1.EVERGRANDE-Cash-strapped property firm China Evergrande Group has left what has been its headquarters in the city of Shenzhen and relocated to nearby Guangzhou, Chinese media outlet The Paper reported on Monday, citing people familiar with the matter.
On Monday afternoon, the company’s logo had been partially removed on one side of the building. Security personnel, accompanied by security vehicles, kept watch, and several of them said that the company had left the building last month.
Evergrande did not immediately respond to a request for comment.
Last September, the Shenzhen building was the scene of chaotic protests when investors crowded its lobby to demand repayment of loans and financial products. [L1N2QF0M1]
Last year, the Guangzhou government sent a working team to Evergrande, sources told Reuters.
2.JP MORGAN: JPMorgan Chase & Co plans to boost its private banking business headcount in Asia by more than 100 this year, two people with direct knowledge of the matter said, joining its peers in a push to grab a bigger share of the region’s wealth.
About a fifth of its new hires will focus on clients in mainland China, the people added, which is among the fastest growing wealth markets globally despite an unprecedented regulatory crackdown that has clouded its economic prospects.
The Wall Street bank has already expanded aggressively in Asia in 2021 with 42 new joiners based in Hong Kong to cover mainland clients, bringing the total number of people on its mainland China team to 80, one of the sources said.
JPMorgan is eyeing China’s wealthy individuals in the new economy sectors such as tech, biotech, and electric vehicles, the source said, adding its private banking clients in China include Alibaba Group founder Jack Ma.
Ma’s charitable foundation, which handles his media queries, did not immediately respond to a request for comment.
3.VIRGIN AUSTRALIA :-Virgin Australia said on Monday it would reduce capacity across its network by around 25% for the rest of January and for February due to reduced travel demand and staff being required to isolate as COVID-19 case numbers rise in Australia.
The airline, which competes against Qantas Airways Ltd, said it would cut some flight frequencies and suspend 10 routes temporarily.
Australia on Monday surpassed 1 million COVID-19 cases, with more than half of them recorded in the past week, as the Omicron variant ripped through most of the country driving up hospitalisation numbers and putting a strain on supply chains.
Virgin Australia Chief Executive Jayne Hrdlicka said the surge in COVID-19 cases had affected customer confidence.
“Virgin Australia remains focused on growing its network and consumer reach and will resume services as soon travel demand improves,” she said in a statement.
The airline said in November it would add seven more Boeing (NYSE:BA) Co 737 NG planes to its fleet, nearly restoring it to pre-pandemic levels, to help meet a goal of obtaining a one-third share of Australia’s domestic travel market.
4.TERECOS: -French sugar and ethanol group Tereos said on Monday its subsidiary Tereos Finance Groupe I intended to launch, subject to market conditions, 300 million euros ($340.17 million) in senior unsecured notes, which it will use to repay existing debt.
The bond would be due in 2027, it said in a financial release posted on its website. The group had already issued similar notes in October 2020, due in 2025.
Tereos, the world’s second-largest sugar producer by volume, had been grappling with low prices after the end of European sugar quotas in 2017, which had hit the sugar maker’s results for several years and driven up its debt levels
5.INTEL:-Intel Corp. removed references to the Chinese region of Xinjiang from an open letter it sent suppliers last month, after the contents of the note sparked a social-media uproar in China and led the U.S. semiconductor company to apologize to the Chinese public.
In mid-December, Intel published a letter to its global suppliers on its website, calling on its business partners to avoid sourcing from the northwestern Chinese region, where the Chinese government has conducted a campaign of forcible assimilation against ethnic Muslim minorities.