ASB Securities Morning Brief for Wednesday, 26 October 2016
Wednesday, 26 October 2016

New Zealand Headlines

New Zealand Market Report: New Zealand shares rose, led by Air New Zealand, SkyCity Entertainment Group and Fletcher Building, while Wynyard Group was suspended after announcing it has called in administrators. The S&P/NZX 50 Index gained 44.46 points, or 0.6 percent, to 7,002.86. Within the index, 22 stocks rose, 23 fell and five were unchanged. Turnover was $173.6 million... Read more

The New Zealand dollar fell against a broadly stronger US dollar after figures showed US manufacturing activity at its highest levels this year, driving up the greenback. The kiwi fell to 71.31USc as at 8am in Wellington from 71.57USc in late Asian trading yesterday, with domestic trading rooms closed for the Labour Day holiday. The trade-weighted index slipped to 76.89 from 77.12... Read more

New Zealand won't compromise on nuclear stance to get India trade deal, says John Key... Read more

The Reserve Bank will replace its projection for the track of the 90-day bank bill rate with one for the official cash rate, saying the 90-day rate is no longer a clear signal for the direction of interest rates. "Historically, the 90-day bank bill rate has provided a good gauge for the stance of monetary policy because it typically moves in a consistent manner with the OCR," the bank said in a statement... Read more

Migration restrictions to hurt economy - experts. Restrictions on migrant residency will hurt the nation's growing economy by keeping out skilled workers employers need, immigration experts say. Government restrictions were made with good intentions but with a lack of understanding about the impact on business, New Zealand Association for Migration and Investment chairwoman June Ranson says... Read more

The arrival of major international fashion retailers has helped boost job listings in September. Job advertisements on job search website Seek rose 6.5 per cent in September compared the same month last year with the hospitality and tourism and retail industries experiencing the greatest uplift. Seek general manager Janet Faulding said September was the peak hiring month of the year for those industries... Read more

Controversial debt-to-income ratios (DTIs) have moved a step closer. It emerged today that the Reserve Bank has formally asked the government to allow it to add DTIs for residential mortgage borrowers into its existing suite of macro-prudential tools... Read more

Six months on, Bill English demands more information on debt to income ratios. The Reserve Bank has issued a formal request for approval to introduce debt to income (DTI) ratios on lending, amid claims the Government will seek to delay or weaken the restrictions. Finance Minister Bill English has confirmed his office has received a formal request that DTI ratio be added to the tools available for the central bank under a joint memorandum of understanding.... Read more

Lending becoming more difficult as NZ banks clamp down. Lending is becoming more difficult to get for many people as banks exercise more caution. Auckland Property Investors Association president Andrew Bruce said a number of developers were finding it harder to get finance for deals. Where banks had previously been willing to lend to big projects such as new apartment blocks, he said they were now more cautious... Read more

Financial Advice NZ consultation begins. Development of Financial Advice New Zealand is moving into its second phase. The Institute of Financial Advisers and Professional Advisers Association are working together on the development of the new organisation, intended to represent the industry as a whole... Read more

New Zealand dairy production has remained stubbornly high, according to data from the Dairy Companies Association of NZ (DCANZ)... Read more

A new video showing bobby calves being thrown onto the back of trucks has emerged from animal rights group Farmwatch. Calves being loaded onto trucks and dropped to the ground was filmed in August on farms throughout Taranaki and Waikato, RNZ reported. More video showed that nothing had changed and that calf mistreatment was still common practice in the dairy industry, Farmwatch spokesman John Darroch said... Read more

Nominations Have Closed for the 2016 Fonterra Elections... Read more

Fonterra has launched an internal probe after 19 people were arrested in Shanghai for selling nearly 300 tonnes of expired milk powder. The suspects were reportedly managing a company which was packaging expired products of the New Zealand dairy giant into smaller packages for resale below market prices... Read more

The China milk powder scam has the potential to cause substantial reputational damage to Fonterra and New Zealand, an expert says. Chinese police on Monday arrested 19 people in Shanghai for selling about 300 tonnes of expired Fonterra milk powder, Shanghai Daily reported... Read more

Wynyard Group's board has appointed voluntary administrators after the intelligence software developer gave up on drawing a $10 million loan from major shareholder Skipton Building Society or trying to raise new capital. KordaMentha's Neale Jackson and Grant Graham have been appointed administrators, which Wynyard's board says will "ensure an environment where all options can be fully explored to retain the value in the business," it said in a statement... Read more

The failure of software firm Wynyard is "another tragic example of retail investors losing their money chasing dreams", says a fund manager who is pursuing a class action lawsuit against the company's directors. NZX-listed Wynyard has been put into voluntary administration, confirming the worst fears of investors who had pumped $172 million into the business... Read more

First day bad news for Wynyard staff. More than 100 Wynyard staff turned up at brand new offices in central Christchurch to learn their company had been placed into voluntary administration. Voluntary administration is when directors appoint accountants to consider continuing the business, unlike a receivership where creditors seek a more immediate wind up and sale of assets... Read more

New Zealand Police is undecided on whether to exercise a $1 buyback option for Wynyard Group's digital forensic software which it sold to the failed intelligence software developer in 2012. Auckland-based Wynyard's board today appointed KordaMentha’s Neale Jackson and Grant Graham as voluntary administrators after deciding a $10 million loan from shareholder Skipton Building Society or raising new debt or equity wasn’t "in the best interests of the company, its shareholders or other stakeholders." The NZX-listed shares have now been suspended, having been in a trading halt for the past week... Read more

Abano Healthcare, the Australasian dental centre and radiology operator, told shareholders at today's annual meeting it expects to lift first-half profit by up to 50 percent in 2017 with increased earnings driven by dental acquisitions. The shares increased 0.6 percent to $8.15, having gained 6.8 percent so far this year.... Read more

SkyCity Entertainment Group interim chief executive John Mortensen has warned there will be a drop in the immediate term in the business it gets from high-rollers following a Chinese government corruption crackdown which has led to detention of 18 Australian Crown casino employees. Crown officials last week ordered media off their premises at the annual meeting in Perth as an unhappy shareholder spoke out about what he called a lack of transparency over the arrests... Read more

NZME is considering buying Adshel's local business for A$156 million after former parent APN News & Media's buy-out of the outdoor advertising business triggered an option for the local media group to buy the assets on the same terms. Sydney-based APN today signed a deal to buy the 50 percent of Adshel it didn't already own from Clear Channel Outdoor, giving it control of 22,000 static and digital panels across Australia and New Zealand, it said in a statement... Read more

The proposed merger of publishers Fairfax New Zealand and NZME could increase rather than reduce media diversity, says a United States academic. Chicago University law professor Randal Picker was paid by the two media firms to provide the opinion to the Commerce Commission, which may release a draft ruling on the proposed merger as early as next week... Read more

Auckland International Airport passenger movements show the number of Indians arriving in the country's main point of entry are declining, just at a time when Prime Minister John Key is trying to sell New Zealand to the world's largest democracy. The number of arrivals from India fell 5.6 percent to 3,328 in September from the same month a year earlier, and was down 12 percent to 8,572 since Auckland Airport's financial year started in July, airport figures published on the NZX show... Read more

Diversity champion, Global Women, wants to see a minimum target of 30 percent female board composition of NZX-listed companies as a best-practice standard benchmarked globally by 2020. The leadership lobby group included the target in a submission to the NZX’s proposed changes to corporate governance reporting requirements, the first review since 2003... Read more

Dowling takes on key FPSB role. Institute of Financial Advisers president Michael Dowling is to serve the rest of his two-year term on the Financial Planning Standards Board as Asia-Pacific Forum chair.... Read more

Pierre van Heerden is stepping down as executive general manager of Sanitarium Health Food Co, earning praise on the way out from the NZ Food and Grocery Council. Van Heerden has been a stalwart of the industry, having chaired and sat as a member on the FGC... Read more

BNZ customers hit by five-hour online outage. BNZ customers have been unable to access their mobile and internet banking for much of the afternoon. A spokeswoman confirmed there had been issues since 2pm. By 7.30pm, services were back up and running, she said, although they would be slow as the system got back up to speed... Read more

WorkSafe to investigate trampoline parks after rise in injuries... Read more

A couple have taken their daughter and son-in-law to court to order the sale of a failing farm, despite a contract between the four requiring at least three of them to agree to any sale. The judgment from Justice Rebecca Ellis, issued in the High Court in Palmerston North in October, details how a plan to create a profitable farm turned into an black hole, which sucked in millions of dollars for no gain... Read more

The convictions of two Auckland brothers involved in an elaborate Rugby World Cup ticket scam remain in place after the Supreme Court refused to hear their case. Demissie Tefera Asgedom and Nebiyou Tefera Demissie were arrested on the day of the opening ceremony at Eden Park on September 9, 2011 for a scalping operation... Read more

Opinion - Fran O'Sullivan: Fraud exposes Fonterra's supply chain. Dairy giant Fonterra is expected to have control of its supply chain in China. But is that reasonable given the extraordinary amount of consumer fraud in that country?... Read more

Opinion - Tom Pullar-Strecker: Wynyard's inability to make money points to deep-seated problem. Knowledgeable investors shouldn't be put off technology companies by the collapse of Christchurch-born software company Wynyard. But it does show that many need to do a lot more homework before getting out their cheque books... Read more

Opinion - Lance Wiggs: What can we learn from Wynyard’s voluntary administration?... Read more

Australian Headlines

Australian Market Report: ASX closes higher on solid leads. Improved US and European manufacturing data and a spike in iron ore futures lifted the Australian sharemarket into the black today. The S&P/ASX 200 index gained 34.3 points, or 0.63 per cent, to 5442.8 , beating the 0.5 per cent rally on the S&P 500 index last night, after industrial metal prices rallied and Dalian iron ore futures jumped 5 per cent... Read more

The Australian dollar has recovered in Tuesday trading to close slightly up against the greenback ahead of the release of key inflation figures on Wednesday. At 1700 AEDT on Tuesday, the local unit was trading at 76.34 US cents, up from 76.25 cents on Monday.... Read more

Economist Thomas Piketty suggests Australia introduce inheritance tax to address wealth inequality. One of the world's most celebrated economists has suggested the Turnbull Government introduce an inheritance tax to help address rising wealth inequality, which is making it increasingly difficult for middle-income Australians to buy their own homes... Read more

The housing auction clearance rate has hit its highest point since April last year. The proportion of auctions ending with a sale over the week to Sunday was 80.2 per cent, well up from 76.2 per cent the week before and 64.9 per cent in the corresponding week of 2015, figures from CoreLogic show... Read more

Rising property prices mean more homeowners choose to renovate to get their dream home rather than upgrade. Homeowners who can’t afford to upgrade to a new property because of rising real estate prices are sparking a renovation frenzy. A new study has revealed they are forking out an average of almost $70,000 each on projects... Read more

RBA likely to be unmoved by CPI. Confirmation that inflation has now been below the Reserve Bank's target range for two full years will neither surprise nor worry the central bank. The consensus among economists is for a quarterly rise of 0.5 per cent or so in the September quarter consumer price index (CPI) to be reported on Wednesday... Read more

Job figures undermine confidence. New figures suggest Australians are thinking twice about opening their wallets after a disappointing employment report showing a further slump in full-time workers... Read more

Consumer confidence has fallen to its lowest level since May after last week's disappointing jobs report. The ANZ-Roy Morgan Consumer Confidence Index slipped 3.6 per cent in the week ending October 23, reversing a slight blip the previous week... Read more

buyMyplace will be integrating a new way to purchase building and pest inspection and strata reports into its growing portfolio of property service offerings for both vendors and property purchasers, through a partnership with Beforeyoubid... Read more

When it comes to wooing Chinese shoppers with Australian brands the kangaroo is out - but clean, green and safe is in. Andrew "Twiggy" Forrest made the case for a unified national brand to market premium Australian food and produce to China at a forum in Canberra on Tuesday... Read more

Overseas buyers are less likely to default on loans, study finds... Read more

The size of a company's carbon footprint has an identifiable - and negative - impact on its share price, a study by global asset manager AXA Investment Managers has found. The study found that investors consistently implied a negative impact on share price due to the carbon dioxide output from a company, similar to other expenses... Read more

Lithium Australia NL continues to build lithium war chest... Read more

Deep Yellow soars on Borshoff appointment. Investors have given John Borshoff the tick of approval to head uranium explorer Deep Yellow, with the stock soaring 80 per cent this morning. Mr Borshoff was appointed Deep Yellow’s managing director yesterday, tasked with the job of kicking its Namibian projects into shape ahead of a hoped-for uranium price revival in coming years. Deep Yellow shares were up 0.4 cents, or 80 per cent, to 0.9 cents at the close after emerging from a trading halt and hitting an earlier high of one cent.... Read more

Vimy Resources consolidates mining leases at Mulga Rock Project... Read more

Pilbara Minerals will hand over $50 million worth of shares to Chris Ellison’s Mineral Resources to settle a damaging dispute over off-take contracts and extinguish a production royalty over its Pilbara lithium tenements. Pilbara Minerals shares last changed hands at 49.5¢, with MinRes shares closing at $11.52 today.... Read more

Antipa Minerals Ltd has been granted a trading halt by the ASX pending details of a capital raising.... Read more

ADX Energy has made progress in the detailed assessment of the resource potential, the preferred development options, the expected project costs and a potential path to commercialisation of the Nilde oil field in the d363 CR.AX permit offshore Sicily, Italy... Read more

Oklo Resources Ltd's managing director, Simon Taylor, has increased his skin-in-the-game with an on-market purchase of 402,800 shares for a consideration of $51,334.62. Taylor now holds a direct stake of close to 2.1 million shares, and some listed options... Read more

Danakali Ltd's Paul Donaldson exercises in-the-money options. Paul Donaldson has acquired 300,000 shares through the exercise of in-the-money unlisted $0.34 options.... Read more

Engineering and construction giant WorleyParsons says trading conditions in the first quarter have remained challenging, despite a rebound in the prices of some commodities, with revenue continuing to be under pressure. The company will rely on its ongoing cost reduction program to show any improvement in its bottom line, with underlying earnings expected to be weighted to the second half of the financial year, its chief executive told shareholders on Tuesday. Shares in WorleyParsons closeed down 31 cents or 3.4 per cent at $8.85 on Tuesday.... Read more

Rinehart ramps up rhetoric in battle for Kidman. Gina Rinehart has hit back in the fight to secure the sprawling Kidman cattle empire after an all-Australian consortium made a rival bid to her Chinese joint venture offer. A syndicate of four Australian families dubbed BBHO has launched a $386 million bid for Kidman, trumping the offer of Ms Rinehart’s Hancock Prospecting and her Chinese partner Shanghai CRED, which is valued at $365 million... Read more

S Kidman and Co: Gina Rinehart's Hancock Group hits back at all-Australian syndicate bid... Read more

Rinehart in $395m UK fertiliser investment. Gina Rinehart has dramatically widened her investment portfolio by ploughing nearly $400 million into an emerging UK fertilisers business. Mr Rinehart’s Hancock Prospecting today announced the $US300 million ($395 million) investment in Sirius Minerals, which is developing a $US2.9 billion fertilisers project in England, “fits with my approach of investing in strategic areas for the long term”... Read more

Shares in Bega Cheese have plunged to a three-month low after the dairy producer revealed that its partnership with Blackmores to sell infant formula and nutritional powders in China and Australia had missed sales forecasts. Consequently, Bega's earnings in fiscal 2017 were likely to be flat Bega's shares were 93 cents, or 14.3 per cent, lower at $5.56 at 1456 AEDT, while Blackmores was nine cents lower at $112.63.... Read more

Greencross lifts sales 3.9% in 4 months... Read more

ShareRoot’s shares rise on U.S. technology partnership. ShareRoot Ltd’s shares were trading +25% higher intraday after partnering with U.S. government contractor Jungle Communications as their exclusive social media technology vendor... Read more

Aconex reported a cash balance of $46.5 million at September 30, 2016 and net operating cash flow from core operations of $2 million for the quarter... Read more

Automotive Holdings Group is restructuring its refrigerated logistics business and has not initiated a formal sale process for this business.... Read more

Car dealer Automotive Holdings Group (AHG) has moved to hose down speculation about an imminent sale of its $200 million refrigerated logistics business. The company announced this morning it was in the process of restructuring the division but had not initiated a formal sale process for the business. AHG shares were up 15 cents, or 3.78 per cent, to $4.12 at the close.... Read more

Online homeware and furniture retailer Temple & Webster is bleeding as much as $800,000 a month as its newly appointed chief Mark Coulter considers how the homeware brand could translate into a physical store network in the future... Read more

Shares in Southern Cross Electrical Engineering have fallen sharply after the company disappointed investors with expectations of a first half net loss after tax of $2 million. The company, which is holding its annual general meeting this morning, attributed the lower forecast to a slower than expected ramp-up of work. The expected loss compares with a $3.8 million profit posted in the previous corresponding period. Shares in SCEE plunged 13.5 cents, or 23.08 per cent, to close at 45 cents after touching an earlier low of 44.5 cents.... Read more

Analysts are expecting Woolworths' first quarter sales to show signs the business is turning around when it posts results this week, while rival Coles' strong growth is expected to ease. Woolworths will reveal its first quarter sales results on Friday, two days after rival Coles, owned by Wesfarmers, releases its numbers for the same period. Shares in Woolworths closed four cents, or 0.2 per cent, higher at $25.25, while shares in Wesfarmers closed 29 cents, or 0.7 per cent, weaker at $43.96 on Tuesday.... Read more

The federal government has raised the prospect of not renewing funding for the Australian Communications Consumer Action Network (ACCAN), either redirecting the money to other advocacy groups or withdrawing it altogether. ACCAN is currently the sole recipient of funding under section 593 of the Telecommunications Act... Read more

Tabcorp shareholders seem quite content to let the board forge ahead with its planned merger with Tatts Group to create a $9 billion gambling juggernaut. Indeed, the Tabcorp's board fielded just two questions about the proposed merger at its annual general meeting, which lasted only an hour on Tuesday morning... Read more

The Prime Minister’s top cyber security adviser, Alastair MacGibbon, says IBM and the Australian Bureau of Statistics should never have relied on geoblocking to defend the 2016 Census against DDoS attacks. “Relying solely on it was clearly a failure,” he said. “There are certainly better alternatives than geoblocking."... Read more

IBM Australia boss Kerry Purcell has confirmed he is in talks with the Commonwealth Treasury over a “commercial settlement” to address the failure of 2016 eCensus in August. Purcell and his colleagues faced the Senate’s economics references committee in Canberra today to explain why IBM was not able to cope with a series of DDoS attacks on its electronic Census infrastructure, which ultimately put the survey out of action for days... Read more

Bendigo and Adelaide managing director Mike Hirst has told shareholders a royal commission into the banking industry would be "a significant waste of taxpayer and shareholder money". Mr Hirst said 14 parliamentary inquiries into banks, the David Murray-led financial system inquiry, and three unsuccessful class actions against banks had failed to uncover any systemic wrongdoing... Read more

The embattled leaders of Victoria's largest building union have been re-elected unopposed, despite facing criminal blackmail charges and intensifying attacks from the Turnbull government over their record of "lawlessness"... Read more

Analysis - Ian Verander: Jobs and growth. Such a simple mantra. And yet a promise so difficult to deliver. The trend, as we witnessed with the jobs numbers last week, is now undeniable... Read more

Opinion - Colin Kruger: Bega's Barry Irvin can't find the magic formula to crack Chinese market... Read more

International Headlines

U.S. Market Report: Disappointing corporate results from several heavyweights dragged down Wall Street as investors looked for clues regarding the timing of the next interest rate hike ahead of a Fed meeting next week. 3M (MMM.N) fell 3 percent to $165.03 after the maker of Scotch tape and Post-it notes trimmed its full-year revenue and earnings forecasts for the second time. The stock was the biggest drag on the Dow... Read more

North/South Americas Market Report: North and South American markets are lower today with shares in Mexico off the most. The IPC is down 0.57% while Brazil's Bovespa is off 0.33% and U.S.'s S&P 500 is lower by 0.28%... Read more

European Market Report: European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.45%, while the CAC 40 led the DAX lower. They fell 0.26% and 0.04% respectively... Read more

Asian Market Report: Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.76% and the Shanghai Composite rose 0.12%. The Hang Seng lost 0.17%... Read more

The International Energy Agency says that the world's capacity to generate electricity from renewable sources has now overtaken coal. The IEA says in a new report that last year, renewables accounted for more than half of the increase in power capacity. The report says half a million solar panels were installed every day last year around the world... Read more

Under Armour takes biggest plunge since 2009. The tip-off to the NBA season is looking like a total air ball for Under Armour. Under Armour stock crashed 15% after the markets opened on Tuesday when the sportswear maker warned that it's astronomical growth will come back to earth over the next few years. If Under Armour closes down by more than 11.25%, it will be the worst day for the stock since at least 2009.... Read more

Smartwatch shipments declined by 51.6% year-on-year, according to a new report by market analysts IDC. The Apple Watch remained the market leader but it shipped just over one million units in the third quarter of 2016 (July - September). During the same period in 2015, it shipped 3.9 million. Of the five leading brands, only Garmin showed growth but its figures remained low.... Read more

T-Mobile US Inc is the likeliest acquisition target as media companies seek a wireless partner following AT&T Inc's proposed $85.4 billion takeover of Time Warner Inc, analysts said. AT&T announced the deal late on Saturday, stoking urgency in the telecoms and media sectors, where carriers facing a saturated wireless market are looking for content to attract mobile users and producers of shows and movies are seeking digital distribution... Read more

Northrop’s $80 Billion Bomber Win Spelled Out in U.S. Ruling. Share on Twitter Northrop Grumman Corp.’s winning bid to develop and build the U.S. Air Force’s new bomber held “significant structural advantages” over the competing proposal by Boeing Co. and Lockheed Martin Corp., according to the Government Accountability Office... Read more

Investors dumped General Motors Co shares on Tuesday despite record third-quarter results, highlighting the disconnect between Detroit and Wall Street as the long U.S. vehicle sales boom cools off. GM's quarterly results zoomed past analysts' forecasts. But the automaker's share price tumbled more than 4 per cent in early afternoon trading, reflecting investor fears the U.S. automaker will not avoid a cyclical profit slump. The selloff hit other U.S. auto stocks on Tuesday, including Ford Motor Co and Fiat Chrysler Automobiles NV.... Read more

Amazon due for another record quarter: what to expect. Amazon’s AWS and e-commerce businesses both on track for double-digit growth... Read more

Switzerland has given around $51 million in formerly frozen assets to the United States in connection with a U.S. investigation into alleged corruption at oil company Petroleos de Venezuela S.A., authorities said on Tuesday. The transfer followed a December request to Switzerland from the United States to freeze $118 million in assets in connection with the U.S.'s PDVSA probe, the Swiss Federal Office of Justice (FOJ) said in an emailed statement... Read more

A U.S. federal judge on Tuesday approved Volkswagen AG's record $14.7 billion settlement with regulators and owners of 475,000 polluting diesel vehicles, and the German automaker said it would begin buying back the cars in mid-November. It represented one of the biggest corporate settlements of any kind. The action by U.S. District Judge Charles Breyer in San Francisco marked a pivotal moment for VW as it aims to move past a scandal that has engulfed the company since it admitted in September 2015 to installing secret software in diesel cars to cheat exhaust emissions tests and make them appear cleaner than they really were... Read more

Canada and the European Union say they remain hopeful a landmark free trade deal can go ahead despite three Belgian regions led by Wallonia blocking it. European Council President Donald Tusk said it was still possible Ceta could be signed as planned and Canada's trade minister said the deal was "not dead"... Read more

EU proposes common tax rules to close avoidance loopholes... Read more

EU Commission seeks extension to border controls inside Schengen zone... Read more

The European Central Bank is aware of the growing costs to the financial sector of its ultra-loose monetary policy and would rather not have to keep negative interest rates for too long, ECB President Mario Draghi said on Tuesday. Speaking in Berlin, Draghi defended the ECB's policy of aggressive bond buying and ultra-low rates from accusations that it has led to growing inequality and a shift of financial income from stronger to weaker economies... Read more

Shares in Italian bank Monte dei Paschi have been temporarily suspended from trading after plummeting 23%. It came after the ailing lender published a make-or-break turnaround plan which initially caused the stock to rally by up to 26.5%... Read more

Windfall at Tata's Port Talbot unlikely to change long-term outlook... Read more

London's Heathrow airport is one step closer to getting a vital third runway. The U.K. government issued its long-awaited decision on airport expansion on Tuesday, giving Heathrow the green light to build a third runway.... Read more

May defies critics to back new $22 billion Heathrow runway... Read more

Chinese conglomerate HNA has acquired a 25% stake in hotel group Hilton. HNA paid $6.5bn (£5.3bn) for the stake previously owned by Hilton's biggest shareholder Blackstone. Chinese companies have increasingly been investing in tourism-related businesses overseas as more Chinese citizens travel abroad... Read more

India could shell out $12 billion for new fighter jets. India needs new fighter jets, and the world's leading manufacturers are lining up to provide them. The South Asian nation's government has sent letters to several companies regarding a new fleet of military aircraft, to be jointly produced with local firms. A potential deal, according to experts, could be worth up to $12 billion... Read more

The replacement at the helm of India's largest conglomerate has come as both a shock and a surprise. Tata Sons, the holding company of Tata Group, in a sudden move on Monday, unexpectedly replaced chairman Cyrus Mistry with his predecessor Ratan Tata, The change is made even more puzzling by the company giving no explanation or details about its decision... Read more

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