(Bloomberg) -- South Korean prosecutors have summoned Samsung Electronics Co. Vice Chairman Jay Y. Lee for questioning in an ongoing investigation into alleged accounting fraud and a controversial 2015 merger of two Samsung affiliates, dealing another legal blow to the country’s largest corporation.While expected, the decision marked a deepening of a long-running probe into the billionaire scion and his shipbuilding-to-smartphones Samsung Group conglomerate. The company’s de-facto leader was called into Seoul Central District Prosecutors Office at 8 a.m. local time Tuesday in relation to allegations over illegal acts in succession plans, the Yonhap News Agency reported. The summons came after the executive publicly apologized over his company’s role in scandals over his succession, which eventually led to the impeachment of former president Park Geun-hye. A spokesman at the agency confirmed Lee has been summoned, without elaborating.Lee has been at the center of a years-long scandal and graft trial that inflamed long-standing resentments against Korea’s most influential family-run conglomerates. HE faces renewed charges of using gifts of expensive horses to win favor from the previous administration, which he has denied. The legal fight has disrupted his tenure at the helm of Samsung Electronics, the world’s leading producer of smartphones and memory chips. This month, the billionaire took the unusual step of apologizing for his role in the controversy, pledging his children would never run the conglomerate.“I give my word here today that from now on, there will be no more controversy regarding succession. There will absolutely be no infringement against the law,” Lee said at a hastily convened press conference at the time. “There will be no leaning on legal expediency or actions that cause ethical reproach. My sole focus will be on enhancing the corporate value of Samsung.”Read more: Samsung Heir Vows an End to Family Rule After Succession ScandalThe prosecutors office’s probe, which is separate from the corruption trial, centers on whether there were illegal acts during a merger between Samsung C&T Corp. and Cheil Industries -- the conglomerate’s de-facto holding company. That deal was regarded as an effort to cement Lee’s control over the conglomerate, which he has run since his father suffered a heart attack in 2014. Prosecutors are also likely to interrogate the heir about allegations of financial fraud at Samsung Biologics Co. The agency hasn’t brought any charges in the case so far. A Samsung Electronics spokeswoman declined to comment on Tuesday.Read more: The Never-Ending Trial Between a Billionaire Heir and His NationSamsung Group, South Korea’s largest conglomerate with more than $400 billion of market value, has grappled with legal issues for years. Dozens of current and former executives have been questioned, indicted or arrested over charges that range from graft and accounting issues to union-busting. Lee was imprisoned for about a year until his release in early 2018, then returned to court for a retrial last year when the scope of the alleged wrongdoing was revised. He again faces the possibility of jail.The current prosecutors’ probe kicked off after the country’s Financial Services Commission in 2018 said Samsung’s biotechnology unit “intentionally” violated accounting rules surrounding an initial public offering. The regulator said at the time the unit deliberately overstated the value of Samsung Bioepis Co. ahead of its 2016 IPO. Critics argued that Samsung Group orchestrated the accounting change to benefit the merger of Samsung C&T and Cheil Industries, which made Lee the largest shareholder at Samsung’s de-facto holding company and bolstered his succession plans.Samsung Biologics has denied the allegations and said its books were examined by external accounting firms, and that it had no impact on the 2015 merger as that was completed before the bio firm’s accounting change.(Updates with Samsung’s response in the fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service ("Moody's") has assigned ratings to Coastal Emerald Limited (Coastal Emerald)'s medium term note (MTN) program which can either issue instruments supported by a keepwell deed from Shandong Hi-Speed Group Co., Ltd and guaranteed by China Shandong Hi-speed Financial Group Ltd or a guarantee from Shandong Hi-Speed Group Co., Ltd (SDHG, A3 Negative). Moody's has assigned a (P)Baa2/(P)P-3 backed senior unsecured program rating for those instruments to be issued and supported by a keepwell deed from SDHG and guaranteed by China Shandong Hi-speed Financial Group Ltd. Moody's has also assigned a (P)A3/(P)P-2 backed senior unsecured program rating to the MTN program supported by a guarantee from SDHG. In addition, Moody's has assigned a P-3 rating to the proposed first takedown from the MTN program which is a short-term note supported by a keepwell deed from SDHG.
New York, May 25, 2020 -- Reportlinker.com announces the release of the report "Global Metal Cans, Barrels, Drums and Pails Industry" -.
India's economy is likely to have expanded at its slowest pace in at least eight years in the January-March quarter, partly as a result of the coronavirus clampdown, a Reuters poll predicted. Asia's third-largest economy began slowing last year, but a countrywide lockdown implemented by Prime Minister Narendra Modi on March 25 halted economic activity completely. "Activity in January and February was strong, but the slowdown in March is likely to have largely offset those gains," Aayushi Chaudhary, an economist at HSBC in Mumbai, said.
(Bloomberg) -- The list of Intel Corp.’s annual supplier award winners tends to read like a who’s-who of the semiconductor industry’s biggest names. This year, it included a little-known Japanese company whose machines have become indispensable in the race to improve semiconductors and whose stock has been rocketing up as a result.Lasertec Corp. is the world’s only maker of testing machines required to verify chip designs for the nascent extreme ultraviolet lithography (or EUV) method of chipmaking. In 2017, Lasertec solved a key piece of the EUV puzzle when it created a machine that can inspect blank EUV masks for internal flaws. Last September, it cleared another milestone by unveiling equipment that can do the same for stencils with chip designs already printed on them. This March, Intel gave the tiny Yokohama-based company an award for innovation, its first after decades of doing business together.“That’s a major milestone for us,” Lasertec President Osamu Okabayashi said in an interview. “It means a lot to be recognized this way as a supplier.”The company’s stock has soared about 550% since the start of 2019, more than twice the gain of the second-best-performing security in the benchmark Topix index. Shares increased about 4% Tuesday, pushing its rise this year to more than 60%.Intel declined to say if it was buying EUV equipment from Lasertec, which already supplies test gear to its rivals Samsung Electronics Co. and Taiwan Semiconductor Manufacturing Co. The three chip fabricators are the only ones so far to announce EUV plans, because the technology is so complex and expensive. Okabayashi would only say that his company has “two or more” EUV customers.“This can be read as a sign that Lasertec’s tools are indispensable to Intel’s EUV roadmap.” said Damian Thong, an analyst at Macquarie Group Ltd.Read more: Japan’s Star Electronics Stock Will Be Vital to Intel, SamsungEUV is just entering the mass production phase after two decades in development, but investors are already betting Lasertec will be one of the key beneficiaries. The move to EUV overcomes key hurdles to shrinking manufacturing geometries of semiconductors, allowing more and smaller transistors to be crammed onto silicon. It promises to unleash another wave of gadgets that are slimmer, cheaper and more powerful.Last month, Lasertec raised its annual order forecast for the second time this year to 85 billion yen ($789 million) in the period ending June, nearly double the amount it received in fiscal 2019. The company is headed for the fourth straight year of record revenue and profits. Sales will climb 39% to 40 billion yen and profit will jump 76%, according to its estimates. And that’s likely to be just the beginning.Samsung earlier this month said it is building a 5-nanometer fabrication facility that will use EUV to make processors for applications ranging from 5G networking to high-performance computing from the second half of next year. Taiwan’s TSMC is pushing ahead with plans to adopt 3-nanometer lithography mass production in 2022 and announced plans to build an advanced fab in the U.S. Intel’s first product made using EUV is expected late next year.Their primary focus is on so-called logic processors, used to power devices and networking applications, but the new manufacturing technique will eventually filter through into the production of DRAM and other memory chips.Read more: Samsung Takes Another Step in $116 Billion Plan to Take on TSMC“Logic makers will be first to adopt EUV, with memory makers following later,” Okabayashi said. “The real volume of orders will come when they reach mass production stage. Right now it’s 7- and 5-nanometer chips. 3-nanometer is still in development stage.”Okabayashi expects each customer will probably need several of his testers, which could cost well over $40 million apiece and take as long as two years to build. A chipmaker would need at least one machine in its mask shop to make sure the stencils come out right. Another would go into a wafer fab to keep an eye on the microscopic wear and tear that result from concentrated light being projected repeatedly through the chip design stencils.“Lasertec is still trying to get a feel for this market and how big it can be,” Macquarie’s Thong said. “Their stock is moving on expectation of future orders. But there is little actual visibility on the scale of this market, so Lasertec retains a lot of capacity for surprise.”(Updates with share price in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Today we'll evaluate Beijing Jingkelong Company Limited (HKG:814) to determine whether it could have potential as an...
(Bloomberg) -- Dominic Cummings, Boris Johnson’s most senior adviser, refused to quit his job in the U.K. government, refuting claims he flouted lockdown rules that he had helped to draft. Germany agreed on a 9 billion euro ($9.8 billion) bailout for virus-hit airline Lufthansa.Japan ended its state of emergency everywhere in the country and made reviving the economy its top priority. Singapore is set to unveil a fourth stimulus package.The World Health Organization temporarily halted tests on hydroxychloroquine in its Covid-19 drug trials pending more data because of safety concerns.Key Developments:Virus Tracker: Cases top 5.4 million; deaths over 346,000Singapore economy could contract 7%, most since independenceGermany to take Lufthansa stake in landmark $9.8 billion bailoutJohnson aide refuses to quit over claim he breached lockdownWHO’s hydroxychloroquine trial suspended pending safety dataSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus. For a look back at this week’s top stories from QuickTake, click here.Hong Kong to Reopen Karaoke Parlors, Resume Airport Transits (10:41 a.m. HK)Hong Kong will further ease social-distancing measures this week as concern over the coronavirus pandemic wanes.Karaoke parlors, bathhouses, party rooms and nightclubs will be allowed to return to business starting this Friday, Chief Executive Carrie Lam said at a regular press briefing. Transit services will gradually resume at the Hong Kong International Airport starting June 1, she said.Philippines Seeks $26 Billion Stimulus (10:03 a.m. HK)The Philippines’ Trade Department wants lawmakers to pass a 1.3 trillion peso ($26 billion) stimulus package that will aid the recovery of industries and workers.Of the total stimulus being discussed at the House of Representatives, about 628 billion pesos is planned for wage subsidies and loans for businesses hit by the lockdown, the Trade Department said in a statement. The remaining half of the proposed package will be used to build facilities for health, education and food security.Saudi Arabia to Ease Lockdown Restrictions: SPA (9:55 a.m. HK)Saudi Arabia said it will begin gradually easing coronavirus lockdown restrictions on May 28, the state-run SPA reported, citing the interior ministry.In the first phase May 28-30, travel is allowed in and between cities from 6 a.m. to 3 p.m., except for Mecca and Medina. Malls and stores should be open during that time with social-distancing considerations.China Reports 7 New Cases, All From Abroad (8:29 a.m. HK)China reported seven additional coronavirus cases by the end of May 25, with all of them from abroad, according to a statement from the National Health Commission. Of the seven cases, five were reported in Inner Mongolia.The country also reported 29 asymptomatic cases, with one of them from abroad. It had no coronavirus deaths for May 25.Singapore Slashes Growth Target With 7% Contraction Possible (8:01 a.m. HK)Singapore’s economy will probably contract 4% to 7% this year as the coronavirus outbreak and measures to contain it pummel the trade-reliant city state.The government revised its forecast from a previous projection for a contraction of 1% to 4% as the outlook for external demand deteriorates, the Ministry of Trade and Industry said in a statment.“There continues to be a significant degree of uncertainty over the length and severity of the Covid-19 outbreak, as well as the trajectory of the economic recovery, in both the global and Singapore economies,” the MTI said.Deputy Prime Minister Heng Swee Keat is set to unveil a fourth stimulus package in Parliament later Tuesday to further counter the economic pain.U.S. Resets Brazil Travel Limit (6:40 a.m. HK)The Trump administration advanced the effective time for limiting the entry of non-U.S. citizens traveling from Brazil, a nation that has the world’s second-most infections. The order will take effect at the end of Tuesday, two days earlier than stated in a proclamation issued Sunday by the White House.Air New Zealand Forecasts Loss (6:30 a.m. HK)Air New Zealand forecast its first full-year loss in 18 years as the pandemic halts travel, grounds aircraft and forces the layoff as many as 4,000 workers.The carrier will post an underlying loss in the year ending June 30 but can’t provide a range, it said Tuesday in Wellington. The airline will post an impairment charge on aircraft of at least NZ$350 million ($213 million), restructuring costs of as much as NZ$160 million and losses on fuel hedges of as much as NZ$105 million, it said.Airlines are reeling from the impact of the pandemic, forcing them to review fleets, routes and spending and seek government help. Germany on Monday offered Deutsche Lufthansa AG a $9.8 billion bailout. Air New Zealand agreed a NZ$900 million debt facility with the government in March.U.S. Says 200 Million Tests Possible (5:55 p.m. NY)The Trump administration said sufficient quantities of Abbott Laboratories’ ID NOW Covid-19 test and Quidel Corp.’s Sofia 2 instruments exist to support 200 million U.S. tests per month.The Department of Health and Human Services, in a report to Congress, said 18,000 ID NOW devices and 20,000 Quidel instruments are available to states. The U.S. also is buying 100 million swabs and 100 million tubes of viral transport media to help states meet testing goals.“This large-scale acquisition reflects a significant expansion of current capacity,” according to the report, and reflects use of the Defense Production Act to increase swab manufacturing.Minneapolis Mayor Worried by Church Rules (5:30 p.m. NY)Minneapolis Mayor Jacob Frey said he is concerned by Minnesota state guidelines taking effect on Wednesday that let churches resume services, with limits on attendance and requirements to follow social-distancing measures.“A move up to 25% capacity and up to 250 people in places of worship is a recipe in Minneapolis for a public health disaster,” Frey said Monday on CNN. “That is not the route that we can or should be going on right now.”Novavax Starts Vaccine Study (4:35 p.m. NY)Novavax Inc. began human testing of its coronavirus vaccine candidate and anticipates providing a first look in July at what sort of immune responses are generated.In the first phase, 130 healthy adult volunteers at two sites in Australia will get two doses of NVX-CoV2373, the biotech’s experimental vaccine. If initial results look promising, the company plans to quickly move into the second phase -- expand testing to other countries and age groups outside of 18 to 59.The Gaithersburg, Maryland-based company is one of about 10 that are testing vaccines, according to the World Health Organization. Moderna Inc. reported the first Covid-19 vaccine results in humans last week.U.S. Cases Rose 1.3%, Less Than Week’s Average (4 p.m. NY)U.S. cases increased 1.3% from the same time Sunday to 1.65 million, according to data collected by Johns Hopkins University and Bloomberg News. The increase was below the average daily increase of 1.4% over the past week, and has the same for three days.Deaths rose less than 1% to 97,948 from 97,424 -- the smallest one-day increase in more than a week.California Sets Church Limits (3:45 p.m. NY)California will limit attendance in houses of worship to 25% of building capacity or 100 people and is discouraging choir singing, group recitations and passing of the collection plate.“Convening in a congregational setting of multiple different households to practice a personal faith carries a relatively higher risk for widespread transmission of the Covid-19 virus, and may result in increased rates of infection, hospitalization, and death, especially among more vulnerable populations,” according to the guidance.The state is also discouraging potlucks or similar family-style eating and drinking events that increase the risk of cross contamination.England to Reopen Showrooms, Stores (2:50 p.m. NY)England’s outdoor markets and car showrooms can reopen from June 1, as soon as they can meet guidelines to protect shoppers and workers, Prime Minister Boris Johnson said as he urged the public to spend money in stores when the curbs are lifted.All other non-essential outlets including shops selling clothes, shoes, toys, furniture, books and electronics, plus tailors, auction houses, photography studios and indoor markets, are on track to reopen June 15 if the government can control the spread of the virus, Johnson told a daily news conference. Scotland, Wales and Northern Ireland are on a different timetable determined by local administrations.U.K. cases rose to 261,184. The government reported 121 new deaths, up from 118 a day earlier, bringing the total to 36,914.Dubai to Ease Limits Wednesday (2:20 p.m. NY)The emirate of Dubai will resume economic activities and ease lockdown restrictions starting Wednesday, the emirate’s media office said in a statement.Travel will be allowed from 6 a.m. to 11 p.m. local time. The airport will operate only for residents leaving Dubai, some clinics will reopen and elective surgeries that take up to 2 1/2 hours will be allowed, the statement said.Training academies, indoor sport venues, gyms and movie theaters will be open with social distancing in place.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Long term investing is the way to go, but that doesn't mean you should hold every stock forever. It hits us in the gut...
Restaurateurs in London fear the coronavirus crisis will spell an end to lucrative City lunches, as office workers increasingly work from home and transport operators restrict commuter numbers. “Business lunches and business entertainment will drop dramatically,” said Ranjit Mathrani, who owns Mayfair-based Veeraswamy as well as the Masala Zone casual dining chain. While lunchtimes are often quieter than evening mealtimes for some restaurants, many of the 439 restaurants in the City and Mayfair rely on corporate clients using a more relaxed lunch setting to do deals.
Covid-19 has disrupted universities worldwide, with short-term impacts on study through the shift to remote learning and longer term implications for the provision and structure of higher education. For students, an immediate concern was the quality of learning while studying remotely and the fairness of exams taken online. Another said the shift from a three-hour exam to an online version that can be completed at any time over a 10-day period offered a very different type of test: “My command of the subjects will certainly be far lower than if it was an exam; it de facto [is] a comprehension exercise from the lecture slides.”
The UK government is falling far short of a target to train an estimated 50,000 new customs agents that will be needed after Brexit and is “misleading” the public over its level of preparedness, customs and haulage industry leaders warned. Cabinet office minister Michael Gove endorsed the 50,000 industry estimate in parliament in February and told MPs last month that the government was in discussions about creating a new customs agent academy while working with industry “to ensure that they have the capacity required”.
If Elon Musk’s SpaceX succeeds in sending two astronauts into orbit for the first time this week, it will do more than just boost the bragging rights of one of the world’s best-known billionaires. As the first human test flight on a commercial rocket to reach the International Space Station, it will also signal a breakthrough for the private space industry as a whole, and an important moment in the opening up of low earth orbit to the commercial sector. The first manned test for the Crew Dragon capsule, carrying two Nasa astronauts on top of one of SpaceX’s Falcon 9 rockets, is scheduled to lift off from the Kennedy Space Center in Florida on Wednesday morning.
Moody's Investors Service has assigned an A3 rating to the proposed USD senior unsecured notes to be issued by Hysan (MTN) Limited under its USD2.5 billion medium-term note (MTN) program, rated (P)A3. The notes will be unconditionally and irrevocably guaranteed by Hysan Development Co., Ltd. (Hysan, A3 stable). "Hysan's issuer rating stands at A3, which mainly reflects the company's stable recurring income and high profitability, underpinned by its high-quality investment properties in Hong Kong's prime shopping district of Causeway Bay," says Stephanie Lau, a Moody's Vice President and Senior Analyst.
VANCOUVER , May 25, 2020 /CNW/ - Josemaria Resources Inc. ("Josemaria" or the "Company") (JOSE.TO) (Nasdaq Stockholm: JOSE) is pleased to announce that it has entered into two credit facilities totaling US$7,000,000 (collectively the "Facilities"), one with Lorito Holdings S.à.r.l. Lorito and Zebra, who report their security holdings as joint actors, are insiders of the company and are private corporations controlled by a trust settled by the late Adolf H. Lundin .
New York, May 25, 2020 -- Reportlinker.com announces the release of the report "Global Intravenous Equipment Industry" - https://www.reportlinker.com/p092558/?utm_source=GNW 7.
(Bloomberg) -- Asian stocks rose for a second day despite escalating geopolitical risks, with Japan leading gains as the world’s third-largest economy reopens.Treasuries were flat in early trading after the three-day U.S. weekend, while the dollar was little changed. Futures on the S&P 500 were up on Friday’s close, suggesting a positive open on Wall Street. Shares in Tokyo, Sydney and Seoul rose more than 1%. Hong Kong climbed, showing signs of stabilizing after weekend unrest. Shanghai had more modest gains. Crude oil advanced to $34 a barrel in New York.Tensions between Washington and Beijing remain in focus with China condemning the U.S. for adding 33 Chinese entities to a trade blacklist, but without announcing any retaliatory steps. Meanwhile, China sought to reassure Hong Kong that its judiciary would remain independent under a new national security law.Cutting against the tensions are mounting signs that coronavirus infection rates are moderating. The Japanese government ended its nationwide state of emergency Monday, while a rise in a gauge of German business expectations provided another glimmer of hope for equity bulls.Recovery dynamics and potential drug developments are among “the key reasons to be positive,” said Chris Iggo, chief investment officer of core investments at AXA Investment Managers. “That does not mean we should ignore the risk of second waves, prolonged weak growth and geopolitical issues.”Here are some key events coming up:Earnings continue with companies including Nissan Motor, British Land, Royal Bank of Canada and HP Inc.Singapore’s parliament on Tuesday is expected to announce another stimulus package.Thursday brings the U.S. jobless claims reading for the week ended May 23.Federal Reserve Chairman Jerome Powell participates in a virtual discussion on Friday.These are the main moves in markets:StocksJapan’s Topix Index rose 1.6% as of 11:56 a.m. in Tokyo.Futures on the S&P 500 were up 1.4% from Friday.Australia’s S&P/ASX 200 Index gained 1.8%.Kospi Index rose 1.3%.Hong Kong’s Hang Seng Index rose 1.7%.Shanghai Composite Index rose 0.6%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The yen dipped 0.1% to 107.85 per dollar.The offshore yuan was little changed at 7.1437 per dollar.The euro was little changed at $1.0912.BondsU.S. 10-year Treasury yields were little changed at 0.67%.Australia’s 10-year bond yields were little changed at 0.87%.CommoditiesWest Texas Intermediate crude added 2.5% to $34.09 a barrel.Gold was little changed at $1,734 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Immunovia invites you to a teleconference (in English) for all stakeholders and media on Wednesday, May 27, 2020 at 16:30 CET. Mats Grahn, CEO will present an update on the company's COVID-19 response as well as an update on the activities in preparation for the launch of IMMray™ PanCan-d and the prospective studies followed by a Q&A; session.
Russia overtook Saudi Arabia as China's top crude oil supplier in April, customs data showed, with imports rising 18% from the same month a year earlier as refiners snapped up cheap raw materials amid a price war between the two producers. Russian shipments reached 7.2 million tonnes last month, equivalent to 1.75 million barrels per day (bpd), according to data from the General Administration of Customs released on Tuesday. Supplies from Saudi Arabia fell to 1.26 million bpd, down from 1.53 million bpd in April 2019 and 1.7 million bpd in March.
Synex International Inc. (SXI.TO) – For the three months ended March 31, 2020 (“Q3 2020”), revenue increased to $1,049,390 from $781,529 in the corresponding period in fiscal 2019 (“Q3 2019”). Electricity sales from Q3 2020 were $1,022,392, which is $276,642 better than Q3 2019. For the nine months ended March 31, 2020, revenue increased to $2,404,173 from $2,303,999 in the corresponding period in fiscal 2019.