India's Milky Mist files draft papers for $236 million IPO
($1 = 86.2490 Indian rupees)
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Reuters
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- Reuters
China wants fewer pigs
BEIJING, Aug 7 (Reuters) - China's pig industry representatives will gather next week in Beijing to discuss ways to reduce breeding sow numbers by a million, according to an official notice seen by Reuters, as part of a push to tackle overcapacity and stabilise prices. Home to half the world's pigs, China's massive hog sector struggles with a supply glut amid weak consumer demand. Data shows China's sow herd hit 40.43 million head at the end of June, above the normal holding level of 39 million. Cash hog prices, meanwhile, have tumbled below 14 yuan ($1.95) per kilogram this week. A year earlier, it was around 20 yuan, according to consultancy MySteel. The upcoming meeting will also focus on curbing "secondary fattening" - a speculative practice aimed at slimming hogs to stabilise prices - and tightening controls on slaughter weights, according to the notice from the China Animal Agriculture Association, the official animal husbandry association. The story was first reported by Bloomberg News. Reuters reported in June that a crackdown on secondary fattening was already underway to stabilise the market. In July, the agriculture ministry said the country would reduce breeding sow stocks, control slaughter weights, and limit new production capacity. These efforts are also expected to reduce soymeal consumption, as China contends with ongoing trade tensions with the U.S. and concerns over potential soybean supply disruptions in the fourth quarter. ($1 = 7.1780 Chinese yuan renminbi)
Reuters
a few seconds ago
- Reuters
SoftBank Group posts $2.87 billion net profit in first quarter
TOKYO, Aug 7 (Reuters) - Japanese technology investor SoftBank Group (9984.T), opens new tab logged a net profit of 421.8 billion yen ($2.87 billion) for the April-June quarter. The result compared with a net loss of 174.3 billion yen for the same period a year earlier and the 127.6 billion yen average profit from three analyst estimates compiled by LSEG. The Vision Fund investment unit posted an investment gain of 726.8 billion yen ($4.94 billion). The results mark SoftBank's second consecutive quarter of profit and follow its first annual profit in four years when it was helped by a strong performance by its telecom holdings and higher valuations for its later-stage startups. The results will be welcomed by investors as SoftBank has embarked on its biggest spending spree since the launch of its Vision Funds in 2017 and 2019, this time making mammoth investments in artificial intelligence companies. Investors and analysts are awaiting updates on how these investments will be financed, the timeline for returns to materialise and whether assets will be sold to fund the new projects. SoftBank is leading a $40 billion funding round for ChatGPT maker OpenAI. SoftBank has until the end of the year to fund its $22.5 billion portion, although the remainder has been subscribed, according to a source familiar with the matter. It is also leading the financing for the Stargate project - a $500 billion scheme to develop data centres in the United States, part of its effort to position itself as the "organiser of the industry," founder Masayoshi Son said in June. SoftBank has yet to release details on what kinds of returns its financing of the Stargate project could generate. The extent of third-party investment will determine what other financing tools, such as bank loans and debt issuance, it may have to deploy. In July, SoftBank raised $4.8 billion by selling off a portion of its holding in T-Mobile (TMUS.O), opens new tab. ($1 = 147.0600 yen)
Reuters
a few seconds ago
- Reuters
Harbour Energy raises lower end of annual production forecast
Aug 7 (Reuters) - North Sea-focused Harbour Energy (HBR.L), opens new tab on Thursday raised the lower end of its annual production guidance range, driven by a growing portfolio, and reported a jump in first-half adjusted pretax profit. Production for 2025 is expected at 460,000-475,000 barrels of oil equivalent per day, from 455,000-475,000 barrels of oil equivalent per day expected earlier.
