Latest news with #AlfredCang
Yahoo
an hour ago
- Business
- Yahoo
Bunge Close to Getting China Ruling on $8.2 Billion Viterra Deal
(Bloomberg) -- Agricultural trader Bunge Global SA is close to receiving a decision from Chinese antitrust authorities on its $8.2 billion purchase of Glencore Plc-backed Viterra, according to people familiar with the matter, roughly two years after the bumper deal was first announced. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban NY Long Island Rail Service Resumes After Grand Central Fire Do World's Fairs Still Matter? China's approval — conditional or otherwise — is the last major hurdle in Bunge's bid to create an agricultural commodities giant capable of competing with Cargill Inc. A verdict could come within days, said the people, who asked not to be named because the information is private. The people cautioned that the decision had not yet been formalized by Beijing, and further delays were still possible. Bunge, which has its corporate headquarters near St. Louis, Missouri, is the B in the so-called ABCD quartet of storied agricultural commodity trading firms that dominate crop markets. Its effort to expand with the purchase of rival Viterra has been tangled in trade tensions between the US and China, and the latest movement comes alongside trade negotiations between Washington and Beijing in London. Bunge had initially planned to close the deal by mid-2024, and is approaching a Friday deadline which allows the parties to pull out of the agreement, according to regulatory filings. That limit has now been extended. Spokespeople from Bunge and Viterra said the companies were in the final stage of regulatory approval and thanked Chinese officials for constructive dialogue throughout the review process. China's commerce ministry and the state administration for market regulation did not immediately reply to faxes seeking comment. The company has already received key approvals in the European Union and Canada, where there were concerns about the impact on competition. Argentina has yet to weigh in, but antitrust laws in the South American nation allow for the deal to be completed, with any remedial action potentially being required later. China has only blocked deals on rare occasions since its anti-monopoly law came to force in 2008, such as Coca-Cola Co.'s bid to buy China Huiyuan Juice Group Ltd. in 2009. Other deals caught in limbo as a result of trade tensions include chip-designer Synopsys Inc.'s pending $34 billion purchase of software developer Ansys Inc., one of the biggest acquisitions in recent years. --With assistance from Alfred Cang, Jack Farchy and Qizi Sun. New Grads Join Worst Entry-Level Job Market in Years American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
West Australian
a day ago
- Business
- West Australian
Falling Pilbara iron ore quality sparks grade benchmark tweak
The iron ore industry's key pricing benchmark for seaborne cargoes will be lowered as the quality of supplies from biggest exporter Australia worsens. Platts, part of S&P Global Commodity Insights, will in January change its IODEX iron ore benchmark to 61 per cent iron content from the current 62 per cent, according to a notice to members on Tuesday. It also plans to update its 62.5 per cent China iron ore spot lump premium benchmark to 62 per cent. The proposed changes are in response to falling quality of Australian iron ore as mines in the nation's Pilbara mining hub age. Rio Tinto is facing this issue at some of its existing projects, prompting significant investment in the region to maintain revenues from the steelmaking material. 'It marks a shift in the market, where what was once considered a sub-benchmark grade is now a core part of global trade flows,' David Cachot, an iron ore research director at Wood Mackenzie, said in emailed comments. 'It's a move designed to better reflect the realities of today's market.' The iron content helps determine what price a customer pays and 62 per cent has been a common benchmark in the global seaborne market. It represents a middle ground of grades and is used as a base for negotiating premiums and discounts for different qualities in physical trades. Price reporting agency Platts also said that from Tuesday it began publishing a daily spread of the current and proposed prices, so that market participants can better understand the updates. With assistance from Alfred Cang. Bloomberg
Bloomberg
22-05-2025
- Business
- Bloomberg
Metal Traders Are Beginning to Look Past China's Economic Woes
Welcome to our guide to the commodities markets powering the global economy. Today, reporter Alfred Cang writes from Hong Kong and the biggest gathering of metals traders in Asia. For more than a decade, the London Metal Exchange's annual get-together in Hong Kong has been an opportunity for Western traders to get a close look at China. This year has been no different, even with a trade war raging.
Bloomberg
10-05-2025
- Business
- Bloomberg
Singapore Wealth Manager on Why It's Not Time to Quit the US
Each week, Singapore Edition brings you insights into one of Asia's most dynamic economies. If you haven't yet, please sign up here. Another bumpy week in the markets raises the question of where to invest. Bernadette Toh considers some steadying advice, while Matthew Burgess measures the epic gains of Asian currencies. Meanwhile, Alfred Cang looks at the pitfalls of unwelcome dinner guests.
Bloomberg
29-03-2025
- Business
- Bloomberg
A $17 Million Insider Trading Scandal Links Singapore to Paris
By and Alfred Cang Save Welcome to the Singapore Edition newsletter. Each week we bring you insights into one of Asia's most dynamic economies. If you haven't yet, please sign up here. This week, Gaspard Sebag spins a tale of alleged insider trading that spanned Paris to Singapore, Alfred Cang looks at the Malaysian scion behind a record-breaking home sale and Natalie Choy finds soul food in Tiong Bahru. And to all our readers at home and abroad celebrating the end of Ramadan, Selamat Hari Raya!
