ASB Securities Morning Brief for Tuesday, 30 August 2016
Tuesday, 30 August 2016

New Zealand Headlines

New Zealand Market Report: New Zealand shares fell after Chorus said profit growth stalled and chief executive Mark Ratcliffe will step down next year. A2 Milk and Genesis Energy also declined while Auckland International Airport and Air New Zealand gained. The S&P/NZX 50 Index declined 24.04 points, or 0.3 percent, to 7367.26. Within the index 27 stocks fell, 15 rose and nine were unchanged. Turnover was light at $84 million... Read more

The New Zealand dollar fell after the top two Federal Reserve officials gave an upbeat message about the outlook for US interest rates this year, increasing the focus on upcoming data such as non-farm payrolls. The kiwi traded at 72.39 US cents as at 5pm in Wellington, from 73.26 cents in New York on Friday before Fed chairwoman Janet Yellen and vice chairman Stanley Fischer spoke. The trade-weighted index fell to 77.14 from 77.54... Read more

Whanganui Has Biggest NZ Month by Month Tourism Spend Growth... Read more

Palmerston North’s housing market has long been considered a slow, albeit solid investment option. But there can be strength in the shadows and the eternal student city makes an increasingly alluring option for investors.... Read more

Despite the desperate need for new houses in Auckland, the city is only in the middle of the pack when it comes to housing consents as a proportion of population. Figures from Statistics New Zealand show that in the year to June, Auckland had 6.1 new dwelling consents for every 1000 residents. Christchurch remained on top with 11 as it continued its earthquake recovery... Read more

Speculators, land banking - election hot topics. Property speculators and land-banking will be targeted if former Labour Party leader Phil Goff becomes Auckland’s mayor in October.... Read more

Auckland Council's debt rose 4.1% to $7.6 billion in the year ended June 30, as New Zealand's biggest city steps up investment to try to manage the rapid rise in its population. The city's unaudited financial statements show $1.4 billion was invested in the latest year on renewing and expanding assets such as public transport interchanges, public parks, and the City Rail link project. That includes $349 million spent on roads and footpaths, $202 million on public transport improvements and $111 million on parks and sporting facilities... Read more

The Financial Markets Authority says it “suggested” Diversified Investment Strategies talk to Fisher Funds about buying its Law Retirement KiwiSaver Fund – but did not recommend or broker the sale. The sale of the KiwiSaver fund, and subsequent break-up of the Diversified business, happened because of concerns about the scheme's fees... Read more

State-owned ACC had investments in six companies on its exclusion list in the last year, including $1.4 million in arms manufacturer Lockheed Martin. The fund manager said it had not broken the law. The shares were bought by a collective investment vehicle, managed by Orbis Investment Management, which ACC was part of.... Read more

Marlborough Sounds fish farmer New Zealand King Salmon is signalling an intention to sell down existing shares and raise new capital in an initial public offering that would see the three-decade-old company list on both the New Zealand and Australian stock exchanges. More detail on the offer is expected this Wednesday but chief executive Grant Rosewarne said the company is expected to raise a minimum of $30 million in a float that would also see long-term majority shareholder Oregon Group drop from its current 51% to a 40% shareholding while Auckland-based investor Direct Capital had yet to decide how much of its 42% stake to sell down... Read more

The health benefits of A2 milk, if any, are set to become the central element of a legal battle in Australia between NZX-listed A2 Milk and Japanese-owned beverage giant Lion. Sydney-based Lion has filed a counter-claim against A2 Milk in the Federal Court of Australia alleging A2 has engaged in misleading and deceptive conduct over the marketing of A2 products. A2 Milk shares fell 4% on the market today to trade around $1.96 in late afternoon.... Read more

International news agency Bloomberg has taken a close look at Fonterra - see what it's telling the world about our dairy giant and its plans to pay out more to its farmers.... Read more

Wellington Drive Technologies, the maker of energy efficient motors for commercial refrigerators, has seen revenues rise by 38% in the six months to the end of June on a year earlier, driven by demand in the United States and Canada ahead of the adoption of new regulatory standards next year. Shares in Wellington Drive rose 9.09 percent to 12 cents and have risen 37.5 percent since the start of the year.... Read more

Analysts have revised their earnings expectations and valuations for Air New Zealand following a forecast profit drop in 2017, with Craigs Investment Partners analyst Matt Peek describing the 2016 financial year as a “nice take-off, bumpy landing”. The country’s largest airline reported record financial results for the June year last Friday, with pre-tax profit before significant items up 70 percent to $806 million, in line with the effects of a tourism boom, fleet efficiencies, and lower fuel prices... Read more

Auckland International Airport is paying its staff a $1,500 performance bonus after full-year profit and revenue benefited from the country's tourism boom and a significant uplift in the number of international airlines and capacity servicing Auckland. In the year to June 30, total passenger movements were up 9.1 percent to 17.3 million while international passengers (excluding transits) rose 8.1 percent to 8.8 million and domestic passengers increased 9.8 percent to 7.9 million... Read more

Auckland International Airport says competition for labour and resources due to the city’s multi-billion dollar construction boom means the cost of major capital projects may be higher than originally planned, although it stopped short of providing details on any cost over-runs. Capital expenditure for the 2017 financial year is expected to be the highest in a decade at between $330 million and $370 million, including about $232 million on aeronautical projects, as it expands to cope with an increased number of passengers and airlines coming into the country’s largest airport. Auckland Airport’s shares are currently trading up 1.25 percent at $7.29.... Read more

Specialist aviation company Airwork Holdings has delivered a 58% boost in full-year profit to $24.6 million following strong earnings growth in its expanded fixed-wing aircraft business. Revenue for the year ending June 30 increased by 15% to $166 million while earnings before income and tax was up 51% to $32.7 million, the Auckland-based company said in a statement... Read more

State-owned telecommunications service provider Kordia increased tax-paid profit 33 percent to $12.3 million in the year to June 30, thanks in part to a focus on completing profitable projects in the Australian market. Revenue for the year fell 3% to $240.7 million, with a reduction in total Australian revenues of 8% offset somewhat by a 3% rise in total billings in New Zealand... Read more

Veritas, the NZX-listed hospitality company that owns the Mad Butcher franchise, Nosh food markets and the Better Bar Company has posted an audited net loss of $4.59 million in the year to the end of June 2016, compared to a profit of $3.33 million a year earlier. Total losses from significant operations, operations held for sale and discontinued operations was $7.75 million. Of this, $5.77 million was recognised in the first half of the year. Shares in Veritas were unchanged at 47c and have fallen by 2% since the start of the year.... Read more

Intueri Education Group, whose chief executive Rob Facer left suddenly this month, posted a 43 percent decline in first-half profit, saying a gain in revenue wasn't enough to offset the benefit of finance and other income in 2015 that wasn't repeated in the latest year. Net profit fell to $3.5 million in the six months ended June 30, from $6.1 million a year earlier, the Auckland-based company said in a statement. Sales rose 17 percent to $50.1 million... Read more

Chorus, the telecommunications network operator, said lower regulated pricing for access to its copper services was to blame for full-year profit stalling, although it sees a resumption of growth in 2017. It separately announced that chief executive Mark Ratcliffe will step down in the middle of next year. The stock last traded at $4.63 and has climbed 18% this year.... Read more

Spotlight Reporting, which provides cloud-based tools to import data from accounting service firms such as Xero and QuickBooks to generate reports, forecasts and dashboards, says it raised $5 million from an NZVIF-backed fund, Vend's David Wilson and Xero director Graig Winkler among others.... Read more

Brian Roche to step down as NZ Post CEO having led adaptation to shrinking mail volumes... Read more

Actuary Mark Weaver is moving on from the firm that holds his name.... Read more

A key figure in the New Zealand transport industry has died. Jim Barker died on Sunday at his Mt Maunganui home. He founded the Jim Barker Group of Companies, including Otorohanga Transport, Freight Lines and ferry service Strait Shipping.... Read more

The Commerce Commission is gearing up to launch civil proceedings related to the fees peer-to-peer lender Harmoney charges borrowers. Harmoney said the High Court action - on a "case stated" basis - would clarify whether Harmoney's platform fee was subject to the Credit Contracts and Consumer Finance Act... Read more

Harmoney says court case could 'spell the end' of a growth industry... Read more

The judge who found the four Megaupload founders were eligible for extradition didn’t go into the case with an open mind, a lawyer for the defunct file-sharing website says. Kim Dotcom and the three other Megaupload founders – Mathias Ortmann, Bram van der Kolk and Finn Batato – are appealing a District Court decision by Justice Nevin Dawson, who said there was an “overwhelming preponderance” of evidence against the men to establish a prima facie case in December last year... Read more

Fraud and unlicensed trading charges have now been laid against Auckland agent Aaron Hughes, who was stripped of his licence last week. The Real Estate Agents Authority (REAA) has laid two fraud charges and an unlicensed trading charge against former Barfoot & Thompson agent Aaron Hughes, following an extensive investigation.... Read more

Manaia farmer slapped with $50,000 fine for effluent breach. A South Taranaki farmer has copped a $50,000 fine from the Environment Court for letting his effluent tank to overflow for several months... Read more

Insurance company Youi is facing new misconduct allegations in Australia, shortly after falling foul of the New Zealand regulator. Australian Fairfax investigations into the insurance firm have revealed customers there reporting similar tactics to that which caused it to get into trouble here... Read more

Australian Headlines

Australian Market Report: US Federal Reserve double-speak and a poor assessment of the domestic earnings season knocked the Australian sharemarket out of its trading range and deep into the red. Wall street finished just 0.2 per cent down on Friday, but the S&PASX 200 index fell to a 1.1 per cent loss and closed down 46.3 points, or 0.84 per cent, at 5469.2 as the US dollar rallied and commodity prices tumbled.... Read more

The Australian dollar has fallen sharply in the wake of boosted prospects of an interest rate hike in the US this year. At 1700 AEST on Monday, the local unit was trading at 75.51 US cents, down from 76.33 cents on Friday.... Read more

The apparent willingness of Federal Reserve officials to increase US interest rates this year means incoming Reserve Bank of Australia Governor Philip Lowe may have the ability to hold on to the policy ammunition that his predecessor bequeaths him.... Read more

A big fall in new home sales suggests Australia's home building boom may be coming to an end. New homes sales slumped 9.7 per cent in July, following a jump of 8.2 per cent in June, the Housing Industry Association's data shows... Read more

Will this be the Aldi of Australian real estate? Purplebricks, the UK-based online real estate agent that charges homeowners a flat fee to sell their property, is promising to shake up the local market and save Aussies nearly $6 billion in commissions.... Read more

A dip in number of homes sold at auction in Sydney has been offset by a rise in Melbourne. The average of auction clearance rate in Australia's capital cities rose to 76.5 per cent in the week ending August 28, from 75.2 per cent the previous week, property market analytics firm Corelogic says... Read more

The threat posed by state-sponsored hackers to critical infrastructure may have played a role in scuttling the bids of Chinese investors for NSW electricity provider Ausgrid, but cyberespionage is just as potent a danger in the merger and acquisition space, especially when Chinese suitors are involved... Read more

Eden Energy Ltd’s share price has gained after a breakthrough with the Georgia Department of Transportation (GDOT) in the U.S. to use EdenCrete concrete additive for highway repair projects. GDOT is identifying several suitable upcoming, state funded highway slab replacement projects in which it proposes to specify in the request for tender, that EdenCrete be added to the concrete... Read more

Tlou Energy Ltd has been granted a trading halt by the ASX, pending details of a placement to sophisticated and professional investors... Read more

Embattled mining services group McAleese has gone into voluntary administration after failing to secure a lifeline from Hong Kong-based debt trader SC Lowy. Trading in the company's shares was suspended this morning, with the collapse coming just hours ahead of a shareholder meeting to consider a change in its board of directors... Read more

Marmota Energy will launch a share purchase plan to raise $300,000 ... Read more

Realm Resources Ltd has been granted a trading halt by the ASX, pending details of an acquisition and financing.... Read more

Regis Resources will pay 9¢ final dividend, more than doubling its annual shareholder payout after booking a $111.8 million after-tax profit for the financial year. Regis net profit jumped 29 per cent, from $86.9 million in the previous financial year, on an improved performance from its WA mines. Regis shares were down 8¢ to $3.77 at 1100am.... Read more

Archer Exploration Ltd has been granted a trading halt by the ASX, pending the finalisation of a significant joint venture transaction... Read more

Thomson Resources has won two drilling grants under the NSW Governments New Frontiers Cooperative Drilling Scheme, totalling $170,000.... Read more

Kalgoorlie-Boulder’s Super Pit gold mine stormed back to claim the crown of Australia’s largest source of gold production in the June quarter, churning out 194,000 ounces of the precious metal, according to Melbourne-based mining consultants Surbiton Associates... Read more

Santana Minerals Ltd has secured $2.037 million through a share placement to sophisticated and professional investors priced at $0.06. The stock is up over seven times year to date as the company continues its successful gold and silver focus within Mexico. Shares continue to trade strongly, priced at $0.065, notably above the issue price... Read more

Wind and solar power company Infigen Energy has swung to a full-year profit on the back of higher electricity prices and the sale of its US business. The company reported net profit of $4.5 million for the year to June 30 compared to a $303.6 million loss a year earlier. Shares in Infigen, which have nearly quadrupled over the past year, were trading weaker on Monday, closing down 4.5 cents, or 4.8 per cent, at 90 cents.... Read more

Colin Barnett has thrown his support behind plans to build new saleyards capable of handling more than 70,000 cattle a year on a former mine site in the South West. The Premier said funds held in reserve from the Government’s sale of Mildland saleyards could be used to pay for new facilities near Boyanup, in the Shire of Capel... Read more

Retail property trust Vicinity Centres has agreed to sell Tweed Mall in northern NSW for $81.25 million.... Read more

Billionaire James Packer has reduced his majority stake in casinos operator Crown Resorts, reaping around $448 million as he restructures his finances in the wake of an agreement with his sister Gretel on a division of the Packer family assets. On Monday, Mr Packer's private investment company, Consolidated Press Holdings (CPH), said it had sold 35 million Crown shares - about 4.8 per cent of Crown's issued stock - at $12.80 per share to undisclosed investors... Read more

Perth internet security company Family Zone has had a positive first day on the boards, jumping 42.5 per cent on its initial public offering price. Family Zone officially opened its account on the Australian Securities Exchange this morning after raising $6 million at 20¢ a share in what it described as a “heavily oversubscribed”... Read more

Newly listed online furniture retailer Temple & Webster has a strong balance sheet and is on track to grow after a rocky year, its co-founder and boss Mark Coulter says. The company, which is marketed as Australia's largest online-only furniture and homewares business, booked a pro-forma annual loss of $44.4 million in the year to June 30, compared to a $6.5 million loss made the previous year when it was a private company. T&W shares were down 1.5 cents to 17.5 cents at 1549 AEST, from an initial offer price of $1.10.... Read more

Animal feedstock supplier Ridley Corporation has lifted its annual profit by 30 per cent and plans to modernise some of its feedmills. Ridley's net profit for the year to June 30 rose 30.4 per cent to $27.6 million, but excluding profits and losses from discontinued operations in 2015 and 2016, profit was up 5.7 per cent to $27.2 million. Ridley shares were 0.75 cents lower at $1.3975 at 1147 AEST.... Read more

Hard-hit livestock trader Wellard has flagged more management changes with the imminent release of its annual results. The company went into another trading halt today, pending the release of its accounts and personnel changes... Read more

Niche telecom Exetel picks its mark. It’s the so-called last man standing in the local telecom space but Exetel chief executive Richard Purdy isn’t too worried about being on the radar of a potential suitor despite the rash of consolidation in the market. “We have been approached in the past but you know we are really focused on building our business and the timing is absolutely right for us,” Mr Purdy told The Australian... Read more

TV2U International Ltd has been granted a trading halt by the ASX, pending a material contract with a telecommunications provider... Read more

Embattled hosting company Rackspace has gone private following a US$4.3 billion (A$5.7 billion) acquisition by American private equity firm Apollo Global. Rackspace was taken over for US$32 per share in cash, a 6 percent bump on the firm's trading price at its close late last week when the deal was announced. Rackspace has a market capitalisation of just under US$4 billion... Read more

Australia's largest sugar miller, Wilmar, has shrugged off concern about the breakdown of negotiations with Queensland Sugar Limited (QSL), claiming it has not stopped individual growers from signing cane supply contracts. There had been no love lost between the two parties since the milling giant signalled its intention to exit the industry's longstanding sugar pool, managed by QSL, two years ago... Read more

Design changes in Austal's US warship program have been blamed for the shipbuilder posting an $84 million annual loss. The result came in line with guidance issued last month over a change in estimate of the cost of completing the 11-ship littoral combat ship program. Its share price closed up 15 cents, or 13 per cent, to $1.32.... Read more

Struggling music streaming service Guvera Limited must pay nearly $1 million to creditors of two subsidiaries – Guv Services and Guvera Australia – by Wednesday, or potentially place the subsidiaries into liquidation. Under a Deed of Company Arrangement agreed to by creditors on August 1 and lodged with the corporate regulator on August 19, Guvera Limited will pay $150,000 every month for the next year to creditors of Guvera Australia, and $30,000 per month to creditors of Guv Services... Read more

Angry Birds is the number one black-listed consumer app inside Australian enterprises as businesses strive to get a handle on the mobility trend. The rest of the banned apps, according to mobile enterprise security vendor MobileIron, are a mix of cloud storage providers — Dropbox, Google Drive Box — and social media platforms Facebook, Twitter, WhatsApp. Viber and gaming hit Clash of Clans round out the list.... Read more

Hills has appointed David Lenz as CEO effective September 1, 2016.... Read more

Lowe's lodged a motion in the court in Sydney accusing Woolworths of wrongfully attempting to terminate the joint venture (JV) formed by the pair in 2009, and is asking the court to appoint a liquidator to oversee the wind-up of Masters. "Woolworths has engaged in oppressive conduct, including by invalidly and in bad faith attempting to terminate the JV," a statement from Lowe's said on Monday... Read more

Rod Culleton’s banking royal commission crusade could be over. The long arm of the civil law is catching up with anti-bank crusader Rod Culleton, whose new career from today as a sworn-in One Nation senator agitating for a bank royal commission looks increasingly likely to be short-lived. In a decision published yesterday, the WA Court of Appeal effectively says Culleton and his wife Ioanna have reached the end of the line — there’s no reason to suspend the enforcement of a $205,536.50 debt owed to the former Wesfarmers director Dick Lester.... Read more

Programmed has axed maintenance contracts with Carlton & United Breweries at a Victorian brewery which had been plagued by union picketing and protests.. The company said the deals had been terminated for the safety of its employees working at a CUB brewery in Abbotsford. The brewery has been picketed by members of unions over the loss of 55 jobs in June when one of the contracts was taken over by Programmed... Read more

Opinion - Michael Pascoe: Reporting season's dividend contradiction baffles analysts... Read more

Opinion - Ian Verrander: Economic tripalium bearing down on Australia as resource curse hits. They call it the resource curse, or the paradox of plenty. For whatever reason, nations rich in natural resources tend to lag those without on a range of measures — growth, income, even democracy. We've avoided the worst of the curse, at least on those measures... Read more

Opinion - Clancy Yeates: Blue-chip stocks feel the pinch of soft economy. The soft economy is making life harder for many of Australia's corporate giants and their shareholders... Read more

International Headlines

U.S. Market Report: Wall Street snapped a three-day losing streak on Monday as financial stocks rose after Federal Reserve Chair Janet Yellen said the case for an interest rate hike had strengthened... Read more

North/South Americas Market Report: North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.85% while U.S.'s S&P 500 is up 0.58% and Mexico's IPC is up 0.40%... Read more

European Market Report: European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.31%, while the DAX led the CAC 40 lower. They fell 0.41% and 0.40% respectively... Read more

Asian Market Report: Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 2.30%, while Hong Kong's Hang Seng was off 0.38%. Shares in China were unchanged with the Shanghai Composite at 3,070.03... Read more

The huge global oil oversupply that has weighed on prices for the past two years may not clear until the second half of 2017, Shell's chief energy adviser Wim Thomas told Reuters. The potential return to the market of some 1.5 million barrels per day of supply from Libya and Nigeria and uncertainty about Iranian and Iraqi production levels could push a rebalancing further away than many in the oil industry are hoping... Read more

Everyone’s a winner in the $5.3 trillion-a-day global currency market this year. For just the second time in the past decade, three major foreign-exchange trading strategies are all producing positive returns... Read more

U.S. consumer spending increased for a fourth straight month in July amid strong demand for automobiles, pointing to a pickup in economic growth that could pave the way for the Federal Reserve to raise interest rates this year... Read more

Apple to hold iPhone event on Sept. 7... Read more

Facebook CEO says group will not become a media company... Read more

What to watch for in Abercrombie & Fitch earnings. Deep discounting and a repositioning is a concern for some analysts. Abercrombie & Fitch Co. is scheduled to announce second-quarter earnings on Tuesday before the market open.... Read more

Shares in Caesars Entertainment Corp shed 16 percent on Monday after a U.S. judge cleared the way for billions of dollars in bondholder lawsuits against the casino group to proceed, setting up a possible judgment as soon as Tuesday in New York... Read more

Shares of Herbalife Ltd. rallied Monday following news that Carl Icahn bought additional shares in the nutritional supplement company... Read more

The maker of the EpiPen will start selling a generic version in the wake of criticism about steep price increases. Mylan said it expected to start selling a cheaper generic product "in several weeks" at a list price of $300 (£230)... Read more

Nearly 10,000 workers are suing Chipotle for allegedly cheating them on their pay. Current and former Chipotle employees claim that the company made them work extra hours "off the clock" without paying them. It's a practice known as wage theft, and Chipotle is allegedly doing it all over the United States... Read more

A federal appeals court in California on Monday dismissed a U.S. government lawsuit that accused AT&T Inc of deception for reducing internet speeds for customers with unlimited mobile data plans once their use exceeded certain levels. The company, however, could still face a fine from the Federal Communications Commission regarding the slowdowns, also called "data throttling."... Read more

Valeant Pharmaceuticals International Inc was sued on Monday by buyers of its drugs, who claimed they were forced to pay exorbitant prices stemming from the Canadian company's ties to a specialty pharmacy that helped boost sales. In a complaint filed in the U.S. District Court in Manhattan, the plaintiffs accused Valeant of violating the federal Racketeer Influenced and Corrupt Organizations Act, and sought compensatory and triple damages... Read more

A senior HSBC Holdings Plc executive pleaded not guilty on Monday to charges that he participated in a fraudulent scheme to front-run a $3.5 billion currency transaction by one of the bank's clients. The plea on wire fraud and conspiracy charges by Mark Johnson, a British citizen who at the time of his arrest last month was HSBC's global head of foreign exchange cash trading, was entered by his lawyer in federal court in Brooklyn... Read more

European Commission says 'ball still rolling' on trade deal with U.S. after German comments. The European Union's executive said on Monday it had a unanimous mandate from the bloc's 28 members to finalise negotiations on a free trade deal with the United States, a day after Germany's economy minister said the talks had "de facto failed". Sigmar Gabriel of Germany, the EU's biggest economy, said on Sunday that negotiations over the Transatlantic Trade and Investment Partnership (TTIP) had failed because Europe rejected some U.S. demands.... Read more

Germany's vice-chancellor has warned the future of the EU could be in doubt if the UK's exit is handled badly. Sigmar Gabriel said the EU would go "down the drain" if other states followed Britain's lead and that the UK could not keep the "nice things" about Europe while taking no responsibility.... Read more

EU staff petition attacks former EC president over Goldman Sachs job. More than 75,000 people sign petition denouncing José Manuel Barroso and calling for him to lose his EU pension... Read more

The European Commission will rule against Ireland's tax dealings with Apple on Tuesday, two source familiar with the decision told Reuters, one of whom said Dublin would be told to recoup over 1 billion euros in back taxes. The Commission declined to comment on Monday... Read more

'Property is better bet' than a pension says Bank of England economist. Chief economist Andy Haldane says pensions are too complicated and property is better due to continuously rising prices... Read more

Britain's refineries face battle for survival against global rivals.... Read more

Mike Ashley confidant involved in setting up Sports Direct delivery business. A lawyer who is one of Mike Ashley’s closest confidants was involved in setting up the obscure company that organises international deliveries for Sports Direct and is owned by the billionaire retailer’s brother... Read more

The Swedish furniture retailer IKEA is landed with hundreds of lawsuits in Russia every year. It insists that these lawsuits are retaliation for its honesty and determination to do clean business in a country where corruption is part of the system. Yet if investigators are to be believed, even IKEA has been unable to buy land, build its stores on it and connect them to the power grid by purely honest means... Read more

The Swedish Tycoon Hunting for Commodities Says He Makes His Own Luck. If Monopoly were played for natural resources, Lukas Lundin would be the natty gent in the tuxedo -- riding a motorcycle. And like many with a knack for the board game, the Swedish-Canadian tycoon says his victories are as much about guts as a good roll of the dice... Read more

Russian pension funds may be allowed to invest in fast-growing companies. However, analysts warn that this practice contains a heightened element of risk and requires very serious control on the part of the state.... Read more

Ahead of the Eastern Economic Forum in Vladivostok, Yuri Trutnev, the Russian presidential envoy for the Far East, talks to RBTH about the prospects for Russia-South Korea trade and investment.... Read more

China has launched its first aircraft-engine manufacturer in an attempt to wean itself off Western suppliers. The state-owned Aero-Engine Group of China was created by combining a group of existing aircraft-engine companies, according to local media reports... Read more

China's Silk Road may push Poland toward reconciliation with Russia. Kazakhstan is calling on Poland to enter an agreement with Moscow to establish a transportation corridor through Russia. Warsaw may find the prospect of collaborating with Russia unattractive, but in reality, the proposal is part of a far more global design conceived by China – and Beijing will have its own arguments for the Poles... Read more

Digging Into China’s Growing Mountain of Debt. Data that breaks the country’s borrowing into its bank, corporate, government, and household components can help you get a more-nuanced picture.... Read more

Taxi-hailing company Uber has suspended its service in Abu Dhabi, the capital of the United Arab Emirates. Rival service Careem has also put its service there on hold, after some of its cars were stopped by authorities... Read more

Opinion/Analysis - Matt Egan: How EpiPen came to symbolize corporate greed. The EpiPen scandal has transformed Mylan Pharmaceuticals and its CEO Heather Bresch into the newest symbols of corporate greed. In the span of just a few weeks, they've gone from little-known players in the vast pharmaceutical industry to the targets of national ridicule over a relentless series of EpiPen price hikes.... Read more

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