ASB Securities Morning Brief for Wednesday, 18 May 2016
Wednesday, 18 May 2016

New Zealand Headlines

New Zealand Market Report: New Zealand shares rose, pushing the S&P/NZX 50 Index to a new record on expectations Meridian Energy will be a key beneficiary of proposed changes to electricity transmission charges. Ryman Healthcare gained to an all-time high ahead of its full-year results on Friday while New Zealand Refining dropped after reporting a slimmer refining margin. The NZX 50 rose 60.74 points, or 0.9 percent, 6974.8. Within the index, 28 stocks gained, 11 fell and 11 were unchanged. Turnover was $157 million... Read more

The New Zealand dollar declined against its Australian counterpart after minutes of the last Reserve Bank of Australia meeting showed some reluctance to cut rates at the May 4 meeting and extended its decline after a survey showed inflation expectations remain weak. The kiwi fell to 92.50 Australian cents as at 5pm in Wellington, from 92.96 cents late yesterday. It rose to 68.05 US cents, having lifted with the Australian after the RBA minutes, before retreating after the Reserve Bank's quarterly survey of expectations, from 67.71 cents yesterday... Read more

New Zealand inflation expectations rose slightly in the Reserve Bank's latest quarterly survey, after the previous survey's surprisingly weak outcome, and remained well below the mid-point of the central bank's target range. Expectations for inflation one year out rose to 1.22 percent from 1.09 percent in the previous survey, which was the lowest reading since 1994, while the two-year ahead figure barely budged at 1.64 percent from 1.63 percent... Read more

NZ house prices to drop in real terms from 2018 as 'borrow and spend' cycle burns out - Westpac... Read more

Expect more lending restrictions soon. New macro-prudential measures to curb the housing market could be introduced within the next three months, one bank economist has suggested. ANZ chief economist Cameron Bagrie said that while the Reserve Bank did not announce any new macro-prudential measures in the Financial Stability Report (FSR) last week, it is a question of when, not if, they do.... Read more

For Kiwi households a financial plan used to mean buying a house to live in, and killing the mortgage fast enough to have time to save a retirement nest-egg. For a generation facing lifetime renting, a different tack is required. Financial planner Liz Koh says New Zealander's lifelong financial wellbeing is based on owning a debt-free home by retirement. Once that is in place, NZ Super provides a basic income, which can be supplemented from savings.... Read more

Tourism New Zealand says there is always room for more tourists, but promoting the off-peak seasons instead of summer will benefit the whole industry. Tourism New Zealand chief executive Kevin Bowler said the decision was made to put 100 per cent of its $80 million marketing budget into promoting the shoulder seasons of autumn and spring because there are already enough visitors in the summer... Read more

The country's largest KiwiSaver provider says the amount of money people are taking out to buy their first home soared last year. ANZ bank which manages $8.34 billion out of the total $32 billion invested in KiwiSaver said its members withdrew $148 million in the year to March 31 - up from $62 million in the prior year.... Read more

Autopilot mode helps KiwiSaver members to better returns. KiwiSaver investors are suffering less of a “behaviour gap” in returns than investors in other New Zealand managed funds, new research from Morningstar shows.... Read more

Making superannuation affordable. Susan St John says altering NZ Super to a basic income could save 10% of the net cost from the upper end of the distribution while leaving the majority of superannuitants little affected... Read more

Partners Life boss Naomi Ballantyne has questioned the motives of a new report that suggests insurers could improve their fortunes by moving away from a commission-driven distribution model.... Read more

The 2016 New Zealand Primary Industry Summit will once again provide farm and business leaders with the opportunity to consider sustainability and environmental issues. This years programme includes sessions that will tackle the hottest topics in the industry including the TPPA, sustainability, smart branding and marketing, and foreign investment... Read more

New Zealand needs to develop a new primary sector story to help sell its products to the world, says Mike Petersen, New Zealand's special agricultural trade envoy. Speaking at today's Dairy NZ Farmer Forum at Mystery Creek, Petersen said he has been "banging on" about this idea for some years without getting much traction... Read more

Dairy 'super downcycle' now on, says Rabobank... Read more

The price for New Zealand's key dairy product, whole milk powder, may be relatively flat at tonight's GlobalDairyTrade auction, according to traders who track the NZX futures market. The July whole milk powder contract was the sole contract to trade yesterday, closing unchanged on 50 lots at US$2,280, according to OMF's New Zealand dairy futures report today... Read more

Finance Minister Bill English has warned the next five years will be the real test for how competitive the dairy industry is on the global market. There have been long-running discussions within the industry about where New Zealand sits on the international cost curve and other dairy industries are now adopting practises that make them fairly competitive, he told the Dairy NZ Farmers’ Forum in the Waikato... Read more

Fonterra Cooperative Group's farmer shareholders will vote next month on whether to accept governance changes to trim the board by two directors and install a new selection process. The Auckland-based cooperative will hold a special meeting on June 10 in Hamilton to amend its constitution allowing it to cut the board to 11 from 13, and introduce a new system to elect farmer-directors, according to the notice of meeting... Read more

Seafood New Zealand has hit back at the fish catch report released by Auckland researcher Dr Glenn Simmons, saying it has done "a great disservice" to the industry's internationally recognised sustainably managed fisheries. Simmons, from Auckland University's Business School, was lead author of the report, Reconstruction of Marine Fisheries Catches for New Zealand (1950-2010)... Read more

Sky Network Television is to raise the price of its basic subscription package and its sports package despite a fall in the number of subscribers according to a report by Fairfax Media. The monthly price of Sky Basic will rise by $0.69 to $49.91, while Sky Sports will increase by $1.61 to $29.90 a month. On May 6, the pay-TV operator warned that subscriber numbers were expected to fall further this year, leading to earnings next year missing analysts' expectations. Shares in Sky had traded at $5.49 prior to the May 6 announcement. They have yet to recover and closed up 1% at $4.04.... Read more

Consumers in the upper North Island might face the biggest increase in national electricity grid charges under the Electricity Authority's proposed changes to transmission pricing while the Rio Tinto-controlled aluminium smelter at Tiwai Point might get less than half the benefit it may have hoped for... Read more

Some power customers could be in for a nasty jolt if proposed changes to national electricity grid costs go ahead. The Electricity Authority has suggested bumping up transmission pricing for the upper North Island, meaning Aucklanders face forking out an extra $78 million a year towards their power bills.... Read more

New Talisman Goldmines shares dropped 47% after the Coromandel gold prospecting company announced a rights issue to raise up to $12.2 million dollars. Investors will be able to purchase three new shares at a price of 0.5 cents apiece for every ordinary share they hold as of May 23. In a statement, New Talisman said the price reflects a significant discount to the NZX close price on May 16 of 1.5 cents. A shortfall facility means shareholders will be potentially able to buy more if they wish... Read more

New Zealand Refining's margins were squeezed by a planned shutdown of its hydrocracker unit and operational problems that needed repairing in the March/April period. The Whangarei-based company's net refinery margin was US$1.84 a barrel in March/April, with US$2.88/barrel sliced off by the closure, and a further US$1/barrel reduced by the repair work, it said in a statement. That's the smallest margin since March/April 2014 when the refinery's hydrocracker unit last faced a shutdown, producing a margin of negative US$2.84/barrel. The shares fell 1.4 percent to $2.75 and have slumped 26 percent so far this year.... Read more

One of the world's biggest online retailers is about to open an Auckland office and launch its website here, selling many brands now unavailable. Hillary Wang, senior international director of China's, is in Auckland for the Tripartite Economic Summit and said yesterday the behemoth would be online here by early next year... Read more

The court battle between NZX and Ralec may stretch to an extra week and a half, taking the whole trial to more than ten weeks long, with the judge querying one lawyer's style of cross-examination. After the fourth witness, former NZX Chief Executive Mark Weldon finished being cross-examined for today, lawyers from both sides presented Justice Robert Dobson with a revised calendar for the remainder of the trial... Read more

Airwork Holdings, the aviation industry service provider, won its claim in the High Court against Totally Tourism's The Helicopter Line unit over a helicopter supply deal that soured. The High Court today ruled in favour of Airwork's Heli Holdings subsidiary, ordering The Helicopter Line to pay just over $2 million plus interest from September 2013, though costs will be dealt with separately, the company said in a statement. Airwork hadn't previously recognised the earnings subject to the claim, and today said it will consider the ruling's impact on its 2016 financial statements... Read more

NZX was aware that Clear's businesses were loss making but were told its costs would drop before the market operator completed its 2009 acquisition, Wellington's High Court has heard. Mark Weldon, the former chief executive of NZX, is on his second day of giving evidence, the fourth witness in the case which has entered its third week and is predicted to last another six... Read more

Another Wicked Campers van has been banned by the Chief Censor, this time for a "degrading" sexual term... Read more

Opinion - Brad Olsen: Brad Olsen call for student loan repayments to start only after study is completed, and then at a higher rate. These changes would make it easier for students to survive without affecting the loan repayment flow... Read more

New Zealand Herald Editorial: English right to favour cutting debt... Read more

Australian Headlines

Australian Market Report: The Australian sharemarket has closed higher as resource stocks lifted on commodity price gains, but a Reserve Bank hint that interest rates would stop falling tempered gains. At the 4.15pm (AEST) official market close, the benchmark S&P/ASX 200 index was up 37 points, or 0.69 per cent, to 5395.9, while the broader All Ordinaries index had lifted 38.2 points, or 0.7 per cent, to 5458.5.... Read more

The Australian dollar has found support after Reserve Bank minutes show that the central bank's recent decision to cut its rate was not an open and shut case. At 1200 AEST on Tuesday, the currency was trading at 73.36 US cents, up from 72.95 cents on Monday.... Read more

The Reserve Bank's finely balanced decision to cut rates this month makes the next cut more likely to be in August. The RBA cut the cash rate to a fresh record low of 1.75 per cent on May 3, following the release of official data showing weaker-than-expected March quarter inflation... Read more

Low wage growth too much of good thing. Don't worry, wage-earners, the RBA's got your back. About time too, some might think. After over four decades of playing whack-a-mole with wage inflation, the RBA is now wondering whether it's been too successful. Wages rates grew just over two per cent in 2015, their slowest pace since the Australian Bureau of Statistics began compiling the index in 1997.... Read more

The Turnbull government has deferred introduction of the so-called backpacker tax in a bid to rid the issue as an election irritant in rural and regional seats. From July working holiday-makers were facing a 32.5 per cent tax from the first dollar they earned, sparking fears by farmers and tourism operators they would shun Australia as a travel destination... Read more

Mortgage fraud by brokers and banks could bring on a financial meltdown, an economic researcher has warned. As at least three of the major banks investigate allegedly dodgy loans to Chinese buyers, LF Economics founder Lindsay David says fraudulent lending is rife in Australia’s property market — and that we should all be scared... Read more

Banks and regulators have created ‘the perfect storm’ for Chinese property buyers. Is the golden age of Australia’s Chinese property boom coming to an end? The buying frenzy that has seen local residents priced out of the market by foreign investors appears to be slowing, as a toughened stance from the banks and regulators takes effect... Read more

Housing demand would likely not be hurt in the short term even if negative gearing were scrapped, according to a senior National Australia Bank executive. Labor has promised to wind back negative gearing along with capital gains tax concessions if it wins the July 2 federal election, prompting the government to warn of a slump in house prices and a drop in the availability of rental properties... Read more

The board and managing director of Africa-focused oil and gas explorer Pura Vida will take big pay cuts in a bid to cut costs. The company announced today that its managing director Damon Neaves would have his annual salary cut from $385,000 to $300,000... Read more

Galaxy Resources Ltd is preparing to outline details regarding offtake agreements for Mt Cattlin, with the ASX granting the company a trading halt to prepare.... Read more

Businessman and retiring federal MP Clive Palmer will sue the administrators of his beleaguered Queensland Nickel refinery in Townsville for $1.2 billion. Mr Palmer said he would sue FTI Consulting in the coming weeks for allegedly lying in a report to creditors and illegally diverted money from his companies... Read more

Echo Resources Ltd has recently been having some gold exploration success at the Julius project, with the company now heading to market with a capital raising, and the ASX has granted a trading halt to prepare. Shares in the company have almost tripled since February.... Read more

Boart Longyear, the world's biggest supplier of drill rigs to the mining industry, says the worst of a price downturn is over after posting a first quarter loss of $US61 million The revenue-challenged drilling services outfit narrowed its first quarter loss for 2015/16, with the deficit down from $US71 million a year ago. Revenue for the three months ended March 31 fell 24 per cent to $142 million, driven by lower volumes and a stronger US dollar... Read more

GB Energy Ltd has been granted a trading halt by the ASX pending a proposed transaction. No other details have been released at this stage... Read more

British oil giant BP's plan to drill in the Great Australian Bight failed on Tuesday to win regulatory approval for a second time, although it can re-apply, with environmentalists urging the project be abandoned. The company wants to drill four exploration wells at a depth of up to 2,500 metres (8,200 feet) off the South Australian coast to see whether commercial quantities of oil or natural gas are present... Read more

Volt Resources Ltd in ASX trading halt... Read more

Cashed up Emerald Resources NL shares surged after relisting on the ASX, following the satisfaction of all conditions precedent to the JV agreement with Renaissance Minerals Ltd over the Okvau gold deposit in Cambodia. Emerald and Renaissance will move forward with an exploration program to upgrade the 1.13 million ounces of gold at 2.2. g/t indicated and inferred resource estimate at the Okvau Deposit... Read more

Coles to launch new milk brand to help struggling dairy farmers. After years of driving down the price of milk, Coles says it will launch a new, more expensive home brand to help struggling dairy farmers.... Read more

Retailers may abandon merged Home-Mitre 10 business. Defections from the Mitre 10 and Home Timber & Hardware networks are shaping up as a bigger risk to Metcash's bid to create a serious number two player in hardware than the competition watchdog investigation. Rival buying group Hardware & Building Traders (HBT) has enjoyed a significant spike in new members since Woolworths and its US partner Lowe's announced plans to abandon hardware in January and sell off the Danks-supplied Home network... Read more

Perth-based aerial imaging company Spookfish has signed a licence, royalty and investment agreement with US-based EagleView Technologies. Under the terms of the deal, Spookfish will provide EagleView with an exclusive long-term licence to operate, market, promote, sell and distribute the company’s products in North America... Read more

Agribusiness Ruralco Holdings’ first-half profit is up 3.2 per cent to $10.8 million, helped by strong growth in its agency services business... Read more

Perth property syndicator Scope Property Group has purchased The Local Hotel building in South Fremantle for $2.5 million.... Read more

Paint company Dulux expects a mix of keen renovators and ageing Aussie houses to boost its full-year profit after a robust result in the first half of the year. Dulux delivered a 29 per cent lift in the first-half profit on Tuesday and said the home segment, which makes up around two thirds of the company's revenue, should continue driving results. The interim dividend was lifted half a cent to 11.5 cents, fully franked. Dulux shares closed down 19 cents or three per cent at $6.22.... Read more

Charter Hall Group has bought four properties which house Automotive Holdings Group dealerships for $82 million. AHG will continue to lease Balcatta’s Big Rock Toyota and dealerships in Melbourne, Sydney and Brisbane from a Charter Hall trust. Charter Hall today launched the trust to raise $48 million in equity to acquire the portfolio. Charter Hall’s shares were up seven cents, or 1.34 per cent, to $5.30 at the close while AHG shares were down three cents at $3.94.... Read more

WA minister gets 'innovation' badge and $20m to spend. WA finance minister Bill Marmion has had innovation added to his ministerial remit and been handed a fresh $20 million to spend on start-up initiatives. Hidden within last week’s budget papers was funding for a $5 million per year innovation program set to last until 2020.... Read more

Managed wifi service provider Tomizone Ltd received applications from new strategic investors and existing shareholders to fully subscribe the company’s $4.2 million capital raise. The $4.2 million capital raise comprises of convertible notes, conditional loan notes and non-converting loan notes... Read more

A new survey shows Australia is becoming a 'hotspot' for economic crime as more than one-in-10 Australian organisations reported losses of over $1 million. The Australian edition of PricewaterhouseCooper's 2016 Global Economic Crime survey found more incidents of money laundering over the past two years, at 26 per cent, compared to 11 per cent globally and 9 per cent across the Asia-Pacific region... Read more

An international tribunal on Monday finally unveiled a secret ruling confirming it had rejected a bid by tobacco giant Philip Morris to sue Australia over its plain packaging laws, calling the attempt “an abuse of rights”. In its heavily-redacted 186-page ruling dating from December 17, 2015, the Permanent Court of Arbitration (PCA) said it had no jurisdiction over the case brought by Philip Morris... Read more

Cash Converters pays customer $4,000 to drop legal challenge to pawnbroking... Read more

Former CBA planner charged as victims kept waiting. The corporate regulator has finally taken criminal action against former Commonwealth Bank of Australia financial planner Ricky Gillespie but some of his customers are still waiting for compensation from the bank... Read more

An award-winning US-based artist is taking on Australian clothing giant Cotton On Group in court, accusing the retailer of "flagrantly" knocking off her designs. Elektra Printz Gorski started designing and making clothing, gift wrap, art prints and stickers bearing the slogan LETTUCE TURNIP THE BEET in 2011, selling her creations on the streets of SoHo and through global online makers-market Etsy... Read more

Opinion - Malcolm Maiden: RBA minutes show another rate cut is possible – but hey, you knew that. The Australia dollar got overexcited about what the Reserve Bank said about interest rates. Nothing has actually changed... Read more

International Headlines

U.S. Market Report: U.S. stocks extended losses in afternoon trading and the Treasury yield curve flattened to the narrowest since 2007 amid growing speculation that the Federal Reserve sees firm enough economic growth to raise rates as soon as June. The S&P 500 Index erased Monday’s rally as economic data showed higher consumer prices, with losses accelerating after a pair of Fed officials suggested higher rates may be warranted. ... Read more

North/South Americas Market Report: North and South American markets are broadly lower today with shares in Brazil off the most. The Bovespa is down 2.03% while U.S.'s S&P 500 is off 1.07% and Mexico's IPC is lower by 0.27%... Read more

European Market Report: European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.27%, while the DAX led the CAC 40 lower. They fell 0.63% and 0.34% respectively... Read more

Asian Market Report: Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 1.18% and the Nikkei 225 rose 1.13%. The Shanghai Composite lost 0.25%... Read more

U.S. crude prices hit seven-month highs on Tuesday on expectations of lower U.S. stockpiles and after wildfires threatened anew Canadian oil supplies, but pared some gains due to the potential for higher Libyan output. U.S. crude inventories likely fell a second straight week last week, declining by around 3.2 million barrels, a Reuters poll of analysts said... Read more

U.S. consumer prices recorded their biggest increase in more than three years in April as gasoline and rents rose, pointing to a steady inflation build-up that could give the Federal Reserve ammunition to raise interest rates later this year. Other data on Tuesday showed housing starts and industrial production rebounded strongly last month, suggesting the economy was regaining steam early in the second quarter after almost stalling early in the year... Read more

One of the biggest mysteries in global finance was just revealed: How much U.S. debt Saudi Arabia owns. Saudi Arabia stockpiled $116.8 billion of U.S. Treasuries as of March, the Treasury Department announced on Monday, ending four decades of keeping the figure secret... Read more

A Caribbean financial center favored by hedge funds is now the third-biggest foreign owner of U.S. government debt. The Cayman Islands, where more hedge funds are domiciled than anywhere else in the world, held $265 billion of Treasuries as of March, up 31 percent from a year earlier, according to data the U.S. Treasury Department released Monday... Read more

The economy is the top issue on American voters' minds -- by far. With six month to go until Election Day, voters are extremely anxious about their financial future. The 2008 crisis lingers in people's minds and many feel like they're one step away from financial disaster even if they have jobs and things are looking up economically for folks around them.... Read more

What to expect from Target earnings. Target Corp. will report first-quarter earnings on Wednesday before the market opens. Apparel retailers have struggled so far this earnings season and there are concerns that Target will follow suit... Read more

Home Depot Inc. fell after sales growth slowed as the first quarter progressed, overshadowing a forecast increase and profit that beat analysts’ expectations. Comparable-store sales rose 4.3 percent in April, down from 6.7 percent growth in March and a 10.2 percent gain in February, Chief Financial Officer Carol Tome said on the company’s first-quarter earnings conference call Tuesday... Read more

BlackRock Inc.’s Laurence D. Fink, who oversees the world’s largest money manager with $4.7 trillion of client assets, said “we all have to be worried” about China’s mounting debt amid slowing growth, even as he remains bullish on the economy in the long run. “You can’t grow at 6 percent and have your balance sheets grow faster,” Fink said in a Bloomberg Television interview with Angie Lau on the sidelines of a forum in Hong Kong on Tuesday... Read more

Novartis splits drugs business into two, pharma chief to leave... Read more

Dell launched a US$20bn investment-grade bond on Tuesday, upsizing the trade on the back of a massive order book as it finances its acquisition of data storage company EMC. Investors had poured around US$87bn of orders into the deal by late morning, one banker said, giving a hearty reception to one of the largest corporate bonds ever brought to market... Read more

Greenlight Capital, the $9 billion hedge fund led by David Einhorn, more than doubled its stake in Yahoo! Inc. before the company gave in to pressure by activist Starboard Value and averted a proxy war. The hedge fund purchased 2.38 million shares in the Internet company, bringing the value of its stake to $162 million as of March 31, according to a filing Monday with the U.S. Securities and Exchange Commission... Read more

U.S. ratings agency Standard & Poor's on Tuesday cut the credit rating of billionaire investor Carl Icahn's Icahn Enterprises (IEP.O) to junk status after the portfolio absorbed declining investment values and higher leverage in the last few months. S&P dropped the long-term issuer credit rating and senior unsecured debt rating of Icahn Enterprises to double-B-plus from triple-B-minus, the agency said in a statement. Additionally, S&P said it removed all of Icahn Enterprises' ratings from "CreditWatch" with the outlook at "Stable."... Read more

Icahn Associates, the fund run by billionaire activist investor Carl Icahn, exited stakes in six companies including Hologic Inc., Tegna Inc., and Mentor Graphics Corp., while adding to his American International Group Inc. stake. Icahn’s New York-based fund also increased its holdings of Xerox Corp. and sold off its remaining stake in Gannett Co. in the first quarter, a regulatory filing Monday showed. The document confirmed his exit from Apple Inc.... Read more

Soros, Buffett stock disclosures don’t tell the full story of what they own... Read more

Sumner Redstone has power to remove Viacom CEO from his trust... Read more

Ikea Said to Plan $1 Billion Sale of European Real Estate... Read more

Carlsberg A/S is planning its biggest sports marketing campaign around this summer’s Euro 2016 soccer tournament, as the competition swells to its largest size ever. The Danish brewer is spending as much as 80 million euros ($90 million) on marketing for the championship,... Read more

The Post Office is to shed more than 500 jobs in its cash handling business. The cuts will affect staff who deliver cash and valuables to post offices and other companies and those who process cash. The Communication Workers Union said the cuts were a direct result of the Post Office pulling out of external cash transit work.... Read more

U.K. Inflation Unexpectedly Slows to 0.3%; Core Rate Drops... Read more

Mobile phone giant Vodafone has said its underlying business is now growing for the first time since 2008, helped by a revival in Europe. Full-year earnings for the group grew 2.7% to £11.6bn, and it increased its dividend payout to shareholders by 2%. Its European business grew for the first time in six years in the first three months of 2016... Read more

The pound rallied the most in three weeks after a poll of U.K. voters released Monday showed people who support a campaign to remain in the European Union exceeded those saying they will vote to leave by a wider margin than last month. Sterling rose against most of its 16 major peers after the ORB/Telegraph poll showed 55 percent of respondents were in favor of remaining in the European Union, while 40 percent wanted to leave... Read more

The Treasury says it has received a further dividend from its Lloyds Banking Group shares of £130m, bringing to £318m the amount the government has received in dividends from the bank. It also confirmed it would fully return its remaining 9.2% stake in Lloyds to the private sector in 2016-17... Read more

Brazil’s new central banker Ilan Goldfajn comes to the job with a sober view on Latin America’s largest economy, saying approval for recovery measures will be hard to come by. As chief economist for Brazil’s largest bank Itau Unibanco Holding SA, Goldfajn expected a deeper economic contraction than the 3.7 percent median forecast by 41 economists in a Bloomberg survey... Read more

Bangladesh, Vietnam Bank Hacks Put Global Lenders on Edge... Read more

Malaysia said Tuesday it’s too early to conclude if fraud had occurred in dealings between its troubled state company and an Abu Dhabi sovereign wealth fund. 1Malaysia Development Bhd., which is the subject of global investigations, said last month it could be a victim of fraud if payments of $3.5 billion intended for Abu Dhabi’s International Petroleum Investment Co. never made it there. IPIC had denied ownership of a company that received the funds known as Aabar Investments PJS Limited, or Aabar BVI... Read more

Tim Cook to visit India for the first time as Apple CEO... Read more

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