Rio Tinto presents positive outlook despite China slowdown
Mining giant Rio Tinto said China’s economic recovery slowed in the second quarter as weakness in exports and the property sector weighed on growth.
The Anglo-Australian company, a major mineral exporter to China, expects iron ore shipments to hit the high end of the range at 335 million tonnes, offsetting worsening prospects for copper and bauxite. Stated.
Rio Tinto’s Second Quarter Production Report Shows Stabilization of Iron Ore Operations in Western Australia’s Pilbara Region, Heading to Triple Copper Production at Mongolia’s Oyu Tolgoi Mine by the End of 2010 led to
What to see in Asia today
event: Busy for the regional shipping industry as Intermodal Asia, a trade fair for shipping and container professionals, opens for three days in Shanghai, while the International Maritime Contractors Association holds its annual Asia-Pacific conference in Singapore It’s a week. Bank of Thailand Governor Setaput Stewartnarept will hold a press conference on the economy and monetary policy.
data: New Zealand released second quarter inflation data. Indonesia released its second quarter investment data, Malaysia released its trade data for June and Macau released its tourist arrivals for June.
Companies: Adani Green Energy, Adani Power and Adani Transmissions will hold their first annual meeting since US-based short seller Hindenburg Research produced a report criticizing the Adani group of companies. India’s Tata Communications and Tata Coffee reported first-quarter earnings, while Indonesian toll road operator Jasa Marga announced second-quarter earnings.
market: Stock exchanges in Indonesia and Malaysia are closed for the Islamic New Year Muharram.
Kremlin appoints Chechen official to run Danone Russia
Russia has appointed senior Chechen officials to manage Chechen assets after President Vladimir Putin nationalized the country’s Danon assets earlier this week.
Yakub Zakryev, the province’s Minister of Agriculture and nephew of influential leader Ramzan Kadyrov, became CEO of Danone Russia on Tuesday, according to company records.
Danone was days away from completing its asset sale to another potential buyer until President Putin ordered the seizure of assets, as did the brewery owned by Denmark’s Carlsberg.
Analysts and insiders say the expropriation announced on Sunday portends the transfer of overseas assets to regime supporters who cannot buy directly because of sanctions.
Panama convicts ex-president of money laundering
Former Panama President Ricardo Martinelli was sentenced to 10 years in prison on Tuesday for money laundering, casting doubt on the popular politician’s bid for re-election next year.
The supermarket tycoon was found guilty of laundering money from public contracts through a convoluted scheme to buy a media company, and was also ordered to pay a $19.2 million fine.
Martinelli has said he believes the charges are politically motivated, and his lawyers said Tuesday they plan to appeal the decision.
Read more about Panama here.
Johnson & Johnson sues U.S. government over drug price regulation
Johnson & Johnson sued the U.S. government to challenge a law that gives federal agencies the power to negotiate prices for expensive drugs.
Pharmaceutical companies announced Tuesday that they have filed a lawsuit against the U.S. Department of Health and Human Services and the Centers for Medicare and Medicaid Services over the “injury to innovation” clause of the Inflation Control Act that enables Medicare, taxpayer-funded health care. . Scheme for Retirees – Scheme for drug price negotiations.
Johnson & Johnson combine Merck, Bristol-Myers Squibb and lobbying group the Pharmaceutical Research and Manufacturing Association of America are challenging the new law.
Gucci CEO Marco Bizzarri resigns over management overhaul
French luxury group Kering has announced a management overhaul that will parachute its interim leader to rectify the poor performance of its biggest brand, Gucci.
Francesca Berrettini, who has led Yves Saint Laurent’s business expansion since 2013, will become deputy CEO and steer the company’s “next growth phase.”
Gucci CEO Marco Bizzarri will step down in September and be temporarily replaced by chief operating officer Jean-François Pallas.
The move, announced by Kering Chairman and Chief Executive François-Henri Pinault on Tuesday, is intended to give new direction to a group that has struggled to keep pace with sector leader LVMH.
Summarize this content to 100 words Rio Tinto presents positive outlook despite China slowdownNick Fildes of SydneyMining giant Rio Tinto said China’s economic recovery slowed in the second quarter as weakness in exports and the property sector weighed on growth. The Anglo-Australian company, a major mineral exporter to China, expects iron ore shipments to hit the high end of the range at 335 million tonnes, offsetting worsening prospects for copper and bauxite. Stated. Rio Tinto’s Second Quarter Production Report Shows Stabilization of Iron Ore Operations in Western Australia’s Pilbara Region, Heading to Triple Copper Production at Mongolia’s Oyu Tolgoi Mine by the End of 2010 led toWhat to see in Asia todayGeorge Russell of Hong Kong
Shoppers walk past a clothing store in an Auckland retail mall. New Zealand releases second quarter inflation data on Wednesday © Brendon O’Hagan/Bloomberg
event: Busy for the regional shipping industry as Intermodal Asia, a trade fair for shipping and container professionals, opens for three days in Shanghai, while the International Maritime Contractors Association holds its annual Asia-Pacific conference in Singapore It’s a week. Bank of Thailand Governor Setaput Stewartnarept will hold a press conference on the economy and monetary policy.data: New Zealand released second quarter inflation data. Indonesia released its second quarter investment data, Malaysia released its trade data for June and Macau released its tourist arrivals for June.Companies: Adani Green Energy, Adani Power and Adani Transmissions will hold their first annual meeting since US-based short seller Hindenburg Research produced a report criticizing the Adani group of companies. India’s Tata Communications and Tata Coffee reported first-quarter earnings, while Indonesian toll road operator Jasa Marga announced second-quarter earnings.market: Stock exchanges in Indonesia and Malaysia are closed for the Islamic New Year Muharram.Kremlin appoints Chechen official to run Danone RussiaMax Seddon from Riga and Polina Ivanova from BerlinRussia has appointed senior Chechen officials to manage Chechen assets after President Vladimir Putin nationalized the country’s Danon assets earlier this week.Yakub Zakryev, the province’s Minister of Agriculture and nephew of influential leader Ramzan Kadyrov, became CEO of Danone Russia on Tuesday, according to company records.Danone was days away from completing its asset sale to another potential buyer until President Putin ordered the seizure of assets, as did the brewery owned by Denmark’s Carlsberg.Analysts and insiders say the expropriation announced on Sunday portends the transfer of overseas assets to regime supporters who cannot buy directly because of sanctions.Panama convicts ex-president of money launderingChristine Murray of San Salvador
Former Panama president and supermarket tycoon Ricardo Martinelli has been found guilty of laundering money from public contracts through a complex scheme to buy a media company © Eric Batista/AP
Former Panama President Ricardo Martinelli was sentenced to 10 years in prison on Tuesday for money laundering, casting doubt on the popular politician’s bid for re-election next year.The supermarket tycoon was found guilty of laundering money from public contracts through a convoluted scheme to buy a media company, and was also ordered to pay a $19.2 million fine.Martinelli has said he believes the charges are politically motivated, and his lawyers said Tuesday they plan to appeal the decision.Read more about Panama here.Johnson & Johnson sues U.S. government over drug price regulationAlexandra White in New YorkJohnson & Johnson sued the U.S. government to challenge a law that gives federal agencies the power to negotiate prices for expensive drugs. Pharmaceutical companies announced Tuesday that they have filed a lawsuit against the U.S. Department of Health and Human Services and the Centers for Medicare and Medicaid Services over the “injury to innovation” clause of the Inflation Control Act that enables Medicare, taxpayer-funded health care. . Scheme for Retirees – Scheme for drug price negotiations. Johnson & Johnson combine Merck, Bristol-Myers Squibb and lobbying group the Pharmaceutical Research and Manufacturing Association of America are challenging the new law.Gucci CEO Marco Bizzarri resigns over management overhaulLeila Abboud in Paris
Celebrities like Serena Williams and Awkwafina are fans of Gucci’s Marmont bag, but the brand has struggled to keep pace with division leader LVMH ©GUCCI
French luxury group Kering has announced a management overhaul that will parachute its interim leader to rectify the poor performance of its biggest brand, Gucci. Francesca Berrettini, who has led Yves Saint Laurent’s business expansion since 2013, will become deputy CEO and steer the company’s “next growth phase.”Gucci CEO Marco Bizzarri will step down in September and be temporarily replaced by chief operating officer Jean-François Pallas.The move, announced by Kering Chairman and Chief Executive François-Henri Pinault on Tuesday, is intended to give new direction to a group that has struggled to keep pace with sector leader LVMH.
https://www.ft.com/content/6de4c537-94a7-44a6-a3c2-65158b8870dd Live news: Rio Tinto presents positive outlook despite China slowdown