January, 2023

• 6 January

  UK retailer Wilko secures $48mn loan from Hilco

  

    Bloomberg Wilko has secured a £40 million ($48 million) credit facility from Hilco Capital Ltd to help the UK household and garden retailer weather the cost-of-living crisis. The two-year facility is in addition to £48 million Wilko recently received from the sale and leaseback of its distribution centre, according to an emailed statement. The privately-held 92-year-old business is also ...

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• 6 January

  Cathay Pacific plans to double flights to China

  

    Bloomberg Cathay Pacific Airways Ltd will more than double its flights to mainland China to 61 return services a week from January 14 following the easing of Covid travel restrictions. Cathay aims to operate over 100 return flights a week by March, it said in a statement. The airline currently operates 27 flights a week from Hong Kong to ...

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• 6 January

  Hong Kong’s retail sales post surprise drop in Nov 2022

  

    Bloomberg Hong Kong’s retail sales unexpectedly dropped in November by the most in eight months as the city struggled to shake off the lingering effects of its pandemic-era controls and a slowing global economy. Retail sales value fell 4.2% from a year ago, the Census and Statistics Department said. That was far worse than the forecast for a 4.8% ...

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• 6 January

  Airlines slam Covid test plan for Chinese travellers

    Bloomberg The airline industry’s global lobby group condemned national moves to introduce Covid tests and other measures for passengers arriving from China as travel from the Asia nation resumes despite a flareup in the virus. The measures represent a knee-jerk reinstatement of steps that have proven ineffective in stemming the pandemic over the past three years, the International Air ...

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• 6 January

  Tesla China shipments slump amid output cuts in Dec 2022

  

  Bloomberg Deliveries from Tesla Inc’s Shanghai factory slumped in December after a record November as production was temporarily suspended due to equipment upgrades and lackluster consumer demand. The Texas-based company shipped just 55,796 China-made vehicles last month, almost half the month prior, according to preliminary data released by China’s Passenger Car Association (PCA) on Thursday. The PCA didn’t provide a ...

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• 6 January

  Hong Kong raises $5.8b in largest-ever green deal

  

    Bloomberg Hong Kong sold the equivalent of $5.8 billion of green bonds denominated in three currencies, as debt markets roared back to life amid a global rush of deals. The city priced $3 billion of dollar bonds across four tenors, a 1.25 billion euro ($1.3 billion) two-tranche note and a 10 billion offshore yuan ($1.5 billion) portion, according to ...

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• 6 January

  iPhone city back at 90% capacity as coronavirus turmoil subsides

    Bloomberg Foxconn Technology Group has brought the world’s largest iPhone plant to about 90% of anticipated peak capacity, suggesting Apple Inc’s biggest main production partner has secured enough workers despite a Covid resurgence and recent staff upheaval. Foxconn’s plant in the central Chinese city of Zhengzhou is now operating with roughly 200,000 staff, the official Henan Daily reported, citing ...

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• 6 January

  Tencent’s return to top 10 club shows China rebound bets soar

  

    Bloomberg Tencent Holdings Ltd entered the club of the world’s 10 most-valuable companies for the first time in six months, reflecting broader investor optimism for Chinese equities as the nation dismantled its stringent Covid Zero policy and refocused on growth. The online gaming firm’s shares have risen more than 80% since a low in October 2022, overtaking oil and ...

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• 6 January

  China extends easing of mortgage rates

    Bloomberg Saddled with a slumping property market, China is extending measures introduced in September 2022 that allow lower mortgage rates for first-home buyers if newly constructed house prices drop for three consecutive months. Cities are eligible to maintain, lower or remove minimum interest rates on loans for first home purchases, according to a statement from the central bank and ...

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• 6 January

  Indian billionaire Mukesh Ambani to drive $75b green bet

  

    Bloomberg Mukesh Ambani, the billionaire chairman of Reliance Industries Ltd, will be focusing his attention on the Indian conglomerate’s pivot to green energy, according to people familiar with the matter, after putting his children in charge of other businesses. The 65-year-old will oversee strategy, including the building of gigafactories and blue hydrogen facilities, will assess acquisition targets, and is ...

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