mentioned during our last earnings call that we expected sales in China to be below the typical 5% to 10% of our enterprise sales.

Persons: Graeme Pitkethly, we're, Makoto Uchida, Jim Umpleby, Jacob Stausholm, Louis Vuitton, Tiffany, Jean, Jacques Guiony, Mimosa Spencer, Sophie Yu, Brenda Goh, Richa Naidu, Melanie Burton, Daniel Leussink, Victoria Waldersee, Miranda Murray, Rishav Chatterjee, Deborah Sophia, Ananya Mariam Rajesh, Yuvraj Malik, Miyoung Kim, Christopher Cushing Organizations: Unilever, Nissan, Caterpillar, Starbucks, Procter, Gamble, L'Oreal, Global, Volkswagen, Samsung, SK Hynix, Apple, Rio Tinto, Tinto, Yum, HK, KFC, Kailyn, Thomson Locations: China, KS, Rio, Yum China, Kailyn Rhone, New York, Paris, Beijing, Shanghai, London, Melbourne, Tokyo, Victoria, Berlin, Bengaluru

HONG KONG, July 31 (Reuters) - Hong Kong's stock exchange will no longer require companies to spell out China-related business risks in listing applications from Tuesday, in a move that aligns the city more closely with disclosure changes ordered by Beijing. China's securities watchdog published updated rules for offshore listings in February and Hong Kong followed with its own consultation on proposed changes a week later. In a summary of rule revisions, the exchange didn't list the removal of China risk disclosures as a major change. The majority of Chinese companies' offshore listing proposals have been filed with the Hong Kong exchange since the country new offshore listing regime came into effect on March 31, but few of them have got Beijing's nod to start raising funds. Reporting by Selena Li and Kane Wu in Hong Kong; Editing by Sumeet Chatterjee and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Selena Li, Kane Wu, Sumeet Chatterjee, Christina Fincher Organizations: bourse, Hong Kong Exchanges, Clearing, HK, People's, China Securities Regulatory Commission, Reuters, U.S . Securities, Exchange Commission, Hong, Thomson Locations: HONG KONG, China, Beijing, Hong Kong, People's Republic of China, United States, Hong

☆ Keurig Dr Pepper beats sales estimates, posts strong forecast on higher prices
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

The results are the latest evidence that consumer companies have been largely able to pass on higher prices to retailers and shoppers. Keurig Dr Pepper posted second-quarter revenue of $3.79 billion, topping estimates of $3.69 billion, according to Refinitiv data. The company said it expects full-year 2023 net sales growth of 5% to 6%, compared with the previous forecast of a 5% growth. It reiterated its forecast for adjusted earnings per share growth of 6% to 7%. Excluding items, the company reported a profit of 42 cents per share, compared estimates of 40 cents.

Persons: Pepper, Pepper's, Dr Pepper, Bob Gamgort, Aatrayee Chatterjee, Sriraj Organizations: Pepper Inc, Thomson Locations: U.S, Texas, Bengaluru

☆ Rio Tinto cuts dividend as H1 profit falls to lowest in three years
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, July 26 (Reuters) - Rio Tinto's (RIO.L), (RIO.AX) first-half underlying earnings fell to their lowest in three years as easing iron ore prices offset an uptick in shipments from its Pilbara operations, it said on Wednesday, while also announcing a dividend cut. Rio, the world's biggest iron ore producer, was cautiously optimistic on China's economy over the rest of the year, CEO Jacob Stausholm said. Average realised prices for Pilbara iron ore slipped to $98.60 per wet metric ton in the first half, 11.1% below last year. The world's largest iron ore producer flagged a shortage of skilled workers in a tight labour market along with supply-chain issues. Additional reporting by Melanie Burton in Melbourne; Editing by Subhranshu Sahu and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Jacob Stausholm, Rio, Rishav Chatterjee, Archishma Iyer, Melanie Burton, Subhranshu Sahu, Christian Organizations: MELBOURNE, Alpha, Thomson Locations: Rio, Beijing, China, Pilbara, Bengaluru, Melbourne

☆ South32 takes $1.3 billion hit against Hermosa; Q4 output steady
▼ + stars: | 2023-07-24 | by ( Navya Mittal | Rishav Chatterjee | ) www.reuters.com time to read: +2 min

(Reuters) -Australian diversified miner South32 on Monday said it will take an about $1.3 billion one-off charge in fiscal 2023 against its Hermosa project in Arizona, even as the company restored output at most of its operations in the fourth quarter. FILE PHOTO: The logo of Australian miner South32 can be seen at the venue of a media conference in Perth, Western Australia, November 18, 2015. Shares fell as much as 2.6% to A$3.72 as of 0344 GMT to hit their lowest in about two weeks. For the full year, manganese ore output jumped 4% to 5,653 kwmt. Output of metallurgical coal, the miner’s biggest revenue-generating commodity, jumped 9% to 1,504 thousand tonnes (kt) for the June quarter, while annual output slipped 4% to 5,497 kt.

Persons: South32, David Gray, Taylor, ”, Graham Kerr, ” Kerr, Josh Gilbert, Josh Organizations: Reuters, REUTERS, BHP Group, eToro AUS, “ Locations: Australian, Hermosa, Arizona, Perth, Western Australia

The move, which not been reported before, is the latest in tightening scrutiny of Chinese companies' offshore listings, and comes at a time when Beijing is stepping up controls over cross-border transfer of sensitive information. The Chinese law firms acting as IPO advisors have been asked to drop such boilerplate risk disclosures, said one of the people, who declined to be identified as the discussions were confidential. China's new offshore listing rules that came into effect on March 31 forbid any comments in the listing documents that "misrepresent or disparage laws and policies, business environment and judicial situation" of China. Representatives from the CSRC's International Cooperation Department, more than 10 Chinese law firms and other government and industry bodies attended the July 20th meeting, according to one of the people. Large domestic law firms Fangda Partners, Han Kun Law Offices，and Zhong Lun Law Firm were among the attendees, said two of the sources.

Persons: prospectuses, CSRC, Han, Zhong, Han Kun, Zhong Lun, Julie Zhu, Kane Wu, Selena Li, Sumeet Chatterjee, Tomasz Janowski Organizations: China Securities Regulatory Commission, CSRC's International Cooperation Department, Fangda Partners, Zhong Lun Law, Reuters, Thomson Locations: Beijing, China, United States, The China

Prices of iron ore, from which Rio Tinto derives around 70% of its profits, eased over the second quarter on concerns over China's debt-ridden property sector, but could improve after Beijing on Tuesday pledged to roll out policies to boost growth. "China's economic recovery has fallen short of initial market expectations, as the property market downturn continues to weigh on the economy and consumers remain cautious despite monetary policy easing," Rio Tinto said in its quarterly report. Rio Q2 Shipments easeRio downgraded its expectations for refined copper production, alumina production, and output at its Canadian iron ore operations and warned of rising costs. "Production downgrades during the quarter highlight that we still have much more to do," Rio Tinto Chief Executive Jakob Stausholm said in the report. Wildfires in Northern Quebec impacted Canadian iron ore production, it said.

Persons: Rio, Glyn Lawcock, Jakob Stausholm, Melanie Burton, Navya Mittal, Rishav Chatterjee, Shounak Dasgupta, Sonali Paul Organizations: Rio Tinto, Alpha, Tinto Chief, Thomson Locations: MELBOURNE, Rio, Beijing, Barrenjoey, Sydney, Utah, Northern Quebec, Rincon, Argentina, Melbourne, Bengaluru

☆ JPMorgan upgrades Cisco as orders near a trough, says shares look inexpensive and can rally more than 20%
▼ + stars: | 2023-07-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

JPMorgan says it may be time for investors to consider scooping up Cisco Systems as order trends normalize after a spending trough, adding that the shares trade at a cheap valuation. Analyst Samik Chatterjee upgraded the networking stock to overweight from neutral, citing limited enterprise spending downside from current levels. Chatterjee also views the stock as cheap, currently trading at a forward price-to-earnings ratio of 12.5. He raised his 12-month price target to $62, up from $55 a share, reflecting 21% upside from Tuesday's close. Cisco has risen 7.6% year to date and added about 2% before the stock market's opening bell.

Persons: Samik Chatterjee, JPMorgan, Chatterjee, — CNBC's Michael Bloom Organizations: JPMorgan, Cisco Systems, Cisco

☆ Conagra Brands forecasts dour sales as higher prices hit demand
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Conagra Brands Inc (CAG.N) on Thursday forecast annual sales and profit below Wall Street estimates, in a sign that higher prices were starting to eat into demand for the Slim Jim beef jerky maker's frozen foods and other packaged meals. The company, like other global packaged food makers, has been steadily raising product prices over the past few years to counter spiraling costs, and had faced little resistance from consumers until recently. Persistent inflation has eroded budgets at many American households, forcing consumers to trade down from branded packaged food products to cheaper private-label alternatives, which has impacted sales at Conagra. The company expects 2024 organic net sales growth to be 1% higher than 2023, while analysts on average were expecting an increase of 2.77%, according to Refinitiv estimates. Full-year adjusted EPS is expected between $2.70 and $2.75, compared with analysts' average estimate of $2.85 per share.

Persons: Slim, Mehr Bedi, Aatrayee Chatterjee, Shinjini Organizations: Conagra Brands Inc, Wall, Thomson Locations: Bengaluru

☆ Australia's competition watchdog puts data brokers on radar
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File PhotoJuly 10 (Reuters) - Australia's competition watchdog on Monday asked consumers, businesses and other relevant stakeholders to provide their views about the business practices of data brokers in an attempt to regulate the country's digital platform services sector. Data brokers generally gather information like personal details of customers including their browsing and purchasing behaviour from a wide range of sources such as mobile applications, social media sites and card payment providers. The report will explore how third-party data brokers collect and use information to create products and services and if there may be competition and consumer issues arising from this, the ACCC said in a statement. The regulator's digital platforms branch has been conducting a five-year inquiry till 2025 to inquire into the markets for the supply of digital services. The report will focus on businesses that collect information from third-party sources and share or sell data to other organisations and, on the off chance that there might be competition and customer issues emerging from it.

Persons: Brendan McDermid, Gina Cass, Gottlieb, Rishav Chatterjee, Rashmi Organizations: Oracle Corp, New York Stock Exchange, REUTERS, Australian Competition, Consumer Commission, Oracle, Thomson Locations: New York, U.S, Ireland, Australia, Bengaluru

☆ Telstra partners with Elon Musk's Starlink for internet in remote Australia
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Australia's top telecom firm Telstra Group (TLS.AX) said on Monday it will partner with Elon Musk's Starlink to provide fixed broadband and voice services to rural Australians. The telecommunications provider will bring home phone service and Starlink broadband services as a bundle to Australians, it said on a blog post. "The addition of Starlink will provide an additional connectivity option for people and businesses in rural and remote locations," the company added. Telstra expects to be able to offer the new service options to both customers and businesses towards the end of the year. Starlink, operated by Musk's SpaceX, has built a fast-growing network of more than 3,500 satellites in low-Earth orbit that can provide connectivity in remote areas.

Persons: Elon Musk's, Rishav Chatterjee, Krishna Chandra Organizations: Telstra Group, Telstra, Lines, Musk's SpaceX, Thomson Locations: Bengaluru

☆ Automaker Stellantis signs battery metals offtake deal with Australia's Kuniko
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Australia's Kuniko (KNI.AX) said on Monday it had signed an offtake and equity investment agreement with automaker Stellantis (STLAM.MI) to support the development of its Norwegian battery metals projects. Stellantis would invest 5 million euros ($5.45 million) at an issue price of A$0.467 per share in the battery metals miner in return for a near 20% stake, Kuniko said. Kuniko shares rose as much as 58.1% to A$0.680, their highest level since Oct. 31. Under the deal, announced by Stellantis on Friday, the carmaker will also get 35% of the nickel sulphate and cobalt sulphate produced from Kuniko's Norway exploration projects for nine years. The funds from the Stellantis' equity investment will be used to advance Kuniko's brownfield and greenfield battery metals exploration projects in Norway, the company said.

Persons: Stellantis, Kuniko, Himanshi Akhand, Rishav Chatterjee, Rashmi Aich, Krishna Chandra Organizations: Thomson Locations: Norway, Bengaluru

☆ Macquarie to divest U.S. port terminal operator Ceres
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Australian financial conglomerate Macquarie Group (MQG.AX) said on Thursday it would divest its U.S.-based port terminal operator Ceres Terminals, with a source familiar with the matter placing the deal value north of $900 million. The Wall Street Journal in May reported that Macquarie was looking for about $1 billion from the sale, citing sources familiar with the matter. The deal value could be at the lower end of what the Wall Street Journal reported, the source said. However, Ceres Terminals Jacksonville and Intermodal Container Transfer Facility in Jacksonville, managed by Ceres, will not be a part of the deal. They will continue to be owned by MIP III, Macquarie said.

Persons: Macquarie, MIP, MIP III, Craig Mygatt, Roushni Nair, Sameer Manekar, Rishav Chatterjee, Rashmi Aich, Subhranshu Organizations: Macquarie Group, Reuters, Street Journal, Wall Street Journal, Macquarie Infrastructure Partners, Nippon, Macquarie, Thomson Locations: Tokyo, Ceres Terminals Jacksonville, Jacksonville, Bengaluru

[1/2] A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. China's long-awaited rules for offshore stock exchange listings form part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. REGULATORY 'BLACKBOX'The new listing regime requires CSRC to respond within 20 working days upon accepting an issuer's listing filing. Submitting additional materials can be time-consuming and thus delay the listing process, said bankers and lawyers. Reporting by Scott Murdoch in Sydney and Kane Wu in Hong Kong; Additional reporting by Selena Li in Hong Kong; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, JD.com, Scott Murdoch, Kane Wu, Selena Li, Sumeet Chatterjee, Muralikumar Organizations: China Securities Regulatory Commission, REUTERS, China, U.S, iMotion Automotive Technology, Reuters, Thomson Locations: China, Beijing, Hong Kong, SYDNEY, HONG KONG, Suzhou, Sydney

The hectic pace of activity comes after private credit funds targeting Asia jumped 76% last year to a record $11.2 billion, driven by both regional and India-dedicated strategies, according to Global Private Capital Association. As large global sponsors continue to invest into multi-billion dollar Asia-focused credit funds such as Apollo, Blackstone and KKR, the Asian private credit industry is set for further boom, Robert Wright, partner in law firm Baker McKenzie, said. The string of new private credit funds come against the backdrop of startups facing the threat of having down rounds. Nevertheless, alternative financing such as private credit does not come cheap, industry experts warned. Private credit firms usually arrange loans, with assets secured, on a floating rate basis.

Persons: GPCA, Singapore's SeaTown, Europe's 21yield, Nicholas Mairone, Robert Wright, Baker McKenzie, SeaTown, Rakshat Kapoor, Camille Krejci, Parthiv Rishi, Sidley Austin, Siew Kam Boon, Yantoultra Ngui, Sumeet Chatterjee Organizations: Asia, SINGAPORE, Global Private Capital Association . Industry, Silicon Valley Bank, Blackstone, KKR, Reuters Graphics, Bain Capital, India's, Mahindra Bank, Hong Kong's ADM, SoftBank Investment Advisers, Reuters, Prosus NV, Thomson Locations: Asia, India, Singapore, United States, North America, Silicon, Pacific, Japan, Hong Kong

☆ Qantas names Rob Marcolina new CFO in latest management overhaul
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Qantas Airways (QAN.AX) has appointed Rob Marcolina as its new chief financial officer, the company said on Wednesday, succeeding Vanessa Hudson who was in May named the carrier's first woman CEO. Marcolina, who joined in 2012, is currently group executive of strategy, people and technology and will take over once Hudson starts as CEO in November. Australia's flagship carrier also named Chief Customer Officer Markus Svensson its new domestic CEO as it plans to create 8,500 new jobs locally within the next decade. Catriona Larritt, with the carrier for about eight years and former chief commercial officer at its budget arm, Jetstar, will become the chief customer and digital officer, the company said. (This story has been corrected to fix Rob Marcolina’s surname in the headline and paragraphs 1 and 2)Reporting by Rishav Chatterjee in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Rob Marcolina, Vanessa Hudson, Marcolina, Hudson, Markus Svensson, Catriona, Rob Marcolina’s, Rishav Chatterjee, Sriraj Organizations: Qantas Airways, Australia's, Jetstar, Thomson Locations: Bengaluru

☆ Asia lobby group pushes for easing of China's offshore listing rules
▼ + stars: | 2023-06-27 | by ( Selena Li | ) www.reuters.com time to read: +3 min

HONG KONG, June 27 (Reuters) - China's new offshore listing rules for domestic companies have left bankers and lawyers who work on listings unsure how to take on liabilities and avoid breaching tightened confidentiality rules, Asia's largest financial lobby group said on Tuesday. China's long-awaited rules for offshore stock exchange listings came into effect on March 31 as part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. Chao said the concept of such papers is vaguely defined, and also gave rise to disputes among investment banks and law firms over which side was primarily responsible for storing the documents. It's not good for Chinese companies who need to seek capital from the world," Chao said. The slowing Chinese economy, dimming offshore fundraising prospects, and heightened geopolitical tensions have prompted Wall Street and European banks to layoff investment bankers working on China deals in the last few months.

Persons: China's, Lyndon Chao, ASIFMA, Chao, Goldman Sachs, It's, Hong, Wall, Selena Li, Scott Murdoch, Kane Wu, Sumeet Chatterjee, Susan Fenton, Himani Organizations: China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, JPMorgan, UBS, Thomson Locations: HONG KONG, Beijing, New York, Hong Kong, China

SHANGHAI/HONG KONG, June 27 (Reuters) - China should allow cross-border sharing of information by financial firms operating in the country, a leading financial lobby group said, as authorities tighten control of data generated within its borders in a national security drive. Last July, China unveiled cross-border data review measures that require a security review for "important" offshore data transfers - a move that triggered confusion and concern among foreign financial firms operating in the country. The financial sector lobby group said cross-border transfer of data such as investment outlooks, portfolio analysis, shareholding information and anti-money laundering information should be allowed. However, ASIFMA said the data security rules have made operating in China "very painful" for some of its members. One major complaint from firms operating in China is that Chinese data rules are ambiguous, the lobby group said.

Persons: Alice Law, Lyndon Chao, ASIFMA, Chao, Neuberger Berman, They've, Law, Samuel Shen, Selena Li, Sumeet Chatterjee, Sonali Paul Organizations: Asia Securities Industry, Financial Markets Association, BlackRock, Fidelity International, Thomson Locations: SHANGHAI, HONG KONG, China, Beijing, U.S

Most economists expect another modest 10 bps LPR cut in the second half - on top of a 25 bps cut in banks' requirement ratio (RRR). The PROC last cut the RRR - the amount of cash that banks must hold as reserves -- in March, by 25 bps. Each 5 basis points LPR cut could reduce pre-tax profits of major banks by as much as 1.8%, China Merchants Securities said in a report. "A small rate cut is a useful painkiller for symptoms but cannot alleviate the real problem," said Gary Ng, Asia Pacific senior economist of Natixis. On Friday, China's cabinet discussed policy measures to support the economy.

Persons: COVID, NIM, Wang Yifeng, Wang, Gary Ng, China's, Zhang Ming, Zhang, Morgan Stanley, Kevin Yao, Ziyi Tang, Kripa Jayaram, Sumeet Chatterjee Organizations: People's Bank of China, Reuters, Everbright Securities, China Merchants Securities, Asia Pacific, stoke, Chinese Academy of Social Sciences, Thomson Locations: China, BEIJING, Beijing, Asia

☆ Medibank's building manager faces cyberattack, staff details stolen
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: 1 min

June 20 (Reuters) - Australia's largest private health insurer Medibank Private (MPL.AX) on Tuesday confirmed that a file containing the names and contact details of certain staff members had been compromised after its building manager faced a cybersecurity breach. Medibank systems have not been affected by the cyberattack on the building manager's third-party software platform MOVEit, the company said. Reporting by Rishav Chatterjee in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishav Chatterjee, Dhanya Ann Thoppil Organizations: Medibank, Thomson Locations: Bengaluru

As of end-March, the three banks had total credit exposure of about $64 billion to China, or roughly 1% of their total assets, according to their financial statements. The FSA's request to look into China-related geopolitical risk was made in May, said two other sources. At a meeting last month, one of the banks was asked by the FSA how it is assessing risk related to China operations, one of them said. China claims democratically governed Taiwan as its territory and has never renounced the use of force to bring it under its control. Dealing with China sanctions would be extremely complex, the executive added.

Persons: Banks, SMFG, Antony Blinken, Wang Yi, Takaya Yamaguchi, Makiko Yamazaki, Sumeet Chatterjee, Jamie Freed Organizations: Financial Services, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial Group, Mizuho Financial Group, Mizuho, American Chamber of Commerce, Reuters, Thomson Locations: China, TOKYO, Ukraine, Russia, United States, China . U.S, Beijing, West, Taiwan, U.S, Tokyo, New York

China's top graft-busting watchdog earlier this year vowed to eliminate ideas of a Western-style "financial elite" and rectify the hedonism of excessive pursuit of "high-end taste". Industrial and Commercial Bank of China (ICBC) (601398.SS) and China Construction Bank Corp (CCB) (601939.SS) plan to cut some allowances of employees at the banks' headquarters from this year, two sources familiar with the matter said. Domestic rival China International Capital Corp (CICC) (3908.HK) last month cut this year's bonuses for investment bankers by 30%-50% from a year earlier, Reuters has reported, citing sources with knowledge of the matter. Besides anti-corruption crackdown and "common prosperity" drive, financial firms are also reining in the flashy lifestyle of their staff to make sure they are not violating the Communist Party's ideology, said industry officials. China's securities regulator and the central bank cut the budget allocation for employee salaries in 2023, following reforms ordered as part of a broader drive to reduce income disparity, Reuters reported last month.

Persons: Xi Jinping's, CCB, Xin Sun, Sun, Xie Yu, Julie Zhu, Selena Li, Ziyi Tang, Binbin Huang, Rong Ma, Sumeet Chatterjee, Lincoln Organizations: Industrial, Commercial Bank of China, China Construction Bank Corp, Securities, Reuters, China International Capital Corp, HK, Party, King's College London, Thomson Locations: China, HONG KONG, Beijing, Hong Kong, Shanghai

☆ Goldman cutting more than 30 Asia investment banking jobs - sources
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, June 15 (Reuters) - Goldman Sachs Group (GS.N) is cutting more than 30 banking jobs in Asia, two sources with knowledge of the matter said, as a challenging markets environment weighs on Wall Street banks' dealmaking and trading revenues. The reduction in regional jobs, most of which are in the global banking & markets division, started on Wednesday, said the sources. Citigroup has started to cut more than 20 jobs in Asia, mostly at junior levels, Bloomberg reported on Thursday. All sources declined to be identified as they were not authorised to speak to the media. Reporting by Julie Zhu, Kane Wu and Selena Li in Hong Kong; Editing by Sumeet Chatterjee, Muralikumar Anantharaman and Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Morgan Stanley, Julie Zhu, Kane Wu, Selena Li, Sumeet Chatterjee, Muralikumar Anantharaman, Simon Cameron, Moore Organizations: Goldman Sachs, Reuters, Citigroup, Bloomberg, Thomson Locations: HONG KONG, Asia, China, Beijing, Hong Kong, dealmaking

☆ Without climate change, these extreme weather events would not have happened
▼ + stars: | 2023-06-15 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +13 min

People often want to know if an extreme weather event happened because of climate change, said Friederike Otto, climate scientist and co-lead of the World Weather Attribution initiative. And, more often than not, they are finding the clear fingerprints of climate change on extreme weather events. “We’re always going to have extreme weather, but if we keep driving in this direction, we’re gonna have a lot of extreme weather,” said Ted Scambos, a glaciologist at the University of Colorado-Boulder. Alexander Nemenov/AFP/Getty ImagesSiberian heat wave, 2020In 2020, a prolonged, unprecedented heat wave seared one of the coldest places on Earth, triggering widespread wildfires. A study from the journal Nature Climate Change found the period from 2000 to 2021 was the driest the West has ever been in 1,200 years, noting human-caused climate change made the megadrought 72% worse.

Persons: Friederike Otto, Otto, We’re, we’re, ”, Ted Scambos, Alexander Nemenov, Andrew Ciavarella, Kathryn Elsesser, San Salvador de la, Aitor De Iturria, ” Otto, Mamunur Rahman Malik, “, Fadel Senna, Debarchan Chatterjee, Saeed Khan, koalas, David Paul Morris, Lake Powell, Hurricane Ian, Ricardo Arduengo, Ian, Lawrence, Abdul Majeed, António Guterres Organizations: CNN, University of Colorado -, Getty, UK’s Met, Oregon Convention, Northern, World Health Organization, South Asia, Bloomberg, Western, Stony Brook University, Lawrence Berkeley National Laboratory ., UN Locations: University of Colorado - Boulder, Siberia, AFP, Oregon, Portland, Pacific, . Oregon, Washington, Canada, British Columbia, Canadian, Lytton, San Salvador de, Cercs, Catalonia, Spain, North America, Europe, China, Dahably, Wajir County, Kenya, Africa, Horn of Africa, Somalia, Ethiopia, Masseoud, Morocco, Portugal, Algeria, Kolkata, India, South Asia, South, Vietnam, Myanmar, Laos, Bangladesh, Thailand, New South Wales, Australia, Oroville, Oroville , California, States, California, Lake Oroville, Lake Mead, Lake, Nevada, Arizona, Mexico, Hurricane, Matlacha , Florida, Caribbean, Florida, Swat, Bahrain, Khyber Pakhtunkhwa, Pakistan, Sindh, Balochistan

☆ Bill Gates in China: Microsoft co-founder to meet Xi Jinping
▼ + stars: | 2023-06-14 | by ( Julie Zhu | ) www.reuters.com time to read: +3 min

HONG KONG, June 14 (Reuters) - Bill Gates, Microsoft Corp's (MSFT.O) co-founder, is set to meet Chinese President Xi Jinping on Friday during his visit to China, two people with knowledge of the matter said. The meeting will mark Xi's first meeting with a foreign private entrepreneur in recent years. The last reported meeting between Xi and Gates was in 2015, when they met on the sidelines of the Boao forum in Hainan province. In early 2020, Xi wrote a letter to Gates thanking him, and the Bill & Melinda Gates Foundation, for pledging assistance to China including $5 million for the country's fight against COVID-19. Several foreign CEOs have visited China since it reopened early this year but most have mainly met with government ministers.

Persons: Bill Gates, Xi Jinping, Gates, Melinda Gates, Xi, Premier Li Qiang, Tim Cook, Elon Musk, Ding Xuexiang, Antony Blinken, Blinken, Qin Gang, Qin, Julie Zhu, Greg Roumeliotis, Brenda Goh, Alex Richardson, Sumeet Chatterjee, Nick Macfie, William Maclean Organizations: Microsoft, Melinda Gates Foundation, Information Office, COVID, Premier, Reuters, U.S, Thomson Locations: HONG KONG, China, Beijing, Hainan province, U.S, United States, Hong Kong, New York

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