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Shares of Chinese companies listed in Hong Kong jumped on Friday, after U.S. officials wrapped up a crucial audit inspection in the city and a transcript circulated on social media suggesting China was considering reversing its strict coronavirus policies. The Hang Seng Index closed the day more than 5% higher after Chinese stocks in a variety of sectors saw heavy buying. Tech giant Alibaba Group Holding Ltd., vehicle maker Geely Automobile Holdings Ltd. and restaurant chain Haidilao International Holding Ltd. were all up by double-digits in percentage terms. China’s CSI 300 index ended the day up 3.3% and the Shanghai Composite Index was 2.4% higher.

☆ Insurance Broker Arthur J. Gallagher Subpoenaed by Justice Department’s Foreign Bribery Unit
▼ + stars: | 2022-11-04 | by ( Dylan Tokar | ) www.wsj.com time to read: +3 min

Arthur J. Gallagher & Co. said it received a subpoena from the Justice Department’s foreign bribery unit, making it the latest company to become ensnared in a sprawling investigation into corruption at state-owned companies in Ecuador. The information request, which the company said it received in its third quarter, was from the Justice Department’s Foreign Corrupt Practices Act unit, Arthur J. Gallagher said. Prosecutors from that unit have asked Arthur J. Gallagher for information related to its insurance business with public entities in Ecuador, the company said in its Nov. 2 report. The law is enforced by the Justice Department and the U.S. Securities and Exchange Commission. A spokesperson for Arthur J. Gallagher didn’t immediately respond to a request for comment.

☆ Broken Deal Triggered Currency Losses for Barclays, Deutsche Bank and Citigroup
▼ + stars: | 2022-11-02 | by ( Ben Dummett | Patricia Kowsmann | ) www.wsj.com time to read: 1 min

Barclays PLC, Deutsche Bank AG and Citigroup Inc. lost money on currency-hedging products they sold to a client for an acquisition that fell through, the latest example of the damage spread during the worst stretch for deal making in years. Prosus NV, best known as the largest investor in Chinese internet giant Tencent Holdings Ltd., agreed in August 2021 to acquire India’s BillDesk, an online payments platform, for 345 billion rupees, equivalent to about $4.7 billion at the time. To protect the price against swings in the rupee, Prosus bought derivative contracts from the banks that allowed it to lock in the exchange rate ahead of the deal’s closure. Prosus had the flexibility to get rid of the hedge for no fee if the deal didn’t close.

☆ Regulator Warns Hong Kong Companies About Auditor Resignations
▼ + stars: | 2022-10-27 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +4 min

Hong Kong’s accounting regulator is sounding the alarm over a surge in auditor resignations a month before or after a company’s reporting period ends. So-called “late auditor resignations,” which increased to 107 during the nine months ended Aug. 31 from 71 in the same period a year earlier, can jeopardize audit quality, the Accounting and Financial Reporting Council said Thursday. Audit firm resignations, and changes in general, are rare in the U.S., where companies are not required to switch firms after a certain number of years. In March, Enterprise Development announced annual results for the period that ended in December audited by Hong Kong accounting firm BOFA CPA Ltd. “We are concerned that audit quality may be compromised by late auditor resignations because the incoming auditor will have limited time to plan and conduct a proper audit in order to meet the listed entity’s deadline to announce their audited results,” she added.

☆ Chinese automaker Geely's new energy brand Farizon raises over $300 mln
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 26 (Reuters) - Chinese automaker Geely's new energy vehicle subsidiary on Wednesday said its brand Farizon has raised over $300 million from a funding round led by Asian logistics firm Global Logistics Properties' (GLP) investment arm Hidden Hill Capital. The new capital raise, which involves other investors such as Chinese logistics and chemical group Transfar and an investment firm backed by major Chinese investment bank CITIC Securities, came as Geely stepped up its new energy vehicle development. Hangzhou-based Geely Holding Group, owner of Zhejiang Geely New Energy Commercial Vehicle Group which sells Farizon, is known globally with its investments in Volvo Cars and Mercedes-Benz. Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement. Geely New Energy Commercial Vehicle did not disclose Farizon's valuation in the statement.

☆ Microsoft powers up search for Chinese gaming hits in race against Sony
▼ + stars: | 2022-10-24 | by ( Josh Ye | ) www.reuters.com time to read: +6 min

Register now for FREE unlimited access to Reuters.com RegisterGrowing Western interest in Chinese games reflects a maturing of China's game development industry, analysts said. Chinese games are now on a par with big-budget Western games, said Daniel Ahmad, senior analyst at researcher Niko Partners. "Chinese game developers are trying to standardise their development tools, create advanced production processes, invest in really large-scale teams," Ahmad said. Microsoft has been building a team to scout for Chinese games, two industry sources said. Gaming executives now point to "Genshin Impact" as a global industry milestone, lauding its production value and seamless cross-platform game play.

☆ Russia's Rusal files London lawsuit against Potanin over Nornickel pact
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +4 min

The dispute centres on an agreement brokered by Moscow in 2012 between Nornickel's two largest shareholders, Potanin and Rusal, which protected its dividend payouts. Disputes over dividends have been the main reason for on-and-off rows between shareholders at Nornickel and Rusal over the past 14 years. SEEKING COMPENSATIONThe London lawsuit comes as Moscow faces Western sanctions over what it calls a "special military operation" in Ukraine. While Nornickel has not been directly targeted by Western sanctions, Potanin was sanctioned by Britain in June. Potanin has been chief executive of Nornickel for the duration of the agreement and Rusal said in its statement that it now required a "professional independent executive" as CEO.

☆ Rusal accuses Potanin of breaching Nornickel shareholder pact
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

Aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in Krasnoyarsk, Russia October 3, 2018. Under the management of Mr. Potanin, Norilsk Nickel lost a number of assets that played a key role in group's activities. This resulted in Norilsk Nickel and its shareholders suffering significant losses." In July, Potanin in July floated the idea of a $60 billion merger of Nornickel with Rusal as a means of mitigating possible sanctions risks, but he said last month the idea had been postponed. He also said the 10-year shareholder agreement protecting Nornickel's dividend payouts was on track to expire at the end of 2022.

☆ Australia's Link Administration plans to divest UK-based Link Fund Solutions
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 20 (Reuters) - Link Administration Holdings Ltd (LNK.AX) said on Thursday it will explore options to divest its Link Fund Solutions business, months after Britain's financial regulator said it may fine the unit in a probe relating to a now-defunct fund. Link Administration's proposed A$2.47 billion ($1.55 billion) deal to be acquired by Canada's Dye & Durham (D&D) (DND.TO) fell through a month ago, after a local court denied approval, citing failure to meet key conditions. Register now for FREE unlimited access to Reuters.com RegisterThe unit is also being sued in the UK for up to 100 million pounds by claims management firm RGL. read moreThe FCA did not immediately respond to a request for comment on the potential divestment of the Link unit. Link Administration is currently is talks with D&D in relation to a revised bid, which could see the share registry firm sell its corporate markets and banking segment for A$1.27 billion.

☆ Crypto Firm Tether Says It Has Exited Commercial Paper Investments
▼ + stars: | 2022-10-14 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Tether has faced scrutiny from regulators and market participants over the quality of the assets backing its reserves. Tether Holdings Ltd., the issuer of the largest stablecoin in the world, said Thursday that it has cut its commercial paper holdings to zero and replaced them with U.S. Treasury bills. Commercial paper or short-term IOUs are short-term, unsecured debt issued by companies usually to meet short-term liabilities.

☆ Australian fintech firm Airwallex raises $100 mln, retains $5.5 bln valuation
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

Oct 11 (Reuters) - Australian fintech company Airwallex said on Tuesday it raised $100 million in an extension of a funding round, sustaining its $5.5 billion valuation. The Melbourne-based company said it secured more funds from existing investors, including Tencent Holdings Ltd (0700.HK), Sequoia Capital China and Lone Pine Capital. Australian industry superannuation fund HostPlus and a North American pension fund also participated in the round, Airwallex said. Register now for FREE unlimited access to Reuters.com RegisterWith the $100 million raised in the Series E extended round, Airwallex's total funding increased to more than $900 million, the company said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Harish Sridharan and Baranjot Kaur in Bengaluru; Editing by Tom Hogue and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

The Dow and S&P 500 e-minis fell for the seventh time in eight sessions, while megacap growth names such as Amazon.com Inc , Apple Inc (AAPL.O), Microsoft Corp , Meta Platforms Inc and Tesla Inc (TSLA.O) lost between 1.6% and 2.7% in premarket trading. read moreIn the previous session, the S&P 500 recorded its first gain in seven sessions. The benchmark index has lost about $9.1 trillion in market value this year and was last valued at $31.2 trillion, according to Datastream. ET, Dow e-minis were down 364 points, or 1.22%, S&P 500 e-minis were down 55 points, or 1.47%, and Nasdaq 100 e-minis were down 207.75 points, or 1.8%. read moreShare of peers United Airlines Holdings (UAL.O), Southwest Airlines (LUV.N) and Delta Air Lines (DAL.N) fell between 1.6% and 2.0%.

☆ Wall Street futures resume fall as economic worries weigh
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

Megacap growth names such as Amazon.com Inc , Apple Inc (AAPL.O), Microsoft Corp , Meta Platforms Inc and Tesla Inc (TSLA.O) lost between 0.8% and 1.6% in premarket trading. ET, Dow e-minis were down 225 points, or 0.76%, S&P 500 e-minis were down 31.25 points, or 0.84%, and Nasdaq 100 e-minis were down 117.75 points, or 1.02%. Investors will be watching for weekly jobless claims, which is expected to rise by 2,000 to 215,000 last week. A second estimate of the government last month had shown the economy contracted at 0.6%, a more moderate pace than initially thought. Register now for FREE unlimited access to Reuters.com RegisterReporting by Susan Mathew in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: U.S. companies brace for Hurricane Ian
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +5 min

Sept 28 (Reuters) - Hurricane Ian is set to make landfall in Florida on Wednesday, pushing residents to empty grocery shelves, board up windows and rush to evacuation shelters. Since then, it has been working to redeploy offshore personnel after determining Hurricane Ian no longer posed a significant threat to its assets. NextEra Energy Inc's (NEE.N) Florida Power & Light Co, the largest utility in the state, deployed nearly 16,000 workers from 27 states to restore power. A spokesperson said the company was monitoring the hurricane and making adjustments to operations to keep warehouse staff and drivers safe. CRUISE OPERATORSWalt Disney Co's Disney Cruise Line on Tuesday canceled its Disney Wish ship that was to set sail from Florida on Friday.

☆ Factbox: U.S. companies gird themselves as Hurricane Ian makes landfall
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +6 min

Sept 28 (Reuters) - Hurricane Ian makes landfall in Florida with Category 4 fury on Wednesday, pushing residents to empty grocery shelves, board up windows and rush to evacuation shelters. Since then, it has been working to redeploy offshore personnel after determining Hurricane Ian no longer posed a significant threat to its assets. A spokesperson said the company was monitoring the hurricane and making adjustments to operations to keep warehouse staff and drivers safe. Costco Wholesale Corp closed nine stores located in Florida due to an impact of Hurricane Ian. CRUISE OPERATORSWalt Disney Co's Disney Cruise Line on Tuesday canceled its Disney Wish ship that was to set sail from Florida on Friday.

☆ Grab expects to break-even on adjusted EBIDTA by H2 2024 - CFO
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman DagaSINGAPORE, Sept 27 (Reuters) - Grab Holdings Ltd, Southeast Asia's biggest ride-hailing and food delivery firm, expects to break even on its adjusted EBIDTA by the second half of 2024 as it accelerates toward profitability, company officials said on Tuesday. Its group adjusted EBIDTA loss is expected to be $380 million for the second half of 2022, a 27% improvement compared with the first half of the year. "Our cash position is not something that we take for granted. Grab, which listed on the Nasdaq in December following a record $40 billion merger with a blank-check company, has been under investor pressure to stem losses from its decade-old business.

☆ Workers strike again at UK's largest port Felixstowe in threat to holiday shipments
▼ + stars: | 2022-09-27 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

The dockworkers at Felixstowe, the largest port in the UK, have started an eight-day strike in protest over their wages and inflation, overlapping with an ongoing strike at Port of Liverpool. Together, the two port strikes threaten imports and exports across industries —much bound for the U.S. — during a critical ramp up in the holiday shipping season. The combined value of weekly trade that moves out of the ports of Felixstowe and Liverpool, according to MDS Transmodal, is nearly $7 billion. The Port said in a statement Tuesday that it was "very disappointed that Unite has announced this further strike action. "This time, it's more likely that supply chains will be under pressure and trade could be affected by the overlapping Liverpool strike," warned Brazil.

Like its rivals, it has benefited from a boom in food services during the COVID-19 pandemic, while ride-hailing suffered. read moreHungate, a veteran of the financial services, logistics and food sectors, has spearheaded a push away from low-margin business lines as Grab races to turn profitable. "The other area where we've really tightened our strategic intent is in financial services where we were growing payments, wallets and non-bank financial lending quite significantly off-platform and on our platform," said Hungate. Grab is betting on growing financial services by offering banking and other products with partner Singapore Telecommunications (STEL.SI) in key markets. read moreHungate said Grab would provide details of its progress towards profitability and other metrics at its first investor day on Tuesday.

A similar proposal failed last year, but as its woes worsen, Kaisa may reconsider. As with most holders of dollar bonds issued by Chinese developers, Kaisa’s investors are in a tough position. Register now for FREE unlimited access to Reuters.com RegisterBut this crisis looks more serious than 2015. Credit ratings agency Moody’s estimates property sales could contract another 20% by next June. Kaisa’s sales slumped 80% in the first eight months this year, per Chinese consultancy CRIC. Local governments are under increasing pressure from Beijing to ensure private developers’ stalled housing projects pre-sold to buyers are delivered to avoid social unrest.

☆ Tencent Considers More Stake Sales to Fund Share Buybacks, Future Growth
▼ + stars: | 2022-09-20 | by ( Jing Yang | Raffaele Huang | ) www.wsj.com time to read: 1 min

Tencent Holdings Ltd. is looking into shedding more of its huge investment portfolio as the Chinese social-media and videogame company tries to fund a series of share buybacks and refocus its growth strategy, people familiar with the matter said. The technology giant, which owns stakes in some of China’s largest internet companies, has recently completed a regular review of its sprawling portfolio and identified its priorities for possible stake sales based on the returns these investments have generated, the people said. Potential disposals could include online real-estate brokerage KE Holdings food-delivery company Meituan and ride-hailing giant Didi Global they added. Tencent is in no rush to execute the divestments, the people said, and it is unclear when they will happen.

☆ Акции гостиницы Chişinău будут проданы с аукциона – Цензура МД
▼ + stars: | 2021-06-27 | by ( ) cenzura.md time to read: +1 min

Общество Акции гостиницы Chişinău будут проданы с аукционаС 12 по 23 июля состоится аукцион по продаже акций государственного АО Hotelul «Chişinău». По информации Агентства публичной собственности, уставной капитал АО составляет 1,45 млн леев, а количество акций равно 483130, государству принадлежит более 60% из них, передает bloknot-moldova.md. леев, оборотные активы на ту же дату – 5,6 млн леев. Еще в 1998 году пакет акций АО Hotelul «Chişinău», принадлежащих государству был продан, а затем перепродан несколько раз. Сейчас владельцем гостиницы является фирма «First Hotel», учредителем которой является международная бизнес-компания Longmont Holdings LTD.По мнению экспертов, АО Hotelul «Chişinău» единственный старейший отель столицы, который уже давно пора включить в Реестр памятников национального значения.

Organizations: Holdings LTD, аукционаС, АО «», Агентство публичной собственности, АО, АПС Locations: Chişinău

☆ Joe Biden elimină interdicțiile impuse de Donald Trump asupra aplicațiilor TikTok și WeChat
▼ + stars: | 2021-06-10 | by ( ) www.jurnal.md time to read: +2 min

Sursa foto: ChesnotJoe Biden elimină interdicțiile impuse de Donald Trump asupra aplicațiilor TikTok și WeChatPreședintele american Joe Biden a revocat miercuri interdicțiile impuse de predecesorul său, Donald Trump, asupa platformelor TikTok și WeChat, deținute de companii chineze. Ordinul înlocuiește acțiunile fostului președinte Donald Trump, destinate în mod special companiilor chineze, inclusiv celor care dețin TikTok - ByteDance Ltd., și WeChat - Tencent Holdings Ltd., care a încercat să interzică utilizarea acestor aplicații în SUA. O evaluare separată privind vânzarea TikTok către o companie americană este în curs de desfășurare și nu este legată de acest ordin, a spus un înalt oficial al administrației. Anunțul vine în contextul în care Biden a plecat într-o vizită de o săptămână în Europa, pentru a participa la summit-ul G7. China este pe agenda discțiilor și este așteptat ca liderii celor mai bogate țări să se concentreze pe acest subiect.

Persons: Joe Biden, Donald Trump, Biden, Gina, Trump Organizations: Holdings Ltd, Casei Albe Locations: Ltd, SUA, China, americană, Europa

☆ UE va impune noi sancţiuni contra regimului militar din Myanmar
▼ + stars: | 2021-06-03 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +2 min

Uniunea Europeană va impune în zilele următoare un nou set de sancţiuni împotriva regimului militar din Myanmar şi intereselor sale economice, a anunţat joi, la Jakarta, şeful diplomaţiei europene Josep Borrell, informează Reuters, citează Agerpres. Armata birmană a preluat controlul în Myanmar pe 1 februarie şi a arestat-o pe lidera civilă Aung San Suu Kyi, care a condus o luptă fără violenţă împotriva dictaturii în ultimele două decenii ale regimului militar din 1962-2011. În luna aprilie, Uniunea Europeană a decis sancţionarea a zece membri ai regimului militar aflat la conducere în Myanmar şi a două companii care îl finanţează, pentru a condamna reprimarea violentă a manifestanţilor pro-democraţie, au anunţat surse diplomatice europene. Sancţiunile europene au constat într-o interdicţie de deplasare sau de tranzitare în UE şi în îngheţarea activelor pe teritoriul Uniunii Europene. De asemenea, a fost interzisă orice finanţare din UE a companiilor vizate.

Persons: Josep Borrell, Reuters, San Suu Kyi, Aung San Suu Kyi, Min Aung Organizations: Uniunea Europeană, Armata birmană, Armata, Liga Naţională, Uniunii Europene, UE, Myanmar Economic Holdings Locations: Myanmar, Jakarta, Asia de Sud - Est, deşi, Democraţie, Myanmar Economic, Myanmar Economic Holdings Ltd, Corporation

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